Roth Conversions

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Hi everybody! Thank you for joining me today and welcome to another edition of CG insights. Hey, I hope you all had a wonderful 4th of July holiday weekend. I know it was some much needed time off for a lot of us. But I can also say it feels good to be back in the office too.

Hey, I wanted to share with you a quick story today, you know, as part of our process, The Insight Formula, we’re looking at that total financial picture. So not just your investments and your investment accounts, but how things like taxes and the state laws can impact how we should structure things today. And that’s part of our, during one of the, our annual update meetings with the client, we determined that a what’s called a Roth conversion actually made a lot of sense for them. Not just for them specifically, but for, but also for the kids and the grandkids down the line.

Now Roth conversion is essentially taking money that you’ve saved in a regular retirement account and converting that into a Roth retirement account. Obviously there’s some tax implications by doing changes like that. And any time we get into the realm of taxes, we want to make sure that we’re incorporating with your CPA, your tax professional, into those conversations.

But in this particular client’s case, and especially with their kids and grandkids, it could potentially save them a large sum of money in terms of taxes in the longer term. And a lot of that’s because of changes in the tax laws that have happened in just the last couple of years. So just something I wanted to share with you all today I hope you all stay safe, enjoy the summer and we’ll see you next time.

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