Mailbag: What to Focus on When You’re Nearing Retirement

Retirement planning can feel like a whirlwind, flooded with choices, tight timelines, and the pressure to “get it right.” In this special mailbag episode, David answers real questions from listeners who are navigating this very moment. One is preparing to retire and feeling overwhelmed; the other is already retired and sorting through the complexities of Roth conversions.

 

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

📬 Structuring reliable retirement income from Social Security, pensions, and withdrawals

📆 Why it’s crucial to have a retirement plan before you stop working

🚫 The IRS’s 5-year rule for Roth conversions  

💡 The importance of budgeting in retirement

 

Please remember that converting an employer plan account to a Roth IRA is a taxable event. Increased taxable income from the Roth IRA conversion may have several consequences including (but not limited to) a need for additional tax withholding or estimated tax payments, the loss of certain tax deductions and credits, and higher taxes on Social Security benefits and higher Medicare premiums. Be sure to consult with a qualified tax advisor before making any decisions regarding your IRA.

 

For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.