How to Pay Less Tax and Invest for Retirement - 486
Your Money, Your Wealth
Your Money, Your Wealth
2.3 • 681 Ratings
🗓️ 16 July 2024
⏱️ 46 minutes
🧾️ Download transcript
Summary
How is Kimberly’s strategy for reducing her retirement taxes by doing Roth conversions and qualified charitable distributions? Is Patrick’s tax loss harvesting transaction a wash sale? At what marginal tax rate should Brian stop making Roth 401(k) contributions? Joe Anderson, CFP® and Big Al Clopine, CPA are back this week on Your Money, Your Wealth® podcast 486 to answer these questions and to spitball on the importance of international stock in John in Seattle’s diversified investment portfolio, David and Terri’s Roth conversion and I bond strategy, Blake’s severance package, and the impact of a new home purchase on John in DC's retirement spending. Free financial resources and transcript: https://bit.ly/ymyw-486
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Timestamps:
00:00 - Intro
00:57 - Should We Do Roth Conversions to Top of the 24% Bracket to Minimize $240K I-Bond Profits? (David & Terri, Southern California, voice)
07:32 - Roth Conversion & Qualified Charitable Distribution Strategy Spitball (Kimberly, IA)
13:12 - Should I Take the Severance Package Now at 59 and a Half or Work Until Age 63? (Blake)
18:00 - Is My Tax Loss Harvesting Transaction a Wash Sale? (Patrick, Vancouver, WA)
24:42 - How Important is International Stock in a Diversified Portfolio? (John, Seattle, WA)
30:40 - At What Marginal Tax Rate Should Roth 401(k) Contributions Stop? (Brian, NC)
33:58 - What Impact Will Our New Home Have on Our Retirement Spending? (John in the DC)
42:32 - The Derails
Transcript
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| 0:00.0 | How is Kimberly's strategy for reducing her retirement taxes by doing Roth conversions and qualified |
| 0:06.8 | charitable distributions? Is Patrick's tax loss harvesting transaction a wash sale? At what |
| 0:13.2 | marginal tax rate should Brian stop making Roth 401K contributions? Joe and Big Al are back to |
| 0:19.5 | answer these questions today on Your Money, Your |
| 0:21.8 | Wealth podcast number 486. Plus, how important is international stock in John and Seattle's |
| 0:28.1 | diversified investment portfolio? What impact will a new home purchase have on John and DC's |
| 0:33.7 | retirement spending? Should Blake take his severance package now or work a few more years? |
| 0:39.0 | I'm producer Andy Last with the hosts of Your Money, Your Wealth, Joe Anderson, CFP, and Big Al-Clobine |
| 0:45.0 | CPA. Visit Your Money, Your Wealth.com and click Ask Joe and Big Al on air to ask your money |
| 0:50.6 | questions via email or a priority voice message like this one on Roth conversions and I bonds. |
| 0:57.0 | Hello Joe and Big Al. My name is David. My wife's name's Terry and we're from Sunny Southern California. |
| 1:05.0 | I'm 65 years old. A wife is 67 years old. We've both been retired approximately 15 years. |
| 1:12.4 | The question is, should I transfer approximately $200,000 a year from our regular IRAs to a |
| 1:19.2 | Roth IRAs? |
| 1:20.2 | That would bring us up to the 24% tax bracket. |
| 1:24.2 | Here's the breakdown of what we have. |
| 1:26.6 | I have a Roth is $70,000. Wife has a Roth to $70, have. I have a Roth is 70,000. |
| 1:28.3 | Wife has a Roth as 70,000. |
| 1:30.3 | I have a stretch IRA of 190,000. |
| 1:33.3 | I have a regular IRA at 192,000. |
| 1:37.3 | Wife has a regular IRA of 240,000. |
| 1:40.3 | I have a sub IRA of 600,000, and our brokerage account has $6 million in it. |
... |
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