Will Roth IRAs Become Taxable?
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 18 September 2023
⏱️ 20 minutes
🧾️ Download transcript
Summary
Is it possible that Roth IRAs will be taxable in the future?
Could they change the rules and start including the distributions from a Roth as part of your taxable income?
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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. Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.4 | Hey, everyone, welcome to the Big Picture Retirement Show. I'm your host, Devin. joined today by my co-host, John Ross. |
| 0:16.7 | Howdy? |
| 0:24.4 | John, you are I talk quite often about how much things change. |
| 0:27.9 | We do. |
| 0:28.3 | It seems like they're always changing. |
| 0:29.6 | As soon as you lay your plans out for something in the way it's going to be, something |
| 0:33.6 | comes along to disrupts that. |
| 0:34.7 | Likely a new law, a new piece of legislation, or maybe it's |
| 0:37.9 | an IRS ruling or something like that. We may also dab in the conspiracy theory on occasion. |
| 0:45.8 | Well, certainly. I mean, we're not beyond that. Not beyond that. But there's certainly a level of |
| 0:51.2 | trying to predict what might happen in the future. And there's certainly |
| 0:55.4 | a level of conspiracy theory and some of that. Well, I absolutely. |
| 0:59.3 | Sinicism anyway. Well, and you know, one of the things that I've been hearing a lot is, |
| 1:03.5 | Devin, look, I get it that maybe Roth conversions make sense, which by the way, they don't |
| 1:07.3 | make sense for everyone. I am not a subscriber to the belief that everyone should do Roth conversions or everyone should even contribute to a Roth. However, it can be powerful in retirement if you have a Roth, especially if it's part of that three bucket that you have, where you've got some in pre-tax, some in taxable and some in tax-free, also known as a Roth. It can be very powerful. But I've heard the objection from a few |
| 1:28.7 | people. What if they just change the rules, Devin? What if they just decide that, nah, those Roth |
| 1:32.8 | are taxable now? So I thought we'd talk about that. And what the likelihood is of Roth IRAs |
| 1:38.1 | being taxable in the future. And, you know, after a, if you take a normal individual who's either done |
| 1:43.0 | conversions or ongoing contributions since, |
| 1:46.9 | what was it, 1997 when the Roth came out, you know, they have foregone years of immediate tax breaks |
| 1:53.5 | because of the promise of after tax growth. And they're going to get it tax free after it grows. |
... |
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