When Roth IRA Conversions Go Too Far
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 20 May 2024
⏱️ 31 minutes
🧾️ Download transcript
Summary
Roth IRA conversions can be a powerful tool for retirement planning, offering tax-free growth and withdrawals. However, there's a fine line between optimizing and overdoing it. In this episode, we talk about the dangers of over-converting to a Roth IRA. We'll explore how converting too much can lead to higher taxes in retirement and cause missed opportunities later.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.5 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:13.2 | I'm your host, Devin, joined by the co-host of the Big Picture Retirement Show, John Ross. |
| 0:25.3 | Hi. Thank you. show, John Ross, howdy. All right, John, Roth conversions. |
| 0:27.6 | We hear about these all the time. |
| 0:28.6 | Yeah, big topic. |
| 0:30.3 | Well, and after a lifetime of paying taxes, who doesn't want to escape some of that in retirement? |
| 0:35.4 | I know I pay plenty of taxes. |
| 0:36.7 | I do too. |
| 0:37.0 | So this year, in fact, |
| 0:38.7 | we have a new CPA now, a new tax advisor. The people that listened to the podcast used to hear me |
| 0:44.8 | complain about my old tax advisor. And so it was funny. We were in the process of switching to a new |
| 0:50.7 | tax advisor when we got a notice from the old firm that the old firm was |
| 0:54.2 | completely disbanding and going away. And so I thought, man, I wonder what's going on. This |
| 0:59.3 | sounds kind of odd. And so I decided to check their Google ratings and see, you know, is there any |
| 1:05.1 | kind of new information on there? They had a 2.2 ranking. Oh, wow. Yeah. So right there at the end, something blew up, |
| 1:13.1 | and it doesn't seem like I was the only one who was irritated. Anyway, so we have this new tax |
| 1:17.8 | advisor, and about three weeks ago, he called me, and he said, hey, Devin, and it's never good. |
| 1:23.4 | If your doctor or your tax advisor says, are you sitting down? |
| 1:27.7 | Right. |
| 1:28.3 | Never good, right? |
... |
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