Freedom or Free-fall (Tom’s Story), Ep 365

Retirement is not just a transition from work to leisure. It’s a continuous journey of self-discovery. We explore the story of Tom, who reflects on the emotional and financial challenges he faced after leaving a successful career. From adjusting to a fixed income to finding new ways to matter outside of his career, Tom’s experiences give us valuable lessons for those nearing retirement.

In light of Tom’s story, we talk more about Roth conversions and the evolving rules surrounding Required Minimum Distributions (RMDs). We’ll tell you how to manage Roth conversions, even after reaching RMD age, and the importance of tax planning as part of a truly comprehensive retirement strategy.

Learn how to make smarter financial decisions as you prepare for (or continue through your continuous journey of) retirement.

Outline of This Episode

• [2:06] What challenges arise when going from a fulfilling career to retirement?
• [3:11] How do you cope when you’re no longer excited about retirement?
• [5:31] Can part-time work in retirement bring meaning or just fill time?
• [4:56] How do you adjust to losing status and income?
• [4:03] Why is adapting to a fixed income harder than expected in retirement?
• [9:46] How many Roth conversions can you make after turning 73?
• [10:41] Is converting IRA funds to a Roth still a good strategy after RMD age?
• [12:07] What happens if you delay your first Required Minimum Distribution (RMD)?
• [13:50] How do changes in tax laws impact retirement decisions?

Resources & People Mentioned

• The Retirement Podcast Network
• Tom Pendergast’s Blog: Out Over My Skis (Retirement Freedom or Free Fall article)

Connect with Tom Pendergast

• Tom Pendergast’s Blog

Connect with Benjamin Brandt

• Become a Client: www.retirementstartstoday.com/start
• Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/
• Follow Ben on Twitter: https://twitter.com/retiremeasap
• Join the newsletter: https://retirementstartstodayradio.com/newsletter
• Dive deeper into retirement planning with Ben at www.RetirementIncome.University