Is Now the Time for a Roth Conversion, or Wait Until Retirement? - 393

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

🗓️ 30 August 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Should you convert money from your pre-tax retirement accounts to Roth now, or wait until retirement, or until required minimum distributions kick in? Should a mid-30s couple do Roth Conversions or Backdoor Roth? Should a 93-year-old open his first ever Roth and start converting? What’s a good retirement savings mix between pre-tax and post-tax? And the fellas do a worst-case scenario retirement spitball analysis. Show notes, free financial resources, Ask Joe & Big Al On Air: https://bit.ly/ymyw-393

Transcript

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0:00.0	Tomorrow, August 31st, is the last day to enter for your chance to win a $100 Amazon E gift card
0:07.6	and help us make YMIW the best financial podcast ever.
0:12.5	Click the link in the description of today's episode in your podcast app to go to the show notes
0:16.2	and access the survey and the secret password.
0:19.4	U.S. residents only, no purchase necessary.
0:22.4	Survey and giveaway close and winner chosen at 4 p.m. Pacific time tomorrow,
0:27.6	August 31st, 2022.
0:30.0	Today on Your Money, Your Wealth podcast number 393,
0:33.8	should you convert money from your pre-tax retirement accounts to Roth now or wait until retirement
0:39.9	or until required minimum distributions kick in? Should a 93-year-old open his first ever
0:45.6	Roth and start converting? What's a good retirement savings mix between pre-tax and post-tax?
0:51.8	And the fellas do a worst-case scenario retirement spitball analysis.
0:56.4	Click Ask Joe and Al on air in the podcast show notes to send in your money questions.
1:01.3	I'm producer Andy Last with the hosts of Your Money, Your Wealth, Joe Anderson, CFP, and Big Al Clopline CPA.
1:07.3	And we're kicking it off today with a priority voice message about Roth conversions
1:11.9	versus backdoor Roth.
1:14.4	Hey Joe and Bigel, this is Kyle from Georgia.
1:17.5	My question is regarding some money that I have from an old employer 401K.
1:22.3	So it's about $200,000 and it's all pre-tax and when I left that employer, I moved it to my
1:26.8	personal IRA.
1:28.5	So my question is twofold.
1:30.1	One, I can do Roth conversions on that money.
	...

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