A Roth account is a type of individual retirement account (IRA) that is funded with after-tax dollars. This means that the money you contribute to a Roth account has already been taxed and you will not receive a tax deduction for your contributions. However, the money you contribute to a Roth account grows tax-free and you can withdraw your contributions and any earnings on them tax-free in retirement.
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A Roth conversion can raise your Medicare premiums two years later. Every mistake on this list comes with a solution. The post 16 Roth IRA and Roth Conversion Mistakes That Cost You in Taxes appeared ...
My husband and I are retired at 60/61. We are trying to bridge the gap between today and Medicare. Today I developed a plan to take a large withdrawal this year and limit income over the next three ye...
Schedule a Free Financial Assessment with an experienced professional: https://bit.ly/YMYWassessC Today on Your Money, Your Wealth® podcast 598, Joe Anderson, CFP® and Big Al Clopine, CPA spitball ear...
Phasing out full-time work creates a unique transition window for Roth conversions. But watch out for these tax traps.
Schedule a Free Financial Assessment with an experienced professional: https://bit.ly/YMYWassessC Joe Anderson, CFP® and Big Al Clopine, CPA are spitballing Roth conversions from every angle today on ...
The 2025 tax law changed the factors involved in the decision to convert a traditional IRA to a Roth.
Roth conversions can be a game-changer for retirees with pensions facing higher tax rates. Find out how much you know about conversions' impact on your money.
Answering listener questions about 529 plans, including how much to save, tax-free growth, withdrawals, Roth IRA rollovers, and what to do with an overfunded account. The post What Doctors Need to Kno...
Retirees with pensions and large tax-deferred accounts often find themselves pushed into permanently higher tax brackets. Here's what you can do about that.
Here's a little history on the Roth IRA, when the backdoor was left open for high earners, and why the government allows us to do this. The post Why the Front Door Is Locked: The Origins of the Backdo...
How does your IRA compare? Discover the average and median Traditional and Roth IRA balances by age in 2026, 2026 contribution limits, and key catch-up strategies.
This is how you can sidestep the "Social Security tax torpedo," a common issue where tax-deferred retirement accounts unexpectedly increase your tax burden.
Schedule a Free Financial Assessment with an experienced professional: https://bit.ly/YMYWassessC Today on Your Money, Your Wealth® podcast number 595, Joe Anderson, CFP® and Big Al Clopine, CPA spitb...
Laura Stover, RFC® and Michael Wallin, CFP® discuss the Baby Boomer Dilemma documentary and its implications for pre-retirees and retirees. The film talks about many topics we routinely cover on the s...
We're more than halfway through 2023 and we've already seen the impact SECURE Act 2.0 has on retirement planning. These first six months have given the financial industry time to identify some of the ...
Americans have been falling behind on retirement planning for some time now, and the past two years have only increased the difficulty to save money and grow a nest egg. This recent trend emphasizes t...
For the vast majority of retirees, there will come a time when the IRS comes calling and you're required to start taking money out of qualified retirement accounts. These required minimum distribution...
It's that time of the year where taxes become top of mind as people look through income over the past year to get their filing in order, but taxes need to be at the forefront of your financial plannin...
The recent passing of SECURE Act 2.0 brought about a long list of planning opportunities, but the change in age for required minimum distributions will give advisors a chance to think outside the box ...
Learn how Roth conversions work, when they may make sense, and how taxes, RMDs, Medicare premiums and withdrawal rules may affect your retirement plan.
Discover how a 69-year-old engineer can successfully convert a $1.2 million IRA to a Roth before RMDs begin. Learn about IRMAA, tax issues and legacy planning.
Retirement tax planning isn't simply about following IRS rules or minimizing what you owe this year. Jeremy Keil answers three listener questions that demonstrate why focusing on one tax return at a t...
Free retirement training for people within 10 years of retirement and $1M+ saved. Watch “The Sequoia System Training” here: https://learn.rootfinancial.com/ad021b ======================= I've spent 15...
Plunging stock prices may keep investors up at night. But there's a silver lining to a down market: it's a prime time to save taxes on a Roth IRA conversion.
I need to run some different scenarios, as I’ve recently learned about the potential benefits of waiting to collect social security, using various other income streams in the meantime and all the vari...
