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Purefinancial
Asset location strategies, liquidity, and building up tax-free Roth IRA money when retiring early, how growth is taxed in taxable accounts, the pros and cons of rolling an employer retirement plan into a traditional IRA, how stock futures are determined and why stock price matters, and buying 8-week treasuries. And, if you’re planning to make a killing on eBay or at your next garage sale, the fellas get into the weeds on how to maximize your tax savings.
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Joe and Big Al clarify once and for all those 5-year clocks for withdrawing money from your Roth accounts. How do the 5-year Roth IRA rules impact the taxation of dividend income? Do the 5-year rules impact thrift savings plan (TSP) to Roth conversions as well? Plus, why contribute to a Roth in the first place and lose today’s tax savings? Joe and Big Al rise to that challenge and they discuss Roth conversions and required minimum distributions from an inherited IRA.
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Setting up your saving and investing strategies when you’re in your 30s can put you on a good path to meeting your retirement goals. Joe and Big Al revisit their financial spitballing over the last couple of years specifically for savers and investors in their 30s and even 20s, some of whom want to retire early.
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Should you save for a house down payment or invest for retirement? How much long term capital gains tax do you pay on a rental property when you sell it after 20 years, and how does a 1031 exchange work? Also, opening a Roth IRA with the Backdoor Roth strategy, and the 5 year Roth withdrawal rules explained. Plus, a couple retirement spitball analyses: are you saving too aggressively for retirement? Can you avoid the Medicare IRMAA, or income related monthly adjustment amount, and high taxes from required minimum distributions?
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Updated for 2022 Interested in a retirement account that will expand your finances tax-free? Learn everything your need to know about Roth IRAs in this white paper. In this guide, you’ll learn… What a Roth IRA is and the benefits Differences between a Roth IRA and Traditional IRA Rules of Roth IRA contribution limits Roth […]
Is there a way to get out of a bad SIMPLE IRA and stash cash in a tax-free Roth account? Can an owner of a company, that’s being sold to another company, load up a Roth account with company shares before the sale, and have a big chunk of cash happily growing tax-free? (What exactly are disqualified persons and prohibited transactions?) When designating beneficiaries of an annuity in a community property state like California, does state law or the annuity owner determine the beneficiary?
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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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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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Buying and selling real estate, whether investment property or your primary residence: how do you estimate net investment income tax when selling your house? Is the all-in-one mortgage a temporary solution when buying a new home before selling your current home? How do prop 13 and prop 19 factor into buying property in California with your kids? Should you pay down your mortgage or save for retirement? Plus, what’s the best way to pay credit card debt? Do corporations really pay no taxes? Can you contribute to both Roth IRA and Roth 401(k)?
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How do you calculate Roth conversions to reduce taxes when you reach required minimum distribution age? What are the rules for RMDs from a Roth 401(k)? How does the 5 year Roth clock factor into a decision to leave money in an old Roth 401(k) or roll it to a new Roth IRA? Do reinvested dividends count as Roth contributions? Do capital gains count towards the capital gains income bracket? Plus, IRA contributions for minors and the unemployed. Finally, how would Joe, Big Al, and Andi spend lottery winnings?
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Joe & Big Al discuss various strategies to protect your portfolio from a stock market crash: stop losses, put options, collars, non-correlated alternative investments, and tax-managed buy-and-hold. Also: how should you measure financial advisor performance? How does tax-loss harvesting work? Are health savings accounts (HSA) tax-free? Is alternative minimum tax (AMT) a concern when moving Roth to an annuity? And our first “Dear Joe” question, in the Derails: how do you get your mother-in-law to stop smoking in your car without starting a fight?
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In these volatile markets, pitches for fixed indexed annuities will be on the upswing. Here’s how to analyze them for yourself. Plus, CARES Act stimulus payments for kids, retirement account distributions, and rethinking your retirement savings strategy. Also, SECURE Act stretch IRA rules, evaluating long term care insurance options, and why thrift savings plan (TSP) […]
Nate Ritchison, CFP® explains how the Roth IRA and traditional IRA retirement savings accounts differ when it comes to tax treatment and required minimum distributions. NEW IN 2020: The age to begin required minimum distributions (RMDs) has changed from 70½ to 72. Transcription: “The question I often get when I meet with clients is, “what’s […]
We address a challenge to the advice to wait until age 70 to take Social Security and we tackle your questions on making the most of your benefits, what happened to annual projections for those on restricted applications, using a revocable trust to protect assets from Medicaid, converting from 403(b) to Roth IRA, rolling Roth […]
Joe & Big Al explain, once and for all, the 5-year clocks for Roth conversions and Roth contributions, and pro-rata rules. We’ll also find out what they think about holding cash until the inevitable economic downturn, lump-sum investing versus dollar-cost averaging, and the Total World Stock Index Fund. Subscribe to the YMYW podcast Subscribe to […]
