Tim Dern, Retirement Income Certified Professional w/Mana Financial Group Interviewed on Influential Entrepreneurs Podcast Discussing The Truth About Taxes in Retirement

Tim Dern discusses taxes in retirement: Insights from a Certified Professional 

Listen to the interview on the Business Innovators Radio Network:


Tim Dern, a retirement income certified professional and managing partner at Manna Financial Group, specializes in retirement planning and assisting clients in achieving their retirement goals. His expertise lies in running personalized assessments to determine the best strategies for retirement, including Roth conversion strategies. However, Tim acknowledges that these strategies may not be suitable for everyone. For instance, if a client plans to take minimum distributions from their retirement accounts and has other sources of income, such as pensions, the Roth conversion strategy may not be the most optimal choice. He emphasizes the importance of considering individual financial plans and goals when making decisions about taxes in retirement.

In this episode, Mike Saunders and Tim Dern discuss the misconceptions surrounding taxes in retirement. One common misconception is the belief that individuals will be in a lower tax bracket during retirement due to lower taxes. However, Tim explains that this is not always the case. While some individuals may experience a lower tax bracket in retirement due to a decrease in income, it is surprising for many to discover that tax brackets don’t always change or may even increase during retirement.

The conversation also addresses the misconception that qualified money, such as IRAs and 401ks, will be taxed at a lower rate. Tim clarifies that qualified money is actually taxed as ordinary income, not capital gains tax. To address this misconception, he suggests considering Roth IRAs as a way to potentially minimize tax liabilities in retirement. By contributing to a Roth IRA with after-tax money, the growth of that money remains untaxed, even after the individual passes away. This can be a beneficial option for individuals seeking to minimize their tax liabilities in retirement.

Tim shared: “Congress can change the rules for qualified money. IRAs, 401ks, TSP, any of the qualified money that you’ve been contributing to over the years, that you have not paid taxes on, even the matching of those accounts has not been taxed, but there will be a day when you start pulling money out, you will be paying tax on that. And we saw the secure act 2.0: This is a legislative change that recently talks about these qualified accounts, and you’re not only seeing that they’re pushing these required minimum distributions, remember people are contributing to these plans their whole life, they’re not paying any tax when they make the contribution. If it’s a 401k or something of that nature, then they may even get a match from the company, don’t pay tax. It grows.

One strategy Tim mentions is converting qualified money to tax-free money through life insurance policies. He explains that individuals can withdraw money from their retirement accounts, pay taxes on it, and then allocate the remaining balance into a life insurance policy. This process can be done gradually over several years, with the goal of converting the money into tax-free funds for the benefit of heirs or loved ones.


About Tim Dern

With decades of experience in the industry as 65 securities licensed professional, he brings a wealth of expertise to his clients. Unlike traditional broker-dealer models, his fee-based approach puts you first. He leads a private wealth team, offering top-notch asset management services with a focus on retirement strategies.

As an RICP (Retirement Income Certified Professional), he is uniquely skilled in creating customized plans that maximize your income during retirement. His impressive portfolio includes AUM, Fixed Index Annuities, IUL, Medicare Supplements, Advantage & Drug Plans, and more.

But what truly sets him apart is his dedication to education. As an NSSA (National Social Security Advisor), he offers educational seminars on social security, Medicare, proper asset allocation, Roth conversion, and tax-saving strategies. And for those unable to attend in person, he hosts online webinars nationally – using Facebook ads to reach a wider audience.

With his unparalleled knowledge and commitment to your financial success, he is ready to help you plan for a secure future. Contact us today to schedule a consultation and experience the difference for yourself.

Learn More: https://www.manafg.com/


Recent news and interviews:

Tim Dern Social Security: https://authoritypresswire.com/tim-dernretirement-income-certified-professional-managing-partner-w-mana-financial-groupinterviewed-on-the-influential-entrepreneurs-podcast-discussing-social-security/

Tim Dern Discussing Asset Allocation: https://authoritypresswire.com/tim-dern-retirement-income-certified-professional-and-managing-partner-w-mana-financial-group-interviewed-on-the-influential-entrepreneurs-discussing-asset-allocation/