Podcasts Business Retirement Starts Today Freedom or Free-fall (Toms Story), Ep 365

Freedom or Free-fall (Toms Story), Ep 365

Published: Sept. 9, 2024, 8 a.m.

Retirement is not just a transition from work to leisure. It\u2019s a continuous journey of self-discovery. We explore the story of Tom, who reflects on the emotional and financial challenges he faced after leaving a successful career. From adjusting to a fixed income to finding new ways to matter outside of his career, Tom\u2019s experiences give us valuable lessons for those nearing retirement.

In light of Tom\u2019s story, we talk more about Roth conversions and the evolving rules surrounding Required Minimum Distributions (RMDs). We\u2019ll tell you how to manage Roth conversions, even after reaching RMD age, and the importance of tax planning as part of a truly comprehensive retirement strategy.

Learn how to make smarter financial decisions as you prepare for (or continue through your continuous journey of) retirement.

Outline of This Episode
  • [2:06]\xa0What challenges arise when going from a fulfilling career to retirement?
  • [3:11]\xa0How do you cope when you\u2019re no longer excited about retirement?
  • [5:31]\xa0Can part-time work in retirement bring meaning or just fill time?
  • [4:56]\xa0How do you adjust to losing status and income?
  • [4:03]\xa0Why is adapting to a fixed income harder than expected in retirement?
  • [9:46]\xa0How many Roth conversions can you make after turning 73?
  • [10:41]\xa0Is converting IRA funds to a Roth still a good strategy after RMD age?
  • [12:07]\xa0What happens if you delay your first Required Minimum Distribution (RMD)?
  • [13:50] How do changes in tax laws impact retirement decisions?
Resources & People Mentioned Connect with Tom Pendergast Connect with Benjamin Brandt