Does $2 million feel like you made it or are you just on track? You still have some work to do.

Like you said earlier, it depends a lot on where a person is in life.

About 35% of people say they're on track or already wealthy.

Younger generations are more optimistic.

Gen Z and millennials could feel closer to their goal.

At 2 million, most people would feel they are in a good spot, even if not done.

Perception does change with age.

Having that financial plan can change how $2 million feels with your portfolio.

When does a Roth conversion make the most sense for someone?

Yeah.

So when we meet with our clients, we like to help them determine their goals.

And sometimes a person might want to leave an inheritance, and sometimes the person actually wants their last check to bounce.

There's no wrong answer, but with inheritance and a pre-tax account, the beneficiary, if it's not a spouse, has 10 years to draw down the IRA in their current tax bracket.

So it makes sense to do a conversion with the client when they are in the lower tax bracket if inheritance is important, because they're going to leave that Roth IRA that is not taxable to the beneficiaries.

And at INX, the way we do it, we run an analysis to determine what amount to convert each year.

How can market conditions affect the timing of a Roth conversion?

Consolidation might sound like a great idea, but when do you do it? When does it make the most sense, and when might it be a mistake in some cases?

Consolidation makes sense in most cases.

A lot of times I see it when a person is about to retire or when they have retired and they just want to simplify their plan.

And also, if a person is still in their growth phase, they may receive more investment options for growth if their money is not tied up in employee sponsor plans.

But as a wealth manager, I feel that it makes sense in most cases.

But some examples of times when it might not is if a person is still working and they may need to borrow money.

You would not want to put 401k money and consolidate it into an IRA account because borrowing from an IRA is not an option for more than 60 days if you do a 60-day indirect rollover, which is usually ill-advised anyway.

When you're talking about the taxes, what are some of the biggest tax and fee traps people might overlook when moving these accounts? Because every account seems to be different.

Where do most retirees misjudge that risk and how might they avoid that mistake?

Like you said, we have this conversation often.

So the word risk can be tricky.

Most people associate risk with just market volatility, where one of the worst risks could be purchasing power risk, which is inflation or opportunity cost loss.

So what that means is when you have too much money in cash because it feels safe, it's actually losing value and missing an opportunity to grow.

During retirement, a person still needs to have a portion of their money growing for life events down the road or just to keep from running out of money.

And that is where meeting with an advisor can help you get that money invested or allocated where you are taking the appropriate amount of volatility risk, but still feel safe.

How should retirees balance enjoying life now? Because you get all excited when you first retire, but you also want to protect the future security.