Craig Wear shows how a $1M IRA at age 65 can generate $2.5M to $3M in lifetime required minimum distributions, explaining why smart strategies can save over $1M in taxes.
Approximately $2.5 million to $3.0 million (2.5–3× the current IRA value).
So the first thing you need to do is determine what your lifetime and your legacy finance financial impact is going to be for that large ira. And the way you do that is you calculate what your total lifetime or require minimum distributions are going to be. You know, for most people, let's say you're age 65, you got a million bucks in your IRA. If you're earning 5 or 6%, your lifetime required minimum distributions are going to be two and a half to three times with the value of your IRA is today at age 65. And that varies with rate to return in that. But if you use a 5 or 6% number, so if you got a million bucks, your total lifetime required minimum distributions taxable income to you is going to be two and a half to three million for every one million that you have over in your ira. So a lot of people ask, well, how can you save people over $1 million in taxes? And the reason is we got all these things that are kind of cascading down to be a big deal.
