I’m 62 Years Old With $1.7 Million in 401k and IRAs. How Do I Pay Fewer Taxes in Retirement?

In This Video:

I’m 62 years old with $1.7 million in 401k and IRAs.  How do I pay fewer taxes in retirement on my IRA?

Things to Consider:

This is a common scenario for people at or near retirement. They reach that next stage of life and realize they have a lot of money saved that they haven’t paid taxes on yet. So what can be done to reduce the tax on this money?

In this video, we’re going to talk about factors to consider and strategies to utilize to lower the amount of tax you’re going to owe so that you can keep more of your hard-earned money in your pocket. No one wants to give more to the IRS than they have to and we’re going to talk about ways to do that.

Here’s what we cover in this financial video:

0:00 Intro

1:17 – Here’s the breakdown of a typical retirement savings

2:09 – Understand your taxable income

5:15 – Tax rates today vs the future

7:29 – Strategy #1: Contribute to a Roth

9:00 – Strategy #2: Taking more of an equity approach

9:59 – Strategy #3: Roth conversions

11:46 – Some other strategies to consider

15:28 – The Widow’s Tax


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