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One of the most consequential choices you can make when preparing to retire is whether you should do a Roth Conversion. It could save you millions of dollars.

When you perform a Roth Conversion, you are deciding to pay taxes today to get out of future taxes.

But is it worth it? By the end of this video — you’ll have a much better idea.

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NOTE — I ask a couple of questions, but feel free to scroll past the questions — not required for the link.

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*ABOUT ME*

I’ve always been passionate about personal finance, investing, real estate, and helping people find the freedom to live their life with purpose. But when my dad died in 2015, I tried to help my Mom find an advisor to sort out her finances. Instead of a helping hand, I found an industry of financial advisors dominated by glorified salespeople working on commission — pushing products that were not in my mother’s best interest. Or advisors with minimums that shut-out all but the ultra wealthy. Disappointed with the options, I took matters into my own hands and launched Foundry Financial, a wealth management firm with transparent pricing that specializes in helping provide clarity around money — so you have the confidence to make smart decisions.My goal is to help a million people retire without worry!

📅 *THE BASICS OF retirement planning*

retirement planning has several steps, with the end goal of having enough money to quit working and do whatever you want. Our goal is to help people master retirement and retire without worry.

Step 1: Know when to start retirement planning. When should you start retirement planning? The earlier you start planning, the more time your money has to grow. That said, it’s never too late to start retirement planning. Even if you haven’t so much as considered retirement, don’t feel like your ship has sailed. Every dollar you can save now will be much appreciated later. Strategically investing could mean you won’t be playing catch-up for long.

Step 2: Figure out how much money you need to retire, The amount of money you need to retire is a function of your current income and expenses, and how you think those expenses will change in retirement.

Step 3: Prioritize your financial goals. Retirement is probably not your only savings goal. Lots of people have financial goals they feel are more pressing, such as paying down credit card or student loan debt or building up an emergency fund.Generally, you should aim to save for retirement at the same time you’re building your emergency fund — especially if you have an employer retirement plan that matches any portion of your contributions.

Step 4: Choose the best retirement plan for youA cornerstone of retirement planning is determining not only how much to save, but also asset allocation. It can make a massive difference in your retirement plan.

Step 5: Select your retirement investments. Retirement accounts provide access to a range of investments, including stocks, bonds and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk. It’s often helpful to talk with an adviser to discover the right mix of stocks and bonds.

❣ *SPONSORED* No, this video was not sponsored.

⚠️ “DISCLAIMER:⚠️This is not financial or investment advice. This Channel is meant for EDUCATIONAL AND ENTERTAINMENT PURPOSE only. None of this is meant to be construed as investment advice, it’s for entertainment purposes only. #retirementplanning #retirement #passiveincome…(read more)

LEARN MORE ABOUT: IRA Accounts

INVESTING IN A GOLD IRA: Gold IRA Account

INVESTING IN A SILVER IRA: Silver IRA Account

REVEALED: Best Gold Backed IRA

Watch This Before Roth Converting in 2024…trust me.

If you are considering converting your traditional IRA or 401(k) to a Roth IRA in 2024, you may want to think twice before making the move. With potential tax changes on the horizon, it’s important to fully understand the implications of a Roth conversion before pulling the trigger.

One of the primary reasons individuals consider converting to a Roth IRA is the tax-free growth and withdrawals that come with it. However, it’s essential to consider the current tax environment and potential changes that could impact your decision.

With the current political landscape and discussion around potential tax law changes, it’s important to be mindful of the potential impact on your tax situation. For example, if tax rates are expected to increase in the near future, it may be beneficial to defer a Roth conversion until after these changes are in effect.

Additionally, it’s important to consider your own financial situation and tax bracket. If you are currently in a higher tax bracket and expect to be in a lower tax bracket in the future, it may make sense to delay the conversion. Alternatively, if you are in a low tax bracket now and anticipate being in a higher tax bracket in the future, it may be advantageous to convert to a Roth IRA sooner rather than later.

Another factor to consider is the impact of a Roth conversion on your retirement savings. Converting to a Roth IRA will trigger a tax bill on the amount converted, potentially reducing the amount of funds available for investment. It’s important to carefully evaluate the long-term impact on your overall retirement savings before making a decision.

Before proceeding with a Roth conversion in 2024, it is recommended to consult with a financial advisor and tax professional to fully understand the potential implications and make an informed decision. Together, you can evaluate your individual financial situation, tax considerations, and potential changes on the horizon to determine the most appropriate course of action.

In conclusion, before making a decision to convert to a Roth IRA in 2024, it’s crucial to carefully consider the current tax environment, potential tax law changes, and your own financial situation. By seeking guidance from financial and tax professionals, you can make an informed decision that aligns with your long-term financial goals and minimizes any potential negative impact from a Roth conversion.