Podcasts Business Investing Your Money, Your Wealth How DOL Fiduciary Rule Change Will Impact Retirement Accounts - 42

How DOL Fiduciary Rule Change Will Impact Retirement Accounts - 42

Published: June 25, 2016, 6 p.m.

The fiduciary rule change will bring some changes to the financial planning industry. In episode 42 of the YMYW podcast, find out what the new rule could mean for your savings, then learn about tax reduction strategies. Original publish date June 25, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.\xa0

00:00 - Intro
00:46 \u201cIf you\u2019re not familiar with a 529 plan, it\u2019s a college savings plan that you can invest after-tax dollars that will grow 100% tax-free if it\u2019s used for qualified education\u201d
01:52 - \u201cOther states actually offer extra benefits if you go to college in their state with their plan; California is not one of them\u201d
07:03 - \u201cShouldn\u2019t all advisors offer advice in your (the client\u2019s) best interest?...That\u2019s the foundation of Pure Financial Advisors\u201d
07:15 - \u201cWe\u2019re a Registered Investment Advisor, a fiduciary and fee-only. That means there\u2019s never a commission generated\u201d
07:32 - \u201cWe\u2019re trying to eliminate a lot of the different conflicts in the industry\u201d
12:43 - \u201cThose born between January 1st and June 30th of 1946 will turn 70 \xbd this year, which means you\u2019ll have to start taking your required minimum distribution\u201d
17:35 - \u201cIf you want to do a Roth conversion, you\u2019ve got to do a required distribution first\u201d
21:34 - \u201cYou brought up a strategy that\u2019s so good that I want to go over it \u2013 it\u2019s called the backdoor Roth contribution
23:55 - \u201cA Roth is not an investment; it\u2019s a type of retirement account. Anything that you can invest in outside of a retirement account you can also invest in a Roth IRA\u201d
26:37 - \u201cIf you could protect your wealth from taxes, you can take on less risk\u2026the markets are volatile, but guess what? Right now is a great time to do Roth conversions if you haven\u2019t done it already. There are tax moves you want to make right now\u201d
32:52 - \u201cYou\u2019ve got to take the noise out and understand that the fundamentals of capitalism should prevail\u201d