Should We Convert Our 401(k) to a Roth?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 15 January 2025

⏱️ 3 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

💵 Sign up for EveryDollar today - Create a free Budget! Listen to how ordinary people built extraordinary wealth - and how you can, too. You’ll learn how millionaires live on less than they make, avoid debt, invest, and are disciplined and responsible! Next Steps: 💰Need Help with your investments? Click here to connect with a SmartVestor Pro. 🏠To learn more about how to plan for Retirement, click here 🏦To learn more about Investing, click here 🎓Create a college savings plan for your child’s future. Click here to connect with a SmartVestor Pro. Listen to more from Ramsey Network 🎙️ The Ramsey Show 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership 💸 The Ramsey Show Highlights Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

Click on a timestamp to play from that location

0:00.0	This episode is sponsored by SmartVester.
0:07.2	Connect with an investing pro for free at ramsysolutions.com slash invest.
0:14.6	You're listening to Ramsey Everyday Millionaires, where we talk investing, retirement, building wealth, and outrageous generosity.
0:22.8	Conner's up next in Boston. Connor Hucklewheel. Hi, Ken. Hi, Jade. Love you guys. Thanks so
0:28.4	much for taking my call. You bet. What's going on? All right. So my wife and I just got married.
0:34.0	We're in the process of combining our finances, and I basically have a retirement
0:38.6	question. My question is, should we convert the money that we have in our traditional 401ks
0:46.5	into Roth, or should we just from this point forward put money into the Roth 401k option?
0:53.5	Okay. What baby step are you in?
0:55.9	We're in Baby Step 3B.
0:57.5	We're currently renting, and we're going to be renting for the next couple of years
1:01.3	because we're not going to be in the city that we're in long term.
1:04.3	Yeah, I mean...
1:05.6	How much do you have?
1:06.5	Can I ask you quick?
1:07.0	How much do you have in your 401K? Yeah, so across my wife and my accounts, we have about 220,000 in there.
1:14.9	Our household income is about the same.
1:18.2	Okay, good.
1:19.1	Very good.
1:20.1	Typically, we would wait until baby step six to make a rollover like that because the truth
1:25.6	is you're going to be on the hook for some taxes associated
1:28.3	with that, obviously. And with the goals that you have up until this point, in this case,
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Ramsey Network, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Ramsey Network and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.