Summary: In this podcast we discuss our takeaways from Episode 43 with Fritz from the Retirement Manifesto plus an in-depth discussion of the Roth IRA conversion and Mega Backdoor Roth, and taxable income scenarios for retirement contributions.<br> In Today’s Podcast we cover:<br> <br> * Our big takeaways from Episode 43 with Fritz from Retirement Manifesto<br> * Brad as a ‘Mystery Reader’ for his daughter’s class plus their trip to Natural Bridge State Park and a FI lesson for his daughters<br> * How to tackle drawdown strategies and how that opened our eyes<br> * The concept of balance that Fritz brought up in Episode 43<br> * How we each have a different path to Financial Independence and we have to find what we each value and how much safety we require<br> * How important the math is, but also how the personal side is an important part of the equation<br> * Jonathan’s decision to pay off his student loans early and how this may not have been optimal mathematically, but was the “right” decision for him<br> * Feedback from the audience on the episode, but specific points from Danny<br> * Questions surrounding inflation on your safe withdrawal rate and early retirement<br> * Feedback from the audience about delaying social security<br> * The distinction between the Roth IRA conversion and the Mega Backdoor Roth IRA<br> * The tax issues surrounding the Roth IRA conversion<br> <br> <br> Practical Application of the Mega Backdoor Roth<br> <br> * Vishal and Brad share the nuances of trying to navigate the Mega Backdoor Roth: They need to allow for after-tax contributions and in-service distributions/withdrawals<br> * Explanation of the Mega Backdoor Roth<br> * Email from Zac about the value of using pre-tax or post-tax retirement contributions when you’re already in a low tax bracket<br> * Where is the line where we’d consider putting into a pre-tax or post-tax retirement account?<br> * A scenario of someone with a $25,000 income and where they’d fall in the tax brackets and how to lower that<br> * A scenario of an individual with a $60,000 gross income and what they should consider with their retirement contributions<br> * How would Brad and Jonathan choose if they were in this situation?<br> * Itunes reviews and book giveaways<br> <br> The Vault is live<br> <br> * <a href="http://www.choosefi.com/vault" target="_blank" rel="noopener">Click Here for Access</a><br> <br> Links from the show:<br> <br> * <a href="http://www.theretirementmanifesto.com/" target="_blank" rel="noopener">Retirement Manifesto</a><br> * <a href="http://www.fiby40.com/" target="_blank" rel="noopener">FI by 40</a><br> * <a href="http://www.millionaireeducator.com/" target="_blank" rel="noopener">Millionaire Educator</a><br> * <a href="http://www.madfientist.com/after-tax-contributions/" target="_blank" rel="noopener">Mega Backdoor Roth article by the Mad Fientist</a><br> * <a href="https://everythingabouteducation.net/2017/10/02/the-mother-of-all-personal-finance-hacks-mega-roth/" target="_blank" rel="noopener">Post from Vishal from Everything about Education about Mega Backdoor Roth</a><br> * <a href="https://wealthyaccountant.com/" target="_blank" rel="noopener">The Wealthy Accountant</a><br> <br> Books Mentioned in the Show:<br> <br> * <a href="http://www.amazon.com/dp/0762796383/?tag=choosefi-20" target="_blank" rel="noopener">Hiking to Waterfalls in Virginia</a><br>
