Laura Saunders
speaker
5,937 appearances
109 recordings
1 series
first heard Jul 2017
last heard Nov 2024
Laura Saunders’s voice in public audio — every appearance, attributed to the second.
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Appearances
With a traditional IRA, you can always move it.
Of course, you need to pay taxes on it.
So that's a kind of a barrier.
And you really should pay the taxes with money from outside the account, not inside the account.
With 401ks, your employer needs to have a Roth balance.
option and it needs to allow you to go from your traditional 401k to your Roth 401k and not all companies do that.
Of course, if you move that money inside the plan, you will have to pay taxes also and you need to have it available from somewhere else to pay the taxes.
Yes, absolutely.
And it's very individual.
Funding a Roth account is a pretty slam-dunk move for people who are young.
20s, early 30s, they know they're going to be making more money in the future.
And so go on and put your money into Roths now.
It's a harder call when you're in your 40s and 50s or maybe early 60s because there are a lot of moving parts about tax rates now versus tax rates later.
They can open a Roth IRA or put more money into a Roth IRA if the rules allow.
They could convert a current traditional IRA into a Roth IRA, or they could go to their employer and say, what are my options here?
Could I move my 401k money into a Roth 401k?
Do you have one?
Could I roll money out of my traditional 401k and into a traditional IRA and then maybe convert it to a Roth IRA?
That is all possible if it's allowed.
And often to get the money from your 401k to a Roth IRA, you need to be 59 and a half.
Showing 121–140 of 5,937 · page 7 of 297
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