Are there general guidelines on what percentages of your investment portfolio should be in tax-free accounts like your Roth, tax-deferred accounts like your 401(k), and taxable accounts like your brokerage? Joe Anderson, CFP® and Big Al Clopine, CPA spitball on tax diversification today on Your Money, Your Wealth® podcast 468 for Brian in Naperville, IL. William in NH also wants to be tax-diversified - is his Roth conversion strategy a mistake? Should he be converting much more to Roth? The fellas also do a retirement spitball analysis for Tom in Spokane, WA, and for Claire in CO, who wants to retire next year. Plus, how does Matthew in CT calculate excess Roth contributions, and how should Thomas in IA reallocate assets he over-contributed to his brokerage account? Now that Sean in FL no longer has a traditional IRA, can he use the backdoor Roth strategy? We kick things off with a question from Joe in Dallas on how to account for taxes on the money you’ll be spending in retirement. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-468

Timestamps:
00:00 - Intro
01:06 - How to Account for Taxes on What I’ll Spend in Retirement? (Joe, Dallas, TX - voice)
06:13 - Now That I Don’t Have a Traditional IRA, Can I Do a Backdoor Roth? (Sean, FL - voice)
10:29 - 2024 Key Financial Data Guide - free download: https://purefinancial.com/white-paper...
11:35 - Spitball Our Financial Status and How to Reach Our Retirement Goals (Tom, Spokane, WA)
17:42 - Tax Diversification General Guidelines? (Brian, Naperville, IL)
23:23 - Goal: Tax Diversification. Is My Roth Conversion Strategy a Mistake? Should I Convert Much More? (William, NH)
29:12 - Retirement Pop Quiz and Free Financial Assessment https://purefinancial.com/lp/free-ass...
30:04 - Spitball If I Can Retire in 2025 (Claire, CO)
34:39 - How to Calculate Excess Roth Contributions? (Matthew, CT)
38:23 - Over-contributed to Brokerage. How Should I Reallocate Assets? (Thomas, IA)
42:55 - The Derails

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CFP® - The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.