Inbox Questions | Why Use Your IRA First for Long-Term Care Expenses?
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 6 February 2025
⏱️ 22 minutes
🧾️ Download transcript
Summary
In this episode, we tackle Richard's question about why it might make sense to use IRA (non-Roth) accounts first to pay for long-term care expenses. We'll explain the reasoning behind this strategy, including the tax implications, potential benefits for your overall financial plan, and how it fits into managing your retirement assets.
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Transcript
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| 0:00.0 | Welcome to the Big Picture Retirement Show. |
| 0:07.7 | Today, we're going to the inbox to answer questions sent in by you, our listeners. |
| 0:12.6 | Now, if you'd like to send us a question, just head over to big pictureretirement.com and click |
| 0:17.3 | the Ask a Question tab in the top menu. |
| 0:19.8 | Oh, and just a quick reminder. |
| 0:21.2 | On this podcast, we provide general information |
| 0:24.3 | and not specific tax, legal, or financial advice. |
| 0:28.0 | But if you're ever ready to move |
| 0:29.6 | from the broad education we provide here |
| 0:31.9 | to personalized advice that's specific to you, |
| 0:35.6 | you can find links to our websites down in the description. |
| 0:39.2 | Now let's jump in to today's question. |
| 0:45.0 | John, today's question comes from Richard. |
| 0:47.6 | Richard says, please explain why and how one should use an IRA, not a Roth IRA. |
| 0:54.2 | So he's talking about a pre-tax traditional IRA here, account first to pay for long-term care |
| 1:00.9 | expenses, not long-term care policies, but care. |
| 1:04.2 | Right. |
| 1:04.6 | All right, so this is something that we've talked about before. |
| 1:06.8 | It is. |
| 1:07.5 | Although there's actually a couple of things here. |
| 1:29.6 | Because, you know, the first, the first, you know, one of the questions that we get all the time here on, on the show, is about Roth conversions. And, and people going from, you know, they're paying the tax on their IRA and switching it over to a Roth, or, you know, their drawdown strategies, |
| 1:30.3 | whatever it is, right? |
... |
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