Every year thousands of high school players set out on the summer recruiting circuit in hopes of fulfilling their dreams of playing DI. But what happens when the summer ends and none of those DI schools have come calling? What do you do when the only schools that want you are at the DIII level? This was the situation facing Andy Panko in the late 1990’s. His decision put him on a path that few expected. Andy was an undersized, skinny high school player. Like everyone else, he had dreams of playing for a power conference DI school and moving on to the NBA. But at the end of his high school career, it was clear that the DI schools weren’t coming after him. Andy wanted to go somewhere where he would play and play right away, so he enrolled at Lebanon Valley College...and the rest is history. Listen to his story now! [REPLAY from 6/5/18]

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Make sure to check out the PSB+ app for iPhone/iPad and Android. PSB+ is the Peloton for basketball, allowing players to workout with a virtual trainer anywhere, anytime at the touch of a button. Click here for more information and to download for free now!

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🎧 Intro and Outro music by Wintz

Tax expert, Andy Panko, joins me today to discuss taxes in retirement. Andy and I know each other from his Taxes in Retirement Facebook group. I figured he would be the perfect person to have on the show to help me answer several questions about this topic. Retirement is one time in life when you can plan for taxes in the long-term, so you’ll want to do as much tax planning as you can. Listen to hear the different types of tax questions that people have about retirement. 

Outline of This Episode

• [2:22] Do spouses have to calculate their RMD’s separately?
• [8:32] An IRMAA question
• [15:09] Bill wants to know about the 5-year rule
• [20:36] How do RMD’s work?
• [25:10] It’s not what you make it’s what you keep

An IRA question

Wouldn’t it be easier to combine a husband and wife’s assets and just take one RMD? If a husband and wife have separate 401K’s and IRA’s even though it would seem easier to take those RMD’s together, they must be taken individually. The RMD is based on your age and each IRA and 401K has its own calculator. 

One way to simplify the various retirement accounts is to take a rollover whenever you leave an employer-sponsored 401K. Remember the RMD penalty is steep, 50% of the required amount. So if you can find a way to simplify your retirement accounts then do it. 

An IRMAA question

The next question is actually from me. Normally I help my clients stay within the $174,000 income limit that IRMAA allows. But I recently discovered a case in which a client should go over that limit. Are there cases where people should deliberately go over the IRMAA limit? 

If you already have a large pot of tax-deferred money it makes sense to pay those taxes now rather than later. We are experiencing all-time lows in tax rates and those rates are subject to change at any point. It may make sense to pay the $70 extra per month in Medicare costs rather than be stuck with a large tax bill later. Listen in to hear what the next IRMAA income cap is. 

What are the rules of converting a Roth IRA? 

If you are already over 59.5 and the Roth account has been open more than 5 years then you are set. You can withdraw funds from that account without penalty. Any money that comes out is a qualified distribution. However, if you do not meet those requirements there could be a penalty. There are further rules and regulations surrounding Roth IRA’s and they can be very confusing. To ensure that you don’t encounter any problems with your Roth IRA, open one as soon as possible and fund it with a rollover. 

How do RMD’s work?

When you save into your IRA you are saving into a tax-deferred account. The RMD is simply there to make sure you pay the income tax on that money. It’s important to remember that the money isn’t entirely yours, you need to split it with Uncle Sam. You want to maximize the amount that you get and minimize Uncle Sam’s portion. 

You and Uncle Sam see your IRA in different ways. You see that account as an asset and Uncle Sam sees it as (untaxed) income. It won’t allow you to put it off paying those taxes indefinitely. The RMD is simply the government’s way of ensuring that you pay the taxes owed on that money. 

Press play to discover the answers to all of these listener questions and help realize all the tax planning opportunities that retirement brings.

Connect with Andy Panko

• Andy Panko’s Taxes in Retirement Facebook Group
• Tenon Financial
• Retirement Planning Demystified YouTube channel

Connect with Benjamin Brandt

• Get the Retire-Ready Toolkit:http://retirementstartstodayradio.com/
• Follow Ben on Twitter:https://twitter.com/retiremeasap

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Thanks to the death of private pensions, the devaluation of Social Security benefits and other undeniable retirement factors such as inflation and increased taxes, America is now in a retirement income crisis. Personal Pension Radio show is focused on helping you pack your bags for both halves of the retirement journey.  Kraig's mission is help you build & protect your wealth and lifestyle today and generationally.

Optimizing Retirement income does not happen with a product.  Mutual funds, life insurance, real estate, or annuities by themselves will not help you optimize your retirement income. You must have an integrated approach.

DISCLOSURE:  KRAIG IS THE INCOME ENGINEER BUT HE IS NOT AN ATTORNEY OR A CPA. PLEASE DO NOT CONSIDER THINGS ON THIS SHOW AS ADVICE. PLEASE TALK WITH A QUALIFIED CERTIFIED FINANCIAL PLANNER BEFORE MAKING ANY FINANCIAL DECISIONS.

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Financial Dependence, Financial Solvency, Financial Stability, Debt Freedom, Financial Security, Financial Independence, Financial Freedom, Financial Abundance, retirement, pension, income, protect, rescue, help, money, savings, Certified Financial Planner (Job Title), Income Tax, Money, Finance (Industry), wealth, tips, Personal Finance,  financial podcast, infinite banking, Self-Directed IRA, Retirement Planning Tips, Retirement Planning, Individual Retirement Account, Investing 101

Tales from the Association provides a unique look into the lives and minds of former NBA players. Today's episode features Andy Panko.

Tales from the Association provides a unique look into the lives and minds of former NBA players. Today's episode features Andy Panko.

Tales from the Association provides a unique look into the lives and minds of former NBA players. Today's episode features Andy Panko.

Tales from the Association provides a unique look into the lives and minds of former NBA players. Today's episode features Andy Panko.