1761: Ask Farnoosh: Converting a 401(k) to a Roth IRA, Stretching Your Retirement Funds and Navigating Finances as a Couple

So Money with Farnoosh Torabi

Farnoosh Torabi

Entrepreneurship, Business

4.7 • 1.9K Ratings

🗓️ 13 December 2024

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of Ask Farnoosh, we tackle some of your most pressing money questions about retirement planning, investing, and managing finances in relationships. First, we dive into the pros and cons of converting a Traditional 401(k) to a Roth IRA, discussing how to weigh current tax impacts against long-term growth benefits. Next, we explore strategies for helping a loved one preserve and grow their retirement savings, including balancing accessibility and investment growth for someone relying on Social Security. Lastly, we address the complexities of merging finances as a couple—whether you’re cohabiting, buying a home, or just starting to have those “big” money talks.

References:

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Transcript

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0:00.0	You know, the secret to a successful ad is not necessarily a crisp, clear, and glossy voice
0:06.4	that interrupts your podcast. You can advertise your business on TikTok starting with nothing
0:11.9	but your phone. TikTok means business. So Money episode 1761 Ask Farnoosh. You're listening to So Money with 1761, Ask Farnoosh.
0:22.2	You're listening to So Money with award-winning money guru Farnoosh Karabi.
0:27.1	Each day, get a 30-minute dose of financial inspiration from the world's top business minds,
0:32.4	authors, influencers, and from Farnoose yourself.
0:36.3	Looking for ways to save on gas or double your double coupons?
0:40.1	Sorry.
0:41.0	You're in the wrong place.
0:42.4	Seeking profound ways to live a richer, happier life.
0:45.8	Welcome to So Money.
0:48.8	Welcome to So Money, everybody.
0:50.7	I'm Farnoose Terabi.
0:52.1	It is Friday the 13th, 24, December 13th. How's everybody doing?
0:57.5	We have questions today from you about what to do with an old 401k. You've left the job.
1:04.7	You're settled into a new job. Great news. But you're not sure what to do with that old retirement
1:09.0	account. How to manage your life
1:11.0	savings in your 60s. A person in the audience is writing in on behalf of her father, who has about
1:17.4	$100,000 saved in his 60s. This is in addition to collecting Social Security. And he wants to
1:25.2	preserve and grow that 100 grand as safely as possible. What's my
1:31.1	advice? And how can couples wisely merge their money together when they get married? We have a newly
1:38.4	wed in the audience. Help is coming your way. But first, I want to talk about a couple of feature
	...

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