Retirement Year End Planning: Contributing to Assets
Retirement Answer Man
Roger Whitney, CFP®, CIMA®, RMA, CPWA®
4.7 • 1.1K Ratings
🗓️ 13 November 2024
⏱️ 39 minutes
🧾️ Download transcript
Summary
Join us as we dive into year-end financial planning strategies to optimize your retirement plan. This episode unpacks the essentials of contributing to various accounts like 401(k)s, IRAs, Roth IRAs, HSAs, and donor-advised funds before the year ends. We also discuss Roth conversions and answer listener questions about IRMAA brackets and required minimum distributions. Plus, hear a special tribute to veterans, featuring the first mission of Roger’s grandfather, a WWII bomber pilot. Don’t miss this comprehensive guide to maximizing your retirement savings and honoring those who served!
SMART PLANNING SEGMENT
(01:01) Rock Retirement Club is having its last open enrollment for the year.
(02:26) This month the theme has been to look at year end planning items in order to optimize your plan of record.
(03:40) This week we focus on contributing to assets between now and the end of the year. We will start off by discussing contributing to your 401K account.
(05:30) The second thing we want to look at is contributing to an IRA or Roth IRA.
(08:37) The next account you might consider contributing to is your health savings account.
(10:07) Another thing you might consider contributing to is a donor advised fund or any type of charity.
(15:03) The next one I’ll talk about today is 529 education plans.
(17:00) Another account you might want to contribute to is your after tax investment account.
LISTENER QUESTIONS
(20:00) Roger talks about 51 missions that his grandfather flew during World War II in honor of Veterans Day.
(21:10) Reid is concerned about IRMAA in 2026 regarding Roth conversions.
(24:35) David asks a question about projected required minimum distributions for Roth conversions.
(28:30) Joe asks about tax brackets and Roth conversions.
(31:13) Denise says the more she reads about Roth conversions, the more confused she gets.
SMART SPRINT
(35:00) If you want to try to do some optimization, grab the worksheets from Six Shot Saturday and go through the lists.
IN HONOR OF VETERANS DAY
(35:54) In honor of Veterans Day, I'm going to share some missions from my grandfather to thank all of our veterans.
REFERENCES
Retirement Answer Man- FREE Resource Center
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Transcript
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| 0:00.0 | The show is a proud member of the Retirement Podcast Network. |
| 0:04.1 | I would rather have questions that can't be answered than answers that can't be questioned. |
| 0:12.0 | Richard Feynman. |
| 0:16.0 | Welcome to the show dedicated to helping you not just survive retirement, but to have the confidence because you're doing work to really lean in and rock it. Today on the show, we are going to |
| 0:28.0 | continue our series on optimizing year-end tasks and look at all the different accounts that you might want to consider contributing to between now |
| 0:42.3 | and the end of the year. In addition to that, we're going to answer some of your questions. |
| 0:46.3 | We had a great meetup last week regarding Roth IRAs and the framework to think through that. |
| 0:52.9 | We had a lot of questions. I'm going to answer |
| 0:54.4 | some of those questions here on the show. As part of our open house webinar on Roth conversions |
| 1:01.5 | last Thursday, we opened up the last open enrollment for the Rock Retirement Club in 2024. |
| 1:10.6 | It will be open until November 17th. You can go to rockretirement club.com |
| 1:17.5 | to learn more. This is the last open enrollment for the year, at least until February. This is also the last open enrollment at the current price. |
| 1:26.2 | We are increasing the price in 2025, so you can lock |
| 1:30.0 | that in today if you are considering. Within the Rock Retirement Club, we have assembled all of the |
| 1:36.7 | tools that you need to build your retirement plan of record step by step, along with a cadre of expert coaches, including three |
| 1:47.8 | retirement planners that are available in group form to answer your questions and encourage |
| 1:53.0 | each other. |
| 1:54.2 | One good announcement we had is, in coming in 2025, we have a partnership with YNAB, a budgeting |
| 2:00.3 | type app where we're going to create our own |
| 2:02.7 | template to track spending in retirement so we can make sure we're living those goals. |
| 2:08.6 | So if you're looking to build your retirement plan of record and you want to have some wise |
| 2:12.6 | people to walk life with, go to rock retirement club.com. |
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