Who really owns your retirement account? If you have a million dollars in your IRA, you have a partner in it, and that partner is the IRS. And the lower tax bracket you were told to expect in retirement may never materialize.

In this episode of The Truth About Taxes & Retirement, Barry Watts explains why he calls that one of the great lies of retirement planning. He sees very few retirees in a lower tax bracket than when they were working, and the better you save, the more tax you may end up paying. He walks through why $300,000 to $400,000 of a million-dollar IRA belongs to the IRS, why tax brackets aren't written in stone, and how required minimum distributions take away your control over when and how much you pay.

Barry also covers two more taxes your retirement withdrawals can trigger: tax on your Social Security, and the Medicare surcharge known as IRMAA. Then he explains what WealthCare calls a Strategic Roth Integration, which is a planned Roth conversion, and how to find out if one makes sense for you.

Saving for retirement is half the plan. Knowing how much of it is really yours is the other half.

Learn more about building a retirement strategy here: https://wealthcarecorp.com/contact/

Get Watts on Wealth the ???? : https://a.co/d/bETW4aY

Website: https://wealthcarecorp.com/

Facebook: https://www.facebook.com/WealthCareCorp

YouTube: https://www.youtube.com/@WattsOnWealth

???? Podcast: Watts on Wealth Radio Show

https://pod.link/1737485633

???? Podcast: The Truth About Taxes and Retirement

https://pod.link/1520277576

J. Barry Watts

Springfield’s WealthCare Corporation

#TaxBrackets #RetirementPlanning #TruthAboutTaxesAndRetirement