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Will a financial advisor give you an unbiased opinion? What\u2019s the difference between a TSP and a Roth IRA? Joe Anderson, CFP\xae and Alan Clopine, CPA answer these questions and more in YMYW podcast episode 91. Original publish date December 17, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:54 \u201cA stretch IRA is a way for your children, when they inherit your IRA, to stretch it over their lifetime\u2026this may go away\u2026if it goes away, we will go back to old rules which means all money in the IRAs needs to be withdrawn within five years, which could put your kids and grandkids in much higher tax brackets.\u201d

05:17 \u201cA Roth IRA will grow 100% tax-free. There is no required minimum distribution in a Roth IRA. If you pass with a Roth IRA, then your kids can take those dollars out tax-free. So, it grows tax-free you\u2019re your life, your spouse\u2019s life and the kids\u2019 lives. It\u2019s very powerful if you do this right.\u201d

06:54 \u201cThis is one of the most important times ever to be doing conversions; the unfortunate thing is you have to do it before December 31st for this year.\u201d

13:52 \u201cIf you\u2019re broke, you can always pull out your Roth contribution regardless of what age you are \u2013 no tax, no penalty.\u201d

15:08 - \u201cI'm in a 30 year fixed mortgage with Wells Fargo. There have been several financial criminal incidents regarding Wells Fargo this past year. Could my mortgage be negatively affected by this as well as the interest rate hike?\u201d

23:03 - \u201cI recently changed my job. My new employer offers a 401(k) plan, but only after I have worked a certain number of hours. So technically, I cannot contribute towards any retirement account. So as to reduce the tax, can I contribute towards my spouse's 401(k), and max out his contributions?
We file taxes jointly.\u201d

25:09 - \u201cWill a financial advisor provide an unbiased assessment of a financial plan I already have in place? I already have an Investment Advisor connected with an insurance company who handles our investments. I would like to have an independent financial advisor who can provide an unbiased assessment of our financial plan and investments. Is it possible that an advisor would provide this service and what fee might be expected?\u201d

33:33 - \u201cCan I move money from a retirement account to a Roth IRA and what is the process like? Tax ramifications? Do I have to move all of it?

34:36 - \u201cI am a government employee and have a TSP. What is the difference between that and a Roth IRA? A civilian Roth IRA and TSP?\u201d