Defusing a Future Tax Bomb With Roth Conversions - 510
12/31/24 • 33 min
2 Listeners
Does it make sense for Alex and his wife in Massachusetts to do Roth conversions now to the top of their eventual tax bracket? Steve in San Diego got serious about saving for retirement after Joe and Big Al gave him some tough love 5 years ago. Is he good to retire now, and should he convert to Roth? That’s today on Your Money, Your Wealth® podcast number 510 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, can Barbara in New Jersey’s grandson move excess 529 funds to a Roth and withdraw the money after 5 years? PWare has a cunning plan to gift appreciated stock to avoid capital gains tax, but will it work? Should Mike create a limited liability company for his rental properties? And finally, qualified charitable distributions don’t make sense to GetSmart Paul. Sherri in California wonders if her kids can inherit her savings account without any tax penalty, and whether there’s a safe, high-yielding investment she should put it in. And Houry in New York wonders if her IRA can fund a charitable remainder unitrust, or CRUT.
Access free financial resources and the episode transcript: https://bit.ly/ymyw-510
DOWNLOAD The Complete Roth Papers Package
DOWNLOAD The Retirement Readiness Guide
WATCH Retirement Pop Quiz: 18 Questions to Get You Ready to Retire on YMYW TV
LISTEN to Steve in San Diego's 2019 question
Al: "Maybe you gotta live in a trailer somewhere." Joe: "that side hustle, you better be able to do that in a wheelchair."
LISTEN to YMYW Podcast Best of 2021, 2022, and 2023
REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis
SCHEDULE: free financial assessment
SUBSCRIBE: YMYW on YouTube
DOWNLOAD: more free guides
READ: financial blogs
WATCH: educational videos
SUBSCRIBE: YMYW Newsletter
Timestamps:
00:00 - Intro: This Week on the YMYW Podcast
01:08 - Should We Do Roth Conversions to Our Eventual Tax Bracket? (Alex, MA)
07:51 - YMYW Tough Love Made Me Get Serious. When Can I Retire? Should I Do Roth Conversions? (Steve, San Diego, CA)
14:11 - Download the Complete Roth Papers Package for free
14:59 - Can Grandson Withdraw 529 Funds From Roth After 5 Years? (Barbara, NJ)
18:37 - Can We Avoid Capital Gains Tax With This Appreciated Stock Gifting Strategy? (P Ware)
20:57 - Should I Create an LLC for Rental Properties? (Mike, voice)
23:00 - Qualified Charitable Distributions Don’t Make Sense to Me (GetSmart Paul, YouTube)
Does it make sense for Alex and his wife in Massachusetts to do Roth conversions now to the top of their eventual tax bracket? Steve in San Diego got serious about saving for retirement after Joe and Big Al gave him some tough love 5 years ago. Is he good to retire now, and should he convert to Roth? That’s today on Your Money, Your Wealth® podcast number 510 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, can Barbara in New Jersey’s grandson move excess 529 funds to a Roth and withdraw the money after 5 years? PWare has a cunning plan to gift appreciated stock to avoid capital gains tax, but will it work? Should Mike create a limited liability company for his rental properties? And finally, qualified charitable distributions don’t make sense to GetSmart Paul. Sherri in California wonders if her kids can inherit her savings account without any tax penalty, and whether there’s a safe, high-yielding investment she should put it in. And Houry in New York wonders if her IRA can fund a charitable remainder unitrust, or CRUT.
Access free financial resources and the episode transcript: https://bit.ly/ymyw-510
DOWNLOAD The Complete Roth Papers Package
DOWNLOAD The Retirement Readiness Guide
WATCH Retirement Pop Quiz: 18 Questions to Get You Ready to Retire on YMYW TV
LISTEN to Steve in San Diego's 2019 question
Al: "Maybe you gotta live in a trailer somewhere." Joe: "that side hustle, you better be able to do that in a wheelchair."
