Investing in a Roth IRA with Wells Fargo
With the right planning and guidance, advisors from Wells Fargo and other financial firms can help you make the most of your retirement savings. One of the best times to make a Roth conversion — either with your IRA or 401(k) — is at retirement age. This is when your tax bracket is typically lower, and you may be able to pay taxes on the Roth conversion at a lower rate.
Noah Rubin, managing director and financial advisor at the Rubin Wealth Management Group of Wells Fargo Advisors, says it may make sense to convert a traditional IRA or 401(k) to a Roth IRA at retirement, if you are in a lower tax bracket. “Converting to a Roth IRA at retirement can provide tax diversification and potentially reduce taxes over time,” he says.
Chris Gaffney, president of world markets at TIAA Bank, says it may be beneficial for investors to consider a Roth conversion when the stock market is down. “When the market is down, you can use those losses to offset any taxes due on the conversion,” he says.
Michael Jones, global market strategist for Wells Fargo Investment Institute, says it’s important to consider any potential tax implications when Investing in a Roth IRA. “It’s important to understand the tax implications of converting to a Roth IRA,” he says. “It’s important to consider the tax implications of converting before making a decision.”
John S. Salter, director of advice for Wells Fargo Wealth and Investment Management, suggests that investors who are at least 59 ½ years old may want to consider a Roth conversion. “Older taxpayers with IRA assets can benefit from charitable gifts,” he says. “Converting to a Roth IRA can provide tax diversification and potentially reduce taxes over time.”
The Wells Fargo scandal, which saw the bank fined billions of dollars for creating millions of fake accounts and charging customers for services they didn’t receive, has only made one trade this year, and left $7,500 in cash in my Roth IRA.
Wells Fargo has struggled since its phony-accounts scandal came to light in 2016. The bank still has a very restrictive asset cap in place, which prevents customers from Investing more than 10 percent of their total bank account balance into any one asset class.
However, Wells Fargo is still a great option for investors. Specifically, Wells Fargo made about $4 billion of its revenue from corporate and Investment banking, which is roughly 20%. This is an ideal mix for many investors, as it allows them to access a variety of asset classes while still providing access to a variety of banking services.
In conclusion, Investing in a Roth IRA with Wells Fargo is a great way to save for retirement. With the right planning and guidance, advisors from Wells Fargo and other financial firms can help you make the most of your retirement savings. It’s important to consider any potential tax implications when Investing in a Roth IRA, as well as the asset cap in place at the bank.
