On YMYW podcast 51, Joe Anderson, CFP® & Alan Clopine, CPA discuss three major tax-saving strategies that might be going away: the backdoor Roth IRA, net unrealized appreciation (NUA) and the stretch IRA. Learn how you can take advantage of them before it’s too late. Original publish date July 30, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.
00:00 – Intro
04:07 – “That’s why the government is trying to get rid of it (the backdoor Roth IRA), because it’s a way for those who make a lot of money to do a Roth contribution kind of the backdoor way.”
05:25 – “The downside of doing a conversion is that you have to pay the tax on the dollars that go into the Roth.”
05:45 – “If you’re under 70 ½ and you have earned income, you can contribute to a traditional IRA.”
09:57 – “The most important investment, by far that you can make is an investment you make in yourself.”
11:56 – “Our opinion is that if you don’t have a Roth [IRA], start one now.”
17:17 – “You want to make sure you understand all of these rules to truly maximize the amount of tax-free income you have in retirement.”
20:32 – “We’re talking about a couple different strategies that you might want to consider before the door closes on you. We talked about backdoor Roth IRAs and here’s another one – net unrealized appreciation.”
24:04 – “Capital gain rates – event though they’re a lot cheaper than ordinary income rates, in some cases about half of ordinary income rates – the higher your capital gain, the higher the rate goes up.”
31:15 – “If you pass away with a retirement account, it is completely different from any other asset that you will pass on to the next generation.”
35:04 – “It’s a matter of taking control over your own taxes to figure this out so not only yourself will be in a better spot or your spouse, but your kids as well with regards to your IRA.”
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IMPORTANT DISCLOSURES:
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.
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are not intended as investment advice or to predict future performance.
• Past performance does not guarantee future results.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. As rules and regulations change, content may become outdated.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
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.
AIF® – Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.
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.
