Pre-Tax or Roth Contributions for Retirement Savings? - 276

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

🗓️ 2 June 2020

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

Should market volatility and the economic downturn due to COVID-19 change where you save for retirement? Should contributions go to pre-tax accounts or to post-tax Roth accounts? Plus, Coronavirus related distributions, how to use a PPP loan to pay your self-employed self, backdoor Roth IRA conversions, and strategies for funding a Roth IRA for children. Sign up for the exclusive YMYW live webinar on June 10, send money questions and access the transcript and free financial resources: https://bit.ly/YMYW-276

Transcript

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0:00.0	We're doing it again. Get your money questions answered on the spot by Joe and Big Al in the live Your Money, Your Wealth webinar exclusively for YMIW podcast listeners on Wednesday, June 10th at noon Pacific, 3 p.m. Eastern.
0:14.0	Click the link in the description of today's episode in your podcast app to go to the show notes and sign up now.
0:20.2	Today on the Your Money Your Wealth podcast,
0:22.5	should market volatility and the economic downturn due to the COVID-19 pandemic change
0:27.4	where you save for retirement? Should your contributions be going to your pre-tax accounts
0:31.2	or to your post-tax Roth accounts? Plus, more on coronavirus-related distributions,
0:36.4	how to use a PPP loan to pay yourself, if you're
0:39.3	self-employed, backdoor Roth IRA conversions, strategies for funding a Roth IRA for children,
0:45.1	and we've got a derail or two.
0:46.8	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, Joe Anderson,
0:51.4	CFP, and Big Al Clopine CPA.
0:54.8	I've got a call from David, no location.
1:00.3	He read podcast 271 transcript.
1:03.7	Is this a famous 271?
1:05.8	Yeah, my cousin, who listens to this podcast all the way in Boston.
1:10.5	So she texted me last night and said,
1:12.5	you guys killed it on show 271.
1:17.4	You'll recall is the show where we couldn't get anything right.
1:23.7	But I responded to her late last night, and I was like half asleep.
1:28.2	I just said, I don't know what we talked about.
1:29.6	And then she goes, oh my gosh, I feel so bad.
1:32.7	That's the show where you screwed up.
	...

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