Crafting a secure future, one calculation at a time.
Eleanor inherited a $1.8 million Traditional IRA, triggering Required Minimum Distributions (RMDs) that significantly increased her tax burden. She also carried a $175,000 mortgage at 5.75% on her home, which, while manageable, felt like a burden she wanted to address given her new financial situation. Eleanor was worried about minimizing her tax liability while maintaining her desired income and optimizing her estate for her grandchildren.
Golden Door Asset utilized the Refinance Calculator to analyze the impact of refinancing Eleanor's mortgage at a lower rate. By refinancing to a 15-year mortgage at 4.5%, we projected a savings of over $30,000 in interest payments and freed up additional cash flow to offset some of the RMD tax liability. This strategy, combined with strategic Roth conversions within the IRA, helped mitigate her tax burden and align her assets with her long-term estate goals.
The Refinance Calculator was used to compare current mortgage terms with potential refinance options. We also utilized tax projection software to model the impact of Roth conversions alongside the reduced mortgage payment.
$30,000+ in interest savings with mortgage refinance; projected $15,000/year lower tax burden with Roth conversions.
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