Joe Anderson, CFP® & Alan Clopine, CPA discuss some last-minute tax planning tips before year-end in episode 67 of the YMYW podcast. They also answer frequently asked financial questions, including whether you can roll your solo 401(k) to a simple 401(k). Original publish date September 24, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

04:35 - “One of the most critical elements is checking your emergency funds.”

07:55 - “Take your retirement budget for a test drive and adjust your spending plan.”

16:15 - “Can I convert my Individual 401(k) to a SIMPLE 401(k)?”

17:50 - “We like solo 401(k)s a little bit better, because if you’re not making a lot of money you can put a lot more money into it if you want to shelter that.”

22:02 - “You have to do [Roth] conversions before December 31st…you can convert any dollar amount you want to.”

24:29 - “Should I be concerned about the Department of Labor scare?”

29:11 - “In some cases, the financial industry, banking industry or maybe insurance companies might feel a bit of a hit because they’d have to do things differently but I think over the long term this is good for people and the industry… in fact, this should have been done a long time ago.”

30:02 - “Where should I invest my inherited money?”

35:03 - “You just have to figure out what your goal is and that will help you figure out how to invest it.”

Can I Roll My Solo 401(k) to a Simple 401(k)? - 67 35:12 Share

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Can I Roll My Solo 401(k) to a Simple 401(k)? - 67