Welcome to a new week here on the Retirement Quick Tips podcast. I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $340 million in client assets. I’m a Chartered Retirement Planning Counselor, and I started this podcast because I love helping people just like you gain clarity and make a plan for the retirement you envision. 

The theme this week on the podcast is: Does It Matter When You Convert To a Roth IRA or 401k? 

When I started my career as a financial advisor at the age of 22, I was fortunate enough to work for an employer that offered a Roth 401k option. For the last 15 years, I’ve been saving as much as I can each year into my Roth 401k, and while I have not benefited from the tax deductions that I would have otherwise had from my 401k contributions, as I write this today, about 50% of our personal assets set aside for retirement are in Roth accounts. I’m thankful for this because I won’t have to contemplate significant Roth conversions later in life as I approach retirement, because I took care of getting the money into the Roth on the front end. But most people I work with are in the opposite situation. They might have 10-20% of their retirement assets in Roth accounts, and they’d like to increase those Roth assets. 

So this week, we’ll talk about the pros and cons of Roth conversions, and the nuances of why it matters when you complete a Roth conversion during the year. And with the stock market down for the year and changes to the rules for Roth’s always on the table, I think now is an excellent time to consider at least a partial Roth conversion. 

I hope what I have to share with you this week will help you make smart and thoughtful decisions with your retirement, and your family’s safety. And while I am careful to not lead you astray, personal finance is not an exact science. There is no one-size-fits-all solution for everyone, so I encourage you to disregard anything I say that may not be helpful for you, and to consult your own financial, tax, and legal advisors regarding your own individual situation. 

That’s it for today. Thanks for listening! My name is Ashley Micciche...and this is the Retirement Quick Tips podcast.

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance