Retired-ish

Episode #1: Don't add the IRS to your list of beneficiaries! Here are 5 of my favorite tax and estate planning tips when it comes to retirement accounts including IRAs and employer plans!

You'll also learn:

• What your Required Beginning Date or RBD is, and why it is so important
• What is a Required Minimum Distribution or RMD, and how it affects your financial planning

My goal for these retirement tips is to help you preserve more of the wealth you worked so hard for.

My top 5 favorite retirement account tips are:

1. Retirement accounts pass by contract or operation of law, not your will.
2. When inheriting an IRA as a spouse, make sure to title it properly pursuant to your goals!
3. If the original retirement account owner passed their Required Beginning Date (RBD) and did not take an RMD in the year of their death, the beneficiary(ies) needs to take it!
4. If you and your spouse both have large retirement account balances, consider what I call a "spousal skip strategy" for your beneficiary designations.
5. Understand the Required Minimum Distribution Rules with Roth 401(k)s vs Roth IRAs

For the links and extras mentioned in the episode, please visit the show notes page at: https://retiredishpodcast.com/1

Guide to inheriting an IRA (https://www.planablewealth.com/blog/inheritance-planning/inheriting-an-ira-from-a-parent/)

Roth 5 Year Rule (https://www.planablewealth.com/blog/retirement/roth-ira-and-roth-401k-5-year-rules/)

RMD Needed when inheriting an IRA flowchart (https://www.planablewealth.com/wp-content/uploads/2021/11/2021_Can-I-Delay-Distributions-From-The-Traditional-IRA-I-Inherited.pdf)

Retired-ish is the retirement podcast for those exploring retirement and those currently in retirement. The retirement ideas and strategies discussed are focused around preparing for one of life's biggest transitions, and how to preserve the wealth that you have worked so hard to achieve! This educational podcast was created to provide you with confidence in your retirement planning decisions. Your host, Cameron Valadez, is a CERTIFIED FINANCIAL PLANNER(TM) and partner of financial planning firm for retirees, Planable Wealth. In each episode, Cameron shares actionable ideas and strategies to help you Simplify Investing, Reduce Taxes, & Grow Your Net Worth, so you can retire on your terms! Cameron will answer some of the top concerns of retirees including: How can I potentially pay less in taxes to the IRS? How can I better preserve my retirement nest egg and draw a sufficient income? How can I simplify my investments? How can I keep more wealth in the family? Cameron also takes a deep dive into more complex issues retirees face regarding retirement income, estate planning, Medicare, Social Security and more! Retirement doesn't have to be a means to an end. To be Retired-ish means to have the CONFIDENCE and FREEDOM to spend your time on what matters most, and retire on your terms! Cameron believes this can be achieved through well-designed financial planning that adapts to life's unknowns. Find more information about Cameron or ask a question you would like answered on the podcast by visiting retiredishpodcast.com Want more detailed retirement planning insights? Visit planablewealth.com or join our monthly Retired·ish newsletter here!