A FULL GUIDE To Roth Conversions! (Geeky Tax Strategies)

Рет қаралды 3,220

Күн бұрын

Пікірлер: 28

@Wade453 2 ай бұрын

Roth conversions can have significant consequences, including paying taxes on converted amounts, potential impacts on Medicare premiums and Social Security benefits, and a five-year holding period for tax-free withdrawals, but may also offer tax-free growth and withdrawals in retirement.

@LilianScott-dy5nz 2 ай бұрын

That’s right, it’s essential to weigh the pros and cons before making a decision. Roth conversions can be a powerful tool but they’re not without their drawbacks. You need to carefully consider your individual circumstances, financial goals and tax situations before making a move

@RichardSmith-t2l 2 ай бұрын

On one hand, Roth conversions offer the potential for tax free growth and withdrawals in retirement, which can be a huge advantage but on the other hand, you’ll need to pay taxes on the converted amount upfront, which can be a significant hit.

@RichardSmith-t2l 2 ай бұрын

And let’s not forget the potential impact on Medicare premiums and social security benefits. It’s really a complex calculation that requires careful consideration

@MikeHollow-rz5dl 2 ай бұрын

Moreover, there’s the five year holding period to consider. While it’s not a deal breaker, it’s essential to understand the rules and ensure you’re comfortable with the timeline

@Martin-cb7gk 2 ай бұрын

Ultimately, the decision to do a Roth conversion should be based on your individual circumstances and goals. It’s crucial to consult with a financial advisor to determine if a Roth conversion aligns with your overall financial strategy

@ccmusic2249 2 ай бұрын

You guys are giving air time to the thought I was JUST having: if you leave your money in the market during retirement and the market tanks, you have to choose between withdrawing and reducing shares by monitsry value or by percentage. That can get risky if NAV keeps dropping.

@wilma6235 2 ай бұрын

I like this format. I learn from it.

@brucesmith6868 2 ай бұрын

Thank you Dustin and Eric good info.

@jimhoge3252 2 ай бұрын

Keep them coming! Roth conversions are a big deal for us. Boomers out there with large pretax retirement accounts. Personally, I have saved more in my retirement account that I ever anticipate using. I want to start a family Legacy supporting government spending with my hard earned dollars. It’s not in alignment with that goal thank you guys!

@jimhoge3252 2 ай бұрын

Typos above. I want to start a family legacy and supporting our government spending with my hard earned dollars does not align with that goal. Transferring assets to my children with minimal tax liability does. Thank you guys!

@1timby 2 ай бұрын

Our complication is how much the conversion affects the taxes on our SS. Since the rates are drastic if you don't watch. By adding ordinary income to the mix, you can cost yourself a ton of taxes on income that already has a favorable tax.

@aaronmeadows1667 2 ай бұрын

In depth videos. Like Challenger Deep in depth.

@darrenreese3411 2 ай бұрын

Give us all you can

@Bum_Hip 2 ай бұрын

Around 12:40 when you started talking about the government needing more revenue, you conveniently forgot to mention how the very wealthy (not to mention large profitable corporations) in America have steadily paid a lower cumulative effective tax rate over the decades.