$7M Tax-Free or $10M Retirement? Backdoor Roth or Lower Fees? - 439

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 25 July 2023

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Should Carl Spackler stick with his backdoor Roth strategy, or go for lower fees? Should Kevin go all Roth, or stick with his current three tax-diversified buckets strategy? (That depends - would he rather have $7 million tax-free, or $10 million in tax-deferred retirement accounts?) Can Lily claim all the extra allowances she can, to jam as much money as possible into her Roth? Can Dave retire now and ride his motorcycle into the Bavarian Alpine sunset, and does Peggy Lee need to be feverish about the tax underpayment penalty with her Roth strategy?

Timestamps:

00:53 - Do I Need to Worry About a Tax Underpayment Penalty with My Roth Strategy? (Peggy Lee, North Dakota)
07:17 - What Am I Doing Wrong? Can I Retire Now? What About Taxes? (Dave, Germany)
15:28 - Back Door Roth vs. Lower Fees: Which Would You Choose? (Carl Spackler, FL)
21:40 - Should We Go All Roth or Three Tax-Diversified Buckets? (Kevin, NJ )
28:53 - Can I Claim Extra Allowances to Contribute More to Roth IRA? (Lily, San Diego)
33:46 - Should I Split Money Between Multiple Brokerage Firms to Avoid Hacking? (Wesley from Unincorporated Gwinnett County, GA)
40:18 - The Derails

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Transcript

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0:00.0	Should Carl Spackler stick with his backdoor Roth strategy or go for lower fees?
0:06.2	Should Kevin go all Roth or stick with his current three tax diversified bucket strategy?
0:11.3	Can Lily claim all the extra allowances she can in order to jam as much money as possible into a Roth?
0:17.8	All of that is today on Your Money, Your Wealth podcast number 439. But kicking it off,
0:23.4	can Dave retire now and ride his motorcycle into the Bavarian Alpine Sunset? And does Peggy Lee need to
0:29.8	be feverish about the tax underpayment penalty with her Roth strategy? Get your own retirement
0:35.4	spitball analysis. Visit Your Money, Your Wealth.com and click Ask Joe and Big Al on air. Get your own retirement spitball analysis. Visit Your Money, Your Wealth.com, and click
0:39.2	Ask Joe and Big Al on air. Use your real name, give us a fake name, or I can come up with one for you.
0:45.0	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, Joe Anderson, CFP,
0:50.1	and Big Al Clopine CPA. So, Andy, we got Peggy Lee from North Dakota, but that's really not her real name.
0:57.7	She started her email with Andy, please give me a cool pseudonym.
1:00.9	And she's from North Dakota.
1:02.2	So I did a quick search, and I found one of my favorite jazz singers, Peggy Lee, was actually
1:06.7	from Jamestown, North Dakota.
1:08.0	So I decided we're going to name her after Peggy Lee, who had more than 70 hit singles. And you guys probably know her because she was the one that did the song,
1:14.8	Fever, which was originally written by little Willie John, but she had the hit with it.
1:19.5	There you go. But thanks for reminding us. Yeah.
1:22.9	Fever. You give me fever? You give me fever. Yeah me fever yeah yeah got it
1:28.6	all right dear YMIW team
1:32.7	YMIW is the best personal finance podcast hands down
1:37.1	all right nice thanks Peggy Lee
1:39.1	I frequently recommend it anonymously on social media
	...

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