WCI #356: Navigating The Struggle To Financially Support Parents And Still Save The Way You Want To
Feb 29, 2024
Topics include navigating contributions in 401(k) or 403(b), identifying a good CPA, backdoor Roth conversions, challenges of financially supporting immigrant parents, and exploring locum tenens opportunities for physicians. The episode also delves into balancing support for parents with personal savings goals and offers insights on tax strategies and retirement savings.
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volunteer_activism ADVICE
Maximize Mega Backdoor Roth Contributions
Consider funding your mega backdoor Roth with a lump sum check rather than adjusting tax withholding.
Making quarterly estimated tax payments is acceptable if you reduce withholding from your employer.
insights INSIGHT
Choosing Roth vs Traditional Contributions
Decide between Roth and traditional 401k contributions by comparing your current vs. future tax rates.
Having substantial taxable income in retirement may justify Roth contributions despite high current tax brackets.
volunteer_activism ADVICE
Understanding 401k Contribution Changes
Changing your contribution type in a 401k or 403b creates separate subaccounts.
Investments can be allocated flexibly across tax-deferred, Roth, and after-tax buckets.
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Today we are answering your questions from email and social media. We discuss what happens inside a 401(k) or 403(b) if you change your type of contribution, how to know if you have a good CPA, what constitutes a super saver and If you can roll your 403(b) into a Roth IRA and do a backdoor Roth in the same year. We tackle a back door Roth conversion question and talk about the challenges for someone who is financially supporting their immigrant parents.
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