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Phil Cannella knows there’s more than one way to avoid the retired minimum distribution, stop the erosion and taxation of your accounts and turn them into tax-free vehicles that remain tax-free even after you begin drawing income from them.
The IRS itself explains how to do it through a law it set forth over a dozen years ago called a Roth conversion. Many people have heard of a Roth IRA. In financial terms, “Roth” is a fancy word for tax-free (not a bad legacy for William Roth, the legislator who helped set it up).
“When your retirement advisor converts your tax-deferred retirement account into a Roth, it gets transformed from a tax-infested account into one that provides you with tax-free income that you can use at any age and for the rest of your life. If managed properly, this tax-free account will be around for your heirs to enjoy because they can stretch the account over their life expectancies,” said Phil Cannella at one of his weekly Crash Proof Retirement Educational Events.
Imagine that: a retirement account that grows over your entire lifetime, not only during your working years, but through your golden years; an account that’s tax-free, repels market risk and can be parlayed into three generations of non-taxable income.
“What better gift would there be than to provide your spouse, children, grandchildren and yourself with a safety net, while also leaving a legacy—a lasting imprint of the moments and sacrifices of your life,” explained Phil Cannella at his Crash Proof Retirement Educational Event.