Can "Alanis" retire early at age 60? With "Barney and Betty's" spending patterns, can they retire ASAP? "Daisy and Donald" need retirement income for 40 years. Can they retire now? That's today on Your Money, Your Wealth® podcast 493 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, we review the results of the 7th Annual YMYW Podcast Survey (congratulations to jemart for winning the Amazon e-gift card!) and Joe and Big Al take on some critical YouTube comments from Keith, following their interview with Ed Slott, CPA. 

Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-493

WATCH: Retirement Pop Quiz on YMYW TV

DOWNLOAD: Retirement Readiness Guide

REQUEST: Retirement Spitball Analysis

SCHEDULE: free financial assessment

SUBSCRIBE: YMYW on YouTube

DOWNLOAD: more free guides

READ: financial blogs

WATCH: educational videos

SUBSCRIBE: YMYW Newsletter

Timestamps: 

00:00 - Intro

00:57 - Are My Estimates Solid for Early Retirement at Age 60? ("Alanis", WA)

10:39 - Watch Retirement Pop Quiz on YMYW TV and Download the Retirement Readiness Guide

11:20 - How Much Money Do We Need to Retire ASAP? ("Barney and Betty", NE New Jersey)

24:36 - Can We Retire Now? ("Daisy Duck", Emerald City)

30:48 - Subscribe to the YMYW YouTube Channel

31:15 - 7th Annual YMYW Podcast Survey Results

38:54 - Comment: Keith Doesn't Like Ed Slott or Roth Conversions

47:45 - Outro

48:58 - The Derails

What is an exchange fund and is it a good thing if you have a lot of capital gains like Bryan in New York? That's today on Your Money, Your Wealth® podcast 492 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, what should be the timing and ordering of Billy Joe and Bobby Sue's Roth conversion strategy to help them achieve 33 years of retirement income? Is Boston overspending or underspending in retirement? Should Andy keep life insurance policies for her kids with ADHD?  How does the 5-year rule for Roth withdrawals apply to inherited Roth IRAs for Karen? Visit the show notes for the YMYW Podcast Survey and secret password (only for the next three days!), plus access the free financial resources listed below, and the episode transcript: https://bit.ly/ymyw-492

SCHEDULE A FREE FINANCIAL ASSESSMENT

FREE DOWNLOAD: 10 Steps to Improve Investing Success

FREE DOWNLOAD:  Social Security Handbook

WATCH YMYW TV: Social Security Basics You Need to Know: Common Social Security Questions Answered

REQUEST: Retirement Spitball Analysis

SUBSCRIBE: YMYW on YouTube

DOWNLOAD: more free guides

READ: financial blogs

WATCH: educational videos

SUBSCRIBE: YMYW Newsletter

YMYW Podcast Survey: Visit the show notes to access the survey and secret password

Timestamps:

00:00 - Intro

00:37 - Roth Conversion Timing, Order, and 33 Years of Income? (Billy Joe & Bobby Sue, Indiana)

12:32 - Watch Social Security Basics You Need to Know: Common Social Security Questions Answered on YMYW TV, Download the Social Security Handbook

13:17 - I Have $1.2M Capital Gains. Pros and Cons of an Exchange Fund? (Bryan, NY)

23:28 - Download 10 Steps to Improve Investing Success, last chance to complete the 7th Annual YMYW Podcast Survey for your chance at a $100 Amazon e-gift card! (type in ymyw)

24:15 - We'll Have $7M. Are We Underspending or Overspending in Retirement? (Boston)

35:13 - Should We Keep Life Insurance Policies for Adult Kids with ADHD? (Andrea, Seattle)

41:50 - How Does the 5-Year Rule for Roth Withdrawals Apply to Inherited Roth IRAs? (Karen, TX)

45:15 - Outro

46:22 - The Derails

How much do retirees really spend in retirement? Does the Social Security Primary Insurance Amount (PIA) continue to rise with inflation? Is all the talk about higher future tax brackets just fear-mongering? Can "Johnny Mercer" afford to leave money for his heirs, and what should his strategy be for converting his retirement savings to Roth IRA for tax-free growth on his money? While Joe Anderson, CFP® and Big Al Clopine, CPA each take some much-needed vacation time, Your Money, Your Wealth® producer Andi Last enlists the help of senior financial advisor Rachel Fuss, CFP®, MPH from Joe and Big Al's team of experienced professionals at Pure Financial Advisors in Mercer Island, WA, to see if they can "Ac-cent-tchu-ate the Positive" for Johnny in YMYW Extra number 4. Free financial resources and transcript: https://bit.ly/ymywe-4

Watch the video of this spitball! https://youtu.be/wKi-VDALJAo

Withdrawal Strategy Guide - free download

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YMYW Extra on YouTube | Guides | Blogs | Educational Videos | YMYW Newsletter

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Timestamps:

00:00 - Intro

01:17 - Johnny Mercer's Cars, Drinks and Pets

02:19 - Will Social Security Primary Insurance Amount Continue to Rise With Inflation?

05:20 - Retirement Spending: What's Reality?

06:40 - Are Future Higher Tax Brackets Just Fear-Mongering?

08:21 - How Much Can We Afford to Spend and Still Leave Money for Heirs?

11:07 - Final Considerations & Roth Conversion Strategy

Cinderella and her Prince Charming have a nest egg of $2.3 million and are hoping for retirement income of up to $150K/year. When can they afford to retire? How should they coordinate paying for some big purchases, paying off debt, and collecting Social Security benefits as they plan for retirement?

While Joe Anderson, CFP® and Big Al Clopine, CPA each take some much-needed vacation time, YMYW producer Andi Last enlists the help of senior financial advisor Jack Dugan, CFP®, from Joe and Big Al's team of experienced professionals at Pure Financial Advisors in San Diego, to spitball on whether Cindi and her prince can live "happily ever after" on YMYW Extra number 3. Free financial resources and transcript: https://bit.ly/ymywe-3

Watch the video of this spitball! https://youtu.be/zmmCuxEsHiA 

Retirement Income Strategies Guide - free download

Request your own Retirement Spitball Analysis

YMYW Extra on YouTube | Guides | Blogs | Educational Videos | YMYW Newsletter

Schedule a free financial assessment

Timestamps:

00:00 - Intro

02:28 - Cinderella and Prince Charming's Cars, Drinks & Pets

03:38 - How Much Retirement Income Can They Realistically Expect?

14:05 - How to Pay Off Major Purchases?

