Spitballing Retirement and the Build Back Better Tax Proposal - 356

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

🗓️ 14 December 2021

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Should those in the 35% tax bracket contribute to traditional 401(k) or Roth 401(k)? Should a self-employed cryptocurrency investor do Roth conversions or tax gain harvesting? Also, a retirement spitball for a couple, age 35, wanting to retire with $5M at age 60. Plus, do the SECURE Act rules for required minimum distributions (RMDs) apply when inheriting an inherited IRA? Finally, comments on the latest Build Back Better Act. Show notes, financial resources, Ask Joe & Al On Air: https://bit.ly/ymyw-356

Transcript

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0:00.0	Today on Your Money, Your Wealth podcast number 356, if you're in the 35% tax bracket, should you contribute to a traditional 401k or Roth 401k for retirement?
0:10.7	Should a self-employed investor in cryptocurrency do Roth conversions or tax gain harvests their crypto?
0:17.0	Joan Big Al also spitball a retirement plan for a 35-year-old couple who wants to know if they're on track to retire with $5 million at age 60.
0:25.7	Plus, do the Secure Act rules for Required Minimum Distributions apply when inheriting an inherited IRA?
0:32.5	The fellas also comment on the latest version of the Build Back Better Act currently being considered by the Senate.
0:38.1	Visit Your Money, Your Wealth.com, and click Ask Joe and Al on air to send in your money questions,
0:43.2	via email or voice message. And, you know, we told you that voice messages get first priority,
0:47.7	and boy, did you hear that. We're kicking it off with four of your voice messages today.
0:51.9	I'm producer Andy Last, and here are the hosts of your money, your wealth, Joy Anderson,
0:56.4	CFP and Big Al Clopine CPA.
0:58.6	What are we got?
1:00.2	Shake and bake.
1:01.2	Hi Joe, Big Al and Andy.
1:03.8	This is Shake and Bake from Texas.
1:06.3	So my question today is, should I be contributing to the 401 or the Roth 401k portion of my employer-based
1:14.0	plan? Here's some of my numbers. I'm 49 years old, claiming a head of household because I'm
1:20.0	divorced with two kids. They're both in college, but colleges is already covered. I have two dogs,
1:27.3	Lola, who's a cavapoo, and Riker, who is a rescue. I have two dogs, Lola who's a Cavapoo and Riker,
1:29.3	who is a rescue, he's a boxer beagle mix.
1:33.0	I drive a 2017 Hyundai Santa Fe Sport that's paid for.
1:37.8	I have a steady job.
1:39.4	I make $140,000 base, $20,000 in restricted stock units and $80,000 bonus.
	...

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