Retirement Tax Specialist

[ventoux]

Does anyone know a Minneapolis or St. Paul, MN based retirement tax specialist? We had a guy we used occasionally but he's retired.

I'm posting in this forum because my question for the tax specialist relates to fund withdrawal strategies. I've certainly learned much from all of you regarding various strategies and I'm confident I could do a good job on my own. But, I and DW would be curious what it might cost for us to sit down with someone who could offer skill beyond my own.

Thanks, for any response.

 

[Sunset]

It will cost you a bunch...

I'll post for all the IL folks, what my strategy is:

We are in IL, so I've learned take my $$$ out of IRA as IL does not tax retirement income.
Doing this has lowered our State income tax from 6,500 to $2,500 per year. Also handy as will lower our tax torpedo when RMD starts.

I'll let the taxable accumulate higher capital gains, in case we EVER move to an income tax free State.

 

[ventoux]

Thanks, Sunset

We're 58 & 59 now and up to age 70 plan on a mixture of part-time work (mostly for sanity don't have to do for $), after-tax account, tIRAs. At 70 we'll access social security and Roth funds.

So, if approached on our own we'd take a % out of both taxable and tax-deferred accounts each year.

Thanks again!

 

[LOL!]

Thanks, Sunset

We're 58 & 59 now and up to age 70 plan on a mixture of part-time work (mostly for sanity don't have to do for $), after-tax account, tIRAs. At 70 we'll access social security and Roth funds.

So, if approached on our own we'd take a % out of both taxable and tax-deferred accounts each year.

Thanks again!

I would suggest you consider spending from taxable and converting tax-deferred to Roth instead of spending any tax-deferred. Yes, that is still a taxed withdrawal from the tax-deferred, but it might make the future better for you and your heirs.

 

[ventoux]

LOL - Good suggestion, I'll dig into the forums here to understand how I could apply a Roth IRA conversion ladder and see if that is the best approach. I've to nothing but time at the moment and nobody more invested in the answer than myself.

 

[Montecfo]

Kitces had a blog post some years ago about these specialist designations. You might want to look for some of the credentials he mentions here.

They are not that common yet, but this might give you some credentials to target.

https://www.kitces.com/blog/retiree-specialist-designations-investment-news-retirement-income-summit/

 

[ventoux]

Montecfo - excellent article by Kitces! The areas of credentialed finance professionals that Kitces highlights are exactly the finance people I'm looking for. Sincere thanks

 

[pb4uski]

I would suggest that you try to find a CPA that also has a Personal Financial Specialist credential from the AICPA.

https://account.aicpa.org/eWeb/dynamicpage.aspx?webcode=referralwebsearch

 

[ventoux]

pb4uski - thank you, a quick review of the site looks like some options close to me.

 

[Love This Community]

Thanks, Sunset

We're 58 & 59 now and up to age 70 plan on a mixture of part-time work (mostly for sanity don't have to do for $), after-tax account, tIRAs. At 70 we'll access social security and Roth funds.

So, if approached on our own we'd take a % out of both taxable and tax-deferred accounts each year.

Thanks again!

Thanks Sunset. One of the very few good things about IL.

 

[Go-NoGo]

Have you had a look at the "Retiree Portfolio Model" at Bogleheads ?

It is excel spreadsheet that considers pensions, Social security, and other incomes, factors in State taxes and attempts to model normal portfolio results versus converting 401k/IRA to Roths. As you can imagine, the Excel spreadsheet is quite complex and takes a while to enter the data and understand the results:

https://www.bogleheads.org/wiki/Retiree_Portfolio_Model#Downloading_and_support

I would like to do some conversions this year and am planning on using it to figure out my best strategy.

 

[ventoux]

Go-NoGo, thanks. I've seen this model or something similar to it but I've never plugged my data in. I remember it being pretty intimidating but I've got much more time now to dig in and see it through.

 

[Jerry1]

The guy you’ve been using doesn’t have a personal recommendation to help his clients upon his retirement?

 

[ventoux]

Jerry1, good question. To clarify, I'm assuming he's retired or moved away I've reached out to him via phone and email a few times and have heard nothing back. So, again, I'm making the assumption that he's out of the business.