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White Coat Investor Podcast
WCI #370: Communicating with Your Spouse About Finances When You Don't See Eye to Eye
Jun 6, 2024
48:26
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Discussing how to communicate with your spouse about finances, including Roth IRAs and conversions. Tips on aligning goals, backdoor Roth IRAs, disability insurance, and retirement planning strategies for high earners. Sponsored by SoFi, offering financial services for medical professionals.
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Quick takeaways
- Balancing salary and distributions in an S-corp minimizes payroll taxes while maximizing retirement savings.
- Setting up a solo 401(k) for a side gig with $10,000/year allows for After-Tax Employee Contributions and Mega Backdoor Roth IRA conversions.
Deep dives
Benefits of Mega Backdoor Roth IRA Conversions with Solo 401(k)
Mega backdoor Roth IRA conversions offer significant advantages for those with QBI income, allowing a 20% deduction on Roth contributions compared to tax-deferred options. By setting up a solo 401(k) for a side gig with $10,000/year income, one can make After-Tax Employee Contributions and convert them to a Roth 401(k), maximizing growth in a Roth account. Despite the setup costs, the tax benefits over 30 years make this option valuable.
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