15:35 - Other Retirement Savings Strategies

Market declines just before you retire, or early in your retirement, can really screw up your retirement income strategy. If you're in the middle of the expensive kid years, how do you avoid this sequence of returns risk when making your retirement plans? That's "Jaclyn Smith's" question, today on Your Money, Your Wealth® podcast 485 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, can Vern's wife collect Social Security at age 63, then switch to spousal benefits at age 70? Matt wants to know if 2026 catch-up Roth contributions will be subject to the pro-rata rule, and Tom and Amy are trying to figure out how to avoid Medicare's monthly income-related adjustment amount, or IRMAA, in their plan for Roth conversions. Free financial resources and transcript: https://bit.ly/ymyw-485

How to Build a Recession-Proof Portfolio - YMYW TV

Recession Protection Guide - free download

The Election is Coming: Should You Sell? - read the blog

Investment Vehicle Selection: SMA vs. ETF vs. Mutual Fund – Which One Best Fits You? - read the blog

Is Roth IRA Money Taxed Twice? Watch the latest YMYW Extra

Schedule a free financial assessment

Ask Joe & Big Al for your Retirement Spitball Analysis

Timestamps:

00:00 - Intro

00:49 - How to Minimize Sequence of Returns Risk When Spitballing Retirement in the Expensive Kid Years? (Jaclyn Smith)

17:18 - Collect Social Security Early at Age 63, Then Switch to Spousal Benefits at Age 70? (Vern, Beautiful Portland Oregon)

23:30 - Will 2026 Catch-Up Contributions to Roth Be Subject to Pro-Rata Rule? (Matt, TX)

23:47 - Should We Do Roth Conversions? What About Medicare IRMAA? (Tom & Amy, Northern MN)

31:51 - The Derails

Should Mike in Virginia keep using his IRA money to pay the tax on his Roth conversions? How do you do a Roth conversion when you don't have the money to pay the tax? That's PeterLemonJello's question, but is it the question he should be asking? Spitballing Roth IRA conversion strategies to reduce your taxable required minimum distributions (RMD) in retirement - that's today on Your Money, Your Wealth® podcast 484 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Susan and Mike in Ohio are retired, in the 24% tax bracket, and considering converting $50k or $75k to Roth - should they do it? How is D-Rock and Matilda's strategy for selling rental properties and doing Roth conversions as they bridge the gap to early retirement? And finally, how do required minimum distributions work on inherited Roth accounts? Free financial resources and transcript: https://bit.ly/ymyw-484

Navigating Your Financial Future Single - YMYW TV

Going Solo Guide - free download

Asset Location & Roth Conversion Retirement Spitball - YMYW Extra Ep. 1

Ask for your own Retirement Spitball Analysis

Schedule a Free Financial Assessment

Timestamps:

00:00 - Intro

00:54 - How to Pay the Tax on a Roth Conversion: Are You Asking the Right Question? (Peter LemonJello, FL)

05:45 - Should I Keep Doing Roth Conversions and Paying Tax from the IRA? (Mike, VA)

14:24 - Retired, in the 24% Tax Bracket. Should We Convert $50-$75K to Roth in 2024? (Susan, OH)

18:28 - Roth Conversions and Selling Rental Property to Bridge to Early Retirement (D-Rock & Matilda, New York)

28:11 - Required Minimum Distributions for Inherited Roth IRAs Explained (Elisa, Fremont)

34:12 - The Derails

Sunshine in Orange County has been waiting patiently since January for a full Retirement Spitball Analysis: how are her assumptions for rates of return and inflation, her plans for Roth conversions, her asset allocation and asset location, her tax planning, her retirement income and retirement spending plans, and so much more? What missed opportunities is she overlooking?

So many excellent Retirement Spitball requests have come in that Your Money, Your Wealth® hosts, Joe Anderson CFP®, and Big Al Clopine CPA can't handle them all. 

On these bonus episodes, called YMYW Extra, producer Andi Last enlists the help of the experienced professionals on Joe and Big Al's team at Pure Financial Advisors. In today's YMYW Extra number 1, thanks to David Cook, CFP® from Pure Financial's San Diego headquarters, Sunshine finally gets her Retirement Spitball Analysis. Free financial resources and transcript: https://bit.ly/ymywe-1

Request your own Retirement Spitball Analysis

EASIretirement.com - free retirement calculator

Why Asset Location Matters - download the free guide

More Guides | Blogs | Educational Videos | YMYW Newsletter

Schedule a free financial assessment

Timestamps:

00:00 - Intro

02:35 - Rate Assumptions

05:58 - Retirement Spending

06:54 - Retirement Income Strategy

12:08 - Retirement Planning: Asset Allocation vs. Asset Location

15:50 - Sequence of Returns Risk

17:53 - Social Security Tax Torpedo

20:01 - Goals & Questions

22:50 - Other Strategies: Qualified Charitable Distributions

24:23 - IRMAA & Tax Optimization

26:37 - Likelihood of Success & DIY Tools

Are women better investors and financial planners? Today on Your Money, Your Wealth® podcast 483 with Joe Anderson, CFP® and Big Al Clopine, CPA, three different husbands want to retire, while their wives feel they need to work longer. Can Jack and Diane, Mark and Belle, and Mike and his wife hit the slopes now, or do they need to keep wearing their suits? Joe and Big Al spitball on who's right. Plus, should Ellie take her pension in a lump sum or in monthly annuity payments? The fellas also consider a solo 401(k) strategy for self-employed types from our buddy Will. Free financial resources and transcript: https://bit.ly/ymyw-483

Withdrawal Trap Doors: How to Avoid Them - Watch YMYW TV

Withdrawal Strategy Guide - free download

Subscribe to YMYW on YouTube - comments are now open!

Ask Joe & Big Al On Air for a Retirement Spitball Analysis

Schedule a Free Financial Assessment

Timestamps:

00:00 - Intro

00:40 - Can We Retire Now or Do We Need to Wait a Few Years? (Jack & Diane, Houston - voice)

09:35 - How to Bridge the Gap in Early Retirement? (Mark & Belle, VA)

19:44 - Help Me Convince My Wife to Retire This Summer! (Michael, MN)

26:28 - Should I Take the Pension Lump Sum or Monthly Annuity Payments? (Ellie, PA)

31:52 - How's My Solo 401(k) Contribution Strategy? (Will)

36:51 - The Derails

Will building a new home delay Janelle's early retirement? Can Mike and his wife retire early at ages 50 and 55, and how much should they convert to Roth? Maria and her partner keep their finances separate - can Maria cover her own expenses in early retirement? That's today on Your Money, Your Wealth® podcast 482 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, the fellas explain the difference between FDIC insurance and SIPC insurance for Edward, who wonders if he should spread his assets between banks for protection. Fajita Willy needs a spitball on his MYGA retirement strategy, that is, multi-year guaranteed annuities. Nancy wants to know if mandatory seismic retrofit expenses are tax-deductible. And how should Lee manage Roth contributions and IRMAA now that his Social Security disability has finally been approved and he's received 5 years of back pay? Free financial resources and transcript: https://bit.ly/ymyw-482

Retirement Readiness Guide - free download

EASIretirement.com - free retirement calculator

Financial Planning at Every Age: Retirement Planning for Millennials, Gen-X, and Baby Boomers - YMYW TV

Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Schedule a free financial assessment

Timestamps:

00:00 - Intro

01:02 - Will Building a New Home Delay My Early Retirement? (Janelle, CO - voice)

07:35 - Should I Spread Assets Between Banks for FDIC Insurance? (Edward, IL)

13:16 - Multi-Year Guaranteed Annuity (MYGA) Retirement Spitball (Fajita Willy, TX)

21:09 - Is the Mandatory Seismic Retrofit Expense Tax-Deductible? (Nancy, Tarzana, CA)

