What should you do with those retirement savings? Whether you are leaving a job or navigating big expenses in retirement, David is here to answer a few questions from the mailbag.
As a follow up to some of our recent podcasts, David answers two questions from the mailbag. Are you facing a similar situation? Or, do you have another question for David?
Annie is retired, single, and in need of home updates. She’s nervous about spending the money though since she may need it in the future. What should she do? David says to start by going back to your retirement plan to see when your plan says you will run out of money. Do you have room in your plan? Where are all of your savings?
The home improvements that you are making is an investment into an appreciating asset. When you sell this home, it’s likely going to be worth more than today, especially if you make improvements. Home furnishings however are not an investment, but are still important.
Raleigh recently left his job, rolling a 403(b) into an IRA. The 403(b) is half Roth and half traditional. His advisor is recommending to go ahead and convert the traditional side to a Roth as well, but that will be a big tax bill come the spring. With a retirement portfolio already 75 percent Roth, is it necessary to go to 100 percent Roth with retirement savings?
David says to look at your tax brackets. There might be a year in the future where your income is down, providing a better opportunity to do a Roth conversion. Ask when is the right window of opportunity to do a Roth conversion?
Listen to the entire episode or skip ahead using the timestamps below.
If you ever want your question spotlighted on the show or to ask David something about your retirement, email him at [email protected]
1:32 - Mailbag: Should I spend money on home updates in retirement?
8:24 - Mailbag: Should I convert my IRA rollover into a Roth?
"Every year there are tax rules that can work in your favor if you’re aware of them and you take action on them."
– David Dickens
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CONTACT US
OUR LOCATION
10975 Grandview Drive
Building 27, Suite 190
Overland Park, KS 66210
Get Directions
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