Episode #98 Roth IRA Contribution Limits And Other Questions

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Today’s Smart Money Question:

This week, we’ll delve into some listener questions about retirement accounts. Matt will clear up the difference between the tax characterization of different types of accounts, as well as whether they should be invested differently. He’ll also discuss what happens if you overfund a Roth IRA, how your Social Security is taxed, and more.
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(Click the featured times below to jump forward in the episode)

Here Are Just A Handful Of Things You’ll Learn:

[2:28]– ROTH IRA vs 401(k) Tax characterizations

  • Richard in PA wants to know if you  should choose different types of investments in a ROTH IRA vs a 401(k) because of their tax differences. Matt also discusses the different types of tax characterization.

[10:12] Different Investment Choices Between a ROTH IRA, a Traditional 401(k) & Taxable account

  • Matt goes over  investment  portfolio’s for taxable accounts.

[12:09]– Over-Funding Your ROTH IRA

  • Belle in TN maxed out her ROTH IRA contribution last year and she ended up having an amazing sales year but that put her over the income limit for her ROTH IRA. Belle wants to know if she is going to get penalized for this.

[19:02]– How are Social Security Benefits Taxed and How The MAGI Calculation Comes Into Play

  • Paul in MD was under the impression that he wouldn’t have to pay taxes on his Social Security benefits. He soon finds out that, that was incorrect and is wondering why some people pay less taxes than he has too.

[21:54]– Should I Factor an Inheritance I Will Most Likely Get Into My Retirement Plan

  • Rebecca in TX is most likely going to get a substantial inheritance, she wants to know if she should factor that into her retirement plan

 

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The host: Matt Hausman – Contact – Resources – Call: 610-719-3003

 

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