401(k) catch-up contributions, inherited IRAs, annuity tricks, and a Roth conversion strategy.

Allworth Financial‘s Money Matters

Allworth Financial

Investing, Business:investing, Business

4.9 • 782 Ratings

🗓️ 1 February 2025

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On this week’s Money Matters, Scott and Pat examine the implications of new rules for 401(k) catch-up contributions and discuss whether they really benefit the average person. Plus, they help callers navigate the complexities of fixed index annuities and inherited IRAs and explain why understanding these financial products is crucial. Allworth advisor Laurie Ingwersen joins the show to explain how a Roth conversion strategy can lessen a big tax burden. Finally, Scott and Pat share real-life stories and offer insights into maximizing your retirement savings while steering clear of potential pitfalls. Join Money Matters: Get your most pressing financial questions answered by Allworth's CEOs Scott Hanson and Pat McClain live on-air! Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at [email protected]. Download and rate our podcast here.

Transcript

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0:00.0	Would you like an opinion on a financial matter you're dealing with?
0:13.0	Whether it's about retirement, investments, taxes, or 401Ks, Scott Hansen and Pat McLean would like to help you by answering your call to join Allworth's
0:22.1	Money Matters. Call now at 83399 Worth. That's 83399 W-O-R-T-H. Welcome to All-Worth's Money Matters, Scott Hanson.
0:33.4	Pat McLean, thanks for joining us. Yes, glad you're here as we're talking about financial matters,
0:40.2	myself and my co-host, both financial advisors.
0:44.0	And we've been doing this program about three days. We've been advisors for over three decades doing this program for almost 30 years.
0:49.5	And certainly enjoy coming and sharing a bit of our, I don't know if it's wisdom.
0:56.0	I don't know if it's 30 years of experience or one year of experience times 30,
1:00.8	but I'm hoping it's 30 years of experience.
1:02.9	Our musines.
1:04.7	Oh, you know, Scott, we're going to take some calls. But just a reminder.
1:13.1	I talked about this in December.
1:16.5	People ages, between the ages, 60 and 63, are able to supersize their catch-up contributions for their 401 case.
1:27.9	They are.
1:28.9	So I went into mine because I'm 602.
1:32.3	This is just a 401K?
1:33.9	Yes, 401Ks.
1:35.8	It's,
1:36.2	it made no,
1:37.8	as I said in December,
1:39.2	it makes no sense to me
1:40.5	why they chose these ages.
	...

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