Oregon’s State Senator Ron Wyden is proposing a limit on Roth IRA accounts so high-income households would face restrictions on this tax-advantaged retirement account. Would this solve anything? Joe Anderson, CFP® and Big Al Clopine, CPA discuss in episode 63 of the YMYW podcast. Later, 6 reasons to convert to a Roth IRA in your 50s and 60s. Original publish date September 10, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.
00:00 – Intro
02:50 – “People who have a retirement plan through their employer tend to have more money in retirement.”
05:17 – “There’s no such thing as a mega-Roth IRA.”
07:12 – “Taxpayers ‘are pouring dollars into incentives for retirement savings, but still far too many Americans struggle to set money aside after they cover their basics. Tax incentives for savings ought to be available to more working families and more generous to middle class.’”
11:49 – “The IRS is getting their tax money upfront when you put money into a Roth.”
14:19 – “At age 70 ½, you have to take a required distribution.”
23:18 – “What does a [company] match mean? It’s when you put a dollar in and your company matches it.”
26:50 – “If you have extended your tax return or even if you have not…and you did a Roth conversion last year, you’re allowed until October 15 to re-characterize that amount.”
30:53 – “If you pass away with a retirement account, the IRS wants their tax money…When you pass away, it will go to your named beneficiary…your spouse has different rules.”
33:58 – “Roth IRAs do not have a required distribution to the owner but if I’m a beneficial owner it doesn’t matter what type of retirement account it is…they will have to take that requirement.”
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Pure Financial Advisors is a registered investment advisor. This show does not intend to provide personalized investment advice through this broadcast and does not represent that the securities or services discussed are suitable for any investor. Investors are advised not to rely on any information contained in the broadcast in the process of making a full and informed investment decision.
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CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
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CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.
