In this episode of Game Plan for Retirement, host Peter and Chris McIntyre, President and Founder of McIntyre Retirement Services, break down the mechanics and strategies behind Roth IRAs and Roth 401(k)s. They explore the key differences between Roth contributions and conversions, how to pay conversion taxes efficiently, and how higher earners can still take advantage of tax-free growth.
Later in the show, Chris sits down with Emmy Award-winning news anchor Erin Kennedy to bust 7 Major Retirement Myths, covering everything from Social Security solvency and long-term care costs to the misconception of the “$1 million retirement number.”
Key Takeaways
- Contributions vs. Conversions: Why anyone can convert to a Roth IRA regardless of income limits.
- Tax Strategies: The best sources for paying taxes on Roth conversions to maximize growth potential.
- Retirement Myth Busting: Realities of Social Security, Medicare/Medicaid coverage for long-term care, and sustainable withdrawal strategies.
- 401(k) Catch-Up Rules: How recent tax laws impact catch-up contributions for workers 50 and older.
