Roth IRA

Should I Diversify?

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We start the show this week with Pam from Texas who is already retired and wondering if it makes sense to start converting some of her traditional IRA assets?

Next up was Ann from Colorado who falls under the category of real estate rich and cash poor. Ann is making a killing in real estate, but she’s definitely in need of some diversification.

In hour two I’m joined by Dave Stachowiak, a long distance friend of mine (we still haven’t met in person!) and host of the popular Coaching for Leaders podcast, a show aimed at helping you discover leadership wisdom through insightful conversations.

The workplace landscape is full of people wondering:

  • What am I supposed to do to create a vision for my team?

  • How do I get better feedback from my stakeholders?

  • Where do I start in holding a difficult employee accountable?

  • When's the right time to make the next move in my career?

  • How can I successfully manage my former peers?

If that describes you, there is hope, as it's a myth that leadership skills can't be learned.

Almost nobody is a born leader. Most leaders learn how to lead through the school of hard knocks, good training, years of hard work, effective coaching, and great mentors.

It’s no surprise that the most effective leaders have always known that investing in their leadership skills will pay off, big time. That's why many leaders have invested in coaching, executive MBA programs, and conferences.

We all have the potential. Anyone can learn to lead teams, companies, non-profits, and especially their own family.

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Can We Retire?

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We kick things off this week with Richard from New York who is wondering if it makes sense for him to start doing some Roth conversions? By far one of the most frequent questions to hit the inbox.

Next up was Liz from Buffalo who’s wondering if she and her husband have enough saved to call it quits when they hit 65 or so.

The summer travel season is officially upon us which means millions of Americans will be hitting the roads and taking to the skies to enjoy their long awaited vacations. 

Whether you want to hit the beach, blaze a trail off the beaten path or explore one of the major tourist destinations, there’s a smart way to do it. That’s where Seth Kugel, our latest guest, enters the picture.

With many credits under his belt, including the Frugal Traveler columnist for the New York Times, and author of Rediscovering Travel: A Guide for the Globally Curious, Seth is full of tips and suggestions to help you get the most out of your latest travel experience. 

Where to go? Where not to go? Drive, train or fly? From Brazil and Prague to India and Italy, we circle the globe with Seth and provide you with useful tips to easily reach your destination, with a few bucks left in your pocket.

For the tight-belted tourist and the first-class flyer, the eager student and the comfort-seeking retiree, Seth Kugel is all about showing how we too can rediscover the joy of discovery.

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Roth IRA or 403(b)

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Having options is a good thing, especially when it comes to your investments. That's what prompted Lauren from New York City to reach out. Should she be contributing to her 403(b) or her Roth IRA? Or should she be using a regular brokerage account?

Have a money question? Email me here.

Please leave us a rating or review in Apple Podcasts.

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

What to Do with Old Retirement Plan?

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Most people nowadays have an old retirement account out there from a previous employer. What should you do with it? Leave it where it is? Roll it over into the new plan? Put it into a rollover IRA? That was the discussion as we kicked things off with Nate from Texas.

Sticking with retirement plans, when does it make sense to starting converting a traditional IRA into a Roth IRA? That’s what Steve from Minnesota wanted to discuss.

When fast-scaling startups and global organizations get stuck, they call our guest in hour two, Aaron Dignan.

In his recently released book, Brave New Work: Are You Ready to Reinvent Your Organization?, he reveals his proven approach for eliminating red tape, dissolving bureaucracy, and doing the best work of your life.

He’s found that nearly everyone, from Wall Street to Silicon Valley, points to the same frustrations: lack of trust, bottlenecks in decision making, siloed functions and teams, meeting and email overload, tiresome budgeting, short-term thinking, and more.

Is there any hope for a solution? Haven’t countless business gurus promised the answer, yet changed almost nothing about the way we work?

That’s because we fail to recognize that organizations aren’t machines to be predicted and controlled. They’re complex human systems full of potential waiting to be released.

Dignan says you can’t fix a team, department, or organization by tinkering around the edges. Over the years, he has helped his clients completely reinvent their operating systems, the fundamental principles and practices that shape their culture, with extraordinary success.

In Brave New Work you’ll learn exactly how organizations are inventing a smarter, healthier, and more effective way to work. Not through top down mandates, but through a groundswell of autonomy, trust, and transparency.

Have a money question? Email me here.

Please leave us a rating or review in Apple Podcasts.

Connect with me at these places for all my content:

https://www.jillonmoney.com/
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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Roth vs. Traditional Retirement Plans

Roth vs. Traditional Retirement Plans

As more employers incorporate Roth options into work-based retirement accounts, many of you have written to ask which one is preferable. As always, the answer depends on your situation. The big difference between a traditional retirement option and a Roth is about when you pay taxes. With a traditional option, you pay in the future and with a Roth, you pay today.