22:47 - My SSDI Was Approved and I've Received 5 Years of Back Pay. How to Manage Roth IRA Contributions and Medicare IRMAA? (Lee, Jacksonville, FL)

28:33 - Can We Retire Early Next Year at Ages 55 and 50? How Much Should We Convert to Roth? (Mike, NY)

34:57 - My Partner and I Maintain Separate Finances. Can I Cover My Own Expenses in Early Retirement? (Maria, Chicago suburbs, IL)

42:06 - The Derails

Should 70-year-old Bob live off of capital gains and dividends from his mutual funds plus Social Security, or should he sell poor-performing mutual funds for living expenses and reinvest the cap gains and dividends? Which account should Neal's 76-year-old Mother use for living expenses? Should Neal and his wife fund their Roth 403(b) until retirement, or contribute to the regular 403(b) and then do Roth conversions after they retire? That's today on Your Money, Your Wealth® podcast 481 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, the fellas spitball on whether IndyGuy can retire at 64 and Die With Zero, and Rod doesn't want a spitball, but he'd like a dart on the wall as to whether his retirement savings will last until age 88. Free financial resources and transcript: https://bit.ly/ymyw-481

Cruising Into Retirement Checklist & Guide - LIMITED TIME OFFER - download by Friday, May 17!

How to Cruise Into Your Retirement - YMYW TV

10 Gruesome Estate Planning Mistakes to Avoid - register for the free webinar, May 22, 12pm PDT/3pm EDT

Timestamps:

• 00:00 - Intro
• 00:48 - Living Expenses: Cap Gains, Dividends & Social Security or Poor Performers? (Bob, Jupiter, FL)
• 10:02 - From Which Account Should 76yo Mom Withdraw Living Expenses? (Neal, Dallas, TX)
• 18:11 - Dart on the Wall for Our Retirement to Age 88? (Rod)
• 26:08 - Can We Retire at 64 and Die With Zero? (IndyGuy)
• 35:50 - Save to Roth 403(b) or Traditional Until Roth Conversions at Retirement? (Neal, Dallas, TX)
• 42:54 - The Derails

Kyle and his fiancée are in their 30s, have done a great job saving, and are in a high tax bracket. Would it make more sense for them to contribute to their 401(k)s or Roth 401(k)s for retirement? Mick's wife Pam has both W-2 and sole proprietor income - where should she save for retirement? That's today on Your Money, Your Wealth® podcast 480 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, the fellas spitball for Janet on where junk bonds belong in a portfolio, they untangle the pro-rata and aggregation rules concerning 401(k) to Roth conversions for Nancy, and they spitball on whether Cary and Mark should retire now or work for two more years when pensions will provide them an extra $50K a year. Free financial resources and transcript: https://bit.ly/ymyw-480

2024 Key Financial Data Guide - free download

Timeless Wisdom from Warren Buffet and Charlie Munger, Berkshire Hathaway's Dynamic Duo - read the blog

Understanding Stock Market Indexes - read the blog

Free retirement calculator - EASIretirement.com

Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Timestamps:

• 00:00 - Intro
• 00:57 - We're in Our 30s and in a High Tax Bracket. Where Should We Save for Retirement? (Kyle, WI)
• 07:34 - Junk Bonds Explained (Janet, the Bronx)
• 13:19 - Does Pro-Rata Rule Apply When Converting 401(k) to Roth 401(k)? (Nancy, SE Wisconsin)
• 20:37 - We Have $4M. Should We Retire Now or in Two Years When Pensions Provide an Extra $50K/Year? (Cary & Mark, Los Angeles)
• 27:50 - How to Save for Retirement with Sole Proprietor and W-2 Work? (Mick, Davis, CA)
• 36:47 - The Derails

Linda is retired and financially independent. Her advisor suggests she have a separately managed account specifically for tax loss harvesting. Today on Your Money, Your Wealth® podcast 479, Joe Anderson, CFP® and Big Al Clopine, CPA spitball on how to save as much tax as possible on retirement withdrawals. Plus, Brian wants to know if it ever makes sense to put IRA money into a brokerage account, rather than doing Roth conversions, so the fellas explain the benefits of tax gain harvesting. Also, why is Robert and Jane's financial advisor constantly trading in Jane's professionally managed account? Pete wants to know if flat-fee financial advisors are worth their fee, and Daniel needs financial guidance for his 34-year-old daughter. He's also considering a free assessment, but he doesn't really know what he's getting himself into, so Joe and Al explain. Free Financial Resources & Transcript: https://bit.ly/ymyw-479

What Happens to Your 401(k) & IRA at Retirement? - YMYW TV

Retirement Readiness Guide - free download

Free Financial Assessment - schedule now

Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Timestamps:

00:00 - Intro

00:55 - Separately Managed Account for Tax Loss Harvesting To Optimize Retirement Withdrawals? (Linda, MD)

11:54 - Why is Our Advisor Constantly Trading in Our Professionally Managed Account? (Robert, GA)

18:00 - Are Flat-Fee Advisors Worth the Fee? (Pete, Knoxville, TN)

27:03 - Financial Planning for 34-Year-Old Daughter and Pure's Free Assessment (Daniel, Whittier)

35:17 - Does Moving from IRA to Brokerage instead of Roth Ever Make Sense for Tax Gain Harvesting? (Brian, Albany, NY)

42:12 - The Derails

What do Joe Anderson, CFP® and Big Al Clopine, CPA think about alternative investments? Andrew in Ohio wants to know. Are real estate syndication deals for real, and a YMYW listener just chose poorly? And Stewart in Serra Mesa is curious whether Joe has changed his position on annuities lately, as rates have "normalized" in the past couple of years? That's today on Your Money, Your Wealth® podcast number 491. Plus, when should Steve in Las Vegas' friend quit her casino job and collect Social Security and child benefits? And how is D in the Midwest's plan for creating income in retirement? Visit the show notes to access the YMYW Podcast Survey and secret password, free financial resources, and episode transcript: https://bit.ly/ymyw-491

SCHEDULE A FREE FINANCIAL ASSESSMENT

FREE DOWNLOAD: Investing Basics Guide

READ THE BLOG: Benefits of Systematic Rebalancing

REQUEST: Retirement Spitball Analysis

SUBSCRIBE: YMYW on YouTube

DOWNLOAD: more free guides

READ: financial blogs

WATCH: educational videos

SUBSCRIBE: YMYW Newsletter

YMYW Podcast Survey: Visit the show notes to access the survey and secret password

Timestamps:

00:00 - Intro

00:457 - Real Estate Syndication Deals: Did We Just Make Bad Decisions? (Anonymous)

07:57 - Thoughts on Alternative Investments? (Andrew, OH)

12:54 - Read The Benefits of Systematic Portfolio Rebalancing and Download the Investing Basics Guide

13:31 - Has Joe Modified His Position on Annuities Lately? (Stewart, Serra Mesa, CA)

24:42 - Principal Protected Investing Options for Structured Settlement for a Minor: Annuity? (Speedy Gonzalez, Western NY)

29:52 - 7th Annual YMYW Podcast Survey: your chance at a $100 Amazon e-gift card!

