I'm 65 with $1.7 Mil What's the Relationship Between Social Security, Taxes, IRAs, Roth Conversions

I'm 65 with $1.7 Million in my retirement portfolio, what is the relationship between Social Security, Taxes, IRAs, and Roth Conversions? What retirement income strategies should I use to reduce the taxes I pay in retirement? What are the best methods to maximize my social security? In this video, Troy Sharpe explains the relationship between your social security, taxes, IRAs, and Roth Conversions.

00:10 Variables
00:30 Conventional Wisdom Sequence
01:10 IRA Withdrawals, Roth Conversions, Taxes
02:25 Roth Conversions and the Tax Bracket
03:30 Add-Ons & Reduction
05:17 Variables
06:15 Overtime Withdrawal Plan
06:30 Background
07:41 Conventional Wisdom
08:39 Tax Planning
09:33 Add-On Reductions
10:20 Avoid Add Ons
10:47 Required Minimum Distributions
11:18 IRMA
11:30 Comparison Down the Road
12:23 Tax Risk
13:38 Future RMDs at 72
14:15 It's Not if…It's When!
15:37 Tax Schedule
16:30 When You Fail to Plan for Taxes…
16:54 Paying Higher Medicare Premiums
17:55 Strategic Approach to Taxes
19:15 Your Plan Will Be Adjustable
19:33 You Don’t Need Everything Converted!
20:18 It’s all about BALANCE!
21:11 What the Withdrawal Plan Looks Like
22:28 Interest Income is Added into MAGI
23:44 Total Taxes Due
24:50 Thank You for Watching, Contact Us!

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Disclaimer:
This video discusses fixed-income investing and utilizes the 10-year U.S. treasury as a general representative fixed-income investment. Conclusions reached, opinions stated, and downside risks and potential returns presented should not be construed as applying to other types of bonds or fixed-income assets. Other types of fixed-income products carry different levels of risk and return potential and should be evaluated as an element of a diversified portfolio with your specific risk tolerance, investment objectives, and timeline in mind. Nothing in this video is investment advice, an investment recommendation, or an offer to buy or sell any security. Investing involves risk.

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