"A different strategy is going to be one that can be flexible and solve these issues better than the 4% rule.”

Can you really rely on the 4% rule for a comfortable retirement? In this episode, our host Danny Gudorf tackles this controversial topic head-on, revealing why this popular rule might lead you astray. Danny dissects the four major pitfalls of the 4% rule while offering a superior strategy to help you retire sooner and generate more income.

By examining hypothetical portfolios and different investment return scenarios, you'll gain a clear understanding of how to create a more stable and sustainable income stream for retirement.

Key Topics:

• What is the 4% Rule? (00:36)
• Portfolio Withdrawals and Inconsistency with Inflation (02:25)
• A Retirement Income Example (03:21)
• The 1 Million Dollar Portfolio Example (05:54)
• The Better Solution: Dynamic Income Solution (09:55)
• Wrap-Up (13:59)

Resources:

• •Gudorf Financial Group
• •Get Your Free Retirement Assessment
• •The Retire Ready Toolkit (free resource)
• •Subscribe on Youtube

"It's crucial to understand how different income sources can impact the taxation of your Social Security benefits."

Unlock the secrets to reducing your tax burden on Social Security benefits! Nearly half of all recipients now find themselves taxed on these crucial benefits, and the number is only climbing. On today's episode of The Limitless Retirement Podcast, our host Danny Gudorf explains why this is happening and provides actionable strategies to help you manage it. Learn how the unchanged income thresholds from the Reagan era have trapped more retirees in taxable brackets and discover how mandatory withdrawals from tax-deferred accounts at age 73 can complicate your financial picture even further.

Danny breaks down the IRS's formula for determining whether your Social Security benefits are taxable and explains the differences in thresholds for single filers versus married couples filing jointly. This episode is packed with essential information to help you optimize your retirement planning and minimize taxes on your hard-earned benefits. Tune in to gain the knowledge you need for a financially savvy retirement!

Key Topics:

• History and Current State of Social Security Benefits Taxation (00:37)
• Social Security Taxation Thresholds (05:54)
• Real-Life Examples of Varying Social Security Taxation (07:32)
• How to Avoid Paying Taxes on Social Security Benefits (11:37)
• Wrap-Up (19:06)

Resources:

• Gudorf Financial Group
• Get Your Free Retirement Assessment
• The Retire Ready Toolkit (free resource)
• Subscribe on Youtube
• Social Security Benefits Tax Calculator
• Should You Do a Roth Conversion in Your 70’s?

“I always come back to one simple litmus test, do you want to pay the taxes on your IRA now, or do you want the beneficiaries to pay the taxes later?"

In this episode of The Limitless Retirement Podcast, Danny Gudorf of Gudorf Financial Group uncovers the myriad of benefits of Roth conversions for those in their 70s, including the potential for a tax-free inheritance and the flexibility gained by avoiding required minimum distributions (RMDs). Tune in to understand why having a mix of traditional and Roth accounts can optimize your tax management and financial control, even at this stage of your retirement journey.

But it’s not all sunshine and rainbows with Roth conversions. Danny walks us through the immediate tax implications and other potential drawbacks to help us make an informed decision. With proper planning and guidance, achieving security, flexibility, and peace of mind is within reach. Equip yourself with the knowledge to maximize your retirement savings and legacy, no matter what stage of life you’re in.

Key Topics:

• Are You Too Old for a Roth Conversion? (00:39)
• Leave a Tax-Free Inheritance to your Loved Ones (03:25)
• A Roth IRA as a Powerful Estate Planning Tool (04:51)
• A Roth IRA Adds Flexibility and Control (05:28)
• Having a Mix of Traditional and Roth Accounts (06:25)
• Partial Roth Conversions: A Roth Conversion is Not ‘All or Nothing’ (07:36)
• Taxes as a Deterrent in Roth IRA Conversion (08:18)
• Uncertainty Around Future Tax Rates (11:26)
• Bottom Line: Is a Roth Conversion Right in Your 70s? (13:38)

Resources:

• Gudorf Financial Group
• Get Your Free Retirement Assessment
• The Retire Ready Toolkit (free resource)
• Subscribe on Youtube