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July 9th, 2024

The Roth Conversion Sweet Spot: Maximize Retirement Savings (And Avoid Costly Mistakes)

  1. The Roth Conversion Sweet Spot: Maximize Retirement Savings (And Avoid Costly Mistakes) James Conole, CFP® 24:31

Listener Nael opens up a discussion about Roth conversions. There are benefits to doing Roth conversions, but can you do too many? Are there any downsides to Roth conversions?

Reaping the tax benefits from Roth conversions requires hitting a specific sweet spot. If you convert too little or too much, you’ll be leaving money on the table. 

So, how do you find Roth-conversion the sweet spot? James lays out five things you should consider as you plan when and how much to convert:

1. Macro and micro tax environment
2. Required minimum distributions
3. State tax brackets
4. Charitable giving
5. Legacy planning

Questions answered:
How might a future out-of-state move impact Roth conversion decisions?
What impact might Roth conversions have on charitable giving or legacy gifts?

Timestamps:
0:00 – Question from Nael
2:20 – The wrong
4:27 – The right way
7:21 – The reality
9:12 – Macro/micro tax environment
11:19 – RMDs and state taxes
15:36 – Charitable giving
17:12 – Legacy and life expectancy
21:22 – Wrap-up

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James Conole CFP®, Podcaster

James Conole is the founder of Root Financial and the host of the Ready For Retirement podcast and YouTube channel.

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