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She makes 200k combined yearly off pension and only has 90k in an IRA? crikey
Keepit where it is and look for a better fund
IM OLDER THAN YOU – STRONG MAN FINANCE
How are they making 200K from a pension
Man I still don’t get it.
How do I move to roth ira? When does the how part start. lol.
The lady sounds like she is 30.
I have to replay this two times to absorb the information.
Does anyone know if Ramsey has provided his thoughts on a Roth Conversion after baby steps are completed?
What would Dave say about using the wheel strategy to help generate extra income outside retirement? I’ve read about it and it seems logical as it encourages averaging down, and using premium to buy more assets.
Not sure I can handle this myself, are there brokers who do this for others professionally ?
Im a little confused…..lets say you have a traditional 401k……and it grows to 2million. Are we forced to take out, and be taxed on, the full 2mill in one year the day that we retire? Isnt it still a good idea to defer taxes, via tradition, now, if we expect to use less money after retirement than we make now before retirement? e.g. if i make 150k now……but only need to use 100k a year in retirement…..wouldnt it be better to be taxed during retirement, rather than right now? Yes I understand if we make millions now and plan to use millions a year in retirement, Roth is a no brainer……But Im talking about the average person.
This sounds like bad advice
Great segment. All ELPs don't necessarily teach. Some of them invest for you but don't really have time to teach.
Dave is a simple minded individual who loves himself!
im 24, just left my first job and starting my 2nd, should I move my 401k to whatever amount maxes out my roth ira every year if I can''t afford to get to the 5500 dollar limit every year? As of now I can put in enough to get to about 3-4k so I would be transferring 1500 a year from a rollover ira to a roth ira? or is this a bad idea?
Do you recommend the backdoor Roth strategy if you currently don't have a traditional or a Roth?
But Dave, if you pay taxes on the 90k now, you won't earn 200k in 10 years buddy. You will earn more like 150k, because your basis will be 70k, not 90k today
It makes 12% a year in mutual funds? Are you ok Dave?
12% where please?
Yeah but how do I open a Roth Ira account that's what I thought you were going to explain
200k a yr household income and she has no idea where her money is sitting nor going?
She would have been a multiple millionaire if only she thought to ask this question 30yrs ago.
This is some good information. I should have been listening to Dave 20 years ago.
Why does he recommend her to cash flow 15k this year and 15k next year? Isn’t it more comfortable to just to deduct it off your profits when you take it out?
Does fidelity let you…
Don-t believe this jerkwad u stupid!
Ramsey here .2:34 he says you follow me?……Caller says yes………but I hardly doubt she does………..lol
Depends what tax bracket you’re in now versus when you retire
I'm confused. Why is she contributing to her IRA if she's already retired?
Is it too late to put 2020 Roth
He's defining the difference between a traditional IRA and a Roth, not explaining how to move from one to the other.
why is it no one answers the question "how do I convert to a roth ira? do I take the cash out ?get a check ? report it on my taxes? special paperwork ? wire transfer ?
What is the percentage of taxes that she would have had to pay to move the $90,000 into the Roth IRA?
I'm in a predicament. My wife and I contributed the max 7000 each in a Roth IRA early 2020, but during the year I've unexpectedly netted over 400K from stocks plus over 100K in regular wage income. I believe I would be ineligible to have invested in the Roths IRAs? What can or must I do?
I'm not going to watch the video…comments is where the entertainment is
I hope a brokerage house is better at transfering trad. to roth than banks are. when I do it I set aside 2 hrs. because it`s done so seldom
For my considerations on rolling into a Roth is that lump sum of cash from IRA to Roth is taxed as income. Meaning it likely will put you into a higher tax bracket and (she's retired) it will likely raise your cost of Medicare part-B. Both are based on income. She was clearly unaware but I try to roll each year up to the point of moving into a higher bracket.
Especially since our election was compromised and the new buyers of the WH are promising higher taxes on all working taxpayers, to afford free stuff handouts. Sorry, but is very applicable to this topic.
If you are working overseas, do be aware that foreign exemption precludes you from contributing to a Roth. That’s a caveat many may not know.
I have 401k right now. If I move to Roth IRA would I still get my employer contributions?
Wish I qualified for a ROTH IRA.
bank of america are biggest lying crooks-if they harass you for payment you have the right to tell them no more phone calls-& if those lying crooks sue you for alleged non payment of credit card tell them you want all info deleted from files of credit bureaus if you pay settlement of no more than half-pay for deletion-get it in writing if they agree-see how quick those crooks drop lawsuit against you-those lying crooks want me to pay fraud charges