Ed Slott

speaker

299 appearances 3 recordings 1 series first heard Jan 2018 last heard Apr 2022

Ed Slott’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

No recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.

Appearances

newest first · ▶ plays the moment

WSJ Your Money Briefing · Roth IRA: A No-Brainer for Younger Investors? · 16 Jan 2018 podcast

But one of the core rules of good tax planning...

is to always pay taxes at the lowest rates.

But that's like saying always buy low and sell high.

That's a good one, too.

But with taxes, you know when it's low.

It's right now.

I cannot see, especially after what just went on with the new tax law, rates ever going lower.

So now is the time to strike more than ever.

Now is the time to convert to a Roth IRA and pay taxes at the lowest rates.

Because you pay now, but never again.

But there's a flip side to that, too.

One little item that may not have received much attention in the new tax law, Roth conversions are now permanent.

There's no do-overs, no reversing your decision, no going back.

Once you convert, the tax is due.

So this is a decision that you really should make with your financial and tax advisors to make sure it's the right move for you because there's no going back.

I would suggest waiting until maybe later in the tax year when more of your numbers, your income and tax brackets, might be better known.

Or do an annual series of smaller conversions over the years to take advantage of the lower brackets and lessen the tax impact each year, but still be building your Roth IRA tax-free.

Well, there are some complicated rules with Roth IRAs, but the general rule is if you hold it long-term the way it's supposed to be held for retirement, you can take it out or not take it out, whatever you want.

You can't make a mistake, and whatever you take out is tax-free forever.

But if you're not using it the right way or you need to get to your money, things have changed in your life, then there are some more complicated rules if you're under 59 1⁄2.

Showing 261–280 of 299 · page 14 of 15