Podcasts Business Investing Your Money, Your Wealth Is It the End for These Three Tax-Saving Strategies? - 51

Is It the End for These Three Tax-Saving Strategies? - 51

Published: July 30, 2016, 7 a.m.

On YMYW podcast 51, Joe Anderson, CFP\xae & Alan Clopine, CPA discuss three major tax-saving strategies that might be going away: the backdoor Roth IRA, net unrealized appreciation (NUA) and the stretch IRA. Learn how you can take advantage of them before it\u2019s too late. Original publish date July 30, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

04:07 - \u201cThat\u2019s why the government is trying to get rid of it (the backdoor Roth IRA), because it\u2019s a way for those who make a lot of money to do a Roth contribution kind of the backdoor way.\u201d

05:25 - \u201cThe downside of doing a conversion is that you have to pay the tax on the dollars that go into the Roth.\u201d

05:45 - \u201cIf you\u2019re under 70 \xbd and you have earned income, you can contribute to a traditional IRA.\u201d

09:57 - \u201cThe most important investment, by far that you can make is an investment you make in yourself.\u201d

11:56 - \u201cOur opinion is that if you don\u2019t have a Roth [IRA], start one now.\u201d

17:17 - \u201cYou want to make sure you understand all of these rules to truly maximize the amount of tax-free income you have in retirement.\u201d

20:32 - \u201cWe\u2019re talking about a couple different strategies that you might want to consider before the door closes on you. We talked about backdoor Roth IRAs and here\u2019s another one \u2013 net unrealized appreciation.\u201d

24:04 - \u201cCapital gain rates \u2013 event though they\u2019re a lot cheaper than ordinary income rates, in some cases about half of ordinary income rates \u2013 the higher your capital gain, the higher the rate goes up.\u201d

31:15 - \u201cIf you pass away with a retirement account, it is completely different from any other asset that you will pass on to the next generation.\u201d

35:04 - \u201cIt\u2019s a matter of taking control over your own taxes to figure this out so not only yourself will be in a better spot or your spouse, but your kids as well with regards to your IRA.\u201d