Tag: Roth IRA

Building Wealth Beyond Your Working Years (Ep. 8)

Building Wealth Beyond Your Working Years (Ep. 8)

Where will your money come from when the 9-to-5 ends?

If you’ve ever asked yourself this question, then this episode is for you!

Listen as David Koren from RVA Wealth Management arms you with strategies to diversify your income sources, ensuring you can fully enjoy your golden years. From understanding the ins and outs of IRAs and Roth IRAs to alternative income streams, this episode is a comprehensive guide to your financial future. Don’t leave your retirement to chance; secure your future now!

In this episode, David covers:

  • The A-Z of Individual Retirement Accounts (IRA) and Roth IRAs, including tax benefits and limitations
  • Alternative income streams such as Rental Real Estate, Part-time Work, and Inheritance, along with their pros and cons
  • The crucial details about Social Security: when to start and how to optimize your benefits
  • Actionable tips to fill your “income buckets” for a diversified and secure financial future
  • And more!

Ready for a worry-free retirement? Reach out to David for a complimentary consultation and start planning today!

Resources:

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Retirement Income Sources: Employer-Sponsored Plans (Ep.7)

Retirement Income Sources: Employer-Sponsored Plans (Ep.7)

What are the most important things you need to know about employer-sponsored retirement plans?

In this episode, David Koren talks about employer-sponsored retirement plans, focusing on defined benefit plans and defined contribution plans. He explains how these plans work, the investment responsibility, and the options for taking money out. David also touches on the history of pension plans and the government’s role in insuring them. He also covers options for handling money in a 401(k) plan after retirement, including leaving it in the plan, rolling it into a self-directed IRA, or converting it into a stream of income.

David discusses: 

  • What defined benefit plans and defined contribution plans are
  • Where the investment responsibility is placed for each plan and what options are available for taking money out
  • Different options for handling money in a 401(k) plan after retirement or changing jobs
  • The benefits of rolling over a 401(k) into a self-directed IRA
  • The advantages of a Roth IRA and the flexibility it offers
  • And more

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

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

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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Connect with Cheri David:

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.