Should I Do a Backdoor Roth?

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We kick things off this week with one of the more popular questions we receive: Does it make sense for me to do a backdoor Roth IRA?

Some times it’s a no-brainer, but there are definitely some factors that need to be considered. That’s the conversation in the first segment with Jeff from Chicago.

Next up was Chelsea from North Carolina with a question about when it makes sense to take advantage of post-tax retirement contributions.

Digital minimalists are all around us. They're the calm, happy people who can hold long conversations without furtive glances at their phones. They can get lost in a good book, a woodworking project, or a leisurely morning run. They can have fun with friends and family without the obsessive urge to document the experience. They stay informed about the news of the day, but don't feel overwhelmed by it. They don't experience "fear of missing out" because they already know which activities provide them meaning and satisfaction.

Man oh man, that is music to my ears! That’s why I’m so excited about our guest this week in hour two, Cal Newport, with us to talk about his latest book, Digital Minimalism: Choosing a Focused Life in a Noisy World.

Newport gives us a name for this quiet movement, and makes a persuasive case for its urgency in our tech-saturated world. Common sense tips, like turning off notifications, or occasional rituals like observing a digital sabbath, don't go far enough in helping us take back control of our technological lives, and attempts to unplug completely are complicated by the demands of family, friends and work. What we need instead is a thoughtful method to decide what tools to use, for what purposes, and under what conditions.

Drawing on a diverse array of real-life examples, from Amish farmers to harried parents to Silicon Valley programmers, Newport identifies the common practices of digital minimalists and the ideas that underpin them. He shows how digital minimalists are rethinking their relationship to social media, rediscovering the pleasures of the offline world, and reconnecting with their inner selves through regular periods of solitude.

Technology is intrinsically neither good nor bad. The key is using it to support your goals and values, rather than letting it use you. This book shows the way.

Have a money question? Email me here.

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Connect with me at these places for all my content:

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Roth Conversion and Rent vs Buy

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We start the show this weekend with a call from Mike in the midwest who is wondering if it makes sense to start converting some of his traditional IRA money into a Roth.

Next up was Alan from the Bay Area with a question that never gets old: should I rent or should I buy? That’s the decision facing Alan and his wife.

The recent trend continues as hour two is nothing but emails as we continue to dig out from an overflowing inbox.

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Should I Do a Roth Conversion?

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When you leave a job, odds are you're going to have an old retirement plan out there. What should you do with it? You can usually leave it where it is, or roll it over into a traditional IRA, or, if the dollars are pre-tax contributions, consider converting it to a Roth IRA. That's the discussion on the latest call with Matt from Maryland.

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Should I Do a Roth Conversion

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This week we're chatting with Laurie from Salt Lake City who wants to know if it makes sense to start converting some of her traditional IRA into a Roth.

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Roth IRA Conversion and Year-End Money Tips

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We kicked things off this week with Mike from Minneapolis. With a lot saved in tax deferred accounts, Mike is wondering if it makes sense to start converting some of the money into a Roth IRA? Sounds like a great idea, but there's a caveat.

Next up was Monica from Brooklyn, NY. She's only in her 30s, but Monica is absolutely killing it. Probably one of the top ten calls of 2018. Enjoy!

December is upon us, which means I basically have your attention for about another week or so.

After that, let’s face it, we’re all checking out for the rest of 2018.

So while I have you, and as the year comes to an end, it's a perfect time to review some year-end financial planning tips.

For such an occasion there's no better duo than Michael Goodman and Brenna McLoughlin from Wealthstream Advisors. And in the interest of full disclosure, not only is Michael a dear friend of mine, he's also my advisor.

We discussed a variety of financial planning topics to ponder before you shut down for the holidays, including:

Selling assets in your portfolio now versus waiting until next year: Losses offset gains that you have taken previously in the year; if you have more losses than gains, you can deduct up to $3,000 of losses against ordinary income.

Take Required Minimum Distributions: Generally, once you turn 70 1/2, you must begin withdrawing a specific amount of money from your retirement assets (there are some exceptions). The penalty for not taking your RMD is steep at 50 percent on the shortfall!

Consider a Qualified Charitable Distribution (QCD): One way to sidestep the taxation on your RMD is to make a Qualified Charitable Distribution, which allows you to gift directly from your IRA to a charity without having to include the distribution in your taxable income.

Making last minute 529 plan contributions: Money saved in these programs grows tax-free and withdrawals used to pay for college sidestep taxes, too. You can invest up to $15,000 in 2018 without incurring a federal gift tax and many states offer state tax deductions for the contributions.

Considering how tax changes could affect you: With all the changes to the tax code, there’s plenty of items to keep in mind before filing your 2018 returns.

So before you completely shut it down and wrap up your 2018 finances, you’ll want to listen to this episode to make sure there’s nothing you’re forgetting.

Have a money question? Email me here.

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.