Paul and Angela in Florida are 52 and 45. What's the earliest the two of them can walk away from work at the same time, so Paul can spend a whole lot more time in the boat? That’s today on Your Money,...
A custodial Roth IRA lets parents help a child with earned income start building long-term wealth. By starting early, children gain decades of potential tax-free growth while learning the value of sav...
Schedule a Free Financial Assessment with an experienced professional: https://purefinancial.com/lp/free-assessment/?utm_source=captivate&utm_medium=podcast&utm_campaign=free-assessment&utm_content=ym...
Roth conversions sound like a no-brainer — pay more tax now to pay less in future. But you need to understand your tax bracket to make sure they'll work for you.
Two CFP® professionals answer real questions on Roth conversion timing, the pro rata rule, and avoiding surprise Medicare or ACA costs. The post Backdoor Roth, Mega Backdoor Roth & Your IRMAA/ACA Cost...
How do you know when it's worth optimizing your retirement plan and when it's better to keep things simple? This week, Roger answers a listener question by exploring Aristotle's concept of the "golden...
Schedule a Free Financial Assessment with an experienced professional: https://purefinancial.com/lp/free-assessment/?utm_source=captivate&utm_medium=podcast&utm_campaign=free-assessment&utm_content=ym...
Before you touch your retirement fund, consider how taxes and financial aid rules change the math. In this week's Wealth Wise column, we break down the right choice.
If you could do a Roth conversion at a discount (pay less in tax than you would expect), would it be a more attractive play to you? The post Do a Roth Conversion at a Discount appeared first on The Wh...
Keen on Retirement listener "Joe" is 51 and his wife is 60. They are thinking about an early retirement before either of them turns 65. Joe wrote in asking about the best strategy for coordinating Soc...
A Roth conversion is a powerful tax-saving tool, but there are several situations where taking that leap might actually cost you more in the long run.
This Roth retirement savings strategy allows high earners to sock away up to $72,000 a year — if their workplace plan permits it.
Roth vs. Traditional is a tax‑timing decision: pay tax now or later. Roth suits low‑bracket earners; Traditional helps high‑bracket savers; late‑career planning favors strategic conversions. Blending ...
Schedule a Free Financial Assessment with an experienced professional: https://bit.ly/YMYWassessC Today on Your Money, Your Wealth® podcast 590, Joe Anderson, CFP® and Big Al Clopine, CPA spitball for...
I've got a decent chunk saved for retirement (to the point where I'm beginning to back off on contributions a bit), but I'm still a few years out, so I have some time to make some adjustments. What ar...
Beyond the free $1,000, funding a Trump Account can leave your child with less post-tax than a brokerage account, unless you get the Roth conversion right. The post A Trump Account Can Leave Your Kid ...
Schedule a Free Financial Assessment with an experienced professional: https://bit.ly/YMYWassessC The margin loan debate continues today on Your Money, Your Wealth® podcast number 589. Jack and Jill r...
For those who are between 59 1/2 and 65, do look into doing (some) Roth conversions within your IRA/401K accounts. If you don't, you may end up in a bind in the future. I did not do any Roth conversio...
Can anyone help me with this? I've got a pension, and it has an increase every year which is a fixed dollar amount and I can't find a calculator that supports this. So if my pension is $38,000 and my ...
This week Roger explores the idea of "digging where your feet are" and how focusing on what you can do today can reduce anxiety about the future and regret about the past. In the Retirement Toolkit, h...
Staring down a massive RMD tax bill at age 75? Relocating to a zero-tax state for a few years could slash your Roth conversion costs. Just beware of the pitfalls.
Clients can maximize profits by paying the tax bill outside of the conversion — and more reminders for advisors before they guide clients through Roth conversions.
This week Roger breaks down IRMAA Medicare surcharges and why retirees should understand them without letting them dominate retirement planning decisions. He explains how the income thresholds work, c...
I am thinking of rolling my 401K which has a mix of mostly Roth and the company match in pre-tax into my existing Rollover IRA and Roth IRA. It seems like it will be simpler to manage and I will be ab...
Florida is the future retirement home. I’ve called Florida home for almost 50 years. I travel extensively for work and met BF six years ago. BF, future husband, lives in AZ. Plan is to sell both our r...