Will your taxes go up? Stay the same? Go down, even? Jeffrey Levine is Chief Planning Officer at Focus Partners, Professor of Practice in Taxation at the American College of Financial Services, and the Lead Financial Planning Nerd at Kitces.com. In other words, he’s one of the savviest tax minds in the country. Jeff returns to the show today on Your Money, Your Wealth® podcast number 524 with Joe Anderson, CFP® and Big Al Clopine, CPA, with his thoughts on what will happen to taxes under the new administration, saving for retirement in a Roth IRA vs. a traditional IRA, managing inherited retirement accounts, and the future viability of Social Security. Plus, what should you do with required minimum distributions when you don't need the money to live on? How do you calculate the maximum amount you should convert from your retirement account to a tax-free Roth account, and how much should you convert - or not - to keep RMDs under control? Finally, how can minor beneficiaries avoid probate?
Free financial resources & episode transcript: https://bit.ly/ymyw-524
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Timestamps:
00:00 - Intro: This Week on the YMYW Podcast
01:05 - Will These Historic Low Tax Rates Be Extended? Insight from Jeff Levine, CFP®, CPA/PFS, ChFC®, RICP®, CWS, AIF, BFA™, MSA
19:54 - Make These 3 Investments for a Happy Retirement and Watch Take Control of Your Retirement Plan on YMYW TV
21:06 - What to Do With Required Minimum Distributions When You Don't Need the Money to Live On? (Judi, San Diego)
24:40 - How Much NOT to Convert to Roth to Keep RMDs Under Control? (DH from SoCal)
32:26 - LIMITED TIME SPECIAL OFFER: Download the DIY Retirement Guide by Friday, April 11, 2025!
33:39 - How to Calculate How Much Roth Conversion I Should Do? (Joe, voice)
38:42 - How Can I Reduce My Required Minimum Distributions? (Joel, CA)
40:18 - How Can Minor Beneficiaries Avoid Probate? (Esther, San Francisco)
46:04 - YMYW Podcast Outro