Tag: Retirement Planning
How To Maximize Your Retirement Savings Using The Mega-Backdoor Roth Strategy (Ep. 18)

How To Maximize Your Retirement Savings Using The Mega-Backdoor Roth Strategy (Ep. 18)

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Are you looking for ways to maximize your tax-advantaged retirement savings bucket? (In other words, a savings bucket where both growth and withdrawals are tax-free!)

A mega backdoor Roth 401(k) might be what you need.

This week, Adam Scott, CFP®, delves into the ins and outs of a mega-backdoor Roth 401(k), a financial maneuver that can potentially help you supercharge your retirement savings. You will also learn how an IRA is different from a 401(k) account, and ways to optimize your retirement income strategy.

Adam discusses: 

  • Traditional vs. Roth accounts — what might be more suitable for your situation?
  • A brief overview of 2024 contribution limits
  • How to implement the mega backdoor Roth 401(k) strategy
  • Benefits for high-income individuals, business owners, and those who’ve had a huge cash inflow (e.g., inheritance or selling a house)
  • Potential “landmines” to look out for while implementing this strategy
  • And more

Resources:

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Use Roth Conversions to Reduce your Lifetime Taxes: Turning Financial Lemons into Lemonade (Ep. 17)

Use Roth Conversions to Reduce your Lifetime Taxes: Turning Financial Lemons into Lemonade (Ep. 17)

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There are many benefits to  Roth conversions. But beware! Don’t step on a land mine when implementing that can blow your finances up! 

In this episode, Adam introduces his new co-host, Patrice Sikora, before discussing the benefits of Roth conversions. They highlight how these conversions can help reduce taxable income and potentially avoid higher taxes and higher Medicare premiums in retirement. Adam also discusses the impact of Roth conversions on financial aid for college and the importance of considering state taxes. The conversation concludes with an important reminder to not jump into Roth conversions alone and to avoid common mistakes by consulting a financial professional.

Adam discusses: 

  • An explanation of Roth conversions and their benefits
  • A story about a client who benefited from a Roth conversion during a low-income year
  • What the widow’s penalty is and how Roth conversions can help mitigate it
  • Why it’s important to plan carefully and consult a financial professional for Roth conversions
  • Benefits of doing Roth conversions during the “golden decade” of retirement (ages 60-70)
  • Potential impact of Roth conversions on financial aid for college
  • Why keeping state taxes in mind when planning Roth conversions is important
  • Tax arbitrage and the benefits of having different investment buckets (pre-tax IRAs and Roth IRAs) for managing taxes during retirement
  • And more

Resources:

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Don’t Be Fooled By This Dirty Little Secret (Ep. 15)

Don’t Be Fooled By This Dirty Little Secret (Ep. 15)

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When it comes to financial advisory, finding the right balance between innovation and caution is crucial. 

With the rise of data and technology, risk analysis software has become a popular tool for guiding investment strategies.

But should we rely on this software? What are the risks of doing so?

In this episode, Adam Scott explores the world of risk analysis software in the financial advisory industry. He uncovers the misuse of the software by some advisors who manipulate them to present past performance and cherry-pick investments, emphasizing the importance of combining it with wisdom and knowledge.

Adam discusses: 

  • The frustrations and limitations of risk analysis software used in investment strategies
  • How advisors can cherry-pick investments using risk analysis software to show better returns and lower risk to potential clients
  • A clear example of how the risk analysis software can provide misleading information, missing important market events
  • How stress tests can be used to compare portfolio performance during the financial crisis and other events
  • The story of Long-Term Capital, a hedge fund that relied on mathematical models and efficient market theory but ultimately failed
  • And more!

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Meet Your Red Carpet Retirement Host Adam Scott, CFP® (Ep. 1)

Meet Your Red Carpet Retirement Host Adam Scott, CFP® (Ep. 1)

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Here at Red Carpet Retirement™, we help Make Work Optional™ for successful pre-retirees and retirees by helping to enhance and secure their financial future. We do our best work with business owners and highly successful individuals from the entertainment and creative industries. Listen and learn today!

In this first episode, Adam Scott, CFP®, starts his podcast with stories about his experiences in the entertainment industry and how he got into the financial services industry. Adam shares what success looks like to him and what to expect in future episodes.

Adam discusses: 

  • How he got into the financial services industry
  • Why he enjoys working with business owners and people in the entertainment industry
  • What you can expect from the Red Carpet Retirement™ Podcast
  • And more

Resources:

Connect with Adam Scott, CFP®: 

Phone: 310-220-4946

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