Should We Convert to a Roth?
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 11 June 2021
⏱️ 12 minutes
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Summary
Husband wants to convert to a Roth, wife says not so fast. Is one right and the other wrong?
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Transcript
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| 0:00.0 | Welcome to the Jill on Money Podcast. It is Friday, June 11th. I am Jill Slesinger. He, |
| 0:10.2 | the guy talking to me, but not you, is Mark, to Laersia. We are both certified financial |
| 0:14.9 | planners. And we are here to help you get to wherever you want to go next. And we do |
| 0:21.0 | that by answering your questions. If you've got a financial question, send us an email. |
| 0:25.4 | Ask Jill at JillOnMoney.com. Ask Jill at JillOnMoney.com. If you're on our website, the |
| 0:31.6 | JillOnMoney.com website, maybe you're signing up for a free weekly newsletter, which we'd |
| 0:35.5 | love for you to do. Hit the contact button if you've got a question. We'll get that. |
| 0:39.7 | Don't forget to tell us if you want to come on the air live. |
| 0:42.7 | All right, so let's answer some questions today. This is from Donald, who is 74 years |
| 0:47.9 | old. He says, when I retire, can I roll my 401k that I have with my current employer |
| 0:53.4 | into my IRA? I have been taking the appropriate RMDs for the past few years. I thought you |
| 1:01.8 | didn't have to take RMDs if you were still working, Mark. Oh, from the IRA. I see. That's |
| 1:06.7 | right. I'm reading that wrong. Okay. Yes. So you don't have to take a required minimum |
| 1:11.2 | distribution from your 401k. You do have to take it from your IRA. And yes, you can roll |
| 1:15.1 | it in. You can have one account. That'll make your life a little bit easier. Okay. This |
| 1:21.4 | is from Amelia, who loves the show. She goes, I'd like your help understanding what will |
| 1:26.3 | happen if my parents were to pass away without wheels. Oh, Mark, you know, this is already |
| 1:31.9 | making me angry. My dad is in his early 70s. My mom is in her late 60s. And she also is |
| 1:37.9 | a person with disabilities. Neither of them have a will. They have healthy retirement accounts. |
| 1:42.8 | They live off of. They've got some pensions. They own their home and cars outright. My |
| 1:46.5 | two brothers and I've tried many times to have open and compassionate conversations with |
| 1:51.4 | them about drafting a will. At this point, we understand it's unlikely. We can actually |
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