Suze Orman's Women & Money (And Everyone Smart Enough To Listen) Ask KT and Suze Anything: Can My Spouse Help Me Fund My Roth?
Dec 20, 2024
Suze dives into the significance of emergency savings accounts, emphasizing financial stability. They tackle market fluctuations and retirement account rollover tips to avoid costly mistakes. Listeners gain insights on spousal contributions to Roth IRAs and the challenges of Medicare transitions. The conversation encourages prioritizing personal values for true financial success, while also highlighting tailored savings options that can help secure a stronger financial future.
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Roth Conversion Tax Implications
- Be careful when converting pre-tax retirement accounts to Roth accounts.
- The converted amount becomes taxable as ordinary income.
Celebrate Financial Success
- Celebrate paying off debt and exceeding retirement goals.
- Continue practicing mindful spending habits.
Investing for Growth
- Open a Roth IRA at Fidelity or Schwab for investment growth.
- Prioritize this over an additional savings account if you already have sufficient emergency funds.