30:35 - When to Stop Work and Claim Social Security and Child Benefits? (Steve, Las Vegas - voice)

34:58 - How's Our Plan for Retirement Income? (D, Midwest)

44:40 - Outro

45:53 - The Derails

So you won the lottery - congratulations! After you celebrate, should you rip off the band-aid and convert the entire lump sum payment to a Roth IRA? That's today on Your Money, Your Wealth® podcast 478 with Joe Anderson, CFP® and Big Al Clopine, CPA. Also, Bucky in WA is required to have the same asset allocation in his traditional and Roth 401(k). Joe and Big Al spitball on his options, along with the pros and cons of consolidating retirement accounts for Scott in NC, and they explain the spousal Roth IRA for Rock Rochester in Manistique, MI. Plus, should Scott in Jackson, MS sign up for the state public employees' retirement system or a traditional retirement plan? Can Driving Fast, Loving Life in TX speed away in her Porsche from RSU capital gains? And should she and her hubbs retire abroad? Finally, can Sean in Reno, NV buy a million dollar vacation home in 10 years, and can Jennifer in La Mirada, CA afford to retire after being forced out of a 21-year career? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-478

Timestamps:

• 00:00 - Intro
• 01:06 - Should We Convert $1.75M Lottery Winnings To Roth?
• 09:31 - Free Financial Assessment - schedule now
• 10:38 - Asset Allocation Must Be the Same in 401(k) and Roth 401(k). What to Do? (Bucky, Washington state)
• 18:08 - Pros and Cons of Consolidating Retirement Accounts (Scott, NC)
• 23:28 - Spousal Roth IRA Explained (Rock Rochester, Manistique, MI)
• 27:07 - Traditional Retirement or PERS State Retirement? (Scott, Jackson, MS)
• 31:00 - Avoiding RSU Concentrated Position and Capital Gains and Retiring Abroad (Driving Fast, Loving Life in TX)
• 38:43 - Restricted Stock Units (RSU) - read the blog
• Employee Stock Purchase Plans (ESPP) - read the blog
• 39:19 - Should We Buy a $1M Vacation Home in 10 Years? We'll Have $12M. (Sean, Reno, NV)
• 43:11 - Can I Afford to Retire After Being Forced Out of a 21-Year Career? (Jennifer, La Mirada, CA)
• 49:24 - The Derails

Are there ever times when going all Roth isn't the best strategy? How do you determine the break-even point on doing Roth conversions? That's today on Your Money, Your Wealth® podcast number 477, as Joe Anderson, CFP® and Big Al Clopine, CPA spitball on marginal vs. effective tax rates for Joseph Allen, saving to after-tax brokerage or pre-tax 403(b) for Gigi in Illinois, the arithmetic of Roth conversions for Carl Spackler in Florida, and the mega backdoor Roth for Jefe in Texas. For something completely different, we'll wrap it up with a discussion of tax forms that need to be filed for your solo 401(k) depending on the account balance, for Smitty in The Villages. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-477

Timestamps:

• 00:44 - Marginal Vs. Effective Tax Rate: Going All Roth Isn't the Best Strategy? (Joseph Allen, Wichita, KS)
• 14:32 - Free retirement calculator EASIretirement.com
• 15:37 - I'm 43 and Will Have $2.4M in Retirement. Should I Save to After Tax Brokerage or Pre-Tax 403(b)? (Gigi, IL)
• 23:17 - Is There a Break-Even Calculation for Roth Conversions? (Carl Spackler, FL)
• 29:30 - Retirement Income Strategies Guide - free download
• How to Create a Steady Stream of Retirement Income - YMYW TV
• 30:38 - Mega Backdoor Roth: Must I Convert Traditional IRA When I Roll After-Tax Money? (Jefe, TX)
• 36:29 - Must I File Form 5500-EZ If Solo 401(k) Had No Balance at Year-End? (Smitty, The Villages)
• 42:18 - The Derails

What is private credit and where does it fit in your investment portfolio? At age 60, Hope is tired of working and she's hoping to retire in 2-3 years. Should she factor home equity into her retirement spending plan with a reverse mortgage? Which mortgage option for a Houston dream home is best for Nisa in San Jose's early retirement goals? That's today on Your Money, Your Wealth® podcast number 476 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Wayne in Phoenix needs to know how the section 121 tax exclusion works on a vacation home, and Jack and Jill in the UAE have questions about tax gain harvesting and the foreign earned income exclusion. Finally, are Joe and Big Al off their strategy game? A Spotify listener takes the fellas to task about the Affordable Care Act subsidy discussed in episode 472, and challenges their spitball for Duke and Daisy's retirement spending plan in episode 475. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-476

Timestamps:

    •    00:00 - Intro
    •    01:03 - What Is Private Credit? (Janine, La Jolla, CA)
    •    08:07 - Is a Reverse Mortgage Right for Me? (Hope)
    •    14:21 - Using Reverse Mortgages To Secure Retirement with Dr. Wade Pfau - YMYW Podcast 117
    •    How Your Home Can Create Retirement Income - YMYW TV
    •    14:59 - Which Mortgage Option is Best for Me in Early Retirement? (Nisa, San Jose, CA)
    •    24:04 - Section 121 Tax Exclusion on a Vacation Home? (Wayne, Phoenix, AZ)
    •    26:48 - What You Need to Know Before Filing Your Taxes in 2024 webinar
    •    2024 Tax Planning Guide
    •    27:39 - Foreign Earned Income Exclusion: Can I Harvest Long-Term Capital Gains? (Jack & Jill, UAE)
    •    37:06 - ACA Subsidy & Retirement Spitball: Are Joe and Big Al Off Their Strategy Game? (Spotify commenter)
    •    45:02 - The Derails

Will Duke and Daisy's retirement spending plan work? If you're a fan of hearing Joe Anderson, CFP® and Big Al Clopine, CPA debate, you're in luck today on Your Money, Your Wealth® podcast 475, as they disagree on assumptions when it comes to retirement planning. The EASIretirement.com calculator says Chuck in South Carolina could convert even more to Roth, and the fellas spitball on the pros and cons. Plus, what should Chuck's asset allocation be for his daughters, and how should Scott in Kansas City's parents allocate their assets? Can Rothaholic undo his Roth conversion? Brian Fantana and his wife are in their 30s and want to retire at 60. Are they on track? Ricky in Alabama wants to avoid Medicare's IRMAA, or income related monthly adjustment amount. Should he spend from his IRA or from his Roth? Daniel in Whittier wants to know what exactly counts for IRMAA income, anyway? And finally, Elisa in Fremont wants to know, with the new SECURE Act 2.0 rules, when can you transfer 529 college savings funds to Roth? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-475

Timestamps:

• 00:00 - Intro
• 01:07 - Will Our Withdrawal Rate Be Too High If We Retire in 3 Years? (Duke and Daisy, Charlotte, NC)
• 10:50 - Withdrawal Strategy Guide
• Retirement calculator
• 11:28 - EASIretirement.com Says I Should Convert More to Roth. Asset Allocation for Daughters? (Chuck, SC)
• 22:13 - Can I Undo My Roth Conversion? (Roth Aholic)
• 27:55 - In Our 30s, Want to Retire at 60. How Are We Doing? (Brian Fantana, WA)
• 30:36 - What's the Right Asset Allocation for Aging Parents? (Scott, Kansas City, MO)
• 32:00 - Free financial resources:
  • Choosing a Financial Advisor blog
  • Small Business Tax Filing Guide
  • 2024 Tax Planning Webinar
  • Retirement Lifestyles Guide
• 32:51 - IRA vs. Roth for Living Expenses? (Ricky, Birmingham, AL)
• 35:50 - What Counts for Medicare IRMAA? (Daniel, Whittier, CA)
• 39:49 - SECURE Act 2.0: When Can We Transfer 529 College Savings to Roth? (Elisa, Fremont)
• 44:44 - The Derails

Jimmy in Wisconsin will have a pension, Social Security, and a seven year retirement shortfall. How should he cover it? Skipper in Texas has some unusual pension options, which makes the most sense for his retirement needs? That's today on Your Money, Your Wealth® podcast 474 with Joe Anderson, CFP® and Big Al Clopine, CPA. Should Mike and Carol in Virginia wait to do Roth conversions if they'll be in a lower tax bracket in retirement? Where should Duncan in Texas invest in the 10 years before he retires early? Would it be stupid for Jay Z in Minnesota to miss out on free Roth opportunities? Can Ben in San Francisco's "friend"  use the rule of 55 on a rollover retirement plan? And finally, YMYW is fun, but of limited value, according to a recent review. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-474

Timestamps:

• 00:51 - Pension & Social Security: How Should We Cover Our 7 Year Retirement Shortfall? (Jimmy, WI)
• 08:17 - 2:1 Matched Company Money vs. My Contribution: What to Do With My Pension? (Skipper, TX)
• 15:46 - EASIretirement.com free retirement calculator
• 16:47 - Should We Wait on Conversions If We'll Be in a Lower Bracket in Retirement? (Mike & Carol, Falls Church, VA)
• 24:22 - Where Should I Invest My Early Retirement Savings for the Next 10 Years? (Duncan, TX)
• 30:18 - Is It Stupid to Miss Free Roth Opportunities? (Jay Z, MN)
• 37:46 - Complete Roth Papers Package - free download
• 38:33 - Rule of 55 on a Rollover Retirement Plan? (Ben, San Francisco)
• 44:34 - Comment: Fun but limited value (Wemby2024)
• 50:41 - The Derails

Why would a financial advisor suggest that Frank in Lake Wobegon sell a piece of inherited property, pay 25% tax, and invest the lump sum? Mark in Florida is 72 and invested in CDs. Should he go back to his financial advisor, or just buy more CDs? That's today on Your Money, Your Wealth® podcast 473 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Adam in Tennessee will have deferred income in 5 years. Should his asset allocation be more conservative? And in order to retire early at age 55, should Lewis in Arkansas delay starting Roth conversions? But first, if Mike's wife outlives him, how can he keep her in a similar tax bracket? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-473

Timestamps:

• 00:00 - Intro
• 00:48 - If My Wife Outlives Me, How Do We Keep Her in a Similar Tax Bracket? (Mike)
• 06:49 - Long Term Capital Gains: Retirement and Real Estate Spitball (Frank, Lake Wobegon)
• 15:58 - 10 Tax-Cutting Moves to Make Now - YMYW TV
• Top 10 Tax Tips - free download (for a limited time only!)
• 2024 Tax Planning webinar
• 17:04 - I'm 72. Should I Go Back to an Advisor or Just Buy More CDs? (Mark, FL)
• 21:32 - Should My Deferred Income Asset Allocation Be More Conservative? (Adam, Franklin, TN)
• 30:16 - Investing Basics Guide - free download
• 31:13 - Should We Delay Starting Roth Conversions to Retire Early by Age 55? (Lewis, AR)
• 41:11 - The Derails

Rob and his wife in North Carolina are 51 and 44 and would like to retire in the next 3-5 years. Are they on track, and what should they consider as far as Roth conversions are concerned once the tax brackets go back up, which they're slated to do when that provision in the Tax Cuts and Jobs Act sunsets at the end of 2025? Is Mark in West Virginia on track to retire at 59 and a half, and do Joe and Big Al have any pointers on how he can find the love of his life? Mike and Gina in Rhode Island are optimistic about retiring early at 61 and 58, but is their optimism delusional? Jake in rural Michigan is self employed. Can he do Roth conversions to retire at age 60 and hang with Big Al in Hawaii? Retirement readiness and Roth conversions, today on Your Money, Your Wealth® podcast 472 with Joe Anderson, CFP® and Big Al Clopine, CPA. But first, the fellas spitball on a retirement and real estate strategy for (50 Shades of) Grey and Elena in Massachusetts. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-472

Timestamps: 

• 01:04 - Real Estate Puts Us in High Bracket. Max Retirement & Roth, Save to Brokerage? (Grey & Elena, MA)
• 11:57 - Social Security Basics You Need to Know: Common Questions Answered - YMYW TV
• Social Security Handbook - free download
• 12:48 - Roth Conversions After 2025? Are We on Track for Our Retirement Goals in 3-5 Years? (Rob, NC)
• 19:34 - On Track for Retirement at 59.5? How to Find the Love of My Life? (Mark, West Virginia)
• 24:24 - Is Our Early Retirement Optimism Delusional? (Mike, RI)
• 31:16 - EASIretirement.com - free retirement calculator
• 32:19 - Self-Employed: Roth Conversions to Retire Early and Hang with Big Al in Hawaii at 60? (Jake, rural Michigan)
• 45:19 - The Derails

Big Tex, Paul in Maryland, and Nick in Alabama all need to know how much money they should convert to Roth to pay as little tax as possible, today on Your Money, Your Wealth® podcast 471 with Joe Anderson, CFP® and Big Al Clopine, CPA. Johnny and June forgot to convert their backdoor Roth money - are they in trouble? Darren in Nevada has no plans at all to do Roth conversions, but surprisingly still listens to YMYW, and still wants a spitball on his retirement and real estate investment strategies. Plus, can Lolly Pop in New Jersey be less miserly and back off on saving for retirement? Can John in South Carolina use this year's lower income to reduce his Medicare premiums? And finally, if Ordinary Guy in Boston meets an untimely demise, should that change his plans to retire early? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-471

Timestamps:

• 00:00 - Intro
• 00:58 - Can I Use This Year's Lower Income to Reduce My Medicare Premiums? (John, South Carolina - voice)
• 04:39 - Forgot to Convert our Backdoor Roths. Are We in Trouble? (Johnny and June, Oakland, CA - voice)
• 07:47 - Is Retiring This Year Doable? Should We Convert to Roth? $1.8M Saved, Spend $140K/Year (Big Tex - voice)
• 13:55 - DIY Retirement Guide - limited time offer - download by Friday, March 8, 2024!
• 15:05 - Should I Convert My Entire SEP-IRA If I'm Staying in the Highest Tax Bracket? (Paul, Baltimore, MD)
• 20:51 - $11M+ at Age 46. How Much Roth Conversion and When to Retire? (Nick, AL)
• 24:42 - Can I Back Off on Retirement Saving So I Can Be Less Miserly? (Lolly Pop, NJ)
• 30:43 - Financial Markets Master Class webinar - watch on demand
• 31:24 - Spitball on My Retirement and Real Estate Investment Strategies (Darren, NV)
• 38:28 - Should My Untimely Demise Change Our Early Retirement Plans? (Ordinary Guy, Boston, MA)
• 48:10 - The Derails

