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Robert Powell: 00:00 Okay. So April 15th is coming. It's too late to do a lot of things with respect to this year's taxes are 2018 taxes, but there's lots you can do for 2019 so among the things that you want to be conscious of is income tax bracket planning, and that means, you know, how do I make sure that I'm not taking income from dividends, capital gains, or earned income or social security. That starts bumping me up into the next highest tax bracket. So you want us to start thinking about being very tax efficient with your income.

Jacob Sonenshin: 00:26 All right? And the next thing?

Robert Powell: 00:27 Well the next thing is, if you're turning 70 and a half, you have to start taking required minimum distributions from your IRA. No one likes doing that. Everyone forgets about it. Don't forget about it. There's a penalty to pay if you don't. So if you turn 70 and a half this year, take your RMD.

Jacob Sonenshin: 00:40 Okay? So that's a must.

Robert Powell: 00:41 That's a must. I mean you can avoid it, but you got to pay the penalty.

Jacob Sonenshin: 00:45 Okay. What's the most important thing? What's the last thing here.

Robert Powell: 00:47 So I think the last thing is a lot of people might have the opportunity to do a Roth IRA conversion where they take money that's in their traditional IRA and convert it into a Roth. You'll have to pay taxes on that conversion. But you can do it in such a way that you only bring yourself up to the next highest tax bracket so that you don't bump yourself up. And what that does is it gives you an account from which you can pull money tax free forever.

Jacob Sonenshin: 01:09 Okay. And are these people that are maybe 65 and up? Are these people that are looking into their retirement years upcoming?

Robert Powell: 01:15 Well, anyone can do a Roth Ira conversion, right? So it could be, you know, pre 65 post 65 but the thought is that you want to think about a Roth IRA conversion if you want to make sure that you have a tax free account and that you want to make sure that you have buckets of accounts from which to pull your money in retirement. Because the goal is to create the most tax efficient income in retirement, and having all these accounts, I believe, gives you that opportunity to pull from the right accounts at the right time.

Jacob Sonenshin: 01:40 All right, Bob Powell, Retirement Daily. You want to be the best retirement investor you can be, come to Retirement Daily.

The deadline for filing your taxes (looking at you April 15) is coming up rapidly, and retirement investors may not realize their full investment potential. TheStreet's editor of Retirement Daily, Bob Powell, walks us through a few things retirees or hopeful retirees need to know. 

Income Tax Bracket Planning

This is number one, Powell says. "How do I make sure that I'm not taking income from dividends, capital gains, or earned income, or social security that starts bumping me up into the next highest tax bracket?" So what to do? 

"You want to start thinking about being very tax efficient with your income." 

Avoid This Cash Penalty 

Please. Don't frustrate your spouse and don't hurt your financial position. "If you're turning 70 and a half, you have to start taking required minimum distributions from your IRA," Powell said. "No one likes doing that. Everyone forgets about it. Don't forget about it because there's a penalty you need to pay if you don't."

Roth IRA Conversion 

Some people can convert money in their traditional IRA and convert that into a a Roth IRA. One does have to pay taxes on that move, but will only bring his or herself up into the next highest tax bracket, which won't make a huge difference. So what does this really do for you? 

"It gives you an account from which you can pull money tax free forever," Powell said. 

Will I Have Enough Money to Retire?

Want to learn about retirement planning from some of the nation's top experts? Join TheStreet's Robert "Mr. Retirement" Powell live in New York on April 6 for our Retirement Strategies Symposium. For a limited time, tickets are available for $99 for this full-day event. Check out the agenda, learn about the speakers and sign up here.