Roth IRA is "The Greatest Account Ever" Per Ed Slott. But Why? - 526
Your Money, Your Wealth
Your Money, Your Wealth
2.3 • 681 Ratings
🗓️ 22 April 2025
⏱️ 51 minutes
🧾️ Download transcript
Summary
Just about every week here on YMYW, Joe and Big Al talk about converting your retirement savings to Roth accounts. But why? What’s the big deal? Today the “IRA guru” Ed Slott, CPA returns to Your Money, Your Wealth® in podcast number 526 with Joe Anderson, CFP® and Big Al Clopine, CPA to tell us why he calls the Roth IRA “the greatest account ever created.” (Here’s a hint: it’s all about having tax-free income in retirement - and beyond.) Plus, where to prioritize saving for retirement? Jerry Tom in St. Louis wants to know. Are Christian and Tiffany in Montana on track for retirement, and should they rebalance their ETFs? Should Frank in Lake Wobegon’s wife take her teachers’ salary over 9 months or 12 months? And finally, Jon thinks the target retirement withdrawal rates Joe and Big Al use to spitball are too low - we’ll see what they think.
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Timestamps:
00:00 - Intro
00:59 - Ed Slott, CPA on the Roth IRA, the Future of Taxes, the Death of the Stretch IRA, and Naming a Trust as Your Retirement Account Beneficiary
19:44 - Download The Complete Roth Papers Package for free
20:37 - Where to Prioritize Saving for Retirement? (Jerry Tom, St. Louis)
28:57 - Are We on Track for Retirement? Should We Rebalance Our ETFs? (Christian & Tiffany, Montana)
40:43 - Watch Don't Let These 10 Risks Break Your Retirement on YMYW TV, Calculate Your Free Financial Blueprint
41:44 - Is It Better to Take Teachers' Salary Over 9 Months or 12? (Frank, Lake Wobegon - voice)
45:32 - Withdrawal Rates Are Very Low on YMYW (Jon, Twitter & Apple Podcasts)
49:46 - YMYW Podcast Outro
Transcript
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| 0:00.0 | Just about every week here on YMYW, Joe and Bigel talk about converting your retirement savings to Roth accounts. |
| 0:07.0 | But why? What's the big deal? |
| 0:09.0 | Today, the IRA guru, Ed Slot CPA, returns to your money, your wealth in podcast number 526 to tell us why he calls the Roth IRA the greatest account ever created. |
| 0:22.0 | Here's a hint. |
| 0:23.0 | It's all about having tax-free income in retirement. |
| 0:26.3 | Plus, where to prioritize saving for retirement? |
| 0:29.2 | Jerry Tom and St. Louis wants to know. |
| 0:31.2 | Are Christian and Tiffany in Montana on track for retirement and should they rebalance their |
| 0:35.6 | ETS? |
| 0:37.0 | Should Frank and Lake Wobagon's wife take her teacher's salary over nine months or 12 months? |
| 0:41.3 | And finally, John thinks the target retirement withdrawal rates that Joe and Big Al used to spitball are too low. |
| 0:47.3 | We'll see what they think. |
| 0:49.3 | I'm executive producer Andy Last here with the hosts of Your Money, Your Wealth, Joe Anderson CFP, and Big Al Clopline CPA, |
| 0:56.0 | at our special guest, Ed Slot, CPA. |
| 0:59.0 | You know, we were just talking about how when we have a tax issue, we're much more likely to go to your website than the IRS website |
| 1:09.0 | because your answers are written in English, |
| 1:11.8 | clear and concise, understandable. And the IRS is not quite so much that way. Well, they're rigid. |
| 1:17.9 | They have to stick to the, you know, this is code section 40189 and this and that, and it's regs |
| 1:23.6 | and this. Yeah. And some people just want to know, can I do this or not? Right, right. Yeah. So let's talk |
| 1:29.5 | about, you and I have talked about Roth IRAs, Roth conversions. I know you're a very big proponent |
| 1:35.2 | in that, but let's talk about, let's talk about what they are, what a Roth IRA is, and why? |
| 1:41.7 | Why do people want to get money in the Roth? Roth IRA is a miracle. It's the greatest account ever created because everything, it is, |
... |
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