Podcasts about roth 401k

In this episode of Beer and Money, Alex Collins discusses various strategies for contributing to Roth accounts, including Roth IRAs, Roth 401ks, backdoor Roths, municipal bonds, and permanent life insurance. He emphasizes the importance of consulting with tax professionals and understanding individual circumstances when choosing the best strategy for tax-free growth and withdrawals. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Roth accounts use after-tax dollars for contributions. Roth IRA contribution limits are $7,000 per person per year. Income limits apply for Roth IRA contributions. Roth 401k options are increasingly common in employer plans. Conversions from traditional to Roth accounts incur taxes. Municipal bonds offer tax-exempt income but vary by state. Permanent life insurance can provide tax-free access to cash value. Consulting a tax advisor is crucial for these strategies. Understanding individual financial situations is key to choosing strategies. A combination of strategies may be the best approach.   Chapters 00:00 Introduction to Roth Strategies 02:25 Exploring Roth IRA Contributions 04:14 Understanding Roth 401k Options 06:54 Utilizing Municipal Bonds for Tax Benefits 08:15 Permanent Life Insurance as a Roth Strategy

Choosing between traditional and Roth 401k contributions is difficult. It forces us to make a guess about our taxes years or even decades from now. In this video, we'll discuss some of the factors that can affect this decision. And then, I'll share one strategy that may make the decision much easier.Join the Newsletter. It's Free:https://robberger.com/newsletter/?utm...

R. Kenner French discusses the benefits of using a 401k to lower tax liability and prepare for retirement. He shares two specific scenarios where individuals wanted to reduce their tax liability and save for retirement. He explains the process of setting up a 401k and how it can lower tax liability by deferring income. Kenner also discusses the difference between pre-tax and Roth contributions and the tax implications of each. He emphasizes the importance of consulting with a professional to determine the best strategy based on individual tax situations.Takeaways• A 401k can be an effective tool for small business owners to lower tax liability and save for retirement.• Setting up a 401k allows individuals to defer income and receive tax deductions on contributions.• There are two types of contributions to a 401k: pre-tax and Roth. Pre-tax contributions provide immediate tax savings, while Roth contributions offer tax-free growth and withdrawals.• Consulting with a professional is crucial to determine the best strategy based on individual tax situations.Sound Bites• One of the easiest ways a small business owner can lower tax liability is with a qualified plan.• Does it make sense for him to do it pre-tax meaning of using a traditional 401k or after tax, meaning a Roth IRA?• He wouldn't be taxed next year. It's not going to be tax year after that. It's not going to be tax year after that. Let's say 20 years down the road.Listen & Subscribe for More:

In Episode 303 of More than Commas, Elijah Fowler talks about the differences between traditional 401(k) and Roth 401(k) retirement plans. He explains that traditional 401(k) contributions are made with pre-tax dollars, providing immediate tax benefits, while Roth 401(k) contributions are made with after-tax dollars, allowing for tax-free withdrawals in retirement. The episode also covers employer matching contributions, withdrawal flexibility, and required minimum distributions (RMDs), highlighting how each option can impact your financial strategy.   ---   This Material is Intended for General Public Use. By providing this material, we are not undertaking to provide investment advice for any specific individual or situation or to otherwise act in a fiduciary capacity. Please contact one of our financial professionals for guidance and information specific to your individual situation. Sound Financial LLC dba Sound Financial Group is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. Insurance products and services are offered and sold through Sound Financial LLC dba Sound Financial Group and individually licensed and appointed agents in all appropriate jurisdictions. This podcast is meant for general informational purposes and is not to be construed as tax, legal, or investment advice. You should consult a financial professional regarding your individual situation. Guest speakers are not affiliated with Sound Financial LLC dba Sound Financial Group unless otherwise stated, and their opinions are their own. Opinions, estimates, forecasts, and statements of financial market trends are based on current market conditions and are subject to change without notice. Past performance is not a guarantee of future results.

Joe Anderson, CFP® and Big Al Clopine, CPA spitball on paying the tax on your Roth conversions on Your Money, Your Wealth® podcast number 507. If you take the money out of your retirement account, what does Joe mean that you'll be “paying the tax to pay the tax to pay the tax”? Can you pay it from the Roth account itself, or from your monthly pension tax withholding? Are the fellas wrong on this whole topic altogether? They also spitball on withdrawing Roth 401(k) contributions that were rolled to an IRA, those infamous 5-year rules for withdrawals from Roth accounts, when to do Roth conversions, saving to tax-deferred, taxable, or tax-free accounts, and how long-term capital gains taxes fit into the picture. Plus, consolidating individual stock investments and the fate of the home office deduction, and what Joe thinks about the Apple Podcasts reviewer that says he's checked out. Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-507 DOWNLOAD The 5 Year Rules for Roth IRA Withdrawals  DOWNLOAD The Withdrawal Strategy Guide WATCH How to Break Through Retirement Barriers on YMYW TV CALCULATE your free Financial Blueprint REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis SCHEDULE: free financial assessment SUBSCRIBE: YMYW on YouTube DOWNLOAD: more free guides READ: financial blogs WATCH: educational videos SUBSCRIBE: YMYW Newsletter Timestamps: 00:00 - Intro: This Week on the YMYW Podcast 01:06 - Can I Withdraw Roth 401(k) Contributions That Were Rolled to IRA? (Peter LemonJello, FL) 05:32 - Paying the Tax to Pay the Tax” on Roth Conversions Clarified (David) 09:13 - Should We Save to Tax-Deferred Accounts, Backdoor Roth, or Brokerage? (David & Victoria, Cincinnati, OH) 15:23 - Watch How to Break Through Retirement Barriers on YMYW TV, Calculate Your Free Financial Blueprint 16:17 - Should I Do Roth Conversions at Age 66 If I Want to Retire at 70? (Mike, PA) 17:49 - You're Wrong About Roth Conversion Tax Payments (Robert, YouTube) 20:20 - Can I Pay Roth Conversion Tax From Monthly Pension Withholding? (Big Toe Knee, YouTube) 20:45 - Should I Consolidate Individual Stocks Into ETFs? (Lu, YouTube) 22:44 - Do I Understand the 5-Year Rules for Roth Withdrawals? (NR, YouTube) 25:51 - Download the 5-Year Rules for Roth IRA Withdrawals and the Withdrawal Strategy Guide 26:39 - Was the Home Office Deduction Eliminated Under the Tax Cuts and Jobs Act? (George, YouTube) 27:30 - Contributing to Roth vs. Pre-Tax: Would It Count as Long-Term Capital Gains? (Moriel, YouTube) 30:16 - Is it a Good Idea to Pay Roth Conversion Tax Out of the Roth? (Michelle, Facebook) 31:35 - Joe is Completely Checked Out (Anonymous Apple Podcasts Review) 33:19 - Outro: Next Week on the YMYW Podcast

In this episode host Josh Nelson has a great topic for everyone to explore.              It's important to look at. And the younger you are, he highly encourages you to look at Roth IRAs and Roth 401K's. If you've got a long time horizon, this episode will probably work to your advantage too. While he can't say anything is guaranteed, the message in this episode could likely work to your advantage to have many years of tax-free growth by making Roth contributions. Instagram: https://www.instagram.com/keystonefin/Twitter: https://twitter.com/Keystone_Fin?advisorid=33004651Contact Josh Nelson: https://www.keystonefinancial.comContact Jeremy Busch: https//www.keystonefinancial.comPodcast Editing: Tim Leaman/info.primegen@gmail.com

Kevin Brucher discusses significant changes to 401k plans coming in 2025, including increased contribution limits and automatic enrollment. He emphasizes the importance of maximizing retirement savings, understanding required minimum distributions (RMDs), and the benefits of Roth 401k contributions. The conversation also covers health savings accounts (HSAs), annuities, charitable giving strategies, and estate planning for blended families, providing listeners with valuable insights for their financial futures. Call 800-975-6717. Visit Silver Leaf Financial to learn more.See omnystudio.com/listener for privacy information.

