How to Manage Taxes When You Win the Lottery - 478

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

🗓️ 23 April 2024

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

So you won the lottery - congratulations! After you celebrate, should you rip off the band-aid and convert the entire lump sum payment to a Roth IRA? That’s today on Your Money, Your Wealth® podcast 478 with Joe Anderson, CFP® and Big Al Clopine, CPA. Also, Bucky in WA is required to have the same asset allocation in his traditional and Roth 401(k). Joe and Big Al spitball on his options, along with the pros and cons of consolidating retirement accounts for Scott in NC, and they explain the spousal Roth IRA for Rock Rochester in Manistique, MI. Plus, should Scott in Jackson, MS sign up for the state public employees’ retirement system or a traditional retirement plan? Can Driving Fast, Loving Life in TX speed away in her Porsche from RSU capital gains? And should she and her hubbs retire abroad? Finally, can Sean in Reno, NV buy a million dollar vacation home in 10 years, and can Jennifer in La Mirada, CA afford to retire after being forced out of a 21-year career? 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-478

Timestamps:

00:00 - Intro
01:06 - Should We Convert $1.75M Lottery Winnings To Roth?
09:31 - Free Financial Assessment - schedule now
10:38 - Asset Allocation Must Be the Same in 401(k) and Roth 401(k). What to Do? (Bucky, Washington state)
18:08 - Pros and Cons of Consolidating Retirement Accounts (Scott, NC)
23:28 - Spousal Roth IRA Explained (Rock Rochester, Manistique, MI)
27:07 - Traditional Retirement or PERS State Retirement? (Scott, Jackson, MS)
31:00 - Avoiding RSU Concentrated Position and Capital Gains and Retiring Abroad (Driving Fast, Loving Life in TX)
38:43 - Restricted Stock Units (RSU) - read the blog
Employee Stock Purchase Plans (ESPP) - read the blog
39:19 - Should We Buy a $1M Vacation Home in 10 Years? We’ll Have $12M. (Sean, Reno, NV)
43:11 - Can I Afford to Retire After Being Forced Out of a 21-Year Career? (Jennifer, La Mirada, CA)
49:24 - The Derails

Transcript

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0:00.0	So you won the lottery. Congratulations. After you celebrate, should you rip off the band-aid and convert the entire lump sum payment to a Roth IRA?
0:08.9	That's today on your money, your wealth podcast number 478.
0:13.0	Bucky in Washington is required to have the same asset allocation in his traditional and Roth 401K.
0:19.2	Join Big Al Spitball on his options, along with the pros and consulating retirement accounts for Scott
0:25.2	in North Carolina.
0:26.6	And they explain the spousal Roth IRA for Rock Rochester in Manistique, Michigan.
0:31.5	Plus, should Scott in Jackson, Mississippi, sign up for the state public employees' retirement
0:35.7	system or a traditional retirement plan. Can
0:38.7	driving fast, loving life in Texas speed away in her Porsche from RSU Capital Games? And should
0:44.3	she in her hubs retire abroad? Finally, can Sean in Reno, Nevada, buy a million-dollar vacation
0:49.9	home in 10 years? And can Jennifer in LaMorada, California, afford to retire after being forced
0:55.6	out of a 21-year career?
0:57.7	I'm producer Andy Last, and here are the hosts of your money, your wealth, Joe Anderson,
1:02.2	CFP, and Big Al-Clobine CPA.
1:05.7	Hello, Joe, Big Al.
1:07.6	Andy, I'm a regular listener and truly love the show.
1:10.5	And all the knowledge you spread around the world. Around the world, Al. Andy, I'm a regular listener and truly love the show. In all the knowledge you spread around the world,
1:12.5	around the world, Al. We do spread around the world. Apparently, it's internet. It seems to be
1:18.0	worldwide. We would greatly appreciate your spitball on a Rothcon version, condundrum.
1:23.8	Condundrum. Condundrum.
1:24.3	I'll start with the important stats. We live in Wisconsin along the St. Croix River.
1:30.3	Oh, all right.
	...

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