Tag: Roth Conversions
How to Avoid a Tax Time Bomb in Retirement (Ep. 185)

How to Avoid a Tax Time Bomb in Retirement (Ep. 185)

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Roth conversions may be one of the most overlooked tax planning opportunities in retirement, and the cost of waiting could be staggering. 

With recent legislative changes, longer life expectancies, and compressed inheritance timelines for your heirs, it’s never been more important to get this right.

In this episode of Retirement Unlocked, Larry Heller, CFP®, CDFA®, explains how to spot your best conversion window, why many people miss it, and the strategic tools that can make the move pay off. He also reveals how proactive planning can help reduce Medicare surcharges, reduce the tax burden passed on to your family, and give you far more flexibility in retirement.

If you’re between the ages of 60 and 75, or experiencing a few low-income years before required minimum distributions (RMDs) begin, you could be in a prime window to convert pre-tax retirement savings into tax-free Roth dollars, without triggering a future tax time bomb.

Beyond personal savings, this strategy can also help protect the next generation from inheriting a massive tax liability. But timing, income coordination, and strategic use of tools like Social Security deferral and partial conversions all play a role in whether a Roth move will actually benefit you.

What you can expect from this release:

  • Why accountants often overlook this opportunity, and how a CFP® can model your long-term tax impact
  • The ideal timeline to explore Roth conversions, especially in the “donut hole” between retirement and RMDs
  • How Roth IRAs can minimize Medicare surcharges, reduce required withdrawals, and increase future flexibility
  • The multi-generational benefits of converting, including how to shield your heirs from 10-year withdrawal rules
  • And more!

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What Should You Do with Your 401(k) When You Retire? (Ep. 181)

What Should You Do with Your 401(k) When You Retire? (Ep. 181)

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Your 401(k) could be your largest retirement asset, but are you making the most of it?

In this episode of Retirement Unlocked, Larry Heller, CFP®, CDFA®, shares the essential steps to take with your 401(k) as you approach retirement. From rollover decisions and Roth conversions to income generation and estate planning, Larry covers the strategies that can help you avoid costly mistakes and keep more of what you’ve earned.

Key Topics Include:

  • When to consider rolling over your 401(k) to an IRA
  • How Roth conversions can reduce your lifetime tax bil
  • What to know about fees, investment choices, and employer stock
  • How to build a tax-efficient withdrawal strategy
  • The importance of naming the right beneficiaries
  • And more!

Whether you’re retiring soon or planning ahead, this episode is your guide to making smart 401(k) decisions so you can step into retirement with confidence.

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Top Retirement Tax Pitfalls to Avoid with Rob Premselaar (Ep. 180)

Top Retirement Tax Pitfalls to Avoid with Rob Premselaar (Ep. 180)

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Think you’ve done everything right for retirement? One overlooked tax detail could cost you thousands.

In this episode of Retirement Unlocked, Larry Heller, CFP®, CDFA®, welcomes Rob Premselaar, CPA and founder of Premselaar CPA LLC, to shed light on the hidden tax pitfalls that can derail even the most carefully crafted retirement plans.

They explore the real impact of Required Minimum Distributions (RMDs), the surprise taxation of Social Security benefits, and the often-misunderstood IRMAA Medicare surcharge. Rob also shares proactive strategies for minimizing taxes in retirement, including qualified charitable distributions (QCDs), the pros and cons of Roth conversions, and key planning opportunities for business owners approaching or entering retirement.

Discussions in this release include:

  • The income thresholds that quietly increase your Medicare premiums (IRMAA)
  • Why Roth conversions are often misunderstood and underutilized
  • How to navigate RMD timing and avoid excise penalties
  • How Medicare surcharges can catch retirees off guard and what to do about them
  • Advanced planning opportunities using cash balance plans
  • And more!

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About Our Guest:

Rob is the Owner of Premselaar CPA LLC, managing a portfolio of small-to-medium sized businesses and high-net-worth individuals, providing tax planning, tax strategy, tax filing, and CFO business services. Premselaar CPA LLC provides outstanding service to its clients because of its dedication to the three underlying principles of quality, professionalism, and responsiveness.

