Over 50 With Over $500k of Taxable Retirement Money?! What Should You Do?!

(don’t forget to checkout the video too)

So you’re doing a great job of saving, and you’ve accumulated a lot of money for retirement. 👏

But, most of your money is in a taxable retirement account…

What should you do⁉️

Well for one, it’s ok to have some money in a taxable retirement account…

In fact, you can still achieve a tax-free retirement with a large balance of taxable money (assuming you don’t have a huge, taxable pension).

But a lot of people run into the problem of having “too much” taxable money and “not enough” tax-free money in retirement.

So if you are over 50 and you already have over $500k in a taxable environment you’re going to want to start repositioning money

BUT…

If you make too much money, you might not want to start doing that now.

You might have to wait until retirement to start positioning yourself for a tax-free retirement.

You’re always looking to pay the taxes now ONLY if it makes sense.

So for high income earners, repositioning money into a Roth IRA with a Roth conversion might have to wait until you actually retire. 🫣

Because at that point… your taxable income typically has gone away (or at least reduced significantly).

The main goal with this strategy is to reduce the balance of all of your taxable money to a low enough point that the RMDs don’t trigger taxes on social security and don’t force you into a higher tax bracket in retirement.

Let’s chat 💬😎