Trump & Kamala Debate: Boring and horrible. Name calling. Accusations. Nothing interesting or intelligent. Markets:YTD: S&P up 16%.Tech (QQQ) up  15%.High Quality up 10%.Building Wealth for your kids: My Blog analysis on Building wealth for kids. 529s and Roth 401k. Small investments over time create generational wealth.Nvidia$3t market cap. $30b revenue/qtr.  $28b in cashflow.Mgmt style: Jensen Huang on Working. Government vs Capitalists: All in at 56.30: Friedberg: Do you want someone who has lived in government or is not a government operative? Career civil servants vs. capitalists. 1.17.40.  Government spending is 50% of GDP. So could say ½ of people are employed directly or indirectly by government. Free market system is finished if there are more “takers” than “makers”.Government Efficiency (oxymoron):Donald Trump on Government efficiency commission:From WSJ: Trump Proposes 15% Tax Rate for Some Companies and a Role for Elon Musk in GovernmentElon Musk has said that all laws/regs should be auto-repealed after 20 years or some time. Otherwise we're in a web of bureaucracy. Getting a Loan from DOE is near impossible. I have a story.TeslaTesla Robotaxi day on October 10. SpaceXThe company confirmed that the SpaceX Crew Dragon spacecraft carrying the crew reached its peak altitude of 1,400.7 kilometers (870 miles).That distance surpassed the record set by NASA's 1966 Gemini 11 missionAlso!!! 60 day delay for Starship launch. “Unfortunately, we continue to be stuck in a reality where it takes longer to do the government paperwork to license a rocket launch than it does to design and build the actual hardware,” the firm said. “This should never happen and directly threatens America's position as the leader in space.”https://www.spacex.com/updates/Nuclear Power imperative by Bill and Brad.Recommendations:Bryson DeShambeau on YouTube:Breaking 50. With Tony Romo (64 is his lowest round). Eagled 1st hole!! Podcasts:Smartless interview with Michael Keaton. Rogan ActorsRussel CroweDennis QuaidTV: Wyatt Earp on Netflix. 

Mike discusses tax planning and retirement savings rules that have recently changed, including the elimination of required minimum distributions (RMDs) from Roth 401(k) plans and the reduction of penalties for missed RMDs. The discussion also touches on the importance of tax planning and maximizing the benefits of 401(k)s and IRAs. The conversation concludes with a mention of catch-up contributions for high earners and alternative solutions for tax-savvy individuals. Want to begin building your retirement plan? Schedule a call with us here:

In this episode: debt and investing, the 4% rule, Roth 401k and traditional 401k, and total return investing. This week we are back with a listener Mail Bag featuring returning guest Rachael Camp! Together, we will be answering questions and giving our feedback on nuanced topics asked by the community! Listen along for discussions about the 4 percent rule, how taxes are factored into your FI number, investing in dividends, paying down debt versus investing, and finally a shortlist of actionable steps one could take if they are young and beginning their FI journey. There is much to discuss and so much more to learn this week as we tackle your FI questions!  Rachael Camp offers advisory Services through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600. Camp Wealth is not affiliated with the CFD companies.

“The information I am providing is my opinion and not necessarily that of my firm or this platform. I am only providing general educational information and not any customized investment recommendations. You should consult with your Financial Advisor, Tax Advisor or Attorney on your specific situation. Nothing shall be construed as Financial, Tax or legal advice or recommendations” In this workshop titled "Smart 401K Decisions" for Moderna employees, Kris Flammang and Collin Habig of LPF Advisors provided a comprehensive overview of Moderna's 401K plan. They began by explaining eligibility and contribution guidelines, including age and service requirements, company match details, and the options for Roth 401K contributions. They discussed the importance of diversifying investments, utilizing target date funds, and the flexibility within the plan. The session covered distribution options upon retirement or changing jobs, potential tax implications, and ways to avoid penalties. Common mistakes, such as failing to update beneficiaries or not maximizing contributions, were highlighted. The workshop emphasized the importance of aligning 401K strategies with overall financial goals and offered further resources and personal consultations to help employees optimize their retirement planning. The advisors encouraged participants to take advantage of auto-escalation features and consider a comprehensive approach that includes stock options and RSUs. They concluded by inviting attendees to contact them for personalized advice and future workshops on related topics. Takeaways Understanding Eligibility and Contributions: Employees become eligible for the Moderna 401K plan at 21 with one month of service. Contributions can be adjusted anytime, and setting an auto-increase is recommended for better savings. Maximizing Company Match and Roth 401K Options: To maximize the company match, employees should contribute at least 6% of their eligible earnings. High-income earners can benefit from the Roth 401K option, which allows for tax-free withdrawals in retirement. Diversifying Investments: The plan offers various investment options, including target date funds and individual funds, emphasizing the importance of diversification and matching investments to one's risk tolerance and time horizon. Distribution Options and Tax Implications: Upon retirement or changing jobs, employees have several distribution options, including lump sum withdrawals and direct rollovers to IRAs. They should be aware of tax implications and potential penalties for early withdrawals. Avoiding Common Mistakes: Listeners are reminded to regularly update their beneficiaries, increase contributions as income rises, and ensure their investments align with their risk tolerance and retirement timeline to avoid common mistakes in managing their 401K. Connect with Kris Flammang: (5) Kristopher Flammang CRPC®AIF®BFA® | LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

So many retirement questions have no right answers. They're simply judgment calls. In this episode, we'll explore whether it makes sense to switch to a Roth 401K. Don't listen to find out the answer. Listen to learn the process to use to come up with your own answer. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [2:03] Does it make sense to switch to a Roth 401K [13:55] An IRMAA surcharge question [18:18] Can you use the Rule of 55 for a Solo 401K? [20:36] A backdoor Roth question [26:22] A 5-year rule Roth IRA question [28:36] An organized Social Security question WISDOM FROM THOSE ON THE JOURNEY [31:31] What I wish I had known from Elaine [33:27] What a 70-year-old has learned about retirement TODAY'S SMART SPRINT SEGMENT [36:48] Relax and don't worry about retirement Resources Mentioned In This Episode My recent Forbes article Rock Retirement Club Roger's YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger's Retirement Learning Center  

