In this episode, I talk about how to capitalize your finances during a layoff or career change. A transition like this can feel disruptive, and it is, but it can also create a rare opportunity to reset, optimize taxes, and reposition your wealth.
I’ll walk through how to stabilize cash flow, protect liquidity, use a lower income year for Roth conversions or capital gains planning, review old retirement accounts, handle health insurance, and avoid panic selling long term investments.
Remember, a layoff or career change does not have to be purely defensive. If you manage cash flow, taxes, investments, health care, and career reinvestment the right way, a low-income year can actually become one of the best wealth building opportunities of your life.
Important Information:
This podcast was created to provide accurate and reliable information on the subjects covered but should not be regarded as a complete analysis of these subjects. It is not intended to provide specific legal, tax or other professional advice. The services of an appropriate professional should be sought regarding your individual situation.
Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA.