Year End Roth IRA and Tax Planning

December is here, so in this episode, Don and Marc take a moment to look ahead at what changes may be coming in 2025, particularly when it comes to IRA planning and potential tax shifts. Listen in as they break down the key factors to consider when deciding whether to convert your traditional IRA to a Roth IRA, including tax rates, the timing of your conversion, and how it fits into your overall retirement strategy.

Throughout the conversation, Don shares some practical examples, such as how retired couples or those nearing retirement can benefit from converting at today’s lower tax rates. The episode also covers important considerations like Medicare premiums and the potential for future changes to Social Security taxation.

 

Here’s some of what we discuss in this episode:

• Converting traditional IRAs to Roth IRAs vs deferring taxes
• Ideal scenarios for conversions, such as being retired or working part-time before age 73
• The potential impact of Roth conversions on Medicare premiums (IRMAA)
• The advantages of being married for Roth conversions
• Changes coming down the pike for 2025 to have on your radar

 

Get in touch with Don and learn more: https://doncashpodcast.com/