Many therapists struggle with the complexities of managing their private practice, especially when it comes to financial planning, but understanding these elements is essential.Enter Ryan DeRousseau, a CERTIFIED FINANCIAL PLANNER™ specializing in the unique needs of therapists and small business owners. In this Office Hours episode, host Michael Fulwiler jumps into key topics with Ryan, from the benefits of solo 401(k)s and SEP IRAs to the importance of building a support team of professionals. They also discuss common financial pitfalls therapists face and practical strategies for mitigating them. Plus, Ryan covers investment frameworks, types of retirement accounts, and how to incorporate retirement savings as a fixed expense within your budget.In the conversation, they discuss:The benefits and differences between various retirement accounts such as solo 401(k)s, SEP IRAs, and Roth IRAs, and how they can reduce your overall tax billThe importance of having a professional team, including accountants and certified financial planners, to support the financial health of therapists and small business ownersThe significance of starting retirement savings early to avoid common pitfalls such as unpredictable income and the risk of working in retirement due to lack of fundsResources:The Everything Guide to Investing in Crypto Currency: https://www.amazon.com/Everything-Guide-Investing-Cryptocurrency-Everything%C2%AE-ebook/dp/B07GNTLHZN/Learn how to turn income into wealth: https://thinkingcapfinancial.com/selfemploymentincometowealth/How to save for retirement as a therapist: https://www.joinheard.com/articles/how-to-save-for-retirement-as-a-therapistThe complete guide to financial planning for therapists: https://www.joinheard.com/articles/the-complete-guide-to-financial-planning-for-therapistsWebinar: Financial planning for therapists: https://www.joinheard.com/events/financial-planning-for-therapists-with-ryan-derousseauConnect with the guest:Ryan on Linkedin: https://www.linkedin.com/in/ryanderousseau/Ryan's website: https://www.ryanderousseau.com/Thinking Cap Financial: https://thinkingcapfinancial.com/ryan-derousseau/Connect with Michael and Heard:Michael's LinkedIn: https://www.linkedin.com/in/michaelfulwiler/Newsletter: https://www.joinheard.com/newsletter Book a free consult: https://www.joinheard.com/welcome-form Jump into the conversation:[00:00] Introduction to Heard Business School with guest, Ryan Derousseau[01:54] What a CFP is and their role[03:50] The importance of a CPA or CFP when it comes to owning a business[05:19] Ryan's business model and how he works with clients[06:57] Common financial challenges Ryan see's when working with therapists[09:09] Why therapists need to save for retirement[13:37] The skull, the brain, and the neurons when it comes to investing[15:54] How a 401K works[20:03] What a Roth 401K is and how the Roth is different[22:38] What the SEP IRA is[26:29] The range of risk when it comes to investing in retirement[30:30] The issue of taking money out of retirement early[34:01] The difference between a Simple IRA and Traditional IRA[37:15] All about Capital Gains[37:52] The most powerful tool in retirement tax savings[40:52] Common mistakes Ryan see's therapists make[42:48] The impact of compound interest[44:26] Other common forms of investing Ryan teaches therapists[46:06] How Ryan how helps clients navigate this process of investing into their business[48:23] The difference between income and wealth[51:27] Ryan's free ebook about turning income into wealth[52:26] ClosingThis episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.

Why would you want to make a Roth contribution? If you believe tax rates will be higher in the future, it could benefit you. How? The contributions grow tax-deferred. When you withdraw the money, it's tax-free. A tax-free income can be very beneficial in retirement. In 2024, you can contribute $7,000 to a Roth IRA. If you're over 50, you can contribute $8,000. However, there are income limits for the contributions. Individuals who make over $161,000 can't contribute.  Thanks to the 2017 tax cut, there are some additional ways you can contribute to a Roth IRA. I cover four ways you can get money into Roth accounts in this episode of Retire with Ryan.  You will want to hear this episode if you are interested in... [1:34] How to make a traditional Roth IRA contribution [4:06] Option #1: The Backdoor Roth IRA [8:06] Option #2: Contribute to a Roth 401K [9:16] Option #3: Do a Roth conversion [13:17] Option #4: A Mega Backdoor Roth IRA Option #1: The Backdoor Roth IRA Let's say you're contributing to a Roth IRA indirectly (I talked about this in episode #176). To do that, you have to set up both a transitional and Roth IRA with the same company. Then, you make a non-deductible contribution to your traditional IRA. After that, you fill out a request form to convert that money to the Roth IRA. They'll move it for you. What's the biggest mistake you have to avoid when doing this? Listen to find out!  Option #2: Contribute to a Roth 401K If you have the option to contribute to a Roth 401K, use it. Why? Because there are no income limits on who can contribute to a Roth 401K. You could make well over the limits to contribute to a Roth IRA and still make a contribution. In 2024, you can contribute $23,000 to a Roth 401K or $24,500 if you're over 50.  Option #3: Do a Roth conversion Currently, everyone can convert money in a traditional IRA or 401K into a Roth IRA or 401K. Let's say you have $100,000 in an IRA that you want to convert. You'd have to pay Federal and State tax on the $100,000 you're converting plus any other earned income for the year.  When would this make sense? You don't have to pay a 10% penalty on the conversion if you're under 59 ½. Secondly, if you think you'll be in a higher tax bracket in retirement, and don't need access to the money now, it might make sense to roll it over. It will have time to make back the money you had to pay in taxes upfront.  But your plan has to offer a Roth 401K. You'd choose the amount you want to convert from the traditional IRA to the Roth 401K. You'd pay taxes on the amount you're converting. 40% of 401K plans offer this feature. But you have to consider if the conversion will push you into a higher tax bracket. Option #4: A Mega Backdoor Roth IRA Some 401K plans allow contributions above the traditional $23,500 limit. The IRS has a total pension profit-sharing contribution limit. For 2024, that number is $69,000. That's the total that your employer can contribute to your retirement plan. Let's say you and your employer contribute $30,000.  Because you haven't hit the maximum, there's an additional $39,000 that can be contributed to your 401K as an after-tax contribution. Then you have to convert it to your Roth account. That's the Mega Backdoor Roth IRA. If you're over 50, you can also contribute the additional $7,500 catchup.  Government 457 plans and most 403B plans don't allow this after-tax contribution. Many 401K plans do.  How do you get the most out of that contribution? Find out in this episode!  Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Fiduciary: How to Find, Hire, and Establish an Aligned and Trusted Partnership with a Fee-Only Financial Advisor 7 Backdoor Roth IRA Mistakes to Avoid How a Mega Backdoor Roth IRA Can Accelerate Your Retirement Savings Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact Subscribe to Retire With Ryan

Frank and Frankie discuss the complexities of Roth 401(k) contributions and the potential tax implications for employees. They emphasize the importance of tax planning and explore strategies such as maxing out Roth contributions, converting traditional 401(k) funds to Roth IRAs, and repositioning portfolios to minimize taxes. Connect with the team at A Better Way Financial  to get a second opinion on your retirement plan today! Read our book! Amazon Best Seller, “The Book on Retirement: A Better Way to Stretch Your Retirement Dollars While Living the Lifestyle of Your Dreams.”See omnystudio.com/listener for privacy information.

