Should I Convert My Retirement To Roth?

Video quality	The size	Download

Information Should I Convert My Retirement To Roth?

Title	:	Should I Convert My Retirement To Roth?
Lasting	:	5.35
Date of publication	:
Views	:	159 rb

I want to start investing 600 a month into a roth When I hit 65 I want to retire and take out of it once a year to live on If I have 12 million in my roth I would take out 125k each year to live on Is that a bad idea?
Comment from : Nvr Dwn

The market crash and high inflation are stressing me about retirement Despite the challenges, I know investing is a long-term game, so I'm staying focused on the future
Comment from : Clement Russo

This video leaves out some important considerations, most notably what your income tax bracket is or will be For most people, I think their future/retired income will be lower than their current income So it would make more sense to NOT convert, and wait until they are in a lower income tax bracket to have to pay taxes on the money Plus, leaving the money that will eventually be used to pay taxes in the account will let your balance grow faster!
Comment from : Golden Griffon

This video is a game changer, the 401k is good, because retirement choices determine a lot of things My parents spent same number of years working desk job, but my mom was investing through a financial manager, and my dad through the 401k My mom retired with over $4 million, whereas my dad retired with almost $2 million It is your choice on what to pick As for me I will always go with the financial manager
Comment from : Amanda Louise Medford

In my case I estimate I will be needing to withdraw only 2 of my retirement saving to live onbrI am planning on moving about 50 of my 401k into a Roth to go to my kidsbrThe remaining 50 that is still in my 401k I will use to live off of making the withdrawal rate of 4 from the 401k only
Comment from : genglandoh

Roughly £120k in my portfolio are in tech/TSLA stocks, can I get an advice on any other stocks that I can acquire to diversify my reserve across multiple markets while creating a comprehensive portfolio allocation that balances my concerns of risk aversion and returns that meet yearly inflation
Comment from : Finley Sterling

telemerase activators and doin the other mouse,whats my my no gray price?
Comment from : Paul Sypersma

Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money I retired with 5 million dollars
Comment from : Kayla Wood

Bad advice Tax bracket will change based on how much/when it's pulled out of traditional ira Always run the numbers
Comment from : Joseph Schultz

Certainly! I understand that living expenses and taxes can take up a significant portion of one's income in the UK, which can limit how far that income can go Even 100k doesn't get you very far and the dream of retiring early is starting to seem like a fairy tale I have roughly $200,000 in 401(k) that I need to grow quickly Please leave a comment if you can help
Comment from : Rodrigo Hernandez

can't access for 5 years
Comment from : nofeerz

You should have a professional do you a forward looking tax plan to see if it makes sense and how much to do each year
Comment from : Ralph Parker

Tapes? What's that? :)
Comment from : OnlywenIlaugh

Well said I am in my mid 30s, and I am yet to begin my retirement plan I have read through many comments and articles on retirement, but I still do not know where best to begin and how to go about it I asked a friend of mine but couldn't give me the explanation I was expecting So please I will like to have a good idea on where and how to begin If possible a good recommendation
Comment from : Shaylin Vickers

Is there a formula or calculation to help determine how long it will take to recover paid taxes on a Traditional IRA conversion to Roth?
Comment from : JG

Consider the widow's taxes being much higher if the husband dies before the money is converted to Roth All those RMDs will play havoc with the couple already and if one partner dies, the survivor will pay even more tax on income as a single person
Comment from : Peter Hoffman

It's not 72 and a 1/2 the age is 72 it went from 70 and a 1/2 to 72
Comment from : Sandra Brown

Meh, it doesn't sound like converting is worth the trouble for this guy Ramsey himself rightly points out that he will pay taxes either way That's true of anyone
Comment from : PortsmouthLad

That has to be the most oversimplified answer on Roth conversions on all of YouTube! There are many nuances to this topic Also, it’s best to pay the taxes on a Roth conversion from assets that don’t originate from the IRA being converted if at all possible I’ve found newRetirement to be very helpful at modeling various Roth conversion strategies
Comment from : PH

If the minimum you have to pull out at 72 creates extra why not just reinvest the extra into a Roth
Comment from : Mike Shaw

Also, who believes that tax rates are going to go anywhere but up in the next few decades?
Comment from : KZ Alaska

One thing I never considered is the risk of accidentally converting an IRA to a Roth I usually convert an amount every year to avoid state taxes (my state doesn't tax traditional, but does if the money goes straight to Roth)brbrThey changed the law recently so now if you convert an amount, you can't cancel or reverse it Having a traditional is now a liability in my eyes if you aren't super careful with it
Comment from : EverythingsEventual

