Have you heard about Roth conversions but wondered how they work and whether they’d benefit your situation? To understand them, you first need to know about a Roth and what its features are. We’ll do that today as well as lay out all the other basics that will give you a firm grasp on Roth conversions.
Get the full show notes and additional resources here: https://www.baschrock-fg.com/podcast/ep-25-understanding-the-basics-of-roth-conversions/
Today's rundown:
1:10 – Ben is staying busy at the office with it being tax season.
2:17 – In the News: A survey found CEOs and CFOs are pessimistic about the economy while consumers are optimistic. Who’s correct?
4:35 – Let’s move into the conversation on Roth conversions.
5:01 – Ben explains what a Roth IRA is.
6:00 – Ben explains the Roth conversion and how it works.
7:11 – Many people aren’t familiar with a Roth and how it can benefit you.
7:55 – Why have Roth conversions become a popular strategy in recent years?
9:01 – The SECURE Act also plays a part in the growth of Roth conversions.
9:49 – If a client wants to do a Roth conversion, what does that process look like?
11:17 – When you make the conversion, can you take the money out of your existing money or do you have to pay taxes after the fact?
12:50 – Here are the common mistakes people are making with Roth conversions.
14:13 – Check to see if your company offers a Roth option within their retirement accounts.