Today's video is part two of David's interview with Larry DeLegge, the co-founder of Power of Zero. They discuss the tax bracket you should avoid when doing a Roth conversion. They start the conversation by describing why it's a no-brainer to pay your taxes today at 22 or 24% marginal rates. Instead of rushing to complete Roth conversions by 2026 and potentially bumping into higher tax brackets, David suggests stretching the conversions over several years. After 2026, the tax brackets are expected to increase, with the 22% bracket becoming 25% and the 24% bracket becoming 28%. However, these brackets are still lower than the higher brackets (32%, 35%, 37%) that one might be forced into if they rush the Roth conversion. David reveals why he advises people to do Roth conversions but only follow a restrained approach to Roth conversions.  David talks about the ideal balance for saving money in taxable, tax-deferred, and tax-free buckets.  What will happen to standard deductions come 2026? David is not worried about the standard deduction. He explains that standard deductions will be around for the foreseeable future, and there are no indications of the government getting rid of them.  For David, it's more prudent to plan for higher taxes than to speculate on the complete elimination of the standard deduction. All financial advisors agree that tax rates will be significantly higher in the future, which supports the strategy of paying taxes now at lower rates. Should people use cash to pay tax on Roth conversions now, or should they contribute it to a Roth 401(k) now? David's advice is for people to go with the Roth 401K.      Mentioned in this episode: David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code DavidMcKnight.com DavidMcKnightBooks.com PowerOfZero.com (free 3-part video series) @mcknightandco on Twitter  @davidcmcknight on Instagram David McKnight on YouTube Get David's Tax-free Tool Kit at taxfreetoolkit.com

Want to actually have peace of mind for you and your client's futures? Don't let a year go by where you aren't funding tax-free accounts to protect your future. Retirement expert David McKnight is breaking down all the must-know information to minimize taxes in your future retirement and give you the knowledge you need when helping clients prepare for their future too! David breaks down what you should be investing in at your current age, the benefits of IULs, and what we can expect (and should be preparing for NOW) with the coming tax change in 2026. We also learned how tools like cash value life insurance and Roth conversions can help shield savings from higher future taxes. This episode is a wealth of information that will literally protect your wealth and your future!HIGHLIGHTS03:15 The power of the 0% tax bracket.05:30 What can I do to shield myself from taxes and prepare for retirement?07:30 What can we invest in to lower our tax burden other than Roth IRAs, Roth 401K's, and life insurance?11:15 How to calculate how much money you need for retirement (and strategic planning for what accounts to pull from.)16:00 How today's financial gurus are leading you astray. 17:00 What should I be recommending for my clients to help them with their life insurance plan?22:15 What can insurance agents expect in 2026 with the tax law changing?26:00 The Hero's of Zero and what you can expect next.RESOURCES + LINKSAttend David's upcoming Event - Heroes of Zero, May 16th + 17th in Nashville, TNWatch the full episode on YouTube: HEREJoin Thousands of Insurance Agency Owners and Build Your Business - With our Proven System Responsible for over 200 million in Insurance Sales! FREE 7-Day Demo TRY NOW  Learn to Become a 6 Figure Life Insurance Producer HERETrain Your New Hire in Just 10 Days HERE"Game Changer: Taking Your Insurance Agency To The Next Level" by Michael Weaver: Unlock the secrets to success in the insurance industry. ORDER NOW  Connect Directly with Us:Text "BUZZ" to (816) 727-7610 to chat directly with Michael & Courtney    Share Your Feedback:Let us know what you loved about today's episode - leave us a google review! FOLLOWMichael + Courtney: @mandcweaverMichael Weaver: @_michealweaverCourtney Weaver: @courtneyvieYouTube: Michael and Courtney WeaverFollow DavidInstagram @davidcmcknightFacebook Facebook @davidmcknightLinkedIn @davidmcknightYoutube The Power of ZeroTw

In this conversation, Chris Hoffman discusses various aspects of 401k retirement savings plans. He addresses misconceptions about 401ks, such as the belief that they are the best place for retirement savings when they may be the only option for some individuals. He also highlights the benefits of Roth 401ks and the importance of considering other investment tools, such as cash value life insurance. Additionally, he advises on strategies for maximizing 401k savings, including in-service withdrawals and utilizing brokerage link accounts. Chris also emphasizes the importance of avoiding common pitfalls, such as borrowing from a 401k and investing in mutual funds. Visit Unleash Your Money to learn more and sign up to get your 401(k) X-Ray. Call 404-341-6767.See omnystudio.com/listener for privacy information.

What is a Roth conversion? Should you do a Roth conversion? When is the best time to do a Roth conversion? If questions like these have been circulating in your mind, this is the episode for you. I'll break down when doing a Roth conversion might make sense for you (and why your CPA might not like it) in this episode of Best in Wealth. [bctt tweet="What is a Roth conversion? Should you do a Roth conversion? I share my expert opinion in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [1:03] There are some great CPAs out there [3:56] What is a Roth 401K or IRA? [7:41] Should you do a Roth conversion? [9:37] When to do a Roth conversion [13:37] Why you should work with a financial advisor Understanding Roth conversions Your money is either taxable, tax-deferred, or tax-free. Taxable money might be held in a savings account or brokerage account. You may collect interest and dividends. Taxes are due in the year those things happen. Tax-deferred accounts are traditional IRAs, traditional 401Ks, and other retirement plans. You're contributing money to get a tax break. The money grows and you have to pay taxes on the earnings you make. A tax-free account—like a Roth IRA or 401K—means you contribute after-tax money. You also don't pay taxes on the distributions (because you already paid the taxes). You can convert some of a traditional IRA or 401K and convert it into a Roth account. But all of those dollars are taxable. If you make $100,000, a Roth conversion might land you in the 22% tax bracket (and likely the next one or two brackets above that). It may not be wise to do a large Roth conversion when you make a good amount of money. So when should you? Should you do a Roth conversion? If you have deferred money in a Roth IRA, you can do a conversion. But should you? When would you consider it? There's no easy answer and it will be different for everyone. But there are some circumstances in which it might be better. For example, if you lost your job, took a sabbatical, or didn't earn as much money and you're in a low tax bracket because of it, it might be a great time to do a Roth conversion. If your income level is lower, you can convert some over at a lower tax rate than when you made the contribution. [bctt tweet="Should you do a Roth conversion? I break down why it's not a one-size-fits-all answer in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Roth conversions can't be undone Before doing a Roth conversion, consult with a CPA or Financial Advisor. Why? Because it can't be undone. Let's say you're taking a sabbatical or recently got laid off. So you decided to convert $50,000 of your traditional IRA. But two months later you‘re offered a job you can't refuse. You get a sign-on bonus of $100,000. Suddenly you're making $300,000 a year. That $50,000 that was going to be taxed at 10% is now in the 32% tax bracket. Ouch. In the old days, you could move it back—you can't do that anymore. So if you are on a sabbatical or lost your job, wait until later in the year before doing a Roth conversion. When should you do a Roth conversion? Retirees who have a long runway before receiving social security or taking required minimum distributions and those with large traditional accounts can consider it. If you can live on your taxable account and there's no other taxable income coming in, you can do conversions over years at a lower tax rate. Once you start collecting social security, it can be more difficult to do conversions because it may increase your tax rate. That's why you need to work with a financial advisor. [bctt...

