Retire at 58 With $10.5 Million: Are Roth Conversions Needed?

Can a married 58-year-old couple retire now with $10.5 million? A viewer asked me that, along with the best way to plan Roth conversions and whether he needs them to avoid required minimum distributions at 75. He has $5 million in a pretax IRA, $5 million in a brokerage account and $500,000 in a Roth, lives in New York, and expects to spend $20,000 to $25,000 a month.

Resources mentioned in the video:

Boldin (the retirement planner in this video; I'm an affiliate, they are not a sponsor): https://go.robberger.com/boldin/yt-retire-at-58-10-million

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0:00 Retire at 58 with $10.5 million?
0:49 Why this applies at any balance
2:01 What $25,000 a month may not cover
3:01 How Claude built David's plan in Boldin
3:51 Do you need Roth conversions to avoid RMDs?
4:58 The goal: lower lifetime taxes
5:52 Can Roth conversions save a plan?
6:40 Boldin's dividend yield surprise
9:59 His low-tax years
11:15 Medicare, health care and long-term care
14:26 Filling the low tax brackets
15:26 Roth conversions up to the 24% bracket
17:48 The 22% bracket: smoother taxes
19:07 Comparing the two scenarios
19:56 Chance of success barely changes
21:22 Don't lock in a conversion plan
22:13 Boldin's lowest lifetime tax option
23:40 Can David retire now?

ABOUT ME

While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. I've since sold my websites, bought them back, and started a new website and this YouTube channel.

I'm also the author of Retire Before Mom and Dad--The Simple Numbers Behind a Lifetime of Financial Freedom (https://amzn.to/3by10EE)

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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. Your investment and other financial decisions are solely your responsibility. It is imperative that you conduct your own research and seek professional advice as necessary. I am merely sharing my opinions.

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