How Much Should You Convert to Roth IRA? - 471

Your Money, Your Wealth

Business News, Education, News, Investing, Business

4.6 • 794 Ratings

🗓️ 5 March 2024

⏱️ 54 minutes

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Summary

Big Tex, Paul in Maryland, and Nick in Alabama all need to know how much money they should convert to Roth to pay as little tax as possible, today on Your Money, Your Wealth® podcast 471 with Joe Anderson, CFP® and Big Al Clopine, CPA. Johnny and June forgot to convert their backdoor Roth money - are they in trouble? Darren in Nevada has no plans at all to do Roth conversions, but surprisingly still listens to YMYW, and still wants a spitball on his retirement and real estate investment strategies. Plus, can Lolly Pop in New Jersey be less miserly and back off on saving for retirement? Can John in South Carolina use this year's lower income to reduce his Medicare premiums? And finally, if Ordinary Guy in Boston meets an untimely demise, should that change his plans to retire early? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-471

Timestamps:

00:00 - Intro
00:58 - Can I Use This Year's Lower Income to Reduce My Medicare Premiums? (John, South Carolina - voice)
04:39 - Forgot to Convert our Backdoor Roths. Are We in Trouble? (Johnny and June, Oakland, CA - voice)
07:47 - Is Retiring This Year Doable? Should We Convert to Roth? $1.8M Saved, Spend $140K/Year (Big Tex - voice)
13:55 - DIY Retirement Guide - limited time offer - download by Friday, March 8, 2024!
15:05 - Should I Convert My Entire SEP-IRA If I'm Staying in the Highest Tax Bracket? (Paul, Baltimore, MD)
20:51 - $11M+ at Age 46. How Much Roth Conversion and When to Retire? (Nick, AL)
24:42 - Can I Back Off on Retirement Saving So I Can Be Less Miserly? (Lolly Pop, NJ)
30:43 - Financial Markets Master Class webinar - watch on demand
31:24 - Spitball on My Retirement and Real Estate Investment Strategies (Darren, NV)
38:28 - Should My Untimely Demise Change Our Early Retirement Plans? (Ordinary Guy, Boston, MA)
48:10 - The Derails

Transcript

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0:00.0	Big Techs, Paul in Maryland, and Nick in Alabama all need to know how much money they should convert to Roth to pay as little tax as possible.
0:07.9	Today on Your Money, Your Wealth Podcast No. 471.
0:11.3	Johnny and June forgot to convert their backdoor Roth money. Are they in trouble?
0:15.6	Darren in Nevada has no plans at all to do Roth conversions, but surprisingly still listens to YMIW and still
0:22.3	wants a spitball on his retirement and real estate investment strategies. Plus, can Lollipop in New
0:27.6	Jersey be less miserly and back off on saving for retirement? Can John in South Carolina
0:32.9	use this year's lower income to reduce his Medicare premiums? And finally, if ordinary guy in Boston meets an untimely demise, should that change his plans
0:42.3	to retire early?
0:43.6	If you thought the fellow spitballed on fat wallets last week, wait till you hear this show.
0:48.1	I'm producer Andy Last with the hosts of Your Money, Your Wealth, Joe Anderson, CFP,
0:52.3	and Big Alclopine CPA, and we'll kick things off
0:55.0	today with a few priority voice messages.
0:58.1	Hey, Joe, Big Al, and Andy. This is John from South Carolina. I have a quick question. I turn
1:05.9	65 in 2024. My IrMA income for 2022 and 2023 puts me in the fifth phase of EURMA
1:19.6	premiums. I would like to use my 2024 estimate of income to reduce these Irma premiums for Medicare.
1:28.3	The SS government office tells me I cannot do this, but everything I read says that that is not
1:35.1	is the case.
1:36.4	Any information you can help me with would be greatly appreciated.
1:40.2	I have a Labradoodle.
1:41.7	I love bourbon neat and I drive a Dodge pickup truck.
1:45.7	Thanks a lot.
1:47.7	All right.
	...

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