401(k) Millionaires: Here’s How to Avoid Going Broke in Retirement
Summary
Cheryl, a CPA, discusses strategies for managing a seven-figure retirement portfolio, emphasizing that significant savings still require active financial planning. Key topics include leveraging low-income years for Roth conversions, utilizing the increased SALT deduction, and maintaining a cash bucket to avoid selling during market downturns. The episode also warns against early overspending, highlights the impact of income on Medicare premiums, and advises on asset allocation and estate planning to minimize tax burdens for heirs.
Topics discussed
Intro: Vanguard ad and the challenge of 7-figure retirement
Why a million-dollar nest egg requires active strategy
Roth conversions during low-income 'tax valley' years
Leveraging the increased SALT deduction limit
Using a cash bucket to avoid selling during downturns
Don't: The danger of early overspending in retirement
How large withdrawals trigger higher Medicare premiums
Heir tax implications and the benefit of basis step-up
Shifting asset allocation to reduce volatility in golden years
Key takeaways: Tax management and professional advice
Outro, credits, and legal disclosures
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