Your IRA

Everyone’s IRA is different, but yet they are still taking advice and facts from their friends and family. Hans and Robby address this issue as well as all the options you have for making the most of your IRA, by lowering your taxable income, not receiving penalties, and handling required minimum distributions. 


First up is penalties for required minimum distributions. Some people have this idea that they never want to pay taxes so they are not going to touch their IRA. This is a mistake, as not taking out distributions after 70 ½ is going to land you with a huge penalty – 50% of the amount that  you were supposed to take out. 


Are there any ways to avoid this penalty? The answer is yes! First up would be a roth conversion.  Most people’s IRA’s are traditional IRA’s, where you are putting tax-deferred money into the account and pay taxes when it comes out.  With Roths, you put taxes money in so your distributions are tax-free. This means you have no required amount that you have to take out. You can also leave this money to your heirs tax-free. They are so many other major advantages that Hans and Robby discuss!  QCD’s are also a way to get around required minimum distributions while also donating to charity! 


Lastly, Hans and Robby discuss the question “ Do I have enough money to retire?”


Don’t forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on for free!


You can contact Hans and Cardinal by emailing or calling 919-535-8261. Learn more at 

Finishing Well
Finishing Well
Retirement planning involves a lot more than just managing your money. This show is the complete guide to planning for and living in retirement, helping families finish well. Host Hans Scheil will discuss a new topic every week ranging from Social Security and Medicare to IRAs and taxes. Follow along each week by downloading the corresponding chapters below for free! New episodes air: Finishing Well Schedule on Truth Network
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