Barney and Betty in Maryland hit the jackpot. How's Barney's strategy for net unrealized appreciation, retirement withdrawals, and asset location for his $5 million employee stock ownership plan? Nick in the PNW will have $8 million when he retires early at 53. Should he contribute to his 401(k) or do the good ol' mega backdoor Roth until then? Those are just a couple of the fat wallets Joe Anderson, CFP® and Big Al Clopine, CPA spitball on, today on Your Money, Your Wealth® podcast number 470. Plus, should Allen in New Braunfels' recently widowed sister contribute to her traditional IRA and do some Roth conversions? Should Alicia in Denver take Social Security early to pay off her rental property, and how can Vern in Wickenburg Arizona buy a new home before or during the sale of his current home? Finally, Bryan in Washington needs to know the best investment strategy for his thrift savings plan, and Lyse in Georgia wonders when in a market downturn you should start spending your cash. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-470

Timestamps:

• 01:06 - Retirement Spitball Analysis for My Widowed Sister (Allen, sunny New Braunfels, TX)
• 06:52 - $5M ESOP Strategy: Net Unrealized Appreciation, Retirement Withdrawals, and Tax Location (Barney & Betty, MD)
• 18:07 Why Asset Location Matters - free download
• Are You Ready to Retire? Review Your Retirement Readiness - YMYW TV
• 19:00 - Should I Take Social Security Early to Pay Off My Rental Property? (Alicia, Denver, CO)
• 23:22 - How to Buy a Home Before or During the Sale of My Existing Home? (Vern, Wickenburg, AZ)
• 26:50 - Should I Buy a Qualified Longevity Annuity Contract as a Long Term Care Insurance Alternative? (Ron, IL)
• 31:08 - I'll Have $8M When I Retire at 53. Should I Contribute to 401(k) or Do the Mega Backdoor Roth Until Then? (Nick, PNW)
• 37:05 - EASIretirement.com - free retirement calculator
• 38:06 - What's the Best Thrift Savings Plan Investment Strategy? (Bryan, WA)
• 40:21 - When in a Market Downturn Should You Start Spending Cash? (Lyse, GA)
• 46:00 - The Derails

Erik in MN is divorced, and the OC Birdman of South OC is getting divorced. Should Erik contribute to pre-tax retirement accounts or Roth? How should the Birdman and his soon-be-ex time the sale of their house and the filing of their taxes? That's today on Your Money, Your Wealth® podcast 469 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Don has questions about the 401(k) rule of 55 and excess 529 plan college savings. Valerie in Portland wants to know what to do with her old 401(k), and how to invest her new retirement accounts. An advisor tells K-Dog in IN to save cash or open a Roth, then live on those funds and get free ACA "Obamacare" healthcare in early retirement. Is that really possible? Also, what should be Laura in WA's sequence of retirement withdrawals, and is there any benefit to her doing Roth conversions? Should RJ in CA convert his or his wife's rollover IRA to the top of the giant 24% tax bracket? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-469

Timestamps:

• 00:00 - Intro
• 01:06 - 401(k) Rule of 55 and Excess 529 Plan Funds (Don, Everywhere, USA)
• 06:03 - What to Do With Old 401(k) and How to Invest New Retirement Accounts? (Valerie, Portland, OR)
• 10:33 - 10 Steps to Improve Investing Success - free download
• Protecting Your Retirement Income - YMYW TV
• 11:39 - Is My Early Retirement Spending & Free Healthcare Plan Really Possible? (K-dog, Northern IN)
• 22:13 - Should I Contribute to Pre-Tax or Roth Post-Divorce? (Erik, Minneapolis)
• 28:27 - How to Sell House and File Taxes While Finalizing Divorce (OC Birdman in South OC)
• 32:27 - Q1 2024 Financial Markets Update Webinar, Feb 28, 2024, 12pm Pacific - register now
• 33:07 - What's the Sequence of Retirement Withdrawals? I Don't See the Benefit of Roth Conversions (Laura, Seattle - Olympic Peninsula)
• 40:42 - Roth Conversion to the Top of the Giant 24% Bracket? Which Rollover to Convert First? (RJ, Anaheim)
• 49:09 - The Derails

Can Claire and her husband retire early at age 60? Today on Your Money, Your Wealth® podcast number 490, Joe Anderson, CFP® and Big Al Clopine, CPA spitball for them and explain how to calculate how much you'll need in retirement. Plus, should Jeff invest his pension money more aggressively, and should he save to his thrift savings plan or his Roth? Should Paula save to her brokerage account or her 401(k)? When and how much should Ken and Fume Guzzler each convert to Roth? The IRS charged Lex late fees for not paying estimated taxes throughout the year on her Roth conversion - find out how to avoid that yourself. Finally, how can Ken get out of an annuity? And is it harmful for Sarah to advise co-workers with little financial experience?

Visit the show notes to access the YMYW Podcast Survey and secret password, all of the following free financial resources, and the episode transcript: https://bit.ly/ymyw-490

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Timestamps:

00:00 - 7th Annual YMYW Podcast Survey: your chance at a $100 Amazon e-gift card!

00:46 - Show Intro

01:36 - Retirement Spitball: Do You Agree We Can Both Retire at Age 60? (Claire, OR)

10:03 - Retirement Spitball: More Aggressive With Pension? TSP Instead of Roth? (Jeff, South Carolina)

15:09 - Retirement Spitball: TSP + Rollover IRA = $3M. Convert to Roth? (Fume Guzzler, NYC)

20:33 - Is There a Formula for Retirement? Watch YMYW TV, Download the Retirement Readiness Guide

21:42 - Is It Harmful to Give Advice to Coworkers With Little Financial Experience? (Sarah, Phoenix, AZ)

26:17 - How to Get Out of an Annuity (Ken - voice)

29:03 - Tax-Efficient Retirement Distributions: How's Our Roth Conversion Strategy? (Ken, Southern California - voice)

33:49 - How to Request a Retirement Spitball Analysis

34:40 - IRS is Charging Me Late Fees for Not Paying Estimated Taxes on Roth Conversion! (Lex Martin, Maryland)

38:43 - Should I Save to the Left Pocket (Brokerage) Instead of the Right (401(k)? (Paula, TX)

46:26 - Show Outro

48:02 - The Derails

Are there general guidelines on what percentages of your investment portfolio should be in tax-free accounts like your Roth, tax-deferred accounts like your 401(k), and taxable accounts like your brokerage? Joe Anderson, CFP® and Big Al Clopine, CPA spitball on tax diversification today on Your Money, Your Wealth® podcast 468 for Brian in Naperville, IL. William in NH also wants to be tax-diversified. Is his Roth conversion strategy a mistake? Should he be converting much more to Roth? The fellas also do a retirement spitball analysis for Tom in Spokane, WA, and for Claire in CO, who wants to retire next year. Plus, how does Matthew in CT calculate excess Roth contributions, and how should Thomas in IA reallocate assets he over-contributed to his brokerage account? But first a couple of voice messages: Now that Sean in FL no longer has a traditional IRA, can he use the backdoor Roth strategy? We kick things off with a question from Joe in Dallas on how to account for taxes on the money you'll be spending in retirement. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-468