LISTEN to YMYW Podcast Best of 2021, 2022, and 2023
REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis
SCHEDULE: free financial assessment
SUBSCRIBE: YMYW on YouTube
DOWNLOAD: more free guides
READ: financial blogs
WATCH: educational videos
SUBSCRIBE: YMYW Newsletter
Timestamps:
00:00 - Intro: This Week on the YMYW Podcast
01:08 - Should We Do Roth Conversions to Our Eventual Tax Bracket? (Alex, MA)
07:51 - YMYW Tough Love Made Me Get Serious. When Can I Retire? Should I Do Roth Conversions? (Steve, San Diego, CA)
14:11 - Download the Complete Roth Papers Package for free
14:59 - Can Grandson Withdraw 529 Funds From Roth After 5 Years? (Barbara, NJ)
18:37 - Can We Avoid Capital Gains Tax With This Appreciated Stock Gifting Strategy? (P Ware)
20:57 - Should I Create an LLC for Rental Properties? (Mike, voice)
23:00 - Qualified Charitable Distributions Don’t Make Sense to Me (GetSmart Paul, YouTube)
Previous Episode
When to Claim Social Security and the Truth About Annuities - 509
When should Richie and Heather and Rebecca and Sam collect their Social Security benefits? Why is Dan’s benefit so much higher than his wife’s? PWare has a Roth conversion case for claiming Social Security AFTER age 70, and Jerry wonders how Donald Trump’s plan to stop taxing Social Security could impact claiming strategies. Plus, Joe rants about Rebecca and Sam’s $1 million single premium deferred indexed annuity, and the fellas also spitball on their Roth conversion and retirement strategy and how much is too much when it comes to paying advisor fees. Access free financial resources and the episode transcript: https://bit.ly/ymyw-509
DOWNLOAD the Social Security Handbook
CALCULATE your free Financial Blueprint online
SCHEDULE your free Financial Assessment with an experienced professional
Ask Joe & Big Al for your Retirement Spitball Analysis
SUBSCRIBE: YMYW on YouTube
DOWNLOAD: more free guides
READ: financial blogs
WATCH: educational videos
SUBSCRIBE: YMYW Newsletter
Timestamps:
00:00 - Intro: This Week on the YMYW Podcast
01:00 - When Should We Take Social Security? Should We Convert Our IRAs to Roth? (Richie & Heather, ID - voice)
09:04 - Download the Social Security Handbook
10:01 - What Should I Do With a $1M Single Premium Deferred Indexed Annuity? When Should We Take Social Security? Is 2% Advisor Fee Excessive? (Rebecca and Sam, VA)
28:03 - Calculate your Financial Blueprint online, Schedule an Assessment with a financial professional
29:25 - Why Is My Spouse’s Social Security Benefit So Much Lower Than Mine? (Dan)
30:51 - The Roth Conversion Case for Drawing Social Security After Age 70 (P Ware, YouTube)
36:55 - Would Tax-Free Social Security Income Impact Claiming Strategies? (Jerry, Phoenix, AZ)
42:08 - Outro: Next Week on the YMYW Podcast
Next Episode
Grow Your Wealth Tax-Free & Retire Sooner: YMYW Best of 2024 - 511
YMYW friends, welcome to 2025. Today on Your Money, Your Wealth® podcast number 511, we’re revisiting your favorite topics of 2024 as Joe Anderson, CFP® and Big Al Clopine, CPA spitball on strategies for building up tax-free retirement income in Roth accounts, determining your appropriate mix of taxable, tax-deferred, and tax-free savings (also known as tax diversification), and whether YMYW viewers and listeners can retire as soon as possible.
Access free financial resources and the episode transcript: https://bit.ly/ymyw-511
DOWNLOAD the 2024 Key Financial Data Guide for free
CALCULATE your Free Financial Blueprint
SCHEDULE your Free Financial Assessment
ASK Joe & Big Al for your Retirement Spitball Analysis
SUBSCRIBE to YMYW on YouTube
DOWNLOAD more free guides
READ financial blogs
WATCH educational videos
SUBSCRIBE to the YMYW Newsletter
LISTEN to the Best of the YMYW Podcast 2021, 2022, 2023
LISTEN to the Top Funniest Moments from the YMYW Podcast Vol. 1, Vol. 2
Timestamps:
- 00:00 - Intro: This Week on the YMYW Podcast
- 00:59 - Can We Afford to Spend $120k/Year Inflation Adjusted in Retirement? (Joe & Angelina Jolie, Strawberry Plains, TN)
- From ep. 503: YMYW Most Plays in 2024 on Apple Podcasts, YMYW Most Streamed in 2024 on Spotify
- 08:14 - Can I Contribute to My Wife’s Roth IRA? Can I Max Out Multiple Roth Accounts? Should We Do Roth Conversions? (Theodore & Louise, Seattle, WA)
- From ep. 504: YMYW Most Consumed in 2024 on Apple Podcasts, YMYW Most New Subscribers in 2024 on YouTube
- 15:21 - Download the 2024 Key Financial Data Guide for free. Subscribe to the YMYW podcast, the YouTube...
Your Money, Your Wealth - Defusing a Future Tax Bomb With Roth Conversions - 510
Transcript
Does it make sense for Alex and his wife in Massachusetts do Roth conversions now to the top of their eventual tax bracket? Steve in San Diego got serious about saving for retirement after Joe and Big Al gave him some tough love 5 years ago. Is he good to retire now, and should he convert to Roth? That’s today on Your Money, Your Wealth® podcast number 510. Plus, can Barbara in New Jersey’s grandson move excess 529 funds to a Roth and withdraw th
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