Ep 146: Retirement Planning with AI
Retire With Peace
In this episode, Dave Zaegel discusses the implications of artificial intelligence (AI) on financial planning and tax preparation. He emphasizes that while AI will enhance efficiency and provide valuable tools for financial planners, it will not replace the human element essential in understanding personal experiences and emotions. Zaegel believes that AI will significantly impact the industry, making processes quicker and more efficient, but the need for human interaction will remain vital.
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Ep 145: Large Funds Play a Different Game
Retire With Peace
In this episode, Dave Zaegel discusses the differences between investment strategies of large funds and individual investors, particularly in the context of retirement planning. He emphasizes the importance of understanding one's own financial goals and risk profile rather than blindly following the actions of big investors. The conversation highlights the need for long-term planning and the significance of setting up a proper investment structure to ensure financial security in retirement.
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Ep 144: Why do a Roth IRA Conversion Now?
Retire With Peace
In this episode of the Retire with Peace podcast, host Dave Zaegel discusses the intricacies of Roth IRA conversions, emphasizing the importance of timing and strategic planning. He explains why most conversions are typically done towards the end of the year, but also highlights scenarios where early conversions may be beneficial, particularly during market downturns. The conversation covers the necessity of taking required minimum distributions (RMDs) before conversions and the potential advantages of partial conversions to maximize tax efficiency and investment growth.
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Ep 143: Gold Rush
Retire With Peace
In this episode of the Retire with Peace podcast, host Dave Zaegel discusses the current trends in gold and Bitcoin investments, emphasizing the importance of risk management and balanced investment strategies. He shares his personal struggles with investing in non-producing assets like gold and digital currencies, advocating for a cautious approach to investing in these alternatives. The conversation highlights the need for diversification and the potential for growth while maintaining a focus on risk management in retirement planning. Takeaways: Investing in gold and Bitcoin is...
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Ep 142: Tug of War
Retire With Peace
In this episode of the Retire with Peace podcast, host Dave Zaegel discusses the current market uncertainties and the mental tug of war faced by investors, particularly those nearing or in retirement. He emphasizes the importance of balancing the need for safety with the necessity for long-term growth in investment strategies. Zaegel provides insights on how to manage these concerns by setting up a safety net of income for at least five years, allowing investors to weather market fluctuations while still focusing on growth opportunities. Takeaways: Investors are experiencing...
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Ep 141: IRA Beneficiary Selection
Retire With Peace
In this episode, Dave Zaegel discusses the critical aspects of beneficiary selection for inherited IRAs, emphasizing the importance of keeping beneficiary designations updated, the implications of naming trusts versus individuals, and the benefits of charitable contributions from IRAs. He provides practical advice on estate planning to ensure that assets are distributed according to the individual's wishes, avoiding complications and unnecessary tax burdens.
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Ep 140: Inherited Roth IRA Benefits
Retire With Peace
In this episode of the Retire with Peace podcast, host Dave Zaegel discusses the complexities of inherited IRAs, focusing on the importance of careful planning, especially regarding Roth IRAs. He emphasizes the need for beneficiaries to take their time and understand the rules surrounding distributions to minimize tax burdens. The episode highlights the advantages of inheriting Roth IRAs, including tax-free withdrawals and no required distributions, making them a beneficial option for both the original account holder and their heirs.
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Ep 139: Inherited IRAs - Required Distributions or Not?
Retire With Peace
In this episode, Dave Zaegel discusses the complexities of inherited IRAs, particularly focusing on the changes brought by the Secure Act. He explains the implications of required distributions, how to calculate them, and the importance of understanding the required beginning date. The conversation also touches on the nuances of successor beneficiaries and the 10-year payout rule, emphasizing the need for strategic tax planning when dealing with inherited IRAs. Takeaways The Secure Act 1.0 eliminated the stretch IRA, capping distributions at 10 years.IRS rules require annual required...
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Ep 138: Inherited IRAs - 3 Types of Beneficiaries
Retire With Peace
In this episode, Dave Zaegel discusses the complexities of inherited IRAs, focusing on the new rules established by the Secure Act and the importance of understanding different types of beneficiaries. He emphasizes the need to name beneficiaries to avoid unfavorable tax situations and outlines the distinctions between non-designated, non-eligible designated, and eligible designated beneficiaries. The conversation also touches on planning strategies for maximizing tax efficiency when inheriting IRAs. Takeaways Inherited IRAs have new rules effective in 2025. Naming a beneficiary is...
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Ep 137: US News Article Review - Still Plan for 95?
Retire With Peace
In this episode of the Retire with Peace podcast, host Dave Zaegel discusses the importance of planning for retirement, particularly the debate around whether retirees should plan to live until age 95. He emphasizes the need for a conservative approach to retirement planning, considering potential medical advances and the risk of outliving one's savings. Additionally, he encourages retirees to spend more in their early years to enjoy life while they are still active, balancing the need for financial security with the desire for enjoyment in retirement. Takeaways Most financial advisors...
info_outlineIn Episode 3, we discussed back-door Roth IRA contributions. Please be sure to listen to that episode first for details on what a back-door Roth IRA contribution is.
In this episode, we discuss some follow-up questions on how to make sure it is recorded properly on the tax return via Form 8606. The Form 1099-R that you receive from the custodian does not provide all the information you need, and it is critical to report this transaction properly on the tax return.