More employers are offering the choice between a Traditional 401K or 403B and a Roth 401K or 403B. How do you choose which one is best for you? Unlike with the choice for which IRA to use (the backdoor Roth IRA is the clear winner for physicians), deciding between for 401Ks or 403Bs involve more thought. The hardest part of making the decision is predicting your marginal tax rate when you are withdrawing from your retirement account. Tune in to this week's episode to learn more.  If you would like to see historical tax rates at different tax brackets, you can find that information at  https://taxfoundation.org/data/all/federal/historical-income-tax-rates-brackets/ If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook You can learn more about Elisa at her website or follow her on social media.Website: https://ww.GrowYourWealthyMindset.comInstagram https://www.instagram.com/GrowYourWealthyMindsetFacebook https://www.facebook.com/ElisaChianghttps://www.facebook.com/GrowYourWealthyMindsetYouTube: https://www.youtube.com/c/WealthyMindsetMDLinked In: www.linkedin.com/in/ElisaChiang  Registration is now open for the Leverage and Growth Summit, which will be February 26 to March 1, 2024. VIP All-Access pass is $97 thru February 25, 2024. it goes up to $197 during the conference and $297 after the conference ends. Please consider registering with my affiliate link, https://passiveincomemd.com/LGS2024-Elisa-Chang If you do buy a VIP pass, I will receive a commission which su

Now that we know what FIRE is, let's learn the benefits. In this episode of Retirement Answer Man, Kevin Sebesta joins me to discuss the benefits of FIRE.  Afterward, Mark Ross comes aboard to noodle on why creativity is important in retirement. And finally, Taylor Schulte from the Stay Wealthy podcast helps me answer some listener questions. Don't miss out on this informative episode! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:41] Life as a journey [3:00] Benefits of retiring early BRING IT ON WITH MARK ROSS [19:09] Why is creativity important? LISTENER QUESTIONS WITH TAYLOR SCHULTE [25:52] About the Retirement Podcast Network [28:43] How to choose between investing in a Roth 401K and a traditional investment account [33:55] Timing a reallocation of assets [39:45] A good, detailed, free retirement calculator [44:55] Why Rosie didn't hire another financial planner TODAY'S SMART SPRINT SEGMENT [50:28] Define whether your decisions are hats, haircuts, or tattoos Resources Mentioned In This Episode New Retirement Calculator The Retirement Podcast Network Stay Wealthy Podcast Define Financial BOOK - Coaching Beyond Words by Anna Sheather BOOK - How to Think Like Leonardo DaVinci by Michael Gelb BOOK - Atomic Habits by James Clear PODCAST - Choose FI PODCAST - Catching Up to FI BOOK - The 100-Year Life by Andrew Scott and Lynda Gratton BOOK - The Second Mountain by David Brooks  Rock Retirement Club Roger's YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger's Retirement Learning Center

Time for a Friday Flight- our little sampling of the week's financial news and what it means for your personal finances. There are a lot of headlines out there, but we boil them down to specific takeaways that will allow you to kick off the weekend informed and help you to get ahead with your money. In this episode we explain some relevant and helpful stories like: BTC for the masses, blending work and life, what are you optimizing for, a slowing job market, WFH fairness, Roth 401k revamp, IRA matches, MrBeast's debt dystopia, do-or-die insurance ordeals, & keeping lifestyle creep at bay.   Want more How To Money in your life? Here are some additional ways to get ahead with your personal finances: Knowing your ‘money gear' is a crucial part of your personal finance journey. Start here.  Sign up for the weekly HTM newsletter. It's fun, free, & practical. Join a thriving community of fellow money in the HTM Facebook group. Find the best credit card for you with our new credit card tool! Massively reduce your cell phone bill each month by switching to a discount provider like Mint Mobile.   And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you're not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money. Have an awesome weekend!   Best friends out!See omnystudio.com/listener for privacy information.

We're sharing this month's mailbag episode a bit early, but we have 3 great listener questions lined up for today's show! Miyuki asks if Scott can explain more about tax harvesting and how to take advantage of a stock loss. Lauren asks about the tax consequences of withdrawing from the Roth side of her 401(k) after 2023. Click play to see what you can learn!   Here are the questions we discuss in this episode: Can you explain more about tax harvesting? I sold two individual stocks last month. Both are a loss, but I don't know how I can take advantage of this loss. I was just laid off. I am past full retirement age and the Roth side of my 401k hits 5 years on the 1st of 2024. Can I withdrawal from the Roth 401K side without tax consequences after 2023? The 401k plan has pre-tax and post-tax (Roth). Is withholding required on post-tax Roth 401k money?   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen dive into the best tax-free vehicle to grow wealth - the Roth account. They discuss the significant benefits of Roth accounts, the power of time value of money, and the importance of planning and executing strategies before the year ends.Here's what you can expect:An explanation of how to use the best tax-free vehicle to grow and earn wealth, and the benefits of the Roth account.A walkthrough of the strategies to build the Roth account most effectively, including the backdoor Roth IRA and the mega backdoor Roth 401K.The hosts discuss the year-end issues and the importance of planning and executing strategies before then.A detailed discussion on three main groups of people; the entrepreneur with no employees, the corporate employee with no ownership, and the entrepreneur with employees. Insights into the more technical aspects of the Roth account and strategies, such as the after-tax employee contribution and the conversion to Roth.Expert advice for entrepreneurs with employees on exploring safe harbor plans for the most benefits.Listen to this episode to gain valuable insights and strategies on maximizing your Roth accounts and planning for year-end to optimize your wealth growth! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Curious what my new certification is all about? Learn More Looking to connect with a rock star law firm? KKOS is only a click away! Grab my FREE Ultimate Tax Strategy Guide HERE! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

In this episode, Ryan and Alex discuss the top five things they would tell their moms to ask if they were interviewing financial advisors. The beer of the day is Pitchfork IPA from Remlinger Brewery. If you would like to learn more about this beer, please visit their website https://remlingerfarms.com/brewery/ If you would like to learn more about Quantified Financial Partners, please visit our website www.beerandmoney.net  

In this episode, we cover the debated question of whether you should contribute to Roth retirement accounts (such as a Roth IRA or Roth 401K) or traditional retirement accounts (such as a traditional IRA or a traditional 401K)? You'll see that the answer to that question is both simple on the surface, yet more complex once you dive a bit deeper. If you need some guidance on your financial journey, reach out to me about coaching opportunities through Instagram or by emailing me at pathefiway@gmail.com Are you just beginning your journey to financial independence and want to learn more? Download your FREE copy of the PA the FI Way Beginner's Workbook here! Website / Blog: pathefiway.com - View website to learn more about financial independence and to learn how we can work together to help you with your financial and career goals on your way to FI! Enjoy the show? You can now support the PA the FI Way podcast through Buy Me a Coffee! Thank you for all of your support! https://www.buymeacoffee.com/pathefiway Follow along on Instagram: @pathefiway https://www.instagram.com/pathefiway/ Follow or connect on LinkedIn: https://www.linkedin.com/in/katarina-kat-astrup-mspas-pa-c-175848255/ Join the private Facebook group created for current and future PAs on their journey to financial independence: https://www.facebook.com/groups/pathefiway Like the Facebook page to follow along for updates: https://www.facebook.com/pathefiway Keywords: Roth IRA , traditional IRA , Roth 401K , traditional 401K , physician associate , physician assistant , physician assistant financial independence , physician associate financial independence , physician assistant finances , physician associate finances , physician assistant finance , physician associate finance , physician assistant money , physician associate money , physician assistant school , physician associate school , PA school , PA-S , PA-C , pre-PA , physician assistant student , physician associate student , nurse practitioner , physician assistant fellowship , physician associate fellowship , sabbatical

In this episode, Steve explores a crucial aspect of retirement planning for Generation X—those in their late 50s. Astonishingly, only 40% of Gen Xers work with financial advisors.   Steve delves into a significant tax change set for 2026 that will impact those earning over $145,000, requiring them to opt for a Roth 401K. He highlights the importance of staying informed and diligent in navigating these financial intricacies. However, he emphasizes that Gen Xers might be missing out on alternative retirement savings strategies beyond traditional options. Steve discusses how over-funding these policies can create a substantial tax-free sum of money during one's lifetime. He emphasizes the potential of these policies to generate tax-free income and provide a tax-free death benefit, offering a unique perspective beyond the conventional 401K and IRA.  Call Steve at 508-544-0560 for your Complimentary Portfolio Review! See omnystudio.com/listener for privacy information.

