ROTH Conversions, 401k Strategies, and Income Tax Planning

This episode of the Ditch the Suits podcast gives practical financial insights that can significantly impact your money management strategies.

Steve Campbell and Travis Maus emphasize the importance of completing a personal tax assessment, which acts as a mock tax return to identify potential opportunities and gaps in your financial planning.

They also discuss the critical need to revisit your 401(k) contribution strategy, highlighting the risks of overfunding and underfunding these accounts.

The conversation touches on the benefits of Roth conversions, particularly for those who may find themselves in higher tax brackets in the future.

Additionally, the hosts explore the evolving benefits of 529 savings accounts, stressing how they can be utilized for a broader range of educational expenses beyond just college tuition.

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Thanks to our sponsor, S.E.E.D. Planning Group! S.E.E.D. is a fee-only financial planning firm with a fiduciary obligation to put your best interest first. Schedule your free discovery meeting at www.seedpg.com

You can watch all episodes, as well as other great content produced by NQR Media through their YouTube channel at https://youtube.com/@NQRMedia

📧 For more information or to get in touch with us, visit https://www.ditchthesuits.com

👍🏼 You can also follow us on Facebook, Instagram, and Twitter at @nqrmedia

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About Your Co-Hosts:

Travis Maus has been in financial services for over fifteen years. He is a Senior Wealth Manager and Chief Executive Officer at S.E.E.D. Planning Group. Travis also hosts the Unleashing Leadership Podcast, where he dissects some of his favorite books on leadership and how you can apply it to your business or life.

Steve Campbell has over a decade of industry experience and is the Chief Brand Officer at S.E.E.D. Planning Group. Steve also hosts the One Big Thing Podcast, an interview-style show meant to inspire and encourage 30 and 40-year-olds going through difficult seasons of navigating marriage, raising kids, and growing personally.

Chapters
00:00 - Introduction to Ditch the Suits
01:00 - Understanding Street Smarts vs. Book Smarts
02:45 - The Importance of Personal Tax Assessments
14:05 - Revisiting Your 401(k) Strategy
28:07 - Navigating Roth Conversions
36:40 - Exploring 529 Savings Accounts
39:32 - Conclusion and Future Topics