Today on Your Money, Your Wealth® podcast 495, Joe Anderson, CFP® and Big Al Clopine CPA spitball on three different listeners’ strategies for paying the tax on a Roth conversion now, to have lifetime tax-free growth on that money in the future. Should Neo in San Clemente, California convert to Roth at the beginning or end of the year in his plan to make quarterly estimated tax payments on his conversion? Is it a good strategy for Tim in Minnesota to use reimbursements from his health savings account to pay Roth conversion taxes? And what do Joe and Big Al think of Samantha in Northern California’s plan to convert to Roth and pay the tax with her IRA money? Plus, the fellas answer questions from our YouTube and Spotify followers on required minimum distributions from Roth accounts, reasons to put retirement withdrawals in a brokerage account instead of a Roth, choosing pension options, and the difference between commercial annuities and pension annuities. Plus, their thoughts on single premium immediate annuities (SPIA). Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-495
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Timestamps:
00:00 - Intro
01:02 - Timing of Roth Conversions - and Paying Quarterly Estimated Taxes (Neo, San Clemente)
06:37 - Is Using HSA Reimbursement to Pay Roth Conversion Taxes a Good Strategy? (Tim, MN)
08:44 - Complete Roth Papers Package - free download. Financial Blueprint - free retirement analysis
09:39 - How Is Our Plan to Convert to Roth and Pay the Tax With IRA Money? (Samantha, Northern California)
19:15 - What Happens to Your 401(k) & IRA at Retirement? Watch YMYW TV, download the Retirement Readiness Guide
20:01 - RMDs for Roth Accounts: Clarification for Solo 401k (Andy, YouTube)
21:43 - Joe and Al walk into a bar… (Tony, YouTube)
22:44 - Any Reason to Put Withdrawals in Brokerage Instead of Roth? (Globe Trotter, YouTube)
23:35 - How to Decide Between Pension Options? (Frank, YouTube)
25:40 - Is a Pension Annuity a Bad Thing? (Invictus, YouTube)
26:47 - Are SPIAs the Best Annuity for Lifetime Income? (1212482970, Spotify)
29:23 - Outro
30:58 - The Derails