CPA and IRA expert Ed Slott joins host J.R. Whalen to explain the "Mega Backdoor Roth IRA Conversion," a little-known technique allowing people to make annual tax-free retirement account contributions above government-imposed limits. The tactic gained attention after PayPal founder Peter Thiel amassed $5 billion in his Roth IRA account.
Want your retirement planning to hit jackpot savings levels? Of course you do. And you're wondering if the way to reach those heights is via alternative investments like cryptocurrency and Bitcoin price swings. What about additional alternatives like collectible comic books and real estate?
Cryptocurrencies, among the world’s most volatile assets, are searching for mainstream acceptance in the investment world. Their next target: your retirement portfolio.
Financial services companies are rolling out new products and services that allow more everyday investors to add bitcoin and other virtual currencies to their nest eggs as a way of reaching for higher returns. Some are marketed under names such as “CryptoIRA” and “BitcoinIRA.”
Does your employer offer both a traditional and Roth 401(k) and does your employer allow you the opportunity to do what’s called an in-plan Roth conversion? That’s a tactic whereby you would convert some or all the money in your traditional 401(k) into your Roth 401(k). If so, it’s important to know the do’s and don’ts?
As a result of widespread job loss during the coronavirus pandemic, many suddenly-unemployed persons who dipped into retirement accounts are saddled with outstanding loans from company savings plans. Advisers can play a valuable role in helping these clients by understanding how the “loan offset” rules work, how the CARES Act affects loan offsets, and how offsets differ from “deemed distributions.”
The age when older Americans must start making withdrawals from retirement accounts could change yet again.
Under a provision in proposed retirement legislation pending in Congress, required minimum distributions, or RMDs, would start at age 75 by 2032, up from age 72 — which only took effect last year after the 2019 Secure Act raised it from age 70½.
I figure Ed Slott has been asked this question a million times, “How much do I need to retire?”, but I ask it anyway. Like anything in life, the true answer is a little more nuanced. My guest, Ed Slott, is a CPA and accomplished author of financial and retirement-focused books, including his latest, The New Retirement Savings Time Bomb.