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November 2024 Edition
Welcome to the November 2024 Edition of MoneyLetter on Markets.
In this episode, we play an episode from our sister company's podcast 'Assets and Taxes.'
Asset Strategy Managing Director and Senior Financial Consultant Kent Fitzpatrick, AIFA®, GFS®, CBFA sits down with Asset Strategy Senior Financial Consultant David O’Brien, CFP®, CAIA® to talk about everything you need to know about how the implications taxes have in your retirement.
They discussed ERISA, 401k plans, IRAs, Social Security and Medicare, Roth IRA Conversion Strategies, Tax-Smart Distribution Strategies, Legacy and Estate Planning, and Qualified Charitable Distributions.
(0:00) Intro
(1:01) Episode Start
(5:17) What Should Retirees Be Thinking About
(6:50) Differences between a Roth IRA and Traditional IRA
(8:15) IRA Contribution Example
(9:56) What is a Backdoor Roth Conversion?
(11:05) What are the 2024 401(k) limits and what the pre and post tax options are
(13:30) What is IRMAA and how to deduct taxes from it
(16:17) How to do a partial conversion
(17:55) What are the seven tax brackets? (2024)
(20:10) SECURE 2.0 Act Changes
(21:10) The Estate Tax
(23:10) Qualified Charitable Distributions
(24:50) Wrap Up
Check Us Out! ⬇️
https://linktr.ee/moneyletter
View all episodes
By MoneyLetterWelcome to the November 2024 Edition of MoneyLetter on Markets.
In this episode, we play an episode from our sister company's podcast 'Assets and Taxes.'
Asset Strategy Managing Director and Senior Financial Consultant Kent Fitzpatrick, AIFA®, GFS®, CBFA sits down with Asset Strategy Senior Financial Consultant David O’Brien, CFP®, CAIA® to talk about everything you need to know about how the implications taxes have in your retirement.
They discussed ERISA, 401k plans, IRAs, Social Security and Medicare, Roth IRA Conversion Strategies, Tax-Smart Distribution Strategies, Legacy and Estate Planning, and Qualified Charitable Distributions.
(0:00) Intro
(1:01) Episode Start
(5:17) What Should Retirees Be Thinking About
(6:50) Differences between a Roth IRA and Traditional IRA
(8:15) IRA Contribution Example
(9:56) What is a Backdoor Roth Conversion?
(11:05) What are the 2024 401(k) limits and what the pre and post tax options are
(13:30) What is IRMAA and how to deduct taxes from it
(16:17) How to do a partial conversion
(17:55) What are the seven tax brackets? (2024)
(20:10) SECURE 2.0 Act Changes
(21:10) The Estate Tax
(23:10) Qualified Charitable Distributions
(24:50) Wrap Up
Check Us Out! ⬇️
https://linktr.ee/moneyletter