Joe and Al discuss some last-minute tax planning tips before year-end, then close the hour answering frequently asked financial questions including whether you can roll your solo 401(k) to a simple 401(k).
4:35 “One of the most critical elements is checking your emergency funds.”
7:55 “Take your retirement budget for a test drive and adjust your spending plan.”
16:15 “Can I convert my Individual 401(k) to a SIMPLE 401(k)?”
17:50 “We like solo 401(k)s a little bit better, because if you’re not making a lot of money you can put a lot more money into it if you want to shelter that.”
22:02 “You have to do [Roth] conversions before December 31st…you can convert any dollar amount you want to.”
24:29 “Should I be concerned about the department of labor scare?”
29:11 “In some cases, the financial industry, banking industry or maybe insurance companies might feel a bit of a hit because they’d have to do things differently but I think over the long term this is good for people and the industry…in fact this should have been done a long time ago.”
30:02 “Where should I invest my inherited money?”
35:03 “You just have to figure out what your goal is and that will help you figure out how to invest it.”
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