Can you offset roth conversion taxes with stock sale losses?
Comment from : Tim D

One advantage to converting the ROTH that wasn't mentioned is it potentially lowers the amount of your social security benefit that is subject to tax
Comment from : Oheeeoh

Why not make interest in the taxes you owe Uncle Sam instead of worrying about the tax rates at 72 when RMDs are required?brKeeping in mind I’m 63 and I understand age is a factor!
Comment from : Dell Parker

dog
Comment from : jdan1998

If you can convert a portion each year at 12, it is even better!
Comment from : Dannie Decker

Does anyone know if the answer given changes, in my scenario: My wife (58) and I file taxes jointly Are the taxes I would have to pay on converting to an IRA based on our "joint" tax bracket, or only based on my income bracket? I (60) am dropping to part-time work, but her income (fulltime) is much better than my income We are very financially healthy, with at least 90 of our total wealth in 403Bs Is there an advantage to waiting until we are both retired to convert from our 403Bs to Roth IRAs? Can we keep a mixture of some money in Roth IRAs and 403Bs? or is that stupid?
Comment from : Phaedrus 1234

I didn't realize Dave is 61 I thought he was younger than that
Comment from : My Life Thai

I'm on S S disability and rent a room with no vehicle how I become a millionaire Dave I'm Dave ramsay your host of money line
Comment from : Bryon Tharp

❤JUST GOT A CONFIRMATION TO ASK U QUESTIONSDIDN'T KNOW ANYONE!!! THAT WOULD SHARE INFO WITH US, FAMILY EVEN ON BOTH SIDES!! IM SORRY TO SAY THISLITERALLY DON'T WANT ANY COMPETITION, THUS, NEVER KNEW WHO TRUST OK, ENOUGHbr OF THAT DEBT FREE AT THIS POINT HUSBAND WORKING STILL, BUT EMPLOYMENT LAY OFFS VERY CLOSE HE LUVS WORKING THOUGHVERY PHYSICALLY CHALLENGING WORK DAILY NEEDS TO RETIRE & GET ANOTHER JOB OK, HAS ONLY A TRADITIONAL IRA & WILL GET AN AMOUNT FROM EMPLOYER WE HAVE ZERO KNOWLEDGE ON WHAT TO DO WITH IT PLS TELL US ABOUR THE TAXES INVOLVED SO MUCH APPRECIATED, IF U CAN HELP
Comment from : dene costantino

Actually you would want to do it before starting Social Security, not wait until just before RMDs start
Comment from : CaptSorghum

What is the purpose to rollover from 401 to Roth if you have to pay taxes based on your bracket?
Comment from : I am His Chosen

It’s best if you can pay the taxes with outside money Roth means you never pay tax on gains That’s better than deferred taxes which will be on a larger amount of money
Comment from : Philip Gerry

Why would you convert and pay the taxes when the income will be added to your job W2 income By 72, he may not be working, with no W2 income, the tax rate will be lower on the IRA withdrawal
Comment from : Husky Pup

Between the increasing amount of RMD each year, Soc Security taxes added on to the IRA/401K withdrawals, and the possibility of IRMMA taxes on Medicare benefits, it makes sense to move move some portion to Roth thru a backdoor conversion… IF you have $1 million or more in your tax deferred balance I thought Mr Ramsay’s reply was very muted in this video The answer is not if you are never going to touch the Roth money until death… it’s simply can you let it grow for 5-7 years before you start withdrawing from it It’s even better if you can pay the taxes on the conversion from savings rather than using the IRA to fund the Roth conversion
Comment from : Bob Smith

Guessing this guy will live into his 90s is overly optimistic Also, why bother saving money if you won't need/use it until you're 90 dead
Comment from : Nepthu

Irritating when callers finally ask the question they want to ask and while Dave is doing his best to answer the question, the caller keeps interrupting
Comment from : Brian Sprinkle

I think at his age I'd leave it exactly where it's at - quit contributing to it and just start a roth if he wants to One major catastrophe and he may need the money but besides that, you never know when you cash out of this game called life
Comment from : Kenneth Halsted

My CPA said my husband and i can transfer $20 k a year tax free from our Deferred Account to a Roth Account
Comment from : 2558jmb

Is taking money from my regular savings considered post tax money or do they take additional taxes out when I open a Roth IRA?
Comment from : E

Caller is talking too much Shows that allow talkers to continue is frustrating
Comment from : ad70preterist

I don’t know what planet you are on but many financial folks talk Roth constantly
Comment from : Gary 50/50

Dave - that money will be going to the kidsbrbrRachel - 🤗
Comment from : Rob N

I love how the caller gave his wife “permission” to retire What a chauvinistic pig!!!
Comment from : NipItInTheBud100

