Steve Vernons, Advisor, Mr Steve discussed on The Kristen Hagopian Show

Automatic TRANSCRIPT

The list goes on and on dr motion milewski morningstar david blanchett michael it was a michael whenever his name as from texas tech think these are all studies that have been done on this subject it's done it's over for those that are critical of a new tising there either afraid of making the recommendation or they're not informed so josh as a cfp in training consider yourself informed okay let's move on uh the other question i get from within the industry financial advisers and so forth and outside of is this whole debate now on roth verses traditional iras and 401 case so i i i looked at this from the actual steve vernons perspective now we all know the rules right now know that when you put money into a roth your funding it with posttax funds and the money comes out tax free you don't have to do required minimum distributions that's a potential advantage but you don't get the benefit of the tax deduction up front with a traditional 401 k or ira depending on your income and so forth you can deduct the amount going in so it's a softer dollar i won the money comes out it's all taxable and it could exacerbate a tax bill in retirement even though for the most part people will be in a lower bracket when they retire with one rare exception and that is taxation on their social security now this seemingly is pretty logical except when we get the taxation on social security element because that one gets nasty i mean you could be paying as much as forty six percent tax on that social security so for those rare instances uh we'll put that on the back burner and this is another reason why you need a good tax advisor in the loop but what steve vernon whose them know guru actuary he looked at tax rates and when as it best to do a roth versus a traditional so allow me if i made a quote from mr steve he says this severe.

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