Joe and Big Al outline the House Ways and Means Committee’s sweeping tax proposal that would impact Roth contributions, Roth conversions, RMDs, the backdoor Roth IRA and mega backdoor Roth (Megatron), marginal and capital gains tax rates, wash sale rules, and more. Plus, they answer your questions on safe retirement income and withdrawal strategies, current wash sale rules, when NOT to do a Roth IRA conversion, and solo 401(k) retirement savings for self-employed small business owners.
Asset location: how to position assets to pay less tax without sacrificing investment growth? Should young folks contribute all of their retirement savings to Roth accounts? Also, conversations (not advice) on a self-employed defined benefit plan vs. pass-through profits, gifting tuition for education, making Roth conversions with a special needs child in mind, a correction on inherited Roth IRAs, and plenty of entertaining listener comments and Derails.
Joe and Big Al answer questions from across the personal finance spectrum: late RMDs on inherited IRAs, contributing to non-qualified deferred compensation plans, making Roth contributions for grandkids, how a Roth impacts student loans, taxation on ESPPs and RSUs (and what those are), paying off the mortgage – again – and a retirement plan spitball […]
If you’re thinking of paying off your mortgage, Joe and Big Al can help you walk through your investing and tax strategy first. Plus, after maxing out your retirement accounts and health savings account (HSA) and owning rental real estate, how else should you save for retirement? (Hint: brokerage account.) As a self-employed small business […]
How do you report a backdoor Roth IRA conversion over two tax years, and is there a point at which the backdoor Roth just doesn’t make sense? Plus, more strategizing for your Coronavirus related distribution, stimulus (and possible future stimulus) tax planning, and your self-employed, small business retirement plans. Subscribe to the YMYW podcast Subscribe […]
Strategies for investing in dividend-paying stocks and how the pro-rata rule for Roth conversions work with dividends. Plus, Wealthfront, M1, Paul Merriman, Vanguard? Should young investors use a robo-advisor or pay for financial advice? Joe and Big Al also offer thoughts on a Vanguard portfolio for retirement and ideas for young entrepreneurial small business owners […]
Merry Christmas! Just in time for the holidays, the Setting Every Community Up for Retirement Enhancement Act, or SECURE Act, has been made law, effective January 1, 2020. Joe and Big Al explain what it means for your stretch IRAs, required minimum distributions, retirement savings and more. Plus the fellas answer your questions on self-employed […]
How do you figure out the break-even point on a Roth IRA conversion? Joe and Big Al discuss whether to convert, how much to convert, and when. Plus, the step-up in basis on a primary residence, self-employed small business retirement plan options, the difference between a financial advisor and financial planner, and defining a registered […]
Rick Durso tells us what his retirement hustle is like as a caddy for the Symetra Golf Tour, helping golfers make it to the Ladies Professional Golf Association (LPGA). Plus, Joe and Big Al answer your money questions about Roth conversions, solo 401(k) plans for the self-employed, and they get taken to task for something […]
Are you self-employed? Do you know the top plans you should be using to generate more retirement income? Pure Financial Advisors Financial Planner Allison Alley, CFP® outlines the best retirement plan options for the self-employed. Transcript: We often get the question asking us, “what’s the best retirement plan if I’m self-employed?” Well, that’s hard to say. […]