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Transforming an Inherited IRA into Tax-Free Retirement Wealth (107)
Manage episode 475756618 series 3378485
We unpack a strategy to transform an inherited IRA into tax-free retirement wealth through a strategic Roth conversion. A client recently inherited $52,000 from his mother and was taking RMDs without a clear plan until we implemented this approach.
What you'll learn:
• Inherited IRAs become "beneficiary IRAs" when passed down to non-spouses
• Beneficiary IRAs must be fully depleted within 10 years
• RMDs are calculated based on prior year account value and IRS tables
• Taking RMDs without a strategy can miss major tax planning opportunities
🗓️ Meet with me: https://paradigmwealthpartners.com/begin-your-journey/#calendly
↔️ Connect with me on LinkedIn: https://www.linkedin.com/in/jbednarii/
🌐 Paradigm Wealth Partners (website) – Financial planning for career professionals who want to retire and stay retired: https://paradigmwealthpartners.com/
🌐 What the Wealth (website) – Adding clarity to difficult financial topics: https://whatthewealth.com/
▶️ YouTube: Paradigm Wealth Partners
If you or someone you care about could use the help of a financial advisor and sees the value in establishing a financial plan, please reach out to me.
Thanks for Listening!
Jonathan
Chapters
1. Transforming an Inherited IRA into Tax-Free Retirement Wealth (107) (00:00:00)
2. Inheriting a $52,000 IRA (00:00:09)
3. Understanding Beneficiary IRAs (00:00:25)
4. James' Distribution Problem (00:01:22)
5. The Roth Conversion Strategy (00:02:15)
6. Long-Term Tax-Free Growth Benefits (00:04:24)
7. Episode Wrap and Disclaimer (00:05:29)
108 episodes
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