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As bear market territory freaked out some investors, YMYW listeners were a bit more chill as Joe and Big Al spitballed on their specific strategies to manage the decline: does it make sense to move to cash inside your retirement account? How do down markets impact Roth Conversion decisions for older investors? What should your asset allocation be now, during market volatility, if you’re expecting a future windfall? How should you manage the relationship with your financial advisor if they buy high and sell low in your investment portfolio? Should you leave a partially vested pension to grow, or withdraw the money now and convert to Roth? What’s the best way to withdraw from an IRA in a down market?
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Required minimum distributions: how do they work, when do you have to take them, and do Roth IRAs have RMDs too? Plus, were the fellas being misleading when they talked about claiming Social Security early vs. late if you save and invest the benefits? Listen for their rebuttal. When you change 401(k) custodians, is it a transfer, or a whole new plan? Can you convert your entire 401(k) to Roth, and should you? Finally, If you’re worried about high tax brackets in retirement, should all your contributions now go to Roth?
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Joe & Big Al talk strategy for converting to Roth and paying tax from the IRA when you have limited funds, eliminating required minimum distributions (RMD) on a Roth 457 and avoiding the 5-year Roth clock, and Roth TSP strategies. Plus, the fellas spitball pension options, retiring early, and an intricate – and potentially risky – deferred compensation strategy.
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Roth retirement accounts provide tax-free growth on your investments for life, but the rules and strategies can be extensive – and complicated! It’s important that you understand them thoroughly before you begin making contributions, conversions, or withdrawals. Sign up for The Complete Roth Papers Package and you’ll receive: The Roth Basics Guide: eligibility, income limits, […]
Does it make sense to do larger “Calvin Johnson” (Megatron, aka mega backdoor) Roth conversions when the financial markets are way down? Should you convert to Roth now, or in retirement? How do you spitball the right amount to have in 529 plans for education savings? And are the rules for doing a backdoor Roth the same if you’re married filing separately?
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Will the Senate pass the SECURE Act 2.0, and will it require a Roth option for retirement savings? Plus, “pandemic unemployment” from the CARES Act and the earned income tax credit. Next, are you eligible to make Roth contributions, and should you contribute only to Roth for retirement? Then, the pros and cons of consolidating retirement accounts, and some early retirement spitball analyses. When you plan to retire early, should you invest in dividend-paying stocks or real estate? And finally, is the bucket investing strategy really that complicated?
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Spitballing retirement for a police officer turning teacher, a self-employed small business owner, an early retiree with an employee stock ownership plan (ESOP) wanting to do Roth conversions and withdraw 5 or 6% in retirement, and a pension and Social Security analysis. Plus, how many months of expenses should you save in your emergency fund? Also, you may know where Ric Edelman and Dave Ramsey stand on 15 vs. 30-year mortgages and using cash vs. credit, but what does YMYW think? Kyle Stacey, CFP® fills in with Big Al Clopine while Joe Anderson is on vacation.
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When do you have to pay the taxes on a Roth IRA conversion to avoid any IRS penalties? Was it a mistake to convert to Roth IRA? What percentage of your assets should be in tax-free, tax-deferred, and taxable accounts to give maximum flexibility in retirement? Do Roth conversions count as income toward your eligibility to contribute to a Roth, and finally, how will a pension be taxed?
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How statistically and practically difficult is market timing? What factors should you consider when choosing large-cap value funds? Should a $100,000 inheritance be invested in tax-deferred, taxable, or tax-free accounts? Plus, Backdoor Roth vs. Roth conversions; rules, limits, and strategies for 401(k) and IRA contributions; moving retirement money between custodians like Vanguard and Fidelity; and some negative but very entertaining listener comments.
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Should you use money intended for Roth contributions to pay the tax on Roth conversions instead? Does the IRS really penalize ineligible Roth contributions? How will a mega backdoor Roth contribution be taxed, and will the step transaction doctrine apply? Are family Social Security benefits affected if the spouse works? Plus, $1800 a month for life, or $2600 a month for 10 years? Joe and Big Al spitball retirement pension options and they take your comments.
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Covered calls, preferred stocks, interest on series I bonds, required minimum distributions (RMD) from your retirement accounts and when they must begin, using retirement savings at age 72 to buy a home, calculating the highest possible Social Security benefit, and how it may be taxed. Plus, listener comments about YMYW and Andi’s record collection!
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Early retirement, backdoor and mega-backdoor Roth conversions, paying the tax on a Roth conversion, asset location, and more: it’s the most important topics from our most popular podcast episodes and YouTube videos of 2021. Plus, the most “impactful” listener comments of the year, and the funniest Derails of 2021 in real time!
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The psychology of retirement: what if you’ve saved enough and you’re financially ready to retire, but you’re paralyzed by the idea of no longer earning and saving? Plus, a Roth conversion strategy when your income is too high to contribute to Roth. How to know if it pays for you to convert and how much, and should you contribute to a rollover IRA before or after leaving a job? Finally, should you purchase long-term care insurance, or self-insure?
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Joe and Big Al spitball, what else, Roth conversions: a conversion and pension lump sum strategy, converting vs. harvesting 0% long-term capital gains, and how to avoid double-taxation on a Roth conversion. Plus, how to allocate assets when preparing to use the Rule of 55? Do retirees regret not spending more in retirement? Will paying a thrift savings plan loan with real estate income avoid income tax? And will assets be better protected against litigation when transferred from a 401(k) to a TSP or an IRA?
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Does that 5-year Roth clock start with every Roth conversion? Plus, a Social Security, Medicare, IRMAA, Roth conversion retirement spitball, a self-employed retirement savings and tax planning spitball, and Delaware Statutory Trusts, security-based loans, charitable remainder trusts, and other charitable giving strategies explained. Also, will your portfolio grow faster with the help of a financial advisor? And if you’ve got a smokin’ hot wife 8 years your junior and you want to retire on the same day at ages 70 and 62, are there other financial considerations, or are you just bragging?
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