Timestamps:

• 01:06 - How to Account for Taxes on What I'll Spend in Retirement? (Joe, Dallas, TX (voice)
• 06:13 - Now That I Don't Have a Traditional IRA, Can I Do a Backdoor Roth? (Sean, FL - voice)
• 10:29 - 2024 Key Financial Data Guide - free download
• 11:35 - Spitball Our Financial Status and How to Reach Our Retirement Goals (Tom, Spokane, WA)
• 17:42 - Tax Diversification General Guidelines? (Brian, Naperville, IL)
• 23:23 - Goal: Tax Diversification. Is My Roth Conversion Strategy a Mistake? Should I Convert Much More? (William, NH)
• 29:12 - Retirement Pop Quiz and Free Financial Assessment
• 30:04 - Spitball If I Can Retire in 2025 (Claire, CO)
• 34:39 - How to Calculate Excess Roth Contributions? (Matthew, CT
• 38:23 - Over-contributed to Brokerage. How Should I Reallocate Assets? (Thomas, Iowa)
• 42:55 - The Derails

What does retirement at age 60 look like for Allison in Northern Virginia? The EASIretirement.com calculator says Jimmy and Rosalynn in Georgia are on track to reach their retirement goals, even though they're late starters - but are they being realistic? Ingrid used the free EASIretirement.com calculator too, but is she able to contribute more than her annual income to her 403(b) and her Roth? That's today on Your Money, Your Wealth® podcast number 467 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Perry and his wife in Winston-Salem also have 403(b) plans and they wonder if they should take the lifetime annuity or the managed payout in retirement? Finally, should Brad in Sarasota, Florida reserve his health savings account money for long term care insurance?  Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-467

Timestamps:

• 00:00 - Intro
• 00:48 - What Does Retirement at 60 Look Like for Me? (Allison from Northern Virginia)
• 09:19 - Retirement Rescue Plan - YMYW TV
• Retirement Rescue Guide - free download for a limited time only! Get it by this Friday
• 09:59 - Late Starters. EASIretirement.com Says We're OK. Are We Being Realistic About Retirement? (Jimmy & Rosalynn, GA)
• 16:07 - Earnings vs. Contributions When Using EASIretirement.com (Ingrid)
• 21:36 - EASIretirement.com - free retirement calculator
• 22:37 - Lifetime Annuities or Managed Payouts from Our 403(b)s in Retirement? (Perry, Winston-Salem, NC)
• 28:54 - Should I Reserve Health Savings Account (HSA) Money for Long Term Care? (Brad, Sarasota, FL)
• 34:11 - The Derails

Should Peter LemonJello, who has high income, and his wife, who is retired with zero income, file their taxes as married filing separately so they can start Roth conversions? What are the tax implications of Roth conversions for Randy in Chi-town, an early retiree in the 32% tax bracket? Caity with a C in SLC is self-employed and over the income max to contribute to a Roth, so now what? And Ben in Oceanside, CA wants to know what impact Roth conversions will have on required minimum distributions after age 73? Joe Anderson, CFP® and Big Al Clopine, CPA spitball on all these Roth conversion tax reduction strategies, today on Your Money, Your Wealth® podcast 466. Plus, does the math make sense on a company-matched Kai-Zen indexed universal life insurance policy for Kickass Seabass in New Jersey? Ed in Virginia wants to know the earnings limits for family Social Security benefits. But first, can JJ in Florida's retirement portfolio handle withdrawals of $150,000 per year? And from the banks of the Mighty Mississippi, what should midwestfabs' post-employment asset allocation be? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-466

Timestamps:

• 00:00 - Intro
• 01:12 - Can Our Retirement Portfolio Handle $150K Annual Withdrawals? (JJ, FL)
• 04:08 - What Should My Asset Allocation Be, Post-Employment? (Midwestfabs)
• 11:43 - 2024 Financial Market Outlook: read the blog by Brian Perry, CFP®, CFA, Pure Financial Advisors' Executive Vice President and Chief Investment Officer 
• 12:39 - Tax Spitball: Married Filing Separate and Start Roth Conversions? (Peter LemonJello, FL)
• 14:58 - Roth Conversion Tax Implications for an Early Retiree in the 32% Bracket (Randy, Chicago)
• 21:34 - Self-Employed and Over the Max to Contribute to Roth – Now What? (Caity, Salt Lake City)
• 25:07 - Impact of Roth Conversions After Age 73 on RMDs (Ben, Oceanside, CA)
• 28:12 - Mile Markers to Retirement - YMYW TV
• Retirement Readiness Guide - free download
• 28:52 - Does the Math Make Sense on a Company-Matched Kai-Zen IUL Policy? (Kickass Seabass, NJ)
• 34:53 - Social Security Family Benefits Earnings Limits (Ed, VA)
• 42:42 - The Derails

How and what should we teach teenagers about money, to make the next generation financially literate? That's what CJ in Philadelphia and Teresa want to know, today on Your Money, Your Wealth® podcast 465 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Hap and Bee have a military pension and VA disability - Joe and Big Al spitball on when they'll be able to retire, and what they need to do to get there. And they spitball on whether Grace in Seattle is on track to retire early at age 55. David and Victoria in Grand Rapids, Michigan are killing the game - in their early 30s with $400,000 income and over a million saved. When should they start funding the traditional retirement accounts instead of the Roth accounts? And, find out how the first annual Anderson Household Financial Summit went!

Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-465 

Timestamps:

• 00:00 - Intro
• 00:53 - Financial Guidance for Teenagers (CJ, Philadelphia - voice)
• 07:43 - How to Start a Finance 101 High School Course? (Teresa)
• 13:12 - EASIretirement.com - free retirement calculator
• 14:18 - Military Spitball: When Will I Be Able to Retire (Hap & Bee, CA)
• 22:56 - Anderson Family Financial Summit
• 26:03 - Spitball If I Can Retire Early at Age 55 (Grace, Seattle)
• 33:02 - 10 Will & Trust Mistakes to Avoid | Estate Planning - YMYW TV
• Estate Plan Organizer and Survivor's Guide - free download
• 33:51 - Killing it at 34, When to Consider Contributing to Traditional IRA? (David & Victoria, Grand Rapids, MI)
• 44:43 - The Derails

It's a voice message extravaganza as Joe and Big Al talk about tax gain harvesting on Dante in New York's daughter's custodial account, and the tax impacts of Leon in Chicago investing in his brokerage account. The fellas also spitball on whether Michelle in San Diego, en route to San Francisco, should buy or rent in her 60's, the mega backdoor Roth and the pro rata rule for Sean and his cichlids in Winter Springs, Florida, and whether Jason in NOLA can do the backdoor after recharacterizing his contribution. Plus, should Kevin in Ohio make like the Steve Miller Band and "take the (pension) money and run"? Can Scott in Colorado make like Johnny Paycheck and "take his job and shove it" when it's time for the rule of 55? And should Suzi and Peter consider long term care insurance and protecting their assets with an irrevocable trust?

