Should You Switch Retirement Contributions to Roth?

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Is it better to save for retirement in traditional 401(k)s and IRAs, or in Roth accounts? That’s today on Your Money, Your Wealth® podcast 518 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, what are the rules around contributing to two different types of Roth accounts? If required minimum distributions will be staggered because of a couple’s age difference, should they convert their retirement savings to Roth, or leave it alone? But first, Joe and Big Al have a backdoor Roth conversion withdrawal debate to settle.

00:00 - Intro: This Week on the YMYW Podcast
01:02 - Can Backdoor Roth Conversions Be Withdrawn at Any Time? (Tyler, Arlington, VA)
06:11 - Am I Allowed to Have Two Roth Accounts? Should I Use My Roth 403(b)? (Kimberly, NY)
07:06 - Should I Switch Contributions from Traditional TSP to Roth? (Kate, Cleveland, OH)
11:47 - Download the Ultimate Guide to Roth IRAs for free
12:43 - Self-Insuring Long-Term Care: Traditional IRA or Roth? (Neo, San Clemente, CA)
18:05 - Our RMDs Will Be Staggered. Should We Convert $4M to Roth or Leave It Alone? (Mike, Western PA)
22:00 - Should I Switch Traditional IRA Contributions to Roth? (Joe, NC)
25:39 - Watch Will Your Money Last Through Retirement? on YMYW TV, Download the Retirement Lifestyles Guide for free
26:31 - Should We Dial Back Pre-Tax Savings and Put More in Brokerage? (Herc & Angel, MA)
31:44 - We Can Mega-Save. What’s Our Plan of Attack? Ricky Bobby, Charlotte, NC)
38:42 - Watch Is a Market Correction Coming in 2025? YMYW Podcast Q&A and Feedback

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CFP® - The CERTIFIED FINANCIAL PLANNER® certification is by the CFP Board of Standards, Inc. To attain the right to use the CFP® mark, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. 30 hours of continuing education is required every 2 years to maintain the certification.
AIF® - Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.

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