Timothy Sumer

Losing a life partner is one of the hardest moments in a person's life. Unfortunately, one person in every relationship will be faced with this difficult reality. Speaking personally, my number one objective, if I were to pass away, is to make sure money is the last thing my wife needs to worry about. ...not only during the grieving process but for years (and maybe decades) to come. I'm sure I share this sentiment with many of you. However, because of the lack of real retirement planning in our industry, I find many retirees don't have a real answer for what happens to their plan if one spouse passes away earlier or later in than was originally estimated. Many focus on the loss of income from Social Security and pensions. This makes sense. Given the situation, the potential loss of income can be substantial. However, there is a lot more at play here... The surviving spouse will face numerous unexpected tax hurdles. They will see certain expenses rise bot

When you perform a Roth Conversion, you are deciding to pay taxes today to get out of future taxes. Are you getting the most out of the taxes you are currently paying? How do you know? You can schedule an appointment with one of our Retirement Experts to look at your situation and help you plan for your future. Call us at (920) 544-0576 or go to Timestamps: 0:00 - The Best Roth Conversion Timing Strategy in 2023 0:11 The Normal Roth Conversion Process 1:22 Timing Strategy #1 - The Most Common Strategy 2:38 Timing Strategy #2 3:22 A Common, But Wrong, Objection 5:13 Timing Strategy #3 + #4 5:58 Timing Strategy #5 - The Safeguard Method 7:06 A Drawdown Method Example 8:22 The Historical Results - - - - - - - - - - - - - - - Always remember, "You Don't Need More Money; You Need a Better Plan" 🍿 Subscribe to our channel: 🏆 Join our Weekly Email Series: 📈 Talk with us about your retirement plan here: 📚 The New 60/40: How the Next Generation of

Nick Lowitt, Peak Pro Financial Vice President of Sales Development, breaks down a simple strategy to help non-spousal inherited IRA beneficiaries minimize taxes, supplement retirement income and build a tax-free legacy.... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Inheriting an individual retirement account (IRA) from a loved one can be both a financial blessing and a complex dilemma. While it offers an opportunity for wealth transfer, the rules regarding inherited IRAs can often be confusing and leave individuals in a quandary. However, recent changes have been made that aim to simplify the inherited IRA dilemma. Traditionally, when a non-spouse beneficiary inherited an IRA, they were required to take distributions from the account over their lifetime, also known as the "stretch IRA" strategy. This allowed beneficiaries to ex

In the second part of my DIY Retirement Withdrawal Strategy spreadsheet redesign, I look at the real simple formula I am using. I also review the fix I made to the spousal Social Security calculation to prevent our spouse from taking a spousal benefit before the primary benefit starts. I am not a professional. I have no initials after my name, so take these as entertaining ideas from one educated consumer to another. Always do your own due diligence. And seek out a professional if you need one. Be sure to hit the notification for Part 3 of this series.... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERTING IRA TO GOLD: Gold IRA Account CONVERTING IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Real Simple Tools in My DIY RWS Spreadsheet: Part 2 In our previous article, we introduced Real Simple Tools as a powerful toolset for managing spreadsheets. These tools offer help with various tasks, such as formatting data, sorting data,

FEDLIFE Podcast (Ep. 91) Mastering Retirement Planning: Understanding The SECURE Act 2.0 and the Future of Roth TSP Summary: Planning for retirement can be overwhelming, especially when dealing with legal changes. But fear not. In this riveting episode, Ed Zurndorfer and Dan Sipe delve into the SECURE Act 2.0 and its impact on Roth TSP participants. They explore the elimination of required minimum distributions (RMDs) for Roth IRAs and the unique challenges it poses for those with combined traditional and Roth TSP accounts. Get ready to navigate the benefits of rolling over Roth TSP accounts to Roth IRAs and gain a deep understanding of the reasoning behind the elimination of RMDs for Roth retirement plans. Ed and Dan discuss: • The SECURE Act 2.0 and the elimination of RMDs on Roth retirement plans - • How TSP participants can choose to roll over their Roth TSP account to a Roth IRA tax-free account • Why you should consider enrolling in Medicare Part B and its benefits •

If you have any ta deferred assets, eventually you will have to take RMD's. Required Minimum Distributions. This is a handy free online tool that can show you how big those RMD's could possibly be. Here is the link to the Schwab RMD calculator Here is another video on RMD's. For my video on the SECURE Act, click here. The gear I use in my videos Canon Camcorder Vivitar Wide Angle lens USB Microphone Shotgun Microphone Green Screen Ring Light LED Video lights *these are affiliate links*... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA When it comes to planning for your retirement, it is important to have a clear idea of the amount of money you will need to have saved. However, planning for retirement is not just about saving money but also about considering the distribution of savings. The most common method of di

