Roth 401K or Not? When Should I Switch?

Retirement Answer Man

Roger Whitney, CFP®, CIMA®, RMA, CPWA®

Lifeplanning, Retirementplanning, Financialplanning, Saving, Careerplanning, Self-improvement, Education, Retirementpodcast, Investing, Business, Investmentmanagement, Retirement

4.7 • 1.1K Ratings

🗓️ 31 July 2024

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

So many retirement questions have no right answers. They’re simply judgment calls. In this episode, we’ll explore whether it makes sense to switch to a Roth 401K.

Don’t listen to find out the answer. Listen to learn the process to use to come up with your own answer.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

[2:03] Does it make sense to switch to a Roth 401K
[13:55] An IRMAA surcharge question
[18:18] Can you use the Rule of 55 for a Solo 401K?
[20:36] A backdoor Roth question
[26:22] A 5-year rule Roth IRA question
[28:36] An organized Social Security question

WISDOM FROM THOSE ON THE JOURNEY

[31:31] What I wish I had known from Elaine
[33:27] What a 70-year-old has learned about retirement

TODAY’S SMART SPRINT SEGMENT

[36:48] Relax and don’t worry about retirement

Resources Mentioned In This Episode

My recent Forbes article

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Roger’s Retirement Learning Center

Transcript

Click on a timestamp to play from that location

0:00.0	The show is a proud member of the Retirement Podcast Network.
0:03.4	Welcome to the show dedicated to helping you not just survive retirement,
0:09.7	but to have the confidence because you're doing the right work to really lean in and rock it.
0:15.6	My name is Roger Whitney. By day I'm a practicing retirement planner with over 30 years
0:20.2	experience.
0:21.2	Oh man, that's a lot. A lot of time.
0:25.0	Founder of Agile Retirement Man. I just shocked myself.
0:29.0	Founder of Agile Retirement Management and over the last 10 years or so I've used this
0:33.7	podcast for two things. One is to improve my craft as a retirement planner.
0:39.5	Been a great journey there but also to empower you to plan for retirement in such a way and to manage your retirement so you can get on to create a great life and not make this a new job.
0:51.0	Because that's the whole point of the exercise. Today on the show we're going to
0:55.0	answer Nolan's question about whether he should switch from a traditional to Roth
0:59.0	contribution for his 401k. We're going to answer a number of your questions and then lastly
1:05.5	we're going to share some perspectives of people that are currently retired so
1:10.7	you can get a glimpse of the other side in their perspective on what's important and what's not important.
1:20.0	Now if you enjoy the show you're going to love our six-shot Saturday email. It's our weekly email where we share a recap of the show,
1:28.2	links to resources that we mention, and also you get to hit reply if you want and say hi to me or ask me a
1:36.2	question or I don't know just tell me how you doing so you can sign up for that at
1:41.2	Roger Whitney.com or six-shot Saturday.
1:44.0	With that said, let's get on with the show.
1:48.0	Our title question comes from Nolan related to 401k contributions.
2:00.0	Hi Roger, I've been a listener for the last few years. I want to first of all thank you for what you do. It's always educational and definitely inspirational and always provides great reminders for me.
	...

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