Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Suze School: The Language of Money in Retirement Accounts
Feb 25, 2024
In this podcast, they discuss the importance of knowing the language of money in retirement accounts, covering topics like rollovers, transfers, and conversions. Understanding these terms can help avoid costly mistakes and taxes, highlighting the significance of financial literacy for retirement planning.
29:18
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Quick takeaways
- Understanding the difference between rollovers and transfers is crucial to avoid unnecessary taxes and penalties in retirement savings management.
- Converting pre-tax retirement accounts to after-tax options like Roth IRAs involves taxable implications, emphasizing the importance of distinguishing conversions from rollovers.
Deep dives
Retirement Account Basics: Rollovers and Transfers
In understanding retirement accounts, knowing the difference between 'rollovers' and 'transfers' is crucial. A rollover occurs when transitioning money from an employer-sponsored plan to an individual retirement account (IRA) either directly or indirectly. On the other hand, a transfer is the movement of funds from one IRA to another without changing the account type. Recognizing these terms is vital to avoid unnecessary taxes and penalties related to retirement savings.
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