In this webinar, Mat Sorensen, CEO, and Aaron Halderman, COO of Directed IRA discuss everything you need to know about Solo 401(k)s We cover the following topics:-New Roth Rules for 2023 and Beyond-Contributing 10 times more annually than an IRA-Understanding the necessity of an LLC for a Solo 401(k)-Qualification criteria-Avoiding common mistakes-Exploring the increased contribution limits for 2023 ($66k) and 2024Learn how to take control of your retirement - https://directedira.com/Self-directed IRA Podcast - https://matsorensen.com/podcast/Shop my products - https://shop.matsorensen.com/ Blog & Articles - https://matsorensen.com/blog/ Connect with Mat online:Instagram: https://www.instagram.com/matsorensen/Facebook: https://www.facebook.com/mat.sorensen.1LinkedIn: https://www.linkedin.com/in/matsorensen/Twitter: https://twitter.com/matsorensen YouTube: https://www.youtube.com/@MatSorensen

This week Mike Morton and I put the Traditional 401k and the Roth 401k in a head-to-head battle of the retirement accounts. If you've been following this podcast for a while, you are well aware of what a 401k account is a tax-advantaged way to help fund your retirement. Just in case you need a refresher, a 401k, or 401(k), is a retirement savings plan offered by many employers in the United States. It's a valuable tool that allows you to save for your retirement while enjoying potential tax benefits. There are two types of these accounts, a Traditional and a Roth. Which is right for you? Follow the fight to find out.

Traditional vs. Roth 401k - Which is truly better? This week Matt Robison and I put the Traditional 401k and the Roth 401k in a head-to-head battle of the retirement accounts. If you've been following this podcast for a while, you are well aware of what a 401k account is a tax-advantaged way to help fund your retirement. Just in case you need a refresher, a 401k, or 401(k), is a retirement savings plan offered by many employers in the United States. It's a valuable tool that allows you to save for your retirement while enjoying potential tax benefits. There are two types of these accounts, a Traditional and a Roth. Which is right for you? Follow the fight to find out.

A petición popular, vuelven las lecciones de dinero que hubieran sido útiles saber antes de los 25 años…pero con un “twist”.En este episodio, les traemos las lecciones que nuestra fiel audiencia de Café on a Budget nos compartió a través de las redes sociales.Así que bájalo ahora mismo y no te olvides de compartirlo.Agenda una consulta con nosotros donde le haremos una radiografía en detalle a tus finanzas y sabrás cual es el próximo paso a seguir para lograr tus metas financieras...Dale al enlace para más detalles. Recuerda que son pocos espacios. https://www.cafeonabudget.com/offers/ALLEZ2Mn

David starts the conversation by describing why he's not a huge fan of Doug Andrew's retirement philosophy. David then talks about the differences between Doug's approach and the Power of Zero approach for funding your retirement. According to Doug, you risk jeopardizing your retirement if you have money in an IRA or a 401K. There's the danger of losing a sizable portion of your portfolio if the markets were to crash like they did in 2008. To protect your retirement, Doug believes it would be best to move all your money in the stock market into a Laser Fund/Indexed Universal Life Insurance. David interprets this to mean that Doug dislikes stock market investing. For David, the stock market is the single greatest engine of wealth creation the world has ever seen. What about risks and volatility? David explains that the longer you invest in the stock market, the more likely you won't lose money and grow your assets over time. David prefers a retirement strategy that views the IUL as one component of a balanced, comprehensive approach to tax-free retirement. David reveals why the Roth 401K is an extremely useful tool for funding tax-free retirement. David shares what his preferred tax-free investment strategy would look like - and why the zero percent tax bracket is so powerful. David goes through the 3 things that make IULs a unique tax-free investment route: A death benefit that doubles as long-term care. Serves as a great volatility shield in retirement. Safe and productive returns. Also functions extremely well as a bond alternative. If you believe tax rates will be higher in the future than they are today, you should adopt a strategy that takes advantage of all the benefits in the IRS tax code.     Mentioned in this episode: David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code DavidMcKnight.com DavidMcKnightBooks.com PowerOfZero.com (free 3-part video series) @mcknightandco on Twitter  @davidcmcknight on Instagram David McKnight on YouTube Get David's Tax-free Tool Kit at taxfreetoolkit.com

This week's theme on the Retirement Quick Tips Podcast is: 401k Strategy in 2023 Today, I'm talking about which is better - a Traditional or Pre-Tax 401k or a Roth 401k.

This week, Hunt talks ROTH Retirement:• What is the difference between a ROTH IRA and a ROTH 401K? What are the benefits and drawbacks to each? • How does taxation differ based on age? If I you are over versus under 50 years old, how does this affect contributions? • How do personal goals and tax rates affect which retirement account makes the most sense? • If you have kids, how can you help them by starting a ROTH IRA while they are young and how can this impact them later? Thanks to our partners, NAPA TRACS and PromotiveVisit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: podcast@paarmelis.comGet a copy of my Book: Download HereAftermarket Radio Network

This week, Hunt talks ROTH Retirement:• What is the difference between a ROTH IRA and a ROTH 401K? What are the benefits and drawbacks to each? • How does taxation differ based on age? If I you are over versus under 50 years old, how does this affect contributions? • How do personal goals and tax rates affect which retirement account makes the most sense? • If you have kids, how can you help them by starting a ROTH IRA while they are young and how can this impact them later? Thanks to our partners, NAPA TRACS and PromotiveVisit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: podcast@paarmelis.comGet a copy of my Book: Download HereAftermarket Radio Network

Today, we're diving into the age-old question of whether to save for retirement using a Roth 401(k) or a Traditional 401(k). I'm here to break down these two options and shed some light on what they mean for your hard-earned money. Links: Ramsey Investing Hub I love a good deal, when you sign up using this link, I'll hook you up with a 14-day free trial and $15 off your first year of the premium version of EveryDollar.   Ramsey Solutions Privacy Policy

Are you looking for a way to save for retirement and potentially reduce your taxes in the future? If so, you may want to consider a Roth IRA or Roth 401K. Join Kris Flammang on "The Confident Retirement" as he discusses Roth IRAs and Roth 401Ks, which both offer a unique opportunity to save for retirement with after-tax dollars, allowing for tax-free growth and withdrawals in the future.   A Roth conversion is a strategy that allows you to convert funds from a traditional retirement account into a Roth IRA, potentially providing tax advantages and savings in the future. It is important to consult with a financial advisor or tax professional to determine which strategy is best for you, as a Roth conversion can eliminate or reduce future required minimum distributions (RMDs) and make sense if you anticipate being in a lower tax bracket now than you think you will be in the future in retirement.   Tune in to learn the difference between Roth IRAs and Roth 401ks and secure your retirement!   Here is what to expect on this week's show: The difference between Roth IRAs and Roth 401ks Roth conversions When a Roth conversion might be advantageous How to potentially reduce your taxes in the future   Connect with Kris: LPFadvisors.com Learn more about your ad choices. Visit megaphone.fm/adchoices