Nopebrbr95?brMan, these people are delusional brThink they gonna live forevers
Comment from : JAI HD

His wife should of waited to collect social security for tax reasons
Comment from : Themassofmenlead

When tax rates go way up in 2026, the more we have in Roth and the less we have in taxable retirements the better brShort-term pain today will yield long-term gain in the future
Comment from : Mike Tracy

We plan to do conversions next year My husband is retired so our only income would be the Roth conversion amount So, let's say we move 50K from Roth to 401K and the married deduction is $24,800 ; we will only be taxed on$ 25,200!!! Our state does not tax retirement income, incl Roth So, we are set
Comment from : Mary Jones

How can Dave Ramsey qualified to do Roth IRA when there's an income limit of $144K a year?
Comment from : The Truths

I’m not getting it, why would I trigger a taxable event?
Comment from : Paul

Yup, not going to work, not going to get health insurance Can't work, too bad, still no health insurance
Comment from : Joe Schmoe

It’s reasons like this that the Roth 401k should always be looked at when considering a workplace retirement account
Comment from : Frugal Brando

I like the "LOVE TO WORK" sentiment When you love what you do, it is not going to be like work!
Comment from : Money Talk With MP

RMD is age 72 not 72-1/2
Comment from : Gary Ghertner

WHATS YOUR QUESTION??????
Comment from : LaCrux

Ramsey’s advice can be good but I find it to be wayyy to one dimensional there are many ways to reach financial freedom The longest of which is lump sum retirement which is what Dave advocates
Comment from : Investing Nerd

Sorry everybody, Dave doesn't fully understand how similar Roth and traditional are, it all depends on the tax bracket when you pull it out Growth will be exactly the same when it's all used up unless you pass it on as inheritance and that changes things Please do all the math before replying negatively
Comment from : M G

Convert up to the next tax bracket each year… Just not all at once
Comment from : KnifiNtheHeart

How TF does dave qualify for a ROTH? backdoor? I think the max income for one is something like $130K
Comment from : JD Boyd

Roth is a fantastic option for folks early on in their career I don't think its a good idea to pay a penalty to convert at this stage in life
Comment from : Finance Mind

This is something that needs to be explained better I am looking at this situation (possibly, not quite like this) in a few years
Comment from : 2 campbell

Secures 20 act that will most likely pass they will start allowing Roth 401k !!! Yay!!! And they also will have business pay your 401k the same amount that you pay your student loans brI wish Dave would talk about this a little
Comment from : Sarah Shanahan

Does this guy plan on working till he drops dead?
Comment from : Matthew Gardner

Too much tax to think about here
Comment from : VanessLife Tag Force Special! ♥

roblox is cool
Comment from : serrcoss

If it is a new Roth account you have to wait five years before you can take money out of it
Comment from : Parker R

I'm envious of rachels abilities to listen and absorb
Comment from : Sin City Titan

I have a Roth IRA and just started with a new company for a 401k I need to convert it to Roth because I don’t see taxes being lowered in the future at all and I’m not making a ton of money anyway
Comment from : Brad

What is a good bank for retirement? Am trying to find one that has a good return The bank am with only does 001
Comment from : Na

Just send Dave your money, so he can save you money
Comment from : Duelling Descartes

I converted my traditional 401k to a Roth 401k No tax break now but I'll be smiling later in life when it's time to retire
Comment from : R4ym1n

I wish I could ask dave some questions about saving on taxes while investing I keep getting bits and pieces from the internet but not one "path" to maximize deductions and invest
Comment from : Fabiano Pina

The Ramsey organization should really do a better job of advising high net worth people like the caller to seek advice from their estate planning lawyer and accountant To me, it's dumb to convert all of the IRA to Roth at their age and pay 37 tax for federal plus state tax on the conversion (and yes the conversion results in taxable income which the caller did not consider) A good advisor could tell the guy to let his kids pay tax on the IRA distributions when it passes to them or consider gifting it to charity as alternatives It's clear he has had these tax planning discussions and a 5 minute phone call with Ramsey is not going to cut it for this
Comment from : Jim Curtis

I thought Dave the caller probably named himself after Dave Ramsey too
Comment from : M Bank

At 67 Dave I wish I did a Roth instead of a 401 k Now I moved to your Beautiful state of Tn in 2020! Yay So much more affordable than communist state of Pa ! LOL
Comment from : Chuck Singer

Wish I would of started my Roth IRA a long time ago I don’t agree with everything Dave says in regard to real estate and CC but he’s dead on with this and debt
Comment from : Ivan Vargas