Access this week's free financial resources and the episode transcript in the podcast show notes at https://bit.ly/ymyw-464

Timestamps:

• 01:07 - Custodial Account Tax Gain Harvesting: Reported on My Daughter's Taxes or Mine? (Dante, NY - voice)
• 05:17 - Tax Impacts of Investing in a Brokerage Account? (Leon, Chicago - voice)
• 10:50 - Three (okay, four) ways you make YMYW the show that it is
• Ask Joe & Big Al On Air for your Retirement Spitball Analysis
• 12:28 - Is it Better to Buy or Rent in My 60s? (Michelle, San Diego - voice)
• 19:50 - Mega Backdoor Roth & the Pro-Rata Rule (Sean, Winter Springs, FL - voice)
• 26:56 - Should I Take the (Pension) Money and Run? (Kevin, OH - voice)
• 32:13 - Money Makeover Guide - limited time special offer - download by this Friday!
• Complete Money Makeover - How to Do a Financial Facelift - YMYW TV
• 33:08 - Should We Consider Long Term Care Insurance and Protecting Our Assets with an Irrevocable Trust? (Suzi & Peter, San Diego)
• 39:23 - Can I Do a Backdoor Roth After a Re-characterization? (Jason, NOLA)
• 43:42 - Spitball My Early Retirement Plan & the Rule of 55 (Scott, CO)
• 52:29 - The Derails

We're revisiting your favorite Your Money, Your Wealth topics and Derails of 2023 in this Roth and retirement investing mega-episode. Safe investing when you're risk averse, mutual funds vs. ETFs, stable value funds, and estimating retirement income needs when you're a young saver with a pension made the YMYW best of 2023 on the investing side. On the Roth side, what to do when there's too much money in your traditional IRA, whether Roth conversions are really as good as they sound, and who's right about the Roth conversion strategy, our listener or his advisor? 

Timestamps:

• 01:05 - How to Safely Invest and Protect $400K When You're Risk Averse (Tyler, OH – voice - from episode 425, among YMYW most popular 2023 episodes on YouTube)
• 07:43 - Stable Value Fund Vs. Brokerage Account for Living Expenses? (Sharon, Waukesha - voice - from episode 424, among YMYW most popular 2023 episodes on Apple Podcasts)
• 17:02 - Mutual Funds vs. ETFs in a Tax-Advantaged Account? (Midwestfabs, St Paul, MN from episode 420, among YMYW most popular 2023 episodes on Spotify)
• 23:40 - How Should Young Savers Invest Pensions and Estimate Retirement Income Needs? (Adam, Oregon - from episode 413, among YMYW most popular 2023 episodes on Spotify)
• 29:43 - I'm Not Sure Roth Conversions Are as Good as They Sound! (Christine, Seattle - from episode 440, among YMYW most popular 2023 episodes on  Apple Podcasts)
• 39:31 - Who's Right About My Roth Conversion Strategy, Me or My Financial Advisor? (Brad, Sarasota, FL - from episode 409, published at the end of 2022, but one of our 2023 top viewed on YouTube)
• 49:17 - We Have Too Much in Traditional IRA. How's Our Roth Conversion Plan? (Kelly, Idaho - from episode 423, among YMYW most popular 2023 episodes on YouTube)
• 01:00:59 - The Best YMYW Derails of 2023

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-463 

• Emotional Investing - YMYW TV
• Emotionless Investing Guide - our special offer for a limited time, download it by this Friday!
• Ultimate Guide to Roth IRAs - free download
• Episode Transcript & YMYW Best-Of 2023 Lists!
• Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Can Clark Kent's dad in Hutchinson, Kansas retire at age 50? Will Devin in South Carolina be fat and happy or cutting calories if he retires at 59 and a half? Can Scott Magic in Idaho retire to a good and simple life at age 60? Gina and her wife are 52 and 58. Can they retire in four years, and how much should they be putting in their Roth accounts? Plus, Frenchie in Maine needs a spitball on a Roth conversion strategy with Canadian retirement funds, and Andi shares what she knows about target date funds.

Timestamps:

• 00:49 - Can Superman's Dad Retire at Age 50? (Martha Kent, Hutchinson, KS)
• 07:23 - Can We Retire to a Good Simple Life at Age 60? (Scott Magic, ID)
• 14:12 - Fat & Happy in Retirement or Cutting Calories at Age 59 and a Half? (Devin, SC)
• 20:56 - We're 52 and 58. Can We Retire in 4 Years? How Much Should We Put in Roth? (Gina, WA)
• 28:06 - Canadian Retirement Roth Conversion Strategy? Target Date Funds? (Frenchie, Maine)
• 37:06 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-462 

• EASIretirement.com free retirement calculator
• Episode Transcript
• Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Spitballing on early retirement and Roth conversions to finish 2023. How can Jack and Diane (no, the other, other Jack and Diane, these are the ones in Rochester, MN) bridge the gap to retirement at age 61? Can Michael in San Diego do a Roth conversion without it impacting his taxes? Plus, what should "the Flintstones" do with their whole life insurance policies? What spitballs of wisdom do the fellas have for Michael, who is "benefit-less" in Kansas City, MO? Then, we wrap up the final episode of the year with the YMYW origin story.

Timestamps:

• 00:48 - How to Bridge the Gap to Retirement at Age 61? (Jack & Diane, Rochester, MN)
• 06:04 - Can I Convert to Roth Without Impacting My Taxes? (Michael, San Diego)
• 10:22 - What to Do with Whole Life Insurance Policies? (Wilma & Fred Flintstone)
• 16:55 - Financial Strategies for the "Benefitless" (Michael, Kansas City, MO)
• 23:46 - The Origins of YMYW
• 36:14 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-461 

• The Complete Roth Papers Package
• Financial New Year's Resolutions: Tips for Getting Your Finances in Order
• The Economy, Currencies, Stocks, and 2024: End of Year Market Update webinar
• Episode Transcript
• Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Joe and Big Al spitball on investing in index funds, bonds, CDs, treasuries, annuities, net unrealized appreciation on company stock, and where to park cash right now. Plus, how do taxes, Roth conversions or the Mega Backdoor Roth, and donor advised funds factor into those investing strategies? Will and Debbie in Gettysburg are investing an inheritance, LJ in Philly and Jane want the fellas' take on the pros and cons of various safe investments, Roger and Jessica in Cowtown Ft. Worth need four different financial spitballs, and should M.E. in Atlanta do a Roth conversion and put money in a donor-advised fund in the same year? But first, Dianna in Spotsylvania needs an investing plan for her 86-year-old Mom. 

Timestamps:

• 00:57 - Investment Spitball for 86yo Mom: Index Funds? Roth IRA and Conversions? (Dianna from Spotsylvania, Virginia)
• 05:57 - How Should I Invest My Inheritance? (Will and Debbie, Gettysburg, PA)
• 14:12 - How's My Laddered CD Investing Strategy? (LJ, Philly)
• 17:07 