Roth IRA vs. Roth 403B, Is HSA a Fit, Reduce Tax on $1million + IRA – Tax Planning Mailbag

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Show Notes

As we move into the fourth quarter of the year, let’s take a little time to focus on year-end tax planning. We’re opening up the listener mailbag and pulling out questions asking specifically about taxes and tax planning. We’ll be taking strategies and opportunities discussed last episode and apply them to certain real-life situations.

No matter where you are today, use these questions today to see if you can take these strategies and utilize them in a similar situation to what we discuss. We’ll cover different types of Roth accounts, the benefits of a Health Savings Account, and tax planning for large IRA and 401k savings.

Key discussion points in this episode:

  • How are the Roth IRA and Roth 403b different?  Which is better: to max out your Roth 401(k) or Roth 403b?
  • I’m 59 years old and plan to retire around Age 65 or 66.  I make over $150,000 / year.  My company offers a high deductible health plan and Health Savings Account.  Should I consider switching over to this health plan?  Are there any benefits since it will only be fore 6 or 7 years?
  • I’m in my early 60s.  I’ve got $2 million saved.  $1.7 million in IRAs and 401ks and the rest in a brokerage account.  How do I keep from giving a huge portion of it to Uncle Sam?

Thanks for checking out this episode of the podcast. If you’d like to learn more about financial and retirement planning, check out our YouTube channel here.