How Much to Save in Tax-Free, Tax-Deferred, and Taxable Accounts? - 468
Your Money, Your Wealth
Your Money, Your Wealth
2.3 • 681 Ratings
🗓️ 13 February 2024
⏱️ 46 minutes
🧾️ Download transcript
Summary
Are there general guidelines on what percentages of your investment portfolio should be in tax-free accounts like your Roth, tax-deferred accounts like your 401(k), and taxable accounts like your brokerage? Joe Anderson, CFP® and Big Al Clopine, CPA spitball on tax diversification today on Your Money, Your Wealth® podcast 468 for Brian in Naperville, IL. William in NH also wants to be tax-diversified. Is his Roth conversion strategy a mistake? Should he be converting much more to Roth? The fellas also do a retirement spitball analysis for Tom in Spokane, WA, and for Claire in CO, who wants to retire next year. Plus, how does Matthew in CT calculate excess Roth contributions, and how should Thomas in IA reallocate assets he over-contributed to his brokerage account? But first a couple of voice messages: Now that Sean in FL no longer has a traditional IRA, can he use the backdoor Roth strategy? We kick things off with a question from Joe in Dallas on how to account for taxes on the money you’ll be spending in retirement. 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-468
Timestamps:
- 01:06 - How to Account for Taxes on What I’ll Spend in Retirement? (Joe, Dallas, TX (voice)
- 06:13 - Now That I Don’t Have a Traditional IRA, Can I Do a Backdoor Roth? (Sean, FL - voice)
- 10:29 - 2024 Key Financial Data Guide - free download
- 11:35 - Spitball Our Financial Status and How to Reach Our Retirement Goals (Tom, Spokane, WA)
- 17:42 - Tax Diversification General Guidelines? (Brian, Naperville, IL)
- 23:23 - Goal: Tax Diversification. Is My Roth Conversion Strategy a Mistake? Should I Convert Much More? (William, NH)
- 29:12 - Retirement Pop Quiz and Free Financial Assessment
- 30:04 - Spitball If I Can Retire in 2025 (Claire, CO)
- 34:39 - How to Calculate Excess Roth Contributions? (Matthew, CT
- 38:23 - Over-contributed to Brokerage. How Should I Reallocate Assets? (Thomas, Iowa)
- 42:55 - The Derails
Transcript
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| 0:00.0 | Are there general guidelines on what percentages of your investment portfolio should be in tax-free accounts like your Roth, |
| 0:06.1 | tax-deferred accounts like your 401k, and taxable accounts like your brokerage? |
| 0:11.1 | Joe and Big Al spitball on tax diversification today on Your Money, Your Wealth podcast number 468 for Brian in Naperville, Illinois. |
| 0:19.5 | William in New Hampshire also wants to be tax diversified. |
| 0:22.5 | Is his Roth conversion strategy a mistake? |
| 0:25.5 | Should he be converting much more to Roth? |
| 0:28.0 | The fellows also do a retirement spitball analysis for Tom in Spokane, Washington, |
| 0:32.4 | and for Claire in Colorado who wants to retire next year. |
| 0:35.7 | Plus, how does Matthew in Connecticut calculate excess Roth contributions, and how should Thomas |
| 0:40.3 | in Iowa reallocate assets he over-contributed to his brokerage account? |
| 0:44.3 | But first, a couple of voice messages. |
| 0:46.3 | Now that Sean in Florida no longer has a traditional IRA, can he use the backdoor Roth strategy? |
| 0:52.3 | We'll kick things off with a question from Joe in Dallas on how to account for taxes on the money you'll be spending in retirement. |
| 0:59.1 | I'm producer Andy Last and here are the hosts of Your Money, Your Wealth, Joe Anderson, CFP, and Big Al-Clopine CPA. |
| 1:06.6 | Answering your money questions, give us a ring, give us a voicemail, give us a email, send us a letter, send us a letter. |
| 1:14.6 | Whatever you got to do, go to your moneywalt.com is an easiest place to get your questions answered like Joe did from Dallas, Texas. |
| 1:22.2 | Hi, guys, I've got a question for you regarding retirement period. |
| 1:28.0 | Many of the callers call in and say, for example, I have $2 million in my retirement accounts |
| 1:34.1 | and I want to pull out 3% a year. |
| 1:36.1 | Do I have enough to retire and I'm only going to spend $60,000 a year? |
| 1:42.1 | But you need to take into account taxes on that $60,000 a year. But you need to take into account taxes on that 60,000, so they wouldn't really |
| 1:48.6 | have the 60,000 to spend. And I'm wondering what I'm missing here, because I know y'all have a good |
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