Do These 9 Simple Things to Improve Your Retirement - 195

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

🗓️ 13 November 2018

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Dr. Stephen Wendel, Head of Behavioral Science at Morningstar, talks about the challenges that keep us from making good investing decisions, and 9 simple actions we can take to create a better retirement for ourselves. Plus, a quick look at how companies helped get out the vote for the midterm elections and some market movers and shakers. And of course, answers to your money questions: Can you contribute the max to both a Roth and a traditional IRA, then do a conversion in the same year? If you roll a 401(k) with after-tax assets to a Roth, will the pro-rata tax rule apply? And if you're living comfortably within your means in retirement, is it wise to invest? Transcript and show notes at http://bit.ly/YMYW-195

Transcript

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0:00.0	Dr. Stephen Wendell is Head of Behavioral Science at Morningstar.
0:03.8	He's the author of the white paper easing the retirement crisis, how financial planning and
0:08.2	personalized advice can head off extreme austerity, and he's also the presenter of a TEDx
0:13.0	talk called Turning Intention into Action.
0:15.6	Today on Your Money, Your Wendell shares nine ways to make ourselves do the things that he
0:20.1	and his team have scientifically proven will improve our financial future.
0:24.2	Plus, we'll take a quick look at how companies helped get out the vote for the midterm elections and some market movers and shakers.
0:29.7	And of course, Joe and Big Al answer your money questions.
0:32.5	Can you contribute the max to both a Roth and a traditional IRA and convert in the same year.
0:38.1	Will the pro rata tax rule apply on your rollover from an old 401k with after tax money to a
0:43.4	Roth? And if you're living comfortably within your means in retirement, is it wise to be investing?
0:48.7	I'm producer Andy Last and here with me are Dr. Stephen Wendell from Morningstar, Joe Anderson,
0:53.5	CFP, and Big Alclopine CPA.
0:56.8	Dr. Wendell, welcome to the show.
0:59.1	Thanks so much for having me.
1:00.4	Hey, can you just give a brief background on yourself?
1:03.7	And what got you to where you are today?
1:07.4	Absolutely.
1:08.3	So complete happenstance.
1:10.5	My research is actually, so I started as a political scientist. I did experimental work studying political behavior in the field. And I, yeah, had an unsuccessful business model, to be quite honest, had to shut down my company and join a finance company. And in so doing, actually,
1:28.3	I got into the wonderful world of behavioral finance. So it's actually the same types of
1:33.3	techniques, but I came from the political world.
	...

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