In this video as part of The Motley Fool's "Ask a Fool" series, our senior advisor to the Fool's Rule Your Retirement service, Robert Brokamp, takes a question from a Fool reader, who asks, "Should you pay the income taxes owed from your traditional 401(k) and/or IRA with funds from your Roth 401(k) and/or Roth IRA when you're 70.5 years or older?"
How should you be paying for taxes owed on your retirement accounts?
About the Author
Robert Brokamp, CFP®, is a Senior Retirement Advisor and Financial Planning Expert at The Motley Fool and has been with the company since 1999. He covers financial planning, with a focus on retirement planning, in his articles and podcast episodes. Robert also serves on The Motley Fool’s 401(k) Committee and Financial Wellness Committee, and is the author, co-author, or contributor to eight Motley Fool books.
Prior to The Motley Fool, Robert was a Financial Advisor at Prudential Securities and an English teacher. He holds a B.A. in English and Pre-med from The Catholic University of America; an M.A. in Teaching Secondary English from Trinity Washington University; a Graduate Certificate in Financial Therapy and a Master’s degree in Personal Financial Planning from Kansas State University; and a Certificate for Financial Planning from Georgetown University.
Robert is regularly interviewed by prominent media outlets, including The Wall Street Journal, Newsweek, USA Today, Fox Business, and CNN. Robert also serves as a tax preparer for the IRS Volunteer Income Tax Assistance (VITA) program for lower-income and elderly citizens, and as a board member for Together We Bake, an organization that provides comprehensive workforce training and personal development to women facing barriers to employment.