Social Security, WEP, 401(k) Rollovers, and Roth Conversions: Q&A #2034

August 22, 2020

Social Security, WEP, 401(k) Rollovers, and Roth Conversions: Q&A #2034

Jim and Chris discuss listeners’ questions regarding Social Security, WEP (Windfall Elimination Provision), 401k rollovers, and Roth Conversions.

(Intro) Jim and Chris begin by discussing financial advice given by a popular radio broadcaster. Both Jim and Chris felt as though the advice provided by this popular broadcaster fell short in its accuracy and was too generalized in its approach to financial planning.

(31:25) Jim and Chris answer a question received via their Social Security blog website: This blog reader expressed concerns about his identity being stolen and the difficulties he was having when trying to access his online Social Security account.

(38:25)  A listener from Georgia asks about taking a lump sum pension distribution to avoid having her Social Security benefit be reduced by WEP (Windfall Elimination Provision).

(57:40) A local Coloradoan wonders if Jim and Chris can explain IRS notice 2014-54 and explain how someone who has made after-tax contributions to their 401(k) can move that money (tax-free) into a Roth IRA when they retire.

(1:07:25) A listener from Minnesota looks for clarification on if the steps he took to separate “cream from coffee” (pre-tax and post-tax 401(k) contributions) would prevent him from being able to so a “backdoor” Roth contribution in the same tax year.

Check out the background of firms and investment professionals on SEC’s Adviser Info Page.

Jim Saulnier and Associates | 970-530-0556 | 506 East Mulberry Street, Fort Collins, Colorado 80524

Ed Slott Advisor recognition requires an advisor to be well versed on the rules and regulations regarding IRAs. The advisor must attend two live training sessions and pass two written exams annually to remain in the program. Jim Saulnier & Associates, LLC (“RIA Firm”) is a registered investment adviser located in Fort Collins, CO. Jim Saulnier & Associates, LLC may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Current registered states: CA, CO, PA, TX, WA, IL Insurance products and services are offered and sold through James H. Saulnier, a Colorado licensed insurance producer, only in those states in which he is reciprocally licensed or qualifies for an exemption or exclusion from licensing requirements. Current reciprocal insurance licensing in these states: AZ, CA, CA, CN, FL, HI, IA, MA, MD, NY, PA, SC, TN, TX, VA, WA, WI, WY Click here for a more detailed disclosure.