“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