Ep 12: Roth IRA - the time is now! (Financial Safari)
Converting some dollars in your IRA to a ROTH account will save you tons of money in taxes in the future. Here's why now may be the best time to do do this.
Okay High consumer Advocate Steve Saddle here and on Financial Safari with Coach Pete Derrota this week Coach Pete was talking about Roth conversions And really this could be the best time One of the best times to do a Roth conversion Let's join them and see just what they mean If you've been thinking about all the news our government is giving a lot of money away Who is that Who is good The government guys us us who pays taxes The government pay taxes to itself know that So what's gonna happen if they promise all this money to other folks They borrow the money they print the money Whether you call it borrowing all they do is turn the printing press on when they print those dollars out there gonna be paid back So they're gonna have to increase taxes in the future So what we right now if you've lost money at all in the market and you and your IRA plans it may make a lot of sense to convert some of that money to a Roth plan Chuck Yes the beauty their office Thomas For anybody Really But it is You take the money you clean it through the taxes and you pay tax on the money It's in the Roth IRA but now the money builds tax free forever So if you think taxes are gonna be higher in the future wouldn't it make sense to have some tax free income that the government can't get So you start taking money out of your often retirement government puts their hand out You give it a high five They're not getting money I like that idea Live Yeah and especially with the fact that in most states even when you add your Social Security you're not gonna be taxed on that statewide So but the Roth IRA very very important And right now you've been given It doesn't seem like it cause you're down in your portfolio's down But what's the best time to transfer money from the regular IRA or 41 K to a Roth is when your money is worth less not more That's rise Your taxes be west not Maurin knew Never pay tax again and especially if you baby and it's not funny But a lot of people losing their jobs or waiting off their incomes a lot smaller this year Your income level is gonna be smaller this year Your portfolio value smaller What better time to transfer the money into a Roth Pay the tax on the money but never have to pay tax again when the money's worth less Absolutely There's a very good thing to consider folks If you want to take advantage of this or other concepts we talk about give us call right now 806 617383 806 6173 a three We'd be proud to sit down with you Discuss how this could be implemented into your own retirement plan 806 617383 or you context coach to 21,000 that's coached to 1000 A lot of people say Well I want to do it but it sounds too technical and too complicated will take forever Thomas It's not this symbol but this is what it seems like That was Genie just so we want to move it over and the best time to do it is when you're in a lower tax bracket right Makes a whole lot of sense to me It does And unfortunately many people aren't being told this If you have a transactional planning firm all they're worried about it selling your stuff They're not going to give the advice You really need it That's why it's very important to be with a fiduciary planning firm If you want to learn some of these topics and techniques you can always go to math is money dot com Math is money dot com A lot of great two videos there some guidebooks and worksheets good ways to point in the right direction to educate you You can even see a picture of Coach Pete there if you want to wonder what Coach Pete looks like Math is money dot com It also asked It just so happens to be the title of my new book that I'm writing will be out later this year Math is Money the book on retirement But right now math is money dot com has a great site there with great information and and a great way Thomas A lot of us are trapped at home so what better way that maybe you some of that time usefully and do some good retirement planning research for yourself in your family If you'd like to get in on a Roth conversion maybe you have other questions Give us a call 806 617383 806 61 73 83 when you do call you'll get the five keys to a successful retirement box set that includes a video Siri's Companion Guide Supplement Booklets Also one of Coach Pete best selling books Normally a $300 value Get yours complimentary when you come in for your market recovery Action fund again 806 617383 That's 806 6173 or just takes coach to