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The Your Life, Your Money Podcast helps you thrive in life, wealth and retirement. The show is designed to navigate the complexities around money, building and securing wealth, and achieving financial independence. Scott Sierens, financial advisor at Sierens Financial Group, will provide thoughts, strategies, and ideas on each episode to help you make smart and sound financial decisions. The goal is to take complex financial subjects and make them simple and easy to understand so you can feel confident to take action, enjoy life, and eliminate financial stress and anxiety.

Scott, along with guests from across various industries, will cover topics such as tax savings strategies, investment and wealth management, IRAs, 401(k)s, retirement planning, income strategies, pensions, estate planning, social security, healthcare, and much more.

Retirement isn't an age or number. It's finding the balance between living life today and feeling financially confident about YOUR tomorrow.

Ask Scott your questions by calling 847-235-6989 or check out our podcast website at https://lifemoneyshow.com for more resources.

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  2. IRMAA & Roth Conversions, Filing Separately, Lump Sum Withdrawals, Unexpected Income – Tax Planning Mailbag

IRMAA & Roth Conversions, Filing Separately, Lump Sum Withdrawals, Unexpected Income – Tax Planning Mailbag

Oct 19, 2023

Today, we're diving into the listener mailbag once again, to answer your questions on tax planning and strategies for the year ahead. As we approach the end of the year, it's crucial to get your financial ducks in a row so that you can keep more of your hard-earned money. Scott offers valuable insights on whether to file taxes jointly or separately, how IRMAA can affect your Medicare premiums, tax surprises that can be caused by receiving unexpected income, and more.

 

Here are the questions we’ll tackle in today’s show:

  • Husband is 70, wife is 65- Is it okay to file separately so each one can do Roth Conversions before RMDs kick in?
  • How do you feel about taking a lump sum out of a 457B account? Is there any drawback to this besides taking a big sum of money? Will we owe any more taxes?
  • I received a big bonus this year.  My company withholds for tax.  I assume there is nothing else I need to do from a tax perspective?

 

Want to get in touch?

Web: https://sierensfinancialgroup.com/

Email: office@sierensfinancialgroup.com

Phone: 847-235-6989

Read more and get additional financial resources here: http://lifemoneyshow.com 

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