Great conversation…I am a high income earner and making over $300k/yr and I recently took my work traditional 401k and converted it to a Roth 401k…heavy tax bill due come tax season but worth it in my opinion. I also do a backdoor Roth IRA and recently setup a whole-life insurance policy to stuff cash in that I can use throughout my life for larger purchases and also use for supplement my “tax free” retirement
...even after figuring out what people will pay you for, the banks will never help you calculate 72/0.01%....savings alone is not enough to secure sufficient retirement income, legs of investment & insurance must be addressed. Thx 👍 Huge fan you both.
How can one calculate how much money is enough to leave on the Tax Deferred bucket? Like if I have x amount of money sitting on a 401k now it’s hard to know ho much it will be in 20-25 years so should I stop contributing to the 401k and maybe start contributing into a Roth 401k,Roth IRA and CVLI?
This depends on a lot of variables but one approach might be to contribute to your Roth 401(k) and allocate the company match towards your tax-deferred portion. If you already have a lot in tax-deferred you will likely have to do some conversions along the way.
Great conversation…I am a high income earner and making over $300k/yr and I recently took my work traditional 401k and converted it to a Roth 401k…heavy tax bill due come tax season but worth it in my opinion. I also do a backdoor Roth IRA and recently setup a whole-life insurance policy to stuff cash in that I can use throughout my life for larger purchases and also use for supplement my “tax free” retirement
Sounds like a solid strategy.
But did you crash your dad’s boat?
@@ChrisJones-cc1tilol
Great video with two great minds. Thank you guys.
Thanks John!
...even after figuring out what people will pay you for, the banks will never help you calculate 72/0.01%....savings alone is not enough to secure sufficient retirement income, legs of investment & insurance must be addressed. Thx 👍 Huge fan you both.
Thank you!
How can one calculate how much money is enough to leave on the Tax Deferred bucket? Like if I have x amount of money sitting on a 401k now it’s hard to know ho much it will be in 20-25 years so should I stop contributing to the 401k and maybe start contributing into a Roth 401k,Roth IRA and CVLI?
This depends on a lot of variables but one approach might be to contribute to your Roth 401(k) and allocate the company match towards your tax-deferred portion. If you already have a lot in tax-deferred you will likely have to do some conversions along the way.
@@DavidMcKnight thank you Dave. Is there anyway I can shoot you an email or that we could sit down on a 15 min call together. Please let me know.
Thx
what church do you attend sir? amazing
The Church of Jesus Christ of Latter-day Saints
Seven kids didn’t give it away?! 😂
@@THEPRESTIGEWORLDWIDE😂
Very solid advice. There is no doubt that tax rates will increase in the future. What we are doing as a nation currently is unsustainable.
Thanks Jared!