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The Ultimate Guide to Roth Retirement Accounts: Why You Need One Now

Editor's Note: This episode initially aired on June 22, 2023. It may contain some details that are out of date.

Are you familiar with Roth IRAs? If you're not, you should be, because Roth IRAs are a great way to get tax-free income after you retire.

There is a potential fly in the ointment, however. Namely, not everyone qualifies for a Roth. If you make too much money, Uncle Sam says you can't use 'em. But there's a way around that rule: Fund a regular retirement account, then roll it over to a Roth. It's called a backdoor Roth. Sounds sneaky, right? Should you do it? And if so, how do you go about it?

Let's find out. In this podcast episode, we're talking about how to convert an IRA to a Roth IRA without getting eaten alive by income taxes. In addition, we'll be talking about nearly every facet of Roth accounts and why they should be an integral part of every retirement strategy.

HostStacy Johnsonis joined by financial journalistMiranda Marquit. Listening in and sometimes contributing is producerAaron Freeman.

This week's guest is Ed Slott, the founder of IRAhelp.com. He's ready to tell us why a Roth conversion is his No. 1 tax tip for this year.

Before we start, remember this isn't financial advice. So make sure to do your own research and consult your own experts before acting on anything you learn here.

You can download the episode wherever you get your podcasts:

• Listen onApple Podcasts
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• Listen onSpotify

Using an IRA for your retirement

We talk about individual retirement accounts (IRAs) in this episode. Here are some great resources on how to make the most of your IRA — whether you get a traditional or a Roth.

• Investing in Gold and Gold IRAs: 5 Things You Need to Know
• The 7 Most Popular IRA Investments
• 15 Mistakes People Make With Roth IRAs
• Got an IRA? Here’s How to Use the Bear Market to Your Advantage
• How a Roth IRA Conversion Turns a Stock Market Plunge Into a Plus
• 8 Ways to Maximize Your Traditional or Roth IRA
• How to Buy Real Estate With Your IRA

If you decide to do a Roth conversion, like our guest Ed suggests, make sure you know the rules. We recommend checking out Investopedia's article "Roth IRA Conversion Rules."

Learn more about retirement accounts

An IRA isn’t your only choice for retirement. There are different accounts and strategies you can use to make the most of your golden years. Here are some great resources for getting more out of retirement.

• My Retirement Savings Are Shrinking. Should I Worry?
• How to Retire at Any Age Using Your Retirement Number
• 12 ‘Course Corrections’ That Will Improve Your Retirement
• The Top 11 Sources of Retirement Income, According to Retirees
• 5 Dumb Retirement Mistakes Everyone Makes
• How to Boost Your Social Security by 30% + 7 Tips for a Richer Retirement
• How to Save for Retirement, Decade by Decade
• 11 Huge Retirement Costs That Are Often Overlooked
• 9 Topics to Tackle Now to Survive Retirement With Your Spouse
• 8 Countries That Offer Retirement Visas to Americans
• How 401(k) Plans Could Soon Be More Like Pensions
• Have a 401(k)? Here’s a Secret Retirement Plan You Probably Don’t Know About
• 7 Key Habits of 401(k) and IRA Millionaires
• 4 Ways to Save for Retirement Without a 401(k)
• Why a Solo 401(k) Offers Big Savings Opportunities for the Self-Employed

Meet this week's guest, Ed Slott[caption id="attachment_426514" align="alignnone" width="1920"] Courtesy of Ed Slott / Money Talks News[/caption]

Ed Slott is a nationally recognized IRA distribution expert, television personality, and best-selling author who has dedicated his life to educating Americans on the intricacies of IRAs.  He was named "The Best Source for IRA Advice" by The Wall Street Journal. Slott is the author of numerous highly acclaimed books, including his latest, "The New Retirement Savings Time Bomb" (Penguin Random House, 2021) and "Ed Slott's Retirement Decisions Guide: 2022 Edition" (IRAHelp, 2022).

He has also hosted several public television programs, including his latest,  "Ed Slott's Retirement Freedom," and is a professor of practice at the American College of Financial Services.

• IRAhelp.com

Don't listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcastshereor download them to your phone from any number of places, includingApple,Spotify,RadioPublic,StitcherandRSS.

If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Become a member: https://www.moneytalksnews.com/members/

See omnystudio.com/listener for privacy information.

5 Instances When Common Finance Advice Is Wrong

No doubt you've imagined being financially independent: No job necessary, no money worries, no debt and plenty of savings. Of course, "financial freedom" means means different things to different people, but one thing's for sure: Not many of us are there yet. One recent survey found that only about 11% of Americans are living their definition of financial independence.

