Craig Wear, CFP®Craig Wear, CFP® | Expert in Roth Conversions & Tax-Efficient Retirement Strategies for IRA Millionaires

Cut your taxes by millions!

8 Mar 2025 · 1 min

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This is a short transcript excerpt from a video in which Craig Wear, CFP® explains how strategic Roth/IRA conversions and Social Security management can dramatically reduce lifetime taxable distributions. He gives an example where converting an IRA reduced taxable required minimum distributions from $3.7 million to under $50,000 and notes that keeping taxable income low can avoid taxation of up to 85% of Social Security benefits.

Chapters

Here's some of the key factors. First of all, by converting strategically that 1.75 that they have, it's going to reduce their lifetime requirement of distributions. And in their case, converting all of the IRA reduced their taxable distributions from $3.7 million of taxable RMDs to under $50,000 of taxable income. There's a huge savings there. Their lower Social Security has also accumulated some tax savings for them. So keeping taxable income lower avoids taxation of up to 85% of your benefits.