What is a Roth 401k? If you have questions about this or anything else related to probate, and you want to talk with us, over the phone, for free, just go to https://cmslawfirm.com and set up a time to chat. #estateplanningattorney #probatelawyer #family #money #medicaid #estatetaxes #wealth #kids #taxes #realestate

Mat and Mark discuss key points you need to know in order to decide what account types are best for you based on your personal situation and investment objectives. We'll discuss the qualifications and requirements for each account type. Watch The Great Debate between tax attorneys and bestselling authors, Mat Sorensen & Mark J. Kohler on how to best grow your money tax-free.---Leave your questions in the comment section below! Learn how to take control of your retirement - https://directedira.com/Self-directed IRA Podcast - https://matsorensen.com/podcast/Shop my products - https://shop.matsorensen.com/ Blog & Articles - https://matsorensen.com/blog/ ----Connect with Mat online:- Instagram: https://www.instagram.com/matsorensen/- Facebook: https://www.facebook.com/mat.sorensen.1- LinkedIn: https://www.linkedin.com/in/matsorensen/- Twitter: https://twitter.com/matsorensen - YouTube: https://www.youtube.com/@MatSorensen

Today on Financial Revelations David briefly talks about short term bonds before going into a few listener questions on retirement money such as: Should you convert a Traditional IRA to a Roth IRA? Is it wise to take out retirement money early? If employer offers 401k and Roth 401k, which should I choose?   As always you can listen to David on WCRF 103.3 Cleveland every Thursday from 8AM - 9AM or on the Moody Radio App Email your questions to kory@epsf.com Twitter @skibucks1

An adjustable-rate mortgage, or ARM for short, is a home loan where the interest rate can change over time. This means that your monthly payment can go up or down depending on what happens to interest rates. That may be tempting with interest rates going up... but the problem with ARMs is that it can be hard to predict what your payment will be in the future. If interest rates increase, your payment will increase too, which can be tough to afford. Plus, you might end up paying more in interest overall than a regular mortgage. Let's break down these mortgage rates so you can decide if it's right for you... or not.What you'll hear in this episode:[0:50] Road trips[2:44] Controlling your lifestyle payments[7:55] Money Tip: ARMRelated EpisodesEpisode 52: Quick Money Tip #14: Real Estate Rant & How Much House Should You Buy??Episode 50: Quick Money Tip #13: Burnout and Lifestyle InflationEpisode 31: Buying a House in Cash?!Episode 29: Is real estate investing worth it from a tax perspective?Clo Bare Blog: clobare.comFind me on social media at @clobaremoneycoachPlease rate and subscribe to support this channel!Free Money Guide: moneyrightguide.comFree Investing Class: lazyinvestingclass.comProduced by Elevate Media - Want to start your show? Reach out! This podcast is not intended as financial advice. Always do your own research and talk to your financial professional to discuss your situation. To read our full terms and conditions, head here:TERMS AND CONDITIONS

Which investments should go in your traditional IRA vs your Roth IRA, and does that asset location depend on your age? Learn how to generate “tax alpha” to get better returns on your investments. Plus, Joe and Big Al spitball whether to roll a TIAA 403(b) to an IRA or take the annuity, and they spitball retirement and Roth conversion and Roth contribution strategies for an overseas officer with a military pension, and for Americans working abroad who qualify for the foreign earned income exclusion. Timestamps: 00:51 - Best Assets to Hold in Traditional IRA and Roth IRA? (Michael, Colorado - voice) 7:40 - Is Investment Asset Location Dependent on Age? (Glen)  11:35 - TIAA 403(b): Take the Annuity or Roll to an IRA? (Brad, Northeast TN) 19:34 - Military Pension Spitball: Overseas Officer with Fluctuating Income & Taxes (US Grant, Alexandria, VA... usually) 24:29 - Foreign Earned Income Exclusion & Roth 401(k) Rules (Jeff, Singapore via North Dakota) 31:32 - The Derails Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-422: Why Asset Location Matters Guide Register for our free 2023 tax planning webinar, March 29, 12pm PT/3pm ET Schedule a free financial assessment Episode Transcript Ask Joe & Big Al On Air

On this episode of DIY Money, Quint and Logan debate using a Traditional 401K or Roth 401K or something else.

In this episode of the Great Retirement Debate, Ed and Jeffrey debate which is the better option, the Roth IRA, or the Roth 401k. 

David goes through five unique strategies to transform a $1 million inheritance into a tax-free asset. Although a non-qualified inheritance is tax-free, the step-up in the basis rule will lead to a huge tax problem as your asset grows over time. Strategy #1 - Pay the taxes on your Roth conversions. Remember, the worst way to pay taxes on a Roth conversion is on the IRA itself.  Strategy #2 - Max out your Roth 401K for you and your spouse. Use your earnings to max out the $60,000 limit for both you and your spouse, and use the inheritance to fund your lifestyle.  Strategy #3 - Fully fund your Roth IRA. Not a year should go by when you and your spouse are not fully funding your Roth IRAs.  Strategy #4 - Use the inheritance to fund your retirement. If you're already retired, it may make sense to use the inheritance to support your lifestyle instead of going after your IRA. Strategy #5 - Contribute money to a life insurance retirement plan. If you still have some money left after implementing the above four strategies, consider taking advantage of the flexible contribution limits of a LIRP. David explains how you can productively grow your money in a LIRP tax-free.  According to David, if you inherit $1 million and leave the money in a taxable bucket, you will be paying taxes over the balance of your lifetime. Mentioned in this episode: David's books: Power of Zero, Look Before Your LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code DavidMcKnight.com PowerOfZero.com (free video series) @mcknightandco on Twitter  @davidcmcknight on Instagram David McKnight on YouTube

How should young savers invest pensions and estimate their retirement income needs? Is going into your employee stock purchase plan a good portfolio diversification strategy? What do Joe and Big Al think of multi-year guaranteed annuities (MYGA), and dividend-paying stocks vs. ETFs? Plus, a $10.6M retirement spitball analysis, making extra mortgage payments vs. saving to a brokerage account, and contributing to Roth 401(k) vs. traditional 401(k). Also, will a 403(b) held by an insurance company be subject to separation costs or surrender fees when rolled to an IRA? And the specifics on when to file tax form 5500. Show notes, Why Asset Location Matters Guide and other free financial resources, transcript, Ask Joe & Big Al On Air: https://bizlink.to/ymyw-413

