Episode 408: The Latest Proposal to Tax Roth IRAs: Should you be worried?

Should you stop doing Roth conversions as part of your retirement planning after Senator Ron Wyden's new legislation targeting specific retirement accounts? David McKnight breaks down the key aspects of the proposal and what it actually means for the average American (and their retirement).  Show Notes In this episode, David McKnight looks at whether you should stop doing Roth conversions following Senator Ron Wyden's introduction of legislation for taxing Roth IRAs. For David, 99.9% of Americans should continue investing in Roth accounts with a high degree of confidence. One of the biggest misconceptions floating around is that Congress wants to start taxing everyone's Roth IRA.  However, that is simply not what Senator Wyden's proposal does, as its focus are so-called mega-retirement accounts. These are retirement accounts – whether traditional IRAs, Roth IRAs, or Roth 401(k)s – that have grown to extraordinary sizes, often tens or even hundreds of millions of dollars. Se...