Retirement Savings Options: IRA Contributions & Roth Conversions

Today’s Prep:

What happens if you’ve maxed out your 401(k) contribution limit? When is a good time to make a Roth conversion? Eric answers three questions from the mailbag this week all pertaining to the options you have when it comes to saving for retirement.

(Click the featured times below to jump forward in the episode)


Equipping Points:

Are you trying to save as much as possible for retirement? What happens when you bump into the contribution limit–what other options do you have? On this episode of the Retirement Ready podcast, Eric answers three questions from listeners.

Claire in West Des Moines got a big bonus check, maxing out her 401(k) contribution for the year. How can she save in other ways this year? Depending on income level, Eric says to possibly contribute to an IRA or a Roth IRA. If those aren’t an option, annuities or life insurance are another thing to look at.

Doug in Ames was told to make Roth Conversions with his IRAs but was told he made too much to contribute to a Roth IRA. How does this work? What will happen when you make a Roth conversion? What kind of strategy should you implement when it comes to Roth conversions?

Catherine in Pella wants to retire in order to help take care of her mother but she is only 57 years old. Is it foolish to consider early retirement at this point if she’s been a good saver? Be sure to check with your advisors, but it’s definitely an option if you have enough to live on. Just remember to fill your income gaps.

Do you have a question for Eric? You’re always welcome to give Eric a call to talk through your situation to find out what makes the most sense for you.

Listen to the full episode or click on the timestamps below to hear more about a specific question.

[0:46] – Mailbag: Outside of a maxed out 401(k), where can you save?

[1:56] – You can also make a nondeductible IRA contribution.

[4:26] – Mailbag: How and when do you make Roth conversions?

[7:28] – Mailbag: Is it foolish to retire in your late 50s?

[9:07] – Retirement is about filling your income gap.



Related Resources:

Facing The Final Decade Before Retirement

Answering The 401(k) FAQs


Today’s Takeaway:

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Economic News and Sensational Headlines

June 23, 2022

How much should you pay attention to some of these recent financial news headlines? Eric shares what he thinks and what matters when it comes to your financial situation.

Read More

Conventional Wisdom

June 16, 2022

Should you follow conventional wisdom when it comes to your financial decisions? Eric shares when the conventional wisdom might not be best.

Read More

Retirement Vacation Planning

June 9, 2022

Let’s plan the vacation of your dreams: retirement. More than simply a week away, you want to spend the right amount of time and energy thinking about this major season in life.

Read More

Financial Things We Can All Relate To

June 2, 2022

What are we all facing and wondering about in our financial futures? Eric talks through a few topics you might have had on your mind lately.

Read More

Mailbag: Should I Move my Mom’s Money into Investments?

May 26, 2022

Where’s the best place for your money to go? Several people are considering where their money should be, so Eric answers three questions from the mailbag for today’s show.

Read More

A Perfect Match: Tennis and Retirement Planning

May 19, 2022

Ready to ace your retirement plans? Let’s talk tennis and see how much it relates to your financial plans on today’s show.

Read More

Mailbag: Money Management Tips For Younger Couples

May 12, 2022

What financial advice does Eric have for younger couples? What can you do to reduce next year’s taxes? Eric answers these questions and more from the mailbag.

Read More

Building a Plan for the Long Haul

May 5, 2022

What do you need to get you through the long haul of life? Eric talks us through what this looks like in your financial plan and how to build it with an eye on a distant horizon.

Read More

What Do You Need to Know About Today’s Inflation?

April 28, 2022

Everywhere you turn there’s a headline about inflation but what do you need to know about what’s going on? Eric weighs in on the recent numbers and what you can do about it.

Read More

Mailbag: Should I Save Elsewhere Besides My 401(k)?

April 21, 2022

What kind of savings do you really need for retirement? Are you working with the right advisor to get you there? Eric answers three questions from listeners.

Read More

Leave a Comment