130 - Should I Do Roth Conversions in Low Income Years?

An episode of the Real Personal Finance podcast, hosted by Scott Frank and James Conole, titled "130 - Should I Do Roth Conversions in Low Income Years?" was published on December 15, 2021 and runs 23 minutes.

December 15, 2021 ·23m · Real Personal Finance

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Summary

Scott and James discuss if you should do Roth Conversions in years where income is relatively low. Listener Question I am currently single and maxing out my 401k. In two more years I'll have been doing this and my Roth IRA for four years total. I plan on going back to training for one year and at that point it will drop me from the 37% tax bracket to 22%. My question is I currently contribute to a Roth 401(k) and I plan to stop doing that and just contribute fully to my 401(k), but in the y...

Episode Description

Scott and James discuss if you should do Roth Conversions in years where income is relatively low.

Listener Question

I am currently single and maxing out my 401k. In two more years I'll have been doing this and my Roth IRA for four years total. I plan on going back to training for one year and at that point it will drop me from the 37% tax bracket to 22%. My question is I currently contribute to a Roth 401(k) and I plan to stop doing that and just contribute fully to my 401(k), but in the year I earn less move everything to my Roth IRA, is this the right decision or should I keep contributing part of the Roth 401(k) and regular combined?

Planning Points Discussed

Retirement Planning
Utilizing Time Efficiently
Capital Appreciation
Purchasing Power
Other issues (IRAs, Inflation, Financial Goals, etc.)

Timestamps:

3:57 - Retirement Contributions

7:07 - Moving Funds To Pre-Tax

10:27 - Contribution Limits

12:40 - Additional Savings

16:51 - Roth Conversions

18:47 - Tax-Gain Harvesting

20:09 - Aligning Your Financial Goals

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Scott

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