In this episode of Roadmap to Retirement, I am joined by Jennifer Stott, a CPA, to discuss effective financial strategies for those nearing or already in retirement. We cover Roth conversions, explaining the process of converting pre-tax IRA funds to a Roth IRA, the tax implications, and when it might be beneficial. The conversation continues on to cover considerations such as the impact on Medicare premiums, the taxability of Social Security benefits, and the importance of planning for required minimum distributions (RMDs). Jennifer highlights the new tax bill's provisions, including the above-the-line charitable deductions and increased state and local tax (SALT) deductions, offering practical advice for retirees.

Did you know I love to talk about QCD's? Jennifer and I discussed the potential pitfalls of adding children to property deeds without considering tax implications. We want to encourage listeners to take a comprehensive approach to retirement planning, especially when considering when estate planning and the potential tax burden on heirs. As a reminder, there is a emphasis on the importance of consulting with financial advisors and tax professionals for personalized advice.

Thanks for listening, come back next week for another episode!