Should You Pay Off the Mortgage? First Consider Your Tax Strategy - 302

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 December 2020

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Paying off your mortgage? First, think of your investing and tax strategy. And, if you max out retirement and health savings accounts and own real estate, how else can you save? (Hint: brokerage account.) Should self-employed small business owners contribute to a Solo 401(k) or Traditional IRA? Solo Roth 401(k), or Solo 401(k) to Roth conversion? Finally, Medicare, HSA, capital gains, and modified adjusted gross income (MAGI). Access transcript, financial resources, and send in your money questions: https://bit.ly/YMYW-302

Transcript

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0:00.0	Today on your money, your wealth, the overall theme is, should you do this or that?
0:05.6	Pay off the mortgage or not, given investment and tax considerations.
0:09.0	Should self-employed small business owners contribute to a solo 401k or a traditional IRA?
0:14.6	Should they contribute to a solo Roth 401k or contribute to a solo 401k and then do a Roth conversion.
0:21.4	And Smitty is about to go on Medicare.
0:23.8	Can his wife still contribute to a health savings account or HSA?
0:27.7	Will capital gains mess up his modified adjusted gross income and jack up his Medicare
0:32.3	premiums?
0:33.3	Click the link in the description of today's episode in your podcast app to go to the show
0:37.0	notes to read the transcript,
0:38.7	access all the free financial resources I've got on deck for you, and to send in your money questions.
0:43.6	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, Joe Anderson, CFP, and Big Al Clopine, CPA.
0:53.0	We've got a email question here from Sandy,
0:56.3	from Charlotte, North Carolina.
0:59.4	Hi, Joe, Big Al and Andy.
1:01.1	This is Sandy from North Carolina.
1:02.8	No dog and I drive a 2010 Honda, Hyundai,
1:07.5	Elantra.
1:09.3	I began listening to your podcast about six months ago.
1:11.4	I've been listening ever since.
1:12.9	Well, sorry to hear that, Sandy.
1:17.3	They're extremely informative and very entertaining, to say the least.
	...

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