Happy New Year! Today on Your Money, Your Wealth® podcast #254 with Joe Anderson, CFP® and Big Al Clopine, CPA: the thrift savings plan (TSP) explained, and the rules around Roth conversions from TSPs. Plus, the fellas answer your questions about, what else, Roth conversions and contributions: age limits on making conversions, backdoor Roth conversions, Roth contribution phase-outs and recharacterizations, and the pro-rata rules. Plus, Joe explains, again, his distaste for fixed index annuities, and we find out why Big Al is called “Big”. Ask money questions, read the transcript & access free financial resources: NOTE: The SECURE Act, effective January 1, 2020, changes a number of rules around retirement savings, required minimum distributions and the stretch IRA strategy. Learn more by downloading the SECURE Act guide:
01:02 - Should I Move Funds From TSP to Roth TSP and How Much Tax Will I Pay?
08:03 - Will Converting to Roth from TSP Affect My Backdoor Roths?
18:24 - Why Would I Put After-Tax Money in a 401(k)?
22:04 - Roth Contribution Phase-Outs for Married Couples Explained
23:38 - Can I Recharacterize a Roth Contribution? What About the Gains?
25:51 - If I Do a Backdoor Roth, Do I Have to Pay Additional Taxes?
26:57 - Can You Do Roth Conversions Over the Age of 80? How to Save on Taxes?
30:28 - If I Do a Second Roth Conversion This Year Will the Pro-Rata Rule Apply?
35:26 - What Do You Think of My Fixed Index Annuity?
44:12 - Why is "Big Al" Big?
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