Should You Do Roth Contributions in 24% Tax Bracket?
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- čas přidán 5. 09. 2024
- Should you consider doing Roth contributions or Roth conversions in the 24% tax bracket?
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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk, including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.
As with all the varying scenarios the answer is that it depends.
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Good video but I slightly disagree. I'm in a similar situation. I'm already paying enough in taxes. Paying MORE in the form of Back Door Roth taxes is not something I'm looking to do now. At retirement I would have my largest expense (home) paid off. Yes I'd continue to pay property taxes and other expenses but I'd also not be purchasing vehicles at the same rate I am now. My expenses are likely to be lower which means I'd withdraw less from my taxable retirement accounts.
You will have to pull money out out 401k for rmd
This is all assuming you have alot in pretaxable and only a small amount in Roth or taxable. If you will have low expenses in retirement, then you will be in a low tax bracket...and I would agree with you. But let's say you will be living large in retirement and spend enough to put yourself in a 25% or higher tax bracket? Another reason to keep low MAGI is ACA subsidies if you retire before 65.
Some good planning here, IMO
I wish I had figured this out a couple of years ago. But probably even 3 years ago I could not have seen how things would be different now. Oh well!
Helpful analysis. Thank you.