Should People in High Tax Brackets Save in Roth Retirement Accounts? - 328

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

🗓️ 1 June 2021

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

Roth 401(k) contributions and "Megatron" (er, mega backdoor) Roth contributions for highly compensated employees, and the Roth conversion strategy of filling the tax bracket. Plus, moving a pension to an investment plan, owning real estate in a self-directed IRA, paying off the mortgage vs. refinancing your house, spousal vs. survivor Social Security benefits, and rolling a whole life insurance policy to a variable annuity. Access the YMYW podcast show notes and Ask Joe & Al on air: https://bit.ly/YMYW-328

Transcript

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0:00.0	Today, Your Money, Your Wealth podcast number 328 is packed. It's a long one. With $6 million
0:06.0	in retirement savings and $475,000 gross income, are Roth 401K contributions a good idea?
0:13.2	Is filling the tax bracket the best strategy for doing Roth conversions? As a highly compensated
0:18.5	employee, Nick's wife in Ohio is having trouble doing a Megatron Roth contribution,
0:23.7	and Nick asks if the folks at her company have rocks in their heads.
0:27.1	We'll let you decide who's got the rocks in their heads after hearing Joe and Bigel's response.
0:31.2	Plus, moving a pension to an investment plan complete with a limerick.
0:34.5	Jim calling from Santa Cruz wants to know about moving his house to his
0:37.5	self-directed IRA, or rather Jim's brother does. Debra wants to know if she should refinance her
0:43.3	house, clarification on spousal versus survivor's social security benefits, and Joe and Bigel
0:48.8	discuss rolling a whole life insurance policy into a low-cost variable annuity. We'll need more of your money questions, comments, limericks, and stories, so email them in
0:58.1	or leave us a voice recording.
0:59.9	Visit Your Money, Your Wealth.com, and click Ask Joe and Al on air for your spitball analysis
1:05.2	on YMIW.
1:06.7	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, Joe Anderson, CFP, and Big Al-Clofine CPA.
1:14.4	Hey, Joe, Bigal, love, love the show.
1:18.5	I'm Dan from New York City.
1:21.4	Love your great advice, especially done with great humor.
1:25.0	I crack up when you start ripping on the questions you get hysterical.
1:29.7	Yeah, Dan, this question sucked. We're already ripping on the question. Ah, get to it already.
1:38.6	But most importantly, I learned so much by applying the answers you give to others to my own
1:44.0	situation. Here's some background. give to others to my own situation.
	...

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