Should You Use I Bonds or a Savings Account?

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Investing, Education, Business

4.7 • 3.1K Ratings

🗓️ 18 July 2022

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

What are the pros and cons of I Bonds, and should you use them over a savings account with your bank? We'll walk you through that question and more in today's Q&A episode! Watch more exclusive content only on YouTube! Visit our website - Get our FREE financial resources - Sign up for our Financial Order of Operations course - Get easy to understand answers to your financial questions Follow us on social media! -Instagram -Twitter -Facebook -TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's Brian Preston, the money guy, restoring order to your financial chaos with Tyron.
0:06.9	Investing, taxing.
0:09.0	You've got financial questions, he's got financial answers.
0:12.6	It's Brian Preston, the money guy.
0:15.6	All right, Tyler asks, is there any harm in doing back door Roth conversions with income
0:23.9	below the Roth IRA limit?
0:27.0	My wife and I's income is variable and it's difficult to predict which side of that
0:32.4	204K limit that we're going to fall on.
0:35.8	So interesting Roth IRA question.
0:37.6	Brian, what is a back door Roth?
0:39.8	I think we got to lay that foundation.
0:41.1	What is a back door Roth?
0:42.5	Why is it necessary?
0:43.8	How is it used?
0:45.4	And then we can answer Tyler's question around, okay, what if I'm below?
0:49.2	Yeah, anybody who's watched our content, yo, I hate that it's called back door Roth.
0:53.7	Because it sounds like it's sneaky, sounds like you're doing something under cover of
0:58.3	night and it's just not that way.
1:00.6	All a back door conversion, back door with my rabbit quotes is that you're doing a conversion.
1:11.2	You're taking traditional IRA contributions and since in 2010, they took away the income
1:16.4	threshold to do Roth conversions to where anybody can do Roth conversions.
1:21.2	You can do a non-deductible traditional IRA contribution because maybe you make too
	...

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