The Four Fundamentals Of Retirement Drawdown | Bigger Pockets Video

Episode #679
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Join Mindy Jensen and Scott Trench on the BiggerPockets Money Podcast as they welcome retirement tax experts Sean Mullaney (The FI Tax Guy) and Cody Garrett (CFP) to break down their game-changing "retirement drawdown order of operations." This isn't your typical retirement advice - it's a strategic blueprint that could save early retirees and traditional retirees thousands in taxes while ensuring their money lasts a lifetime.

Discover the four critical retirement drawdown fundamentals that form the backbone of any successful retirement strategy: spending down taxable accounts first, strategically depleting traditional retirement accounts, delaying Social Security until age 70 for maximum benefits, and using tax-free powerhouses like HSAs and Roth IRAs at precisely the right moments. Sean and Cody don't just explain what to do - they walk through exactly when and why each strategy matters most.

This episode goes deep into the five distinct phases of retirement planning, from your retirement date through the challenging widow and widower years. Learn advanced tactics for optimizing your tax burden, managing skyrocketing healthcare costs, timing Roth conversions for maximum impact, and keeping your income strategically low to maximize ACA premium tax credits. They also tackle the often-overlooked challenge of required minimum distributions and share practical strategies to minimize their impact. Whether you're planning for early retirement or traditional retirement, this comprehensive guide emphasizes the importance of working with qualified tax planners to create a personalized strategy that fits your unique situation.

The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Mindy, Scott, and the BiggerPockets Money podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services.

00:00 Retirement Drawdown Strategies
01:22 Fundamentals of Retirement Drawdown
03:37 Phases of Retirement and Taxable Accounts
07:23 Managing Income and Premium Tax Credits
09:22 Roth Conversions and Standard Deductions
19:52 Hidden Roth IRA and Tax Planning
28:36 Navigating Healthcare Subsidies and Early Retirement
29:26 Balancing Benefits for Early Retirees and Self-Employed
33:34 Strategic Tax Planning for Retirement
35:50 Understanding Required Minimum Distributions (RMDs)
36:59 Mitigating the Impact of RMDs
40:51 The Widow's Tax Trap and Effective Tax Planning
46:30 Connect with Sean and Cody!