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Beyond Accumulation: Mastering Your Retirement Distribution Strategy [Ep. 164]

Beyond Accumulation: Mastering Your Retirement Distribution Strategy [Ep. 164]

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Retirement isn’t just about accumulating wealth – it’s about making sure it lasts. 

In this episode, Larry Heller, CFP®, CDFA®, explores the essential elements of a well-rounded distribution strategy for retirement, including guiding you through five key areas every retiree should prioritize: income vs. total return, tax management, investment allocation, longevity, and estate planning.

Larry dives deep into the shift from accumulation to distribution, revealing strategies to help retirees sustain income, reduce taxes, and cover health expenses—all while preparing a meaningful legacy. With a focus on turning retirement into a financially secure and fulfilling stage of life, this episode provides actionable advice on balancing your immediate needs with a long-term vision.

Whether you’re entering retirement or aiming to enhance your financial strategy, this episode will equip you with the tools and mindset to enjoy a confident and comfortable retirement.

Key Points Covered:

  • Combining income sources like Social Security, pensions, and investments to balance retirement income and comfort
  • Reducing tax burdens through Roth conversions and managing required minimum distributions (RMDs) under the latest Secure Act changes
  • Using the “reservoir strategy” to balance cash, bonds, and equities for steady income and minimized risk
  • Addressing healthcare and long-term care costs to protect assets and maintain financial stability
  • Aligning estate plans with tax strategies to maximize inheritance for heirs
  • And much more!

Actionable Takeaway: Review your retirement plan to ensure it supports your lifestyle, reduces tax impacts, and aligns with your legacy goals. Consult a financial planner to tailor it to your unique needs for a fulfilling retirement.

 

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The Great Wealth Transfer, Part 1: From Boomers to Millennials (Ep. 141)

The Great Wealth Transfer, Part 1: From Boomers to Millennials (Ep. 141)

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Ever heard of the Great Wealth Transfer? It’s about to change everything you thought you knew about money.

Imagine a staggering $68 to $74 trillion cascading down over the next decade or so. Could this make millennials the richest age group the U.S. has ever seen?

In this two-part series, Larry Heller, CFP®, CDFA®, offers a glimpse into the psyche of the baby boomers as they navigate this monumental transition of wealth to the millennials. Learn how you can prepare as Larry covers such topics as taxes, Roth conversions, estate planning, and the benefits of being diligent with your record-keeping.

Part 1 of this Great Wealth Transfer series highlights:

  • The intricacies of taxes associated with this massive wealth movement
  • A review of Required Minimum Distributions (RMDs) and Roth conversions
  • How to engage in family tax planning, including the importance of candid conversations 
  • Eyebrow-raising tales like the Miami Dolphins’ sale driven by unforeseen tax burdens
  • The often overshadowed aspects of estate planning, such as safeguarding assets and diligent record-keeping
  • And much more!

 

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Navigating A Bear Market As A Soon-To-Be Retiree (Ep.111)

Navigating A Bear Market As A Soon-To-Be Retiree (Ep.111)

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You’ve done it. You’ve invested, saved, and properly allocated your money to live a fulfilling retirement. But now the economy has entered a bear market and you don’t have as much money as you thought.

A bear market can cause you to make knee-jerk reactions that can affect your retirement plan. 

In this episode, Larry Heller, CFP® discusses how to navigate a bear market and shares some strategies to use when going through a bear market in retirement.

Larry discusses: 

  • How to find out your risk tolerance in a bear market
  • How you can review and rebalance your asset allocation during a bear market
  • What you should be doing with your cash right now
  • Ways to remain calm when your portfolio continues to go down
  • And more

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Year-End Planning Recommendations for Retirees (Ep. 98)

Year-End Planning Recommendations for Retirees (Ep. 98)

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If you still haven’t started your year-end planning yet, now is the time to start. Planning will help you keep more money in your pocket and less in the government’s pocket.

In this episode, Larry Heller shares year-end planning recommendations for retirees so you don’t miss any of these timely planning opportunities.

Larry discusses: 

  • Why retirees need to take their acquired minimum distributions
  • Ways you can save money from taxes 
  • Roth conversion and cash flow planning strategies 
  • Charitable contribution planning strategies 
  • And more

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