Episode 66: ROTH Conversions & Biden Tax Increases
Aug 5, 2021
With a possible tax rate increase in the near future, people are wondering if it is still a good time to do ROTH Conversions. Anytime is a good time to do ROTH Conversions, depending on your specific situation. Creating tax free income for retirement is a good idea with government debt, spending, and an aging population likely to mandate higher taxes no matter what political party is in power.
Here are just a handful of the things that we'll discuss:
- Biden has signaled a tax increase for anyone making more than $400,000, however there can still be an impact on lower incomes
- There has been a recent increase in people asking about ROTH 401k and IRA’s
- The tax increase could be retroactive to January 2021, so reevaluate ROTH conversion when there is some certainty on 2021 tax rates
- Do you want to pay tax on the seed or the harvest (think farming)
THIS WEEK’S OFFER:
Get your complimentary copy of Are You Paying too Much in Taxes in Retirement?
