Timothy Sumer

In this video, Bill talks about a fairly unknown conversion, which is converting a 529 Plan to a Roth IRA! Stick around as Bill discusses the details of this conversion. Thank you for watching! Please like the video and subscribe to the channel if you enjoy the content! Here are a few ways that we might be able to help; 1. Watch our free educational videos here on our YouTube Channel 2. Like the Money Evolution Facebook Page. Additional investment and retirement planning content, including Live Stream Market, updates not on the YouTube Channel. 3. Our WealthVision Comprehensive Financial Plan: 4. Learn more about our retirement planning Course The Retirement Time Machine Tracking: 426335-1... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Convert Your 529 Plan to a Roth IRA 529 plans have become extremely popular as a w

529 to Roth IRA Rollover One big change from Secure Act 2.0 was the allowance of money to be rolled from a 529 account to a Roth IRA beginning in 2024. There’s a lot of fine print, which we’ll cover in a minute. But if you do everything correctly, you will be able to transfer up to $35,000 in your lifetime from a 529 account to your Roth IRA. That lifetime $35,000 limit is per person. And, you can do this transfer regardless of your income. Which is a big potential benefit for high income households who earn too much to be able to do regular Roth IRA contributions. Here’s the fine print you need to know about in order to take advantage of this. First, the 529 must have been opened for 15 years before you do the transfer to a Roth IRA. And, no 529 contributions, or earnings from contributions from the last 5 years are allowed to be transferred. Next, the owner of the Roth IRA must be the beneficiary of the 529. Most 529s are set up with a parent or grandparent as the