Answers to Your Top Roth Conversion Questions - 241

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

🗓️ 1 October 2019

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Your Roth IRA questions answered: when should you do a Roth conversion? Should you wait until you're in retirement to convert? What kind of income is it? How do you convert slowly so the tax bite doesn't hurt so much? How long do you have to work before you can contribute to a Roth IRA? Does the 5-year rule apply for Roth withdrawals after age 59 1/2? Plus, answers to non-Roth money questions about estate planning, reverse mortgages, transferring from a variable annuity to a traditional IRA, and using HSA funds to pay Medicare premiums. Transcript, free resources, and show notes at http://bit.ly/YMYW-241

Transcript

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0:00.0	Today on Your Money, Your Wealth, I've collected a slew of your Roth IRA questions,
0:05.2	and Joe and Big Al, along with Brian Perry, CFP, CFA from Pure Financial Advisors,
0:09.9	have got some answers for you.
0:11.5	When should you do a Roth conversion?
0:13.4	Should you wait until you're in retirement or convert now?
0:16.1	What kind of income is it?
0:17.7	How do you convert slowly so that the tax bite doesn't hurt so much? How long do you have to work before you can contribute to a Roth IRA?
0:24.6	Does the five-year rule apply for Roth withdrawals after age 59 and a half? Plus the fellas answer a few non-Roth questions as well about estate planning, reverse mortgages, transferring from a variable annuity to a traditional IRA, and using
0:39.4	HSA funds to pay Medicare premiums.
0:42.4	I'm producer Andy Last, and here to get the Rothball rolling are Joe Anderson CFP and Big Al
0:47.8	Clopine CPA.
0:49.4	Let's go to Jim from Santa Cruz, California.
0:53.2	Joan Al, my wife and I file joint returns in our income is in the 22% tax bracket,
1:00.2	but we believe tax rates will be higher when we retire in 8 to 10 years.
1:06.1	Consequently, I plan to begin transferring money from our tax deferred accounts to our Roth accounts.
1:12.1	Knowing that this will incur tax liabilities, I'm hoping you can clarify a couple of details.
1:19.3	All right, so GM is doing a little bit of planning.
1:22.6	Looking to retire here in 8 to 10 years.
1:24.6	He's in the 22% tax bracket.
1:26.3	He's like, okay, I got some money in my
1:27.7	retirement account. I think tax rates are going to be higher, so maybe it might make sense
1:31.5	to move my tax-deferred accounts into a Roth account, so then the income that I receive
	...

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