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Should I Consider Converting Money Into a ROTH?
You've likely heard a lot about Roth conversions recently, but what exactly are they, and should you consider one for your retirement planning? In this episode of Elevate Wealth, President & CEO Deanne Rosso is joined by Wealth Adviser Rob Fezekas to explore the ins and outs of Roth conversions and how they could benefit you.
Deciding if a Roth conversion is right for you depends on your individual tax situation and can be evaluated on a yearly basis. Consulting with a CPA or financial adviser is key to determining the best strategy for your unique circumstances.
If you're curious about whether a Roth conversion could fit into your financial plan, Elevate Wealth is here to help. Visit elevate-wealth.com and click “Let’s Talk” for personalized advice.
Stay informed and make the best choices for your retirement strategy!
🔗 Website: https://elevate-wealth.com
🔗 Facebook: / elevatewealthadvisory
🔗 Instagram: / elevatewealthadvisory
Subscribe to our channel and hit that notification bell 🔔 to stay updated on the latest investment strategies and financial planning tips!
#AdviceInAction #ElevateWealth #WealthWise #FinancialFitness #FinancialReview #StockMarket #taxes #TaxCuts #TaxCutsAndJobsAct #InvestmentPhilosophy #RetirementPlanning #ElevateWealthAdvisory #FinancialMarkets #stocks #retirement #StockReturns #InvestmentStrategies #FinancialPlanning #WealthBuilding #wealthadviceforyourbestlife #election #politics #financialmarkets #financialplanning #yearendgiving #rmds #taxdeadlines #rothira
Roth conversions. We've been hearing a lot about them lately on commercials and social media and such, but what are they, and how do they actually work? We'll explore this today on Elevate Wealth. Hey there, I'm Deanne Rosso, and I'm joined again today by our Director of Investment Policy and Wealth Adviser, Rob Fezekas. Hey there, Rob! Hey, Deanne! It's great to be here. Thank you for being with me today. So, Rob, what is a Roth, what are the benefits, and how does a Roth conversion work? Sure, so a Roth account is just another kind of retirement account, so it's like an IRA or a 401k. The big difference is: a Roth account holds after-tax assets, so it's money in the account that's already been taxed. And it's a nice account to have because it means that once money is inside a Roth account, it can grow tax-free, and after certain conditions are met, withdrawals can be tax-free, as well. Gotcha. Yeah, that's that's the biggest benefit to the Roth right, is in retirement. I have somewhere to pull from where I don't have to trigger taxes every time. Exactly right. Well, how does a Roth conversion work, and how do I know that's right for me? A conversion means you're taking money that's in an IRA account and you're going to move it into a Roth account, and we do need to be really careful about that because that's considered taxable income in the year that we do it. I would really encourage anyone who's thinking about that strategy to speak with an expert or somebody who's really knowledgeable with their situation, because we want to avoid any big tax bills, any surprises at the end of the year. Right. So the more we can accumulate in a Roth over time, the better. The more over time we can convert into Roth, perhaps the better for when we're in retirement but just depends on your situation and what your tax rate is, right? That's exactly right. Yeah. So having a plan for that I think is really important. I think it can really help your tax situation in retirement, and that's one of the things that we're here to do for our clients is help you decide whether or not a Roth conversion is right for you. So if you'd like to talk more about this, or you have questions for your own situation, you can feel free to reach out to us. You can visit us at elevate-wealth.com and click "Let's talk." Thank you, Rob, for joining me today. Thank you. And we'll hope to see you all next time on Elevate Wealth!
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By Elevate Wealth AdvisoryYou've likely heard a lot about Roth conversions recently, but what exactly are they, and should you consider one for your retirement planning? In this episode of Elevate Wealth, President & CEO Deanne Rosso is joined by Wealth Adviser Rob Fezekas to explore the ins and outs of Roth conversions and how they could benefit you.
Deciding if a Roth conversion is right for you depends on your individual tax situation and can be evaluated on a yearly basis. Consulting with a CPA or financial adviser is key to determining the best strategy for your unique circumstances.
If you're curious about whether a Roth conversion could fit into your financial plan, Elevate Wealth is here to help. Visit elevate-wealth.com and click “Let’s Talk” for personalized advice.
Stay informed and make the best choices for your retirement strategy!
🔗 Website: https://elevate-wealth.com
🔗 Facebook: / elevatewealthadvisory
🔗 Instagram: / elevatewealthadvisory
Subscribe to our channel and hit that notification bell 🔔 to stay updated on the latest investment strategies and financial planning tips!
#AdviceInAction #ElevateWealth #WealthWise #FinancialFitness #FinancialReview #StockMarket #taxes #TaxCuts #TaxCutsAndJobsAct #InvestmentPhilosophy #RetirementPlanning #ElevateWealthAdvisory #FinancialMarkets #stocks #retirement #StockReturns #InvestmentStrategies #FinancialPlanning #WealthBuilding #wealthadviceforyourbestlife #election #politics #financialmarkets #financialplanning #yearendgiving #rmds #taxdeadlines #rothira
Roth conversions. We've been hearing a lot about them lately on commercials and social media and such, but what are they, and how do they actually work? We'll explore this today on Elevate Wealth. Hey there, I'm Deanne Rosso, and I'm joined again today by our Director of Investment Policy and Wealth Adviser, Rob Fezekas. Hey there, Rob! Hey, Deanne! It's great to be here. Thank you for being with me today. So, Rob, what is a Roth, what are the benefits, and how does a Roth conversion work? Sure, so a Roth account is just another kind of retirement account, so it's like an IRA or a 401k. The big difference is: a Roth account holds after-tax assets, so it's money in the account that's already been taxed. And it's a nice account to have because it means that once money is inside a Roth account, it can grow tax-free, and after certain conditions are met, withdrawals can be tax-free, as well. Gotcha. Yeah, that's that's the biggest benefit to the Roth right, is in retirement. I have somewhere to pull from where I don't have to trigger taxes every time. Exactly right. Well, how does a Roth conversion work, and how do I know that's right for me? A conversion means you're taking money that's in an IRA account and you're going to move it into a Roth account, and we do need to be really careful about that because that's considered taxable income in the year that we do it. I would really encourage anyone who's thinking about that strategy to speak with an expert or somebody who's really knowledgeable with their situation, because we want to avoid any big tax bills, any surprises at the end of the year. Right. So the more we can accumulate in a Roth over time, the better. The more over time we can convert into Roth, perhaps the better for when we're in retirement but just depends on your situation and what your tax rate is, right? That's exactly right. Yeah. So having a plan for that I think is really important. I think it can really help your tax situation in retirement, and that's one of the things that we're here to do for our clients is help you decide whether or not a Roth conversion is right for you. So if you'd like to talk more about this, or you have questions for your own situation, you can feel free to reach out to us. You can visit us at elevate-wealth.com and click "Let's talk." Thank you, Rob, for joining me today. Thank you. And we'll hope to see you all next time on Elevate Wealth!