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Can I Roll My Solo 401(k) to a Simple 401(k)? - 67
Manage episode 172295308 series 1375495
Joe Anderson, CFP® & Alan Clopine, CPA discuss some last-minute tax planning tips before year-end in episode 67 of the YMYW podcast. They also answer frequently asked financial questions, including whether you can roll your solo 401(k) to a simple 401(k). Original publish date September 24, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.
00:00 - Intro
04:35 - “One of the most critical elements is checking your emergency funds.”
07:55 - “Take your retirement budget for a test drive and adjust your spending plan.”
16:15 - “Can I convert my Individual 401(k) to a SIMPLE 401(k)?”
17:50 - “We like solo 401(k)s a little bit better, because if you’re not making a lot of money you can put a lot more money into it if you want to shelter that.”
22:02 - “You have to do [Roth] conversions before December 31st…you can convert any dollar amount you want to.”
24:29 - “Should I be concerned about the Department of Labor scare?”
29:11 - “In some cases, the financial industry, banking industry or maybe insurance companies might feel a bit of a hit because they’d have to do things differently but I think over the long term this is good for people and the industry… in fact, this should have been done a long time ago.”
30:02 - “Where should I invest my inherited money?”
35:03 - “You just have to figure out what your goal is and that will help you figure out how to invest it.”
495 episodes
Manage episode 172295308 series 1375495
Joe Anderson, CFP® & Alan Clopine, CPA discuss some last-minute tax planning tips before year-end in episode 67 of the YMYW podcast. They also answer frequently asked financial questions, including whether you can roll your solo 401(k) to a simple 401(k). Original publish date September 24, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.
00:00 - Intro
04:35 - “One of the most critical elements is checking your emergency funds.”
07:55 - “Take your retirement budget for a test drive and adjust your spending plan.”
16:15 - “Can I convert my Individual 401(k) to a SIMPLE 401(k)?”
17:50 - “We like solo 401(k)s a little bit better, because if you’re not making a lot of money you can put a lot more money into it if you want to shelter that.”
22:02 - “You have to do [Roth] conversions before December 31st…you can convert any dollar amount you want to.”
24:29 - “Should I be concerned about the Department of Labor scare?”
29:11 - “In some cases, the financial industry, banking industry or maybe insurance companies might feel a bit of a hit because they’d have to do things differently but I think over the long term this is good for people and the industry… in fact, this should have been done a long time ago.”
30:02 - “Where should I invest my inherited money?”
35:03 - “You just have to figure out what your goal is and that will help you figure out how to invest it.”
495 episodes
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