Why You Should Wait to Convert 401K to Roth
HTML-код
- Опубликовано: 5 июн 2024
- There are several things you need to consider before converting your 401K to Roth. Hint: Taxes
The budget app! Start your free YNAB trial today!
➡️ youneedabudget.a4xxmk.net/zNmqQ0
Increase your income by starting a course in Course Careers!
➡️ coursecareers.com/a/FIREPsyChat
Support the channel!
➡️ / @firepsychat
🤳 Psy on TikTok, Facebook, Instagram 🤳
➡️ linktr.ee/firepsychat
📖 Get Your Free Financial Spreadsheets and Resources 📖
➡️ www.firepsychat.com/resources
👨🏫 Financial Coaching 👩🏫
Schedule a 1-on-1 Session with Psy
➡️ www.firepsychat.com/coaching
For sponsorships and business inquiries
➡️ media@firepsychat.com
#FIREPsyChat #FinancialIndependence #Roth401K
🎵 Music and Sound Effects Provided by Epidemic Sound 🎵
www.epidemicsound.com/referra...
Disclaimer: This video is not in any form of personalized financial advice. I am solely sharing my personal experience and opinions. All Strategies, tips, suggestions, and recommendations shared are solely for entertainment and educational purposes only. There are financial risks associated with investing. You must conduct your own research and due diligence or seek the advice of a licensed advisor if necessary.
Affiliate Disclosure: Some of the links on this webpage are affiliate links, meaning, at no additional cost to you, we may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact our opinions and comparisons.
1-on-1 Coaching ➡ www.firepsychat.com/coaching
Free Financial Resources ➡ www.firepsychat.com/resources
I did this in 2022 and it was the best decision for me! I was 36 years old and set aside money to pay the taxes. I want tax free money when I turn 59 and half!
Roth strong 💪
Mixing apples and oranges - it’s either trad 401k or Roth 401k.
Why not both? Both fruits have their own benefits
Scenario this. You’re poor on paper and not working “150k” cash on hand. Minimal income less than 30k and married is it possible not to pay any taxes on conversions from IRA to Roth?
How about a 403b to a traditional?
Once it’s in Roth, you can’t convert it back to Traditional. Once you move money to a Roth IRA, you can’t move it back to your Roth 403b or 401k
Ok - here is a scenario I would like your thoughts on. Person is MFJ (age 53 for both) with about $250k in income retired increasing each year by ~10% with about $7 million in after tax and about $3 million in Traditional 401k. It looks like RMD’s will bring income at 75 for at least 35% tax bracket if not 39.6… should Roth conversions of about $700k be considered for 2024 & 2025 to take advantage of the Tax Cut & Jobs Act rates. Looking to pass on the Roth to heirs.
I just converted $5.6 million in pre tax to Roth. Schwab financial advisor agreed with my all at once conversion. I am 59.5.
I put everything in nvidia. Worth it. Growing tax free. No rmd. Children inherit tax free. Still have an inherited Ira I must deplete in 7 years. $700 k.
My planning issue is estate taxes and starting to gift.
Wow. Am I reading this correct? You converted 5.6 mill to just one stock?
@@ctrent859 yes, actually all of my stock holdings is in nvidia. $8.4 million actually. Total.
@@ctrent859 Seems that way 😂
Oh boy…