#210 - Q&A edition...Mega backdoor Roth contributions, nonqualified annuities, exceptions to the IRA early withdrawal penalty, when to hire an advisor, how much is too much to pay for an advisor and MORE!
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1:09:36
Listener Q&A where Andy talks about:
- Are tax return amendments needed if info from a 1099-R was left out but doesn't impact the return's gross or taxable income ( 4:08 )
- What are the pros and cons of using average cost basis tracking for mutual funds ( 8:36 )
- Tax implications of nonqualified annuities and surrendering vs annuitizing it ( 13:55 )
- Is there a more optimized way to pay taxes on in-plan Roth conversions as opposed to having additional taxes withheld from your paycheck ( 23:21 )
- Thoughts on using "reverse budgeting" to figure out how much you spend, instead of manually adding up all of the line items of actual expenses you have ( 28:28 )
- How to properly report on your tax return a disability exception to the 10% IRA early withdrawal penalty if the custodian won't reflect the exception on the 1099-R ( 34:31 )
- How much is too much to pay a financial advisor who charges a percent of assets under management, and thoughts on only rolling some of a 401(k) to an advisor and managing the rest on your own ( 40:23 )
- Options/insurance to help cover expenses for dental, vision, and hearing since traditional Medicare doesn't cover those things ( 47:46 )
- When to consider getting a financial advisor (or at least getting a one-time financial plan done) ( 52:06 )
- How to properly report on your tax return a SEPP (Substantially Equal Periodic Payment) exception to the 10% IRA early withdrawal penalty if the custodian won't reflect the exception on the 1099-R ( 58:00 )
- Thoughts on retiring from Oklahoma to a high cost of living place like New York City (to be near kids and grandkids) ( 1:02:02 )
To send Andy questions to be addressed on future Q&A episodes, email [email protected]
Links in this episode:
- Tenon Financial monthly newsletter/blog - Retirement Planning Insights
- YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
- Retirement Planning Education website - www.RetirementPlanningEducation.com
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