Craig Wear, CFP® delivers a short YouTube message urging viewers to act now on Roth conversions because recently announced/expected tax-policy changes will extend current (lower) tax rates for roughly four more years. He frames 2024 (if watched before year-end) as a "bonus year" or "Roth conversion reset" that creates an unusually favorable window to perform aggressive, strategic Roth conversions rather than procrastinating. He encourages contacting his firm or using related videos for details and emphasizes the large potential tax benefits for high-balance IRAs.
Chapters
Hey, you guys, welcome back to the channel. I just had a thought. You know, we don't often get a second chance in life when we kind of miss something or miss the boat or make a mistake or whatever the case may be. But we have an unusual opportunity right now. Since the election, what we've discovered is that President Elect Trump wants to actually extend the current tax rates beyond when they're supposed to end, which was next year. So that gives you this year, if you're watching this still in 2024, and we know for sure, it seems like the next four years of these low tax rates. So you may be kind of late to the Roth conversion party. You maybe have been dragging your feet, overanalyzing and talking to 37 different people about what you should do and totally confused, and that's caused you to not do much or do anything at all. This is going down as the great Roth conversion reset. You now have a new chance, you have a new opportunity to get freshly acquainted with what's going to happen and to help yourself by doing some really aggressive Roth conversions. You see, in the past, all this year, we've had people getting really motivated to get Roth conversions. And on the other hand, we've had other people who have been dragging their feet say, well, yeah, but what if they change the tax codes? Blah, blah, blah. Well, this is your opportunity. This is going to be a great opportunity to come in and into an environment where we were going to have much more expensive Roth conversions starting after 2025. Now, you come into the party knowing that you got the same tax rates for four years. It's like backing up four years and starting all over again, knowing that the tax rates are going to be this low. So if you've been dragging your feet on getting Roth conversions done and getting a good strategy, now's the time to jump in and make it work. If you're lucky enough to watch this before the end of 2024, don't let this year go to waste. I'm calling this the bonus year. You can actually still get something done this year. Get a big Roth conversion taken care of. Make sure it's strategic. Make sure you're looking at this the right way. Check out a lot of other of our other videos where you see why you don't want to just do top of your tax bracket. If you're an IRA millionaire, there are literally hundreds of thousands, probably well over a million dollars of tax benefits to you if you'll get going. So, look, there's not much in life that it's worth procrastinating on. The only thing that comes to my mind immediately that's worth procrastinating on is the response that you give to somebody who maybe insults you. Maybe it's better to just wait and think about what you say. But outside of that, especially when it comes to your finances, take advantage of it. And I hope that if possible, we can help you with it as well, if it's not too late in the year for us to be able to do that. But if, if not, then get with us and we'll get you started for the brand new year to make it work. But man, I hope you don't miss this bonus year. I hope you don't miss what you can get accomplished still by the end of this year. So hope that was helpful to you. I hope it gives you a little bit of inspiration and motivation to get out there, get the Roth conversion done. Roth conversion reset. The great Roth conversion reset. We now have four more years at the lowest tax rates. We' seated 50 years, so get with it. Come on.
