Bimmerbill
Thinks s/he gets paid by the post
- Joined
- Jan 26, 2006
- Messages
- 1,645
My Mom is approaching 70 years old and is worried about paying taxes on her RMDs.
Would a back door Roth conversion make sense?
I mentioned Vanguard to her, but she says she wants something insured. I always thought Vanguard mutual funds were insured via the SIPC but have questions about that after reading the Vanguard page on insurance.
What other methods are available to slow down the RMD or arrange assets to minimize the tax implications?
I am thinking of steering her toward a financial planner, but really would like to educate myself a bit first. I am pretty good on the savings part of investing, but not on the dissipation.
She doesn't "need" the RMD money so doesnt want to pay taxes on the distributions.
She has a mix of my late fathers IRAs and her own, as well as two annuities which she is considering getting her money out of.
I'd like to suggest Vanguard (Wellesly or something similar) but unsure of the insurance issue.
Would a back door Roth conversion make sense?
I mentioned Vanguard to her, but she says she wants something insured. I always thought Vanguard mutual funds were insured via the SIPC but have questions about that after reading the Vanguard page on insurance.
What other methods are available to slow down the RMD or arrange assets to minimize the tax implications?
I am thinking of steering her toward a financial planner, but really would like to educate myself a bit first. I am pretty good on the savings part of investing, but not on the dissipation.
She doesn't "need" the RMD money so doesnt want to pay taxes on the distributions.
She has a mix of my late fathers IRAs and her own, as well as two annuities which she is considering getting her money out of.
I'd like to suggest Vanguard (Wellesly or something similar) but unsure of the insurance issue.