Roth IRA, 457, TSP, and Retire Early Spitball - 377

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

🗓️ 10 May 2022

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Joe & Big Al talk strategy for converting to Roth and paying tax from the IRA when you have limited funds, eliminating required minimum distributions (RMD) on a Roth 457 and avoiding the 5-year Roth clock, and Roth 457, Roth IRA, and Roth TSP. Plus, the fellas spitball pension options, retiring early, and an intricate and potentially risky deferred compensation strategy. Show notes, free financial resources, Ask Joe & Al On Air: https://bit.ly/ymyw-377

Transcript

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0:00.0	Today on Your Money, Your Wealth podcast number 377, join Big Al, talk strategy for converting to Roth and paying tax from the IRA when you have limited funds.
0:10.8	Eliminating required minimum distributions on a Roth 457 and avoiding the five-year Roth clock and Roth 457's Roth IRAs and Roth TSPs. Plus the fellow spitball pension options,
0:23.8	retiring early, and an intricate and potentially risky deferred compensation strategy.
0:29.5	Get a spitball analysis of your own. Visit Your Money, Your Wealth.com. Click Ask Joanne
0:34.8	Al on air to send in your money questions as a priority voice message or as an email.
0:40.1	I'm producer Andy Last and here are the hosts of Your Money, Your Wealth, Jilly Anderson, CFP, and Big Al Clopine CPA.
0:48.3	This is from the Duke.
0:50.6	Duke.
0:51.4	The Duke.
0:52.0	That's a great name.
0:53.1	Capitalized too.
0:54.2	Duke. Love. That's a great name. Capitalized, too. Duke.
0:55.6	Love the YMIW podcast here in East Tennessee.
1:00.9	Should I do a partial Roth conversion before I retire 2026 at age 69?
1:06.1	Should I pay federal income taxes from the IRA funds to save double taxes on long-term growth if we live
1:12.6	to our 90s like the last two generations of both families. My wife is 61 years old, caregiver,
1:18.0	and plans to start. Social Security at age 62. The income is 80,000, 12% tax bracket. Pre-tax IRA
1:26.5	balances are 256, Roth's 100 grand. Emergency cash is 22.
1:30.8	Currently saved $17,000 per year into my Roth, wife's Roth, and my 401k Roth contributions.
1:37.4	I pay tax on the $20,000 conversion by lowering the 2021 Roth contributions and feel this was a mistake since I only have 48 months of income to support Roth contributions.
1:52.2	Almost forgot 1996 F-150 or 2006 Accord.
1:58.6	Okay.
	...

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