Individual retirement accounts (IRAs) are a great way to save for retirement, but some special rules apply. This video focuses on required minimum distributions (RMDs) for traditional, SIMPLE and SEP IRA owners who are 70 1/2 or older.... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERTING IRA TO GOLD: Gold IRA Account CONVERTING IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Required Minimum Distribution (RMD) is the amount of money that individuals are required to withdraw from their Individual Retirement Accounts (IRAs) and other retirement accounts each year once they reach the age of 70.5 years. The RMD is subject to tax and helps ensure that individuals don't accumulate assets in their retirement accounts indefinitely. The IRS has set specific rules for calculating and distributing RMDs for IRA owners, which must be followed to avoid penalties. The RMD is calculated based on the account balance, the IRA owner's age,

Henssler Associate Logan Daniel, CFP®, CRPC®, discusses choosing between a Traditional IRA and a Roth IRA for your retirement savings. Watch the rest of the Planning Priorities series at: Fan and Follow Henssler: Facebook: Twitter: LinkedIn: Instagram: YouTube: ... ( read more ) LEARN MORE ABOUT: IRA Accounts INVESTING IN A GOLD IRA: Gold IRA Account INVESTING IN A SILVER IRA: Silver IRA Account REVEALED: Best Gold Backed IRA When it comes to planning for retirement, choosing the right investment vehicle is critical. Two popular options for retirement savings are Traditional IRA (Individual retirement account ) and Roth IRA. But which one is right for you? Here are some things you need to know to decide whether to contribute to a Traditional IRA or Roth IRA. Traditional IRA: A Traditional IRA is a retirement account where contributions are made with pre-tax dollars. That means you can deduct your contribution on your tax return, and t

If you're planning to inherit a retirement account at some point, this video will help you avoid paying unnecessary taxes! It all depends on what type of beneficiary you are and what you choose to do next. The SECURE Act (circa 2019) brought with it a number of changes to the financial landscape. One of the most significant changes was to how inheritors of retirement accounts need to distribute funds from those accounts. Until recently, there was a lot of confusion. 0:55 - What are Required Minimum Distributions (RMDs)? 1:27 - What is the Required Beginning Date (RBD)? 2:26 - Categories of Beneficiaries 2:50 - Eligible Designated Beneficiary (EDB) 6:07 - Non-Eligible Designated Beneficiary (NEDB) 8:36 - Not Designated Beneficary (NDB) 9:48 - Why does this matter? Taxes that's wise 11:10 - Conclusion #taxes #inherited #ira #rmd #beneficiary #retirement... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA

Sub Headline: Stretch IRAs Can Accomplish Double Duty for Your Retirement & Beneficiaries Synopsis: Individual Retirement Accounts (IRAs) have been around for more than 40 years through the Employee Retirement Income Security Act or ERISA. It’s a tax-deductible contribution plan that accumulates tax-deferred and is generally used for taxable retirement income. But there may be additional tax-advantaged distribution options that may benefit retirees as well as their beneficiaries. Content: IRAs accumulate tax-deferred, but not forever. Mandatory distributions come in to play at age 70½, where required minimum distributions (RMDs) or withdrawals are generated based on the Uniform Lifetime Table. Uncle Sam wants his due in taxes and RMDs are his way of extracting those taxes from your retirement plan. If distributions aren’t large enough, or if distributions are not made at all, a penalty tax of 50 percent of the amount that should have been distributed is generally asse

Roth IRA – Explained Today's video covers all the most frequently asked questions on Roth IRAs. SUBSCRIBE to NOT being a transaction ever again... Like us on Facebook! Follow us on Twitter! What is a Roth IRA? A Roth IRA is an individual retirement account in which money grows tax-free. How does a Roth IRA work? A Roth IRA is funded with after-tax money. Your money can grow here depending on the investments chosen, then your withdrawals in retirement are tax-free. Why do I need or even want a Roth IRA? To us, opening and funding a Roth IRA may be one of the best moves someone can make financially. Look at these advantages of owning a Roth IRA… Some of the Advantages of a Roth IRA: Tax-free distributions – This is the #1 benefit of a Roth IRA. You funded this account with after-tax money, and in retirement your proceeds will be yours, free and clear of taxes. The key is to hold the account for 5 years or longer and be above the age of 59 ½. No Required Minimum Dist

Married people usually name their spouses as the beneficiary of their IRAs. so what happens when the surviving spouse actually inherits the IRA. Surviving spouses have options that non-spouse beneficiaries do not have, especially when it comes to taking Required Minimum Distributions. This video explains those options and gives guidance as to what is beneficial in what circumstances. 0:00 Introduction 0:57 Assumptions and terminology 1:52 SECURE Act changes 2:10 Options for surviving spouses 3:38 How the options work, using examples. 5:56 Conclusion Watch this video to learn about Required Minimum Distributions: This video is an overview of IRA Distributions in general: This video explains rollovers: Resources and Additional Information: IRS Publication 590-B: "Distributions from Individual Retirement Arrangements" (contains the life expectancy tables shown in the video): Bankrate.com: "Inherited IRA rules: 7 things all beneficiaries must know"