Roth Conversions: Smart Year-End Strategies to Reduce Your Future Tax Burden - E9

Financial Fortitude

Michael and Brady delve into the important topic of Roth conversions and their potential to revolutionize your retirement strategy. They provide a comprehensive breakdown of the differences between traditional IRAs and Roth IRAs, explain how Roth conversions work, and discuss the tax implications involved. The segment also covers when it makes sense to convert, the benefits and risks of this financial strategy, and offers practical scenarios to illustrate the impact. Listeners are guided through each step with real-life examples and tips on avoiding common pitfalls.

Key Takeaways:

• What are the key benefits of conducting Roth conversions as a part of long-term financial planning?

• How can different life stages and income levels impact your decision to perform a Roth conversion?

• What are some common mistakes to avoid when considering or executing a Roth conversion?

Key Timestamps:

(00:00) -Traditional vs. Roth IRAs

(04:19) - How Roth Conversions Work

(05:19) - The Evolution and Popularity of Roth IRAs

(07:14) - Tax Implications and Strategies

(16:56) - Key Considerations for Roth Conversions

(18:20) - Benefits of Roth Conversions

(23:25) - Strategies to Maximize Roth Conversions

(35:06) - Common Mistakes to Avoid

Key Topics Discussed:

Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, financial wellness, wealth building, financial psychology, financial advisor, finance therapist, student loan debt, finance guidance for high earners, business owner finances, Roth conversions, Traditional vs Roth IRA, Tax-Free Retirement, Tax-Free Growth

Mentions:

Website: https://www.genesiswealthplanning.com/

Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/

Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/

Financial Health Checkup: https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta

This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or (INSERT DBA or AGENCY NAME) and opinions stated are their own. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value.

Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. (INSERT DBA or AGENCY NAME) is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 6991809.7. Expiration 12/26.