When you have multiple IRAs, managing them across different platforms and figuring out your RMDs for each account can be a little bit tricky. So what’s the best way to manage these accounts? Should you consider consolidating your IRAs?

Today’s featured question comes from a comment left on one of our previous videos so thank you for the contribution. Here is the question John will answer:

We have multiple IRAs set up over the years as different approaches appealed each year. Would you recommend consolidating all those IRAs to one account? Would it matter if we were taking RMDs or not in your answer?

Join us to hear strategies for consolidating IRAs, some benefits to simplifying your accounts, and best practices for navigating your RMDs. By simplifying your accounts and understanding the true nature of diversification, you can streamline your retirement planning and make informed decisions.

Here’s what we discuss in this episode:

0:00 - Intro

1:24 - Consolidating IRAs

8:27 – Old IRAs and 401(k)s

Connect with us:

Web: https://rosewoodwealthmanagement.com/

Phone: 919-391-3446

Inheriting assets can be a life-changing financial boost, but it often comes with a maze of tax implications and decisions. In this episode, we will answer a question about an inheritance and lay out the tax considerations for a variety of assets to help you better understand what you might owe.

Discover how to navigate the tax implications of IRAs, annuities, bank accounts, real estate, and stocks to make the most of your inheritance. Even with this information, you still want to plan ahead as much as possible. If you know an inheritance is coming, or if you've just received one, it's crucial to sit down with a financial advisor to put a comprehensive plan in place. This will help you make the most of your inheritance, ensuring that you are as tax-efficient as possible.

Here’s what we discuss in this episode:

0:00 – Intro

1:06 – Today’s question

2:17 – IRA

4:41 – Annuities

5:45 – Bank account

6:50 – Home and stock

Connect with us:

Web: https://rosewoodwealthmanagement.com/

Phone: 919-391-3446

Retirement planning doesn’t have to be overwhelmingly complicated. It certainly doesn’t have to be as complicated as some people make it.

In this episode, we unravel the unnecessary complexities often woven into the fabric of retirement advice. We’ll debunk some myths, simplify strategies, and uncover the beauty of simplicity and straightforward retirement planning. If you’re looking for more simplicity within your financial plan, we’ll even provide a few steps you can take today to move in that direction.

Here’s what we discuss in this episode:

0:00 – Intro

1:13 – The cause for complexity

5:09 – Steps to simplify things

8:33 – Simplifying investments

Connect with us:

Web: https://rosewoodwealthmanagement.com/

Phone: 919-391-3446

What should you do with an old 401k that you’re still holding onto from an previous employer? Does that answer change when the market is performing well and your account is generating strong returns?

Let’s take a closer look at the rollover IRA and whether it’s something that you should be doing with your old 401k accounts. The primary reason someone uses a rollover is to gain more flexibility and control over that money so let’s talk about how the current investing environment impacts that decision. We’ll share our approach with clients when we’re helping them manage their portfolio and help you get a better idea of whether a rollover is a strategy you should utilize.

Here’s what we discuss in this episode:

0:00 – Intro and today’s question

1:12 – The reason to rollover your money

4:18 – The investment options

5:44 – Tax considerations

7:40 – Can you do this on your own?

Connect with us:

Web: https://rosewoodwealthmanagement.com/

Phone: 919-391-3446

No one has a crystal ball that will tell them what will happen with tax rates in the future and we certainly can’t predict what will happen, but the expectation for many people is that rates will only be going up from where they are right now.

With that in mind, does it make sense to sell investments off ahead of those possible tax increases in order to take advantage of the lower rates? We’ve been talking to our clients at Rosewood Wealth Management about tax planning strategies that will position them better over time but does it make sense in this specific situation? We’ll break that down in this video.

Here’s what we discuss in this episode:

0:00 – Intro on tax rates

1:32 – Today’s question

4:13 – Charitable giving strategies

9:32 – Capital gains taxes

Connect with us:

Web: https://rosewoodwealthmanagement.com/

Phone: 919-391-3446

The IRS first made significant changes to the stretch IRA with the introduction of the SECURE Act in 2020, and they’ve since made a few updates. Now the IRS has tweaked things even further for 2024 and we’re going to fill you in on what you need to know in this video.

We’ll discuss the implications of the recent changes made by the IRS, including the new rules for inherited IRAs and the importance of having a well-thought-out plan for withdrawals.

Here’s what we discuss in this episode:

0:00 – Intro and background on the stretch IRA

4:00 – The update for 2024

5:58 – Is this significant?

Read more about the change here:

https://www.cnbc.com/2024/04/19/irs-waives-required-withdrawals-from-some-inherited-ira-for-2024.html

Connect with us:

Web: https://rosewoodwealthmanagement.com/

Phone: 919-391-3446

The housing market remains strong in North Carolina and throughout much of the country, which creates an interesting option for many people moving in retirement. Should you go ahead and sell your home to take advantage of the current home values and rent until you’re ready to buy your next place?

Today we’ll tackle a question that came in to us recently and asked about this same scenario:

The housing market in my neighborhood is still really good right now and I’m tempted to put our house on the market and get top dollar for it. We’re going to retire in 2-3 years and would be moving at that time anyway. Of course, I’d need a place to live for those next 2-3 years after selling; would it be dumb to rent something for that period?

Find out why we think most people are going to be better off owning their home in retirement and how renting could play into that process in a positive way.

Here’s some of what we discuss in this episode:

0:00 – Intro

1:29 – What we’ve seen

6:20 – Interest rates

7:09 – Lifestyle consideration

Connect with us:

Web: https://rosewoodwealthmanagement.com/

Phone: 919-391-3446

Are you in your early 50s and dreaming of retiring early? It’s a feasible goal with the right financial planning but there are milestone ages that you need to take into account.

Retiring early means different things to different people. For some, it's bowing out before the traditional retirement age, while for others, it's about clocking out permanently while still in their fifties. But regardless of how you define 'early,' there are certain financial considerations that are pivotal in the planning process.

We’ll lay out the ages you need to know about and the planning that needs to take place as a result.

Here’s some of what we discuss in this episode:

0:00 – Intro

2:05 – Age 65

4:36 – Age 62

7:10 – Age 59.5

10:45 – Get a jump on planning

Connect with us:

Web: https://rosewoodwealthmanagement.com/

Phone: 919-391-3446