SECURE Act 2.0 made some major changes to current retirement planning laws. Has your retirement plan adapted? You can schedule an appointment with one of our Retirement Experts to look at your situation and help you plan for your future. Call us at (920) 544-0576 or go to
Timestamps:
0:00 New SECURE Act 2.0 Rollover Strategy
0:28 529 Plans Explained
2:13 The 529 Plan to Roth IRA Rollover
5:27 The Million Dollar Family Gifting Strategy
– – – – – – – – – – – – – – – – –
Always remember, “You Don’t Need More Money; You Need a Better Plan”
🍿 Subscribe to our channel:
🏆 Join our Weekly Email Series:
📈 Talk with us about your retirement plan here:
📚 The New 60/40: How the Next Generation of Retirees Can Achieve Radical Financial Freedom through Better Safe Investing –
Safeguard Wealth Management is an SEC Registered Investment Advisor. Safeguard Wealth Management is not an insurance provider. All content on Youtube is for informational purposes only and should not be taken as personal advice for your situation. You can read more disclosures at …(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
![[Global Debut] “The Financial Dark King of the Dragon Emerging from the Abyss” – Delivery Guy Delivering Abortion Pills Turns Out to Be Ordered by Girlfriend? I Sacrificed Everything for You, Only to Face Such Betrayal, Truly Outrageous! #HotShortDrama #ShortDramaRecommendation #Rebirth #Urban #PowerfulWriting #City](https://i.ytimg.com/vi/NYhbyUCTvw0/maxresdefault.jpg)
Does the Roth rollover require earned income to do it ?
What if I transferred the 529 beneficiary to another relative? Then can I rollover that amount to a Roth IRA for that "new" beneficiary?
To contribute to a Roth IRA, you must have that same amount of earned income for that year. In the case of a rollover contribution, does the beneficiary still need to have earned income? Example: My child goes to college and uses some of their 529 but not all of it. Then it takes them a full tax year to find a job so they have $0 earned income – can they still rollover their leftover 529 into a Roth IRA for that $0 year?
Could a person saving for retirement use this as a strategy for investing more in their Roth? Once you retire can you rollover the balance into your Roth or is that not possible because you have no earned income?
Great Topic. Please answer the question about Coverdell education funds that many people have. Is this included? It was around before the 529. If I transfer Coverdell to 529 I then have to wait 15 years before I can rollover to Roth?
Please clarify, thank you!
For those of us who contributed to 529s in states with state income tax incentives for 529 contributions, do you think those states will look to "claw-back" some of those state tax incentives dollars when the 529-to-Roth rollover happens? For example, I live in Indiana, and we opened a 529 plan for our son 15 years ago. We contributed the maximum to the 529 each year and received a 20% tax credit (about $1000/year) on our state income tax each year. He is in college now, and probably won't consume all that 529 money because he is going to a cheaper state school.
Could I make myself the beneficiary after child finishes college? New 15 year rule?
obviously your child needs earned income to open a roth but once open with this strategy, can you only put in the max allowed for the year and 35k is the lifetime max or can you put 35k once and done? does your child need to have earned income equal to what you are putting in or just have a previously opened roth.
Why not just build a large real estate or brokerage portfolio and borrow against it to fund any college expenses you want to pay for, if you so choose 20+ years down the road?
More liquidity, more control of your assets, access to leverage, no withdrawal age limit, and no limits to how it’s used or for whom.
The fact these convoluted rules are even necessary to prevent theft of personal wealth by the government to support your children is abhorrent.
The predecessor to the 529 is the Coverdell ESA. Does the Roth rollover apply also to Coverdell ESA?
Thanks for this video, it’s the deepest dive I’ve seen yet on the Secure Act 2.0 changes for 529.