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Oregon\u2019s State Senator Ron Wyden is proposing a limit on Roth IRA accounts so high-income households would face restrictions on this tax-advantaged retirement account. Would this solve anything? Joe Anderson, CFP\xae and Big Al Clopine, CPA discuss in episode 63 of the YMYW podcast. Later, 6 reasons to convert to a Roth IRA in your 50s and 60s. Original publish date September 10, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.\xa0

00:00 - Intro

02:50 - \u201cPeople who have a retirement plan through their employer tend to have more money in retirement.\u201d

05:17 - \u201cThere\u2019s no such thing as a mega-Roth IRA.\u201d

07:12 - \u201cTaxpayers \u2018are pouring dollars into incentives for retirement savings, but still far too many Americans struggle to set money aside after they cover their basics. Tax incentives for savings ought to be available to more working families and more generous to middle class.\u2019\u201d

11:49 - \u201cThe IRS is getting their tax money upfront when you put money into a Roth.\u201d

14:19 - \u201cAt age 70 \xbd, you have to take a required distribution.\u201d

23:18 - \u201cWhat does a [company] match mean? It\u2019s when you put a dollar in and your company matches it.\u201d

26:50 - \u201cIf you have extended your tax return or even if you have not\u2026and you did a Roth conversion last year, you\u2019re allowed until October 15 to re-characterize that amount.\u201d

30:53 - \u201cIf you pass away with a retirement account, the IRS wants their tax money\u2026When you pass away, it will go to your named beneficiary\u2026your spouse has different rules.\u201d

33:58 - \u201cRoth IRAs do not have a required distribution to the owner but if I\u2019m a beneficial owner it doesn\u2019t matter what type of retirement account it is\u2026they will have to take that requirement.\u201d