Required Minimum Distributions – Unleash Your Retirement

Strategies for Successful Retirement Distributions With Mike Smith (Ep.27)

By Unleash Your Retirement | January 23, 2025

Planning your distributions for retirement is essential to maximizing your retirement income and fulfilling your goals for this new phase of life.

By planning properly, you can avoid any financial setbacks and ensure you live the life you desire.

David and Mike cover the essentials of planning your retirement distributions. From deciding when to take Social Security benefits to understanding Required Minimum Distributions (RMDs), they break it all down. Discover strategies for maximizing retirement assets by exploring the benefits of Roth conversions and managing multiple retirement accounts. Plus, they discuss common misconceptions and the psychological hurdles retirees face when dipping into their savings.

David and Mike discuss:

Understanding RMDs and how they impact your taxes [00:02:11]
Balancing when to take Social Security for the biggest benefit [00:09:43]
Using Roth conversions as a tax strategy [00:21:11]
The significance of consolidating retirement accounts [00:14:44]
And more

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The Truth About Taxes in Retirement with Cheri David (Ep. 6)

By Unleash Your Retirement | August 31, 2023

Do you need to be concerned about taxes in retirement?

Many people think that they will not have to pay tax on their Social Security or deal with taxes at all when they’re no longer working.

But required minimum distributions are taxed as ordinary income and can push many into higher tax brackets and up to 85% of your social security benefits will be taxed based on your adjusted gross income.

In this episode, David Koren speaks with Cheri David, CPA, CVA, Managing Partner and Principal at Clarkson David CPA, about taxes in retirement. While covering topics such as required minimum distributions, the taxation of social security benefits, Roth conversions, adjusted gross income, and deductions, they emphasize the benefits of working with a CPA to maximize take-home pay and reduce tax bills. They also discuss the advantages of health savings accounts (HSAs) and flexible spending accounts (FSAs) for tax planning.

David and Cheri discuss:

What adjusted gross income is and why it’s important
The difference between standard deductions and itemized deductions
Ways to reduce your tax burden
And more

Resources:

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About Our Guest:

Cheri G. David, CPA, CVA is Managing Partner and Principal at Clarkson David CPA. Cheri founded the firm in 2005 on the principles of work-life balance. Business owners are continuously faced with ever-changing tax laws and regulatory paperwork. Helping business owners find relief and recognize areas between managing a business and managing their time is a foundation for that balance. Before entering the accounting profession over a decade ago, Cheri worked as a paralegal in Southern California and Las Vegas, Nevada, while attending college. During her 10 years in the legal profession, she worked with a few of the nation’s top trial lawyers who were involved in many high-profile cases. Her combined career paths offer business owners a diverse level of experience and perspective. Cheri’s family includes four amazing children; Riggs, Tucker, Matthew, and Graciella. There is never a dull moment as all of the children bring a special gift to the family. A passion to run led Cheri to finish her first Marathon in 2009, thereafter, finishing 3 more including the world-famous New York City Marathon in 2016. She continues to run and looks forward to the next race.

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