37 min listen
What to Do With Inheritance Money? - 428
ratings:
Length:
47 minutes
Released:
May 9, 2023
Format:
Podcast episode
Description
So you’re about to receive a large inheritance - what should you do with it? Joe and Big Al spitball on suddenly becoming $85 million dollars richer. Plus, is it nuts to semi-retire early? Should retirement contributions be split between Roth and traditional accounts? Can you do conversions to your kids’ custodial Roth accounts? The fellas also spitball tax bracket-based Roth conversion strategies to help you pay the least amount of tax possible, long term, and they discuss required minimum distributions on inherited assets, and whether to pay off a 401(k) loan if it’s “paying” you 8% per year. Timestamps: 00:48 - I’m Inheriting Millions of Dollars. What Should I Do With It? (Michael, Binghamton, NY) 07:04 - Should I Split Retirement Contributions Between Roth and Traditional 457? (Kevin, Folsom, CA - voice) 11:34 - Should I Do 100% Roth TSP Contributions? Am I Nuts to Semi-Retire Early? (Derek, Seattle) 16:30 - Should We Do Roth Conversions to the Top of the 22% or 24% Tax Bracket? (Bill, Maryland) 23:53 - Is My CPA Correct That I Can Convert $24K to Roth Tax-Free? (Sam, Newark, NJ) 26:52 - Can I Convert 457 Money to My Kids’ Custodial Roth Accounts? (Brian, Binghamton, NY) 32:50 - RMD Rules for Inherited Roth IRA and Traditional IRA (Dan, Brick, NJ) 38:48 - Should I Pay Off My 401(k) Loan That’s “Paying” Me Over 8% Per Year? (Anon, Denver, CO) 42:59 - Comments on Keeping Employer IRA Money Separated 44:46 - The Derails Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-428 DIY Retirement Guide (limited time offer: download by Friday May 12, 2023!) Complete Roth Papers Package Episode Transcript Ask Joe & Big Al On Air
Released:
May 9, 2023
Format:
Podcast episode
Titles in the series (100)
How Negative Interest Rates and the President's Budget Proposal Impact You - 2: Joe and Big Al discuss negative interest rates and how they could affect you. Plus, the President released this year's budget proposal! Big Al and Joe break it down and explain what the changes could mean for you and your beneficiaries. by Your Money, Your Wealth