The Four Fundamentals of Retirement Drawdown

BiggerPockets Money Podcast

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9d ago 59:54

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Join Mindy Jensen and Scott Trench on the BiggerPockets Money Podcast as they welcome retirement tax experts Sean Mullaney, The FI Tax Guy, and Cody Garrett, a certified financial planner, to break down their game-changing retirement drawdown order of operations. This isn't your typical retirement advice - it's a strategic blueprint that could save early retirees and traditional retirees thousands in taxes while ensuring their money lasts a lifetime.

Discover the four critical retirement drawdown fundamentals that form the backbone of any successful retirement strategy, plus advanced tactics for optimizing your tax burden, managing healthcare costs, and timing Roth conversions for maximum impact. Sean and Cody don't just explain what to do - they walk through exactly when and why each strategy matters most, covering everything from your retirement date through the challenging widow and widower years.

This episode covers:

The four fundamental retirement drawdown rules that could save you thousands
Why you should spend taxable accounts first and traditional accounts second
The strategic case for delaying Social Security until age 70
How to use HSAs and Roth IRAs as powerful tax-free tools
The five distinct phases of retirement and what each one means for your strategy
Advanced Roth conversion tactics and optimal timing
How to keep income low to maximize ACA premium tax credits
Managing required minimum distributions and minimizing their impact
Healthcare cost planning and insurance strategies for retirees
Why working with a qualified tax planner is essential for your unique situation

And SO much more!

00:00 Retirement Drawdown Strategies

01:22 Fundamentals of Retirement Drawdown

03:37 Phases of Retirement and Taxable Accounts

07:23 Managing Income and Premium Tax Credits

09:22 Roth Conversions and Standard Deductions

19:52 Hidden Roth IRA and Tax Planning

28:36 Navigating Healthcare Subsidies and Early Retirement

29:26 Balancing Benefits for Early Retirees and Self-Employed

33:34 Strategic Tax Planning for Retirement

35:50 Understanding Required Minimum Distributions (RMDs)

36:59 Mitigating the Impact of RMDs

40:51 The Widow's Tax Trap and Effective Tax Planning

46:30 Connect with Sean and Cody!

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