We'll be looking at everything you need to know about the Roth IRA and the Roth 401k. List of topics below!Safe (Low Risk): Your money suffers little to no risk of loss.Liquidity: Your money is accessible for emergencies or opportunities.Growth: Your money multiples at a competitive rate of return.Passive Cash-Flow: Your money produces income on it's own. Leverageable: You can use your money as collateral.Private: Your money grows without restrictions and has creditor protection.Tax Deductible: You can subtract any money you put into the account from your taxable income.Episode Links and ResourcesWatch on Youtube - https://youtu.be/VDmzIMBn6sw|FREE Tax Savings Checklist - https://www.betterwealth.com/taxcheck...|FREE Wealth Quiz that shows you exactly where you're at in your financial journey - https://bttr.ly/quiz |Speak with one of our financial experts about the BetterWealth approach to money - https://bttr.ly/ytclarity|Learn more about our unique process with whole life insurance and how you can utilize it as a powerful asset for your money! - https://bttr.ly/vault|Schedule a FREE call with one of our life insurance experts to get clear on your wants and goals: https://bttr.ly/aaclarityGrows Tax-Free: Your money grows without being taxed.Tax-Free Distribution: You can access your money without paying taxes on it. Protection/Legacy: You are provided for in the event of tragedy and are self completing. No Contribution Limits: You have no limits on how much you can fund in the asset. #BetterWealth Free 15 Minute Clarity Call: https://bttr.ly/ytclarity The And Asset Book: https://bttr.ly/book BetterWealth Quiz: https://bttr.ly/quiz AndAsset.com: https://bttr.ly/andasset BetterWealth Youtube - https://bttr.ly/bwyoutube Financial Advisor, Agent or Coach: https://bttr.ly/advisor

Life is about events, the challenges we overcome or not, our successes and failures, but, even more, it's about how we touch and are touched by the people we meet.  Nicole is back! She is here this week to help me answer your listener questions. In this episode, we discuss the challenges of making friends in retirement, the value of international diversification, contributing to a Roth 401K vs. a regular 401K, the 4% rule, and much more.  I created the Retirement Answer Man show to help you, not just with the business side of retirement, but also to help you build a successful life so that you can lean in and really rock retirement. This month we are answering your retirement questions. If you have a question to submit, head on over to RogerWhitney.com/AskRoger to proffer your questions. Remember, if you want to get bumped to the front of the line and use our fastpass option by recording an audio question.  Check out these resources to learn more about inflation in retirement and the RRC Have you been thinking about joining the Rock Retirement Club? If so, sign up for our updates so that you can be the first to learn about the next online open house. We'll be opening enrollment at the end of October and plan to have a few open house opportunities between now and then. These open houses will be an informative way to for you to learn more about the club so that you can decide whether it is right for you.  Are you worried about inflation in retirement? If so, we have created a resource to help you navigate this worrisome hurdle. Check out DoRetirementRight.com to get this FREE information to help you think strategically about inflation in retirement.  Trying to make friends as a single person in retirement can be a challenge In many 55+ communities, it is pretty easy to make new friends. Everyone is a transplant from somewhere else and there are endless opportunities to join activities and clubs.  However, if you are single it may not be as easy as it is if you are married. Many retirement activities are geared toward couples so single people can have a harder time getting invitations.  Are you single in retirement? What strategies have you implemented to help you make friends? Reply to the 6-Shot Saturday newsletter with your suggestions.  Why keep international equities? Many people wonder what the point of keeping international equities in a portfolio is. It seems as though global equities fall at the time when we need them to be stable or growing, so why bother to include them in our portfolios? Traditionally, they do poorly as compared to other markets, yet including international equities is recommended as a part of having a diversified portfolio strategy.  I tend to recommend international equities, not for diversification, but for the fact that many fantastic companies aren't based in the U.S. Think about Toyota, Mercedes, Glaxo, Novartis, and even Ikea. Rather than considering a different asset class to add to your portfolio, choose the best worldwide companies to expand your portfolio to include top-notch mid to large-cap international companies.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [5:23] On making friends [8:23] The value of international diversification LISTENER QUESTIONS [12:05] Should I contribute to my Roth 401K or just a 401K near retirement [16:12] Are investment advisor fees worth it? [26:00] Why haven't I heard back from the IRS? [29:06] Where do my 401K profits go when inflation goes up? [32:33] How does the 4% rule apply to dividends? [35:22] Is 15% enough to save for retirement? [37:20] Why is there a disclaimer about indices at the end of the show? TODAY'S SMART SPRINT SEGMENT [40:43] Be inclusive make an effort to reach out to new people you meet Resources Mentioned In This Episode Rock Retirement Club DoRetirementRight.com Roger's YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger's Retirement Learning Center

If the market outlook has you feeling uncomfortable, you are not alone. This discomfort may cause you to want to change course, but consider that moments of extreme discomfort are often reverse indicators. Extreme discomfort can mean that you are on the right track to grow in a new direction.  On this episode of Retirement Answer Man, I answer your questions about choosing a financial advisor, how to weather tumultuous financial markets, and using a Roth 401K. Learn what you can do in the midst of an uncertain future by pressing play.  Is this the big one? Weathering market downturns can be like weathering a storm. When you are in the thick of it you may wonder if this is the big one that will wreck your home and change your life. Should you just hold on tight and hope that everything will all work out?  No. No one can hold your hand and assure you that your finances will recover. The rules of investing change in retirement The rules of investing when you are in the accumulation period of life don't work the same in when you are decumulating assets.  Since you are nearing or already into retirement you don't have a 40-year investment timeframe to work with, so you may not be around for the next market upswing. You're in a period of life where you will need money from your investments in a short time frame.  This is why you'll need a well-thought-out strategy that can help you to stay agile. As the situation unfolds, you can make little adjustments as needed. Staying agile will help you maintain flexibility and retain agency.  In a situation that feels out of your control, it is important to find ways to retain agency to do what you have to do to control the things that you can. You don't want to feel powerless, so focus on what you can control.  Watch out for false prophets No one can predict what will happen in the future. However, there are many out there that claim that if you follow them they will lead you down the right path.  We have to accept our own uncertainty and refrain from trying to figure it all out. Instead of trying to predict the future or following false prophets, it is important to create a plan that you can follow to actively navigate through these tumultuous waters which will see you through any eventuality. How to know when it is time to switch advisors How can you know if your financial advisor is doing a good job? What are some red flags that indicate that you should reevaluate your relationship with your advisor? One listener is concerned about his financial advisor since they had two misunderstandings in the last two years and is wondering if he change advisors. When researching financial advisors look for a specialist that can advise you through your specific financial situation. Consider whether they have the skillset and expertise to handle the problems and opportunities of your specific situation. Do they focus on what you need? Is your advisor an active thinker that makes decisions or do they simply follow a checklist? Since the decisions that you are making aren't crystal clear, it is important to have a process to think through decisions in an organized manner. Does your advisor help you with this? Do they walk you through the pros and cons of each decision? Is the advisor product-focused or process-focused? If they are product-focused then this is a red flag. Another red flag is if they focus on trying to predict what the markets will do. Since no one can predict the future, it is important to find someone who will focus on the things that are within your control.  Listen in to hear what else you should consider when choosing a financial advisor and when to consider finding a new one.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:23] Moments of extreme discomfort are reverse indicators COACH'S CORNER [7:38] Kevin wants to give to the kids while they're still here [12:15] On giving money without strings attached [17:25] Kevin is relearning to show his true colors LISTENER QUESTIONS [19:39] How to know when it is time to switch advisors [34:05] What gives us the confidence that we will recover this time? [41:50] Should Jen switch to a Roth 401K? [48:23] What to use as a yield for net present value calculations TODAY'S SMART SPRINT SEGMENT [50:07] Experiment with digital minimalism for a week Resources Mentioned In This Episode BOOK - The Checklist Manifesto by Atul Gawande Boomer Benefits Rock Retirement Club Roger's YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger's Retirement Learning Center