#rothconversion #backdoorroth #rothconversionladder #schoolofpersonalfinance #personalfinance #financialeducation #financialplanning #financialfreedom
In this video I explain exactly what a Roth IRA conversion is, when it makes sense to convert, how to convert and when you should not convert. I also explain what a Roth IRA conversion ladder is and why so many financial independent, retire early followers are using this strategy.
Also in this video, I explain what a backdoor Roth IRA contribution is and how to go about doing it.
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Thanks,
Rich McCormack, CFP®
School of Personal Finance
School of Personal Finance is an Investment Advisor registered with the State(s) of New York. All views, expressions, and opinions included in this communication are subject to change. This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy, or the completeness of, any description of securities, markets or developments mentioned. We may, from time to time, have a position in the securities mentioned and may execute transactions that may not be consistent with this communication’s conclusions. Please contact us at 914-299-3843 if there is any change in your financial situation, needs, goals or objectives, or if you wish to initiate any restrictions on the management of the account or modify existing restrictions. Additionally, we recommend you compare any account reports from SPF with the account statements from your Custodian. Please notify us if you do not receive statements from your Custodian on at least a quarterly basis. Our current disclosure brochure, Form ADV Part 2, is available for your review upon request, and on our website, www.schoolofpersonalfinance.com. This disclosure brochure, or a summary of material changes made, is also provided to our clients on an annual basis….(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERT IRA TO GOLD: Gold IRA Account
CONVERT IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Are you taking clients for retirement planning at this time? If yes, what is your fee?
For the "Pro-Rata" rule – Does it still apply if you open a new IRA at a different brokerage for the sole purpose of doing a Back Door? If you have an existing traditional IRA account at Schwab, but then opened a NEW traditional account at Vanguard to make this year's 6K after tax contribution – would you be able to convert the Vanguard account to a Roth within Vanguard bypassing the Pro-Rata rule?
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?
There’s not enough time remaining for me to get a Roth conversion done and have it count towards 2020. What if I was able to take out a disbursement (from a 403b) in the next remaining week and then deposit it into a Roth in January? Would that taxable event still count towards 2020?
When you make the conversation, do you only get tax at federal level or do you have to pay state tax as well?
I never comment on youtube videos but this is well made. You deserve a lot more views on this than you have. There's a reason there are 0 dislikes. Well made, thank you for your help.
Hi there, School of Personal Finance. I love your content and have a quick question about the conversion via a employer. So a employer could allow you to roll over your Trad IRA into a 401k and then you can convert it into a Roth IRA, correct?
Hello, could you make an video about how to choose a good index funds for IRA? Morning star rating? 3-5-10 Years of return? Thank you
Very good video. At 68y/o, I'm on Medicare for health insurance, we each have a pension and one is also getting SS. This year I'll have 75% in my Roth IRA and 25% in traditional IRA. To simplify our IRAs I planned on 100% Roth, but there is talk of a benefit of keeping 5-10% in Traditional. I am baffled how this 5-10% would be a big enough plus to make it worthwhile. If it matters, we are in a good place with cash reserves, and after 13 years in retirement, we haven't had the need to take anything out of the IRAs.
great video. Like and subscribed and plan to work on several conversions over the coming year. Thanks for your help!
Good stuff, will check out the website…
Another great video with easy to understand visuals that clearly explain the topic. Good advice with regard to converting taxable money you want to leave to someone.
Great video! This is exactly what I have done in the past.