But no matter what financial freedom means to you, there are some steps you can take to get there faster. And that's what we're going to talk about today's podcast.

We're talking to Gigi Gonzalez, the author of the best-selling book Cultura & Cash.

Remember, even though we sometimes talk about money and specific investments on this show, don't take them as recommendations. Before investing in anything or making any money moves, do your own research and make your own decisions.

You can listen with the player at the top of this article, or download the episode wherever you get your podcasts:

Listen on Apple Podcasts
Listen on Google Podcasts
Listen on Spotify

Don't forget to check out our podcast page for more episodes designed to help you make the most of your money.

"Traditional" Personal Finance Advice Doesn't Work for Everyone
Our guest Gigi talks about how some of the personal finance advice that we typically receive doesn't always work for everyone. (Check out this article from Kiplinger on how budgeting advice is often flawed.)
Some of the reasons that standard personal finance advice doesn't work for first-generation Americans have to do with some of the cultural norms surrounding money.
Gigi gives the example of lending money to family (and friends). We're often told to "just say no" or help in other ways, but that might not be the norm, depending on your culture.
We also assume that debt shouldn't be used to improve financial fortunes, but many people need some type of debt—especially student loan debt—to move into the next socioeconomic bracket.
Yes, paying off high-interest debt should probably be a priority, but how you tackle it might look different.
We go through ways that you can shift your mindset around money and look for creative ways to interact with money once you understand your money story and how it impacts you.
Steps for Using Money Advice That Works for You
Don't forget that you can take some of the money advice you see and tweak it for your circumstances.
Set money goals that work for you, by asking important financial questions that are relevant to your situation.
Get away from the "supposed tos" and the prescriptive checklists. Not every frugal habit is worth it. Carefully consider which habits you want to change, and think about why you want to change those spending and money habits.
Rules of thumb can be useful, but don't assume they're the answer to everything.
Meet this week's guest, Gigi Gonzalez

Giovanna "Gigi" Gonzalez is a TikTok influencer, financial educator, and author of the bestselling book Cultura and Cash. During The Great Resignation, she quit her 10-year corporate career to pursue her true passion: teaching financial literacy to young adults.

Gigi teaches personal finance and career navigation for First Gen at various organizations and on her TikTok account. She was named 40 under 40 by the Hispanic Alliance for Career Enhancement, "Latinx to Watch" by Hispanic Executive Magazine and Top 25 Creator by Fast Company.

Website
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Don't listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS.

If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Become a member: https://www.moneytalksnews.com/members/

See omnystudio.com/listener for privacy information.

7 Tips to Retire With a Million-Dollar Nest Egg

Editor's Note: This episode initially aired on July 20, 2022. It may contain some details that are out of date.

According to one recent survey, only 4% of Americans have $1 million or more in retirement savings, which means 96% of us don't.

Of course, depending on your situation, a million bucks may be overkill: Many people could fund their retirement years for a lot less. Still, it's a nice, round number, and one worth shooting for.

Obviously, however, that's a lot of money. Is it even possible to get there? In a word, yes. And that's what we're going to talk about today: building a million-dollar nest egg, and just as important, how to figure out how much you're actually going to need.

As usual, co-hostsStacy JohnsonandMiranda Marquitare joined by producerAaron Freeman. This week's special guest is Roger Whitney, the Retirement Answer Man.

Remember, even though we sometimes talk about specific investments on this show, don't take them as recommendations because they're not. Before investing in anything, do your own research, and make your own decisions.

You can download the episode wherever you get your podcasts:

• Listen onApple Podcasts
• Listen onGoogle Podcasts
• Listen onSpotify

Don't forget tocheck out our podcast pagefor more episodes designed to help you make the most of your money andour YouTube pagefor more videos.

https://youtu.be/US5Vk5nThuI

Is $1 million enough to retire on?

It sounds like a lot of money, but is $1 million enough to retire on? What you really need to do is figure out how big your nest egg should be and go from there. Whether $1 million is enough depends on your own situation.

• Check out how long $1 million will last during retirement.
• Read our article on the retirement numbers you should know as you plan your golden years.
• Where does your retirement income come from, anyway? Check out our overview of where most retirees get their money.
• Find out where you fit in when it comes to your retirement savings, based on your age.
• Our guest has a great podcast episode on investment returns and inflation during retirement.

Tips for building a $1 million nest egg

Ready to build your wealth? We talk about ways you can get your nest egg to that elusive $1 million mark.

