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Ryan is in Nashville.

Hi, Ryan.

How are you?

Good.

Dave, how you doing?

Better than I deserve.

What's up?

Well, I had a question about retirement in 401Ks.

I am new into a Roth IRA.

I'll be 50 next year, and I can only contribute so much to that.

And on my wife's 401K, we're maxing out what she can do a year on that.

And then there's a rollover IRA from previous employment that we have.

So we've got the three things working for us, but I can only contribute, you know,

just that $7,000 a year.

And I would just like to do what you think other ways for me to try to make my money work for me down the road so I can have more retirement. Yeah, you can bump it to $8,000 at $50, and you can also do a spousal Roth for your wife as well. Are you doing both of those? So we can do that. She has a 401K plus she has a roll over IRA? Yes.

What's that called? I'm sorry? Just a Roth IRA. She can just do a Roth. She can do one too. She can do a Roth. Yep. Even if she's not working, she could do one, but she's working in this case. So make sure, is her 401K a Roth? No, I don't believe. Well, yes, it is. It is. Okay, all right.

Because if they match, the portion they match is not Roth, but make sure it's not traditional. Is the rollover, is the rollover IRA? Has it been converted to Roth? I don't think it's been converted. It's just a rollover. Okay. If you convert it, it'll make the taxes on the amount come to. What's the amount in there?

The amount on the rollover currently is probably about 75.

Okay. So you would have about $15 or $20,000 in taxes, probably $15. So if you got an extra 15 to invest in retirement, I would roll that to a Roth and pay that 15 in taxes and call that investing.

Here's why.

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