The Barn Door, Garage Door, Mega Backdoor Roth IRA Conversion - 297

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

🗓️ 27 October 2020

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

What is the MEGA backdoor Roth IRA conversion and should you do one? How do you create retirement income for the gap between retiring at 66 and taking Social Security at 70 and RMDs at 72? Joe and Big Al also answer a question on the taxation of an overseas inheritance, and they discuss your comments. Access the episode transcript and financial resources and send in your money questions to be answered on the YMYW podcast: https://bit.ly/YMYW-297

Transcript

Click on a timestamp to play from that location

0:00.0	Today on Your Money, Your Wealth, you keep asking questions about the Backdoor Roth IRA, so Joe and Big Al keep answering.
0:07.3	This week, your questions are about the mega backdoor Roth IRA and how to create retirement income for the gap between retiring at 66 and taking Social Security at 70 and RMDs at 72.
0:19.0	We've also got a question on the taxation of an overseas inheritance,
0:22.7	as well as your comments. Do us a favor. Click the link in the description of today's episode
0:27.1	in your podcast app to go to the show notes. Click the Ask Joe and Al on Air banner and send in
0:32.7	your questions about social security benefits, portfolio diversification, asset location, estate planning,
0:39.4	how much you can spend in retirement, anything money-related.
0:43.3	In the meantime, Backdoor Roths, it is.
0:45.7	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, Joe Anderson,
0:50.5	CFP, and Big Alclopine CPA.
0:53.7	All right, Michael from Sue Falls, he goes, you guys rock.
0:57.8	Greetings from South Dakota.
0:59.7	While retirement looming, I decided to start listening to podcasts over the past year,
1:04.0	and I've listened to many before going to my favorite YMIW.
1:09.7	Well, thank you very much, Michael, from Sioux Falls, South Dakota.
1:13.5	I'm 63 married, wife 61, and plan on retiring about three years.
1:17.3	Over the past three years, I've been a government employee, thus have the TSP.
1:21.9	And by the time of retirement, it should be about $250,000 plus, saving about $40,000 a year. Up until now, I've been accumulating
1:33.9	after listening to many have come to this decision to wait until RMD at age 72 to take my
1:41.2	Social Security benefits. Thus, I realize that I need income for the gap years.
1:46.1	Our only debt is our home of $125,000. Annual combined income is $250,000 in way of $65k in cash.
1:54.3	All of our other retirement income is in an IRA, $1.6 million, and my wife has a Roth IRA of $200,000.
	...

Please login to see the full transcript.

Previous episode | Next episode

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

Generated transcripts are the property of Your Money, Your Wealth and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.