• We have an article on how to retire with at least $1 million in the bank.
• Before you assume the 4% rule is still good, check out our article on rethinking this popular retirement planning strategy.
• Don't let taxes drain your retirement. Read our retirement tax tips to help you keep more of your money.
• We've got some strategies that can boost your retirement savings by $1.7 million.
• Before you quit your job, read our article about how to protect your nest egg after you call it quits.
• Make the most of your retirement with our 65 tips for a healthy, wealthy and happy retirement.

Meet this week's guest, Roger Whitney

Roger has been a financial advisor for more than 25 years and is the host of the award-winning Retirement Answer Manpodcast. He is on a mission to change the way the world thinks about retirement, one little conversation at a time.

Roger established Rock Retirement Club in 2018 to help foster a safe online space for soon-to be retirees to learn, plan, and interact with other like-minded folks on the path to retirement.

As if that's not enough to keep him busy, he is the author of "Rock Retirement: A Simple Guide to Help You Take Control and Be More Optimistic About the Future," a Forbes online contributor, creator of the Agile Financial Planning process, and past instructor of the Retirement Planning & Employee Benefits CFP certificate program at the University of Texas at Arlington and of Wealth Management at Texas Christian University.

Investopedia has named him to the Top 100 Most Influential Advisors 2017-2021, and he has brought home Plutus Awards for Best Financial Planner Blog (2019) and Best Retirement Blog (2015 and 2017).

• Website
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• Facebook
• YouTube
• LinkedIn

Don't listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcastshereor download them to your phone from any number of places, includingApple,Spotify,RadioPublic,StitcherandRSS.

If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Become a member: https://www.moneytalksnews.com/members/

See omnystudio.com/listener for privacy information.

The 5 Stages of Financial Independence

Welcome to the Money Talks News Podcast.

In this episode we're talking about steps you should be taking right now to achieve financial freedom.

No doubt you've imagined being financially independent: No job necessary, no money worries, no debt and plenty of savings. Of course, "financial freedom" means means different things to different people, but one thing's for sure: Not many of us are there yet. One recent survey found that only about 11% of Americans are living their definition of financial independence.

But no matter what financial freedom means to you, there are some steps you can take to get there faster. And that's what we're going to talk about today.

Today's guest is Jamila Souffrant, the founder of the award-winning podcast Journey to Launch and the author of the book Your Journey to Financial Freedom: A Step-By-Step Guide to Achieving Wealth and Happiness.

Remember, even though we sometimes talk about money and specific investments on this show, don't take them as recommendations. Before investing in anything or making any money moves, do your own research and make your own decisions.

Listen to the episode using the player at the top of this article or download the episode wherever you get your podcasts:

• Listen onApple Podcasts
• Listen onGoogle Podcasts
• Listen onSpotify

Don't forget tocheck out our podcast page for more episodes designed to help you make the most of your money.

How to Reach Financial Independence

Our guest Jamila has some great insights into reaching financial independence—whatever that means to you. We've also got some resources on how to take the steps to reach financial freedom. Plus, you can also get Stacy's book, Life or Debt. It's got helpful information on taking steps on your path to financial freedom.

• Side Hustle Success: Financial Freedom From Lipstick and Bras
• From Overwhelming Debt to Financial Freedom: How National Debt Relief Saved Lindsay's Life
• How to Reach for Financial Freedom with House Hacking
• 3 Ways Most Americans Define Financial Happiness
• 5 Ways to Kick-Start Your Journey to Financial Independence
• 17 Lessons From Regular People Who Achieved Financial Independence
• 15 Important Lessons From Financial Independence Blogs
• 5 Tips to Make Better Financial Decisions
• Sabotage: 10 Ways You're Crippling Your Financial Future
• Good vs. Bad Debt: A Quick Guide to Borrowing Wisely for Financial Success
• 15 Key Financial Terms to Know to Plan a Successful Future
• 9 Ways to Be More Financially Aware and Successful
• 11 Guidelines for Building a Financial Plan for the Life You Want

Smart money moves for your future

Don't forget that some of the money moves you make today can have a big impact on your financial future. Check out how to get more from your money and learn how to plan for the future.

