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496 | Mailbag: Roth vs. Trad, $35k Roth to 529, Combining Finances | Rachael Camp
Jun 17, 2024
Financial expert Rachael Camp joins the hosts to discuss Roth vs. Traditional IRAs, converting 529 funds to Roth IRAs, gifting money to children, and combining finances after marriage. They cover tax arbitrage, considerations for retirement accounts, rules for conversions, implications of gifting money, and tips for managing finances as a couple. An informative and engaging episode for those looking to optimize their financial planning!
01:11:48
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Quick takeaways
- Consider future tax rates when choosing between Roth and traditional IRAs for retirement planning.
- Tailor your tax strategy based on personal circumstances for optimal retirement plan with Roth accounts.
Deep dives
Conversion of 529 Funds to Roth IRAs
Families can now transfer up to $35,000 from unused 529 funds to Roth IRAs in a bid to resolve overfunding issues. The 15-year rule stipulates that the account must be open for 15 years before conversion, ensuring adequate planning. Contributions need to match earned income, encouraging strategic planning based on individual circumstances.
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