• The Biggest Risk in Financial Planning: Avoiding Risk
• How to Boost Your Odds of a Successful Retirement to 97%
• How and Why to Pass on Financial Values to Your Heirs
• The Big Con: Outsmarting the 5 Sneakiest Financial Scams
• How to Balance Taking Care of Your Long- and Short-Term Financial Goals
• 28 Investing Tips From Today's Financial Geniuses
• Is a Financial Advisor Better Than a Financial Coach?
• The 7 Most Common Financial Regrets and How to Avoid Them
• How to Start Investing — No Matter How Much Money You Have
• The Top 4 Investing Blunders and How to Avoid Them
• The Right Advisor Can Double Your Retirement Savings: 4 Tips to Find One
• 9 Financial Bucket List Items to Check Off Before 60
• 10 Ways to Get Your Financial Life in Order
• How To Worry Less and Feel Good About Your Financial Future
• Boost Your Financial Fitness With These 11 Small Money Moves
• How to Leave a Financial Legacy of Generational Wealth

Meet this week's guest, Jamila Souffrant

Jamila Souffrant is the author of "Your Journey To Financial Freedom A Step-by-Step Guide to Achieving Wealth and Happiness" and the host of the Journey To Launch podcast. She is considered a go-to thought leader in the personal finance field and her work has been featured in BuzzFeed, ESSENCE, Refinery 29, Money Magazine, CNBC, CBS, Business Insider and more. The Journey To Launch Podcast has over 4+ million total downloads and was listed by the NYTimes as a podcast to help you get better with your money.

Jamila and her husband saved $169,000 in two years, is also a mother of three young children and lives in Brooklyn, NY.

• Website
• Podcast
• Twitter/X
• Facebook
• Instagram
• YouTube

Don't listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcastshereor download them to your phone from any number of places, includingApple,Spotify,RadioPublic,StitcherandRSS.

If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Become a member: https://www.moneytalksnews.com/members/

See omnystudio.com/listener for privacy information.

10 Insider Secrets to Getting a Great Deal on a House

Editor's Note: This episode initially aired on July 13, 2022. It may contain some details that are out of date.

Even with talk of a cooling housing market, prices are still high, and inventory is still low. If you're looking for a good deal, what are you supposed to do?

This week we're going to find out how to find a great real estate deal no matter the market.

As usual, co-hostsStacy JohnsonandMiranda Marquitare joined by producerAaron Freeman. Today's special guest is Mindy Jensen from the real estate investing and education website BiggerPockets.

Remember, even though we sometimes talk about specific investments on this show, don't take them as recommendations because they're not. Before investing in anything, do your own research, and make your own decisions.

You can download the episode wherever you get your podcasts:

• Listen onApple Podcasts
• Listen onGoogle Podcasts
• Listen onSpotify

Don't forget tocheck out our podcast pagefor more episodes designed to help you make the most of your money andour YouTube pagefor more videos.

https://youtu.be/pXbYYIpisxA

What's going on with the housing market?

Things might be slowing down a bit, but the housing market is still red-hot in some areas. Where is the housing market overheated, and where is it likely to maintain its value?

• Check out our slideshow on 20 overvalued housing markets. One of these markets is in Boise, Idaho. Miranda lives in Idaho!
• Not all cities have seen a housing boom. Check out our article on some cities where homeowners remain underwater. Real estate really is local.
• Worried about a coming pullback? You might be fine if you live in one of the real estate markets likely to hold their value.
• Are we really in a housing market bubble? Listen to our previous podcast episode with Mindy, talking about what's next for the housing market.
• Before you buy a home, make sure you're not in one of these housing markets that are likely to drop.
• How affordable is it to buy a home? Check out the St. Louis Fed's housing affordability index and the NAR affordability index.
• Interested in the relationship between mortgage rates and housing prices? Check out this analysis by the Urban Institute.

Tips for finding a good deal on a home

Mindy thinks that it's possible to find good deals no matter what the housing market looks like. Get to know your local real estate market and start deal hunting if that's what you're interested in.

• First-time homeowner? Check out our article on buying your first home.
• Learn how to buy a home even if you have a small down payment.
• Stacy has advice on how to decide whether to rent or buy a house.
• Looking for the best location? We've got an article full of tips on finding the best location for your home.
• It's not always about buying a home to live in. Check out our list of cities where you can make bank when you buy a rental property.
• Use our tips on how to find a good rental property.
• Want a place to live and make money as well? Check out the BiggerPockets guide to house hacking.

Meet this week's guest, Mindy Jensen[caption id="attachment_396560" align="alignnone" width="1920"] Mindy Jensen / Money Talks News[/caption]

Mindy Jensen is a licensed agent in Colorado, and has been buying and selling houses for more than 20 years. She's the community manager for BiggerPockets.com, and the host of the BiggerPockets Money Podcast.

• Website
• Podcast

Don't listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcastshereor download them to your phone from any number of places, includingApple,Spotify,RadioPublic,StitcherandRSS.

If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Become a member: https://www.moneytalksnews.com/members/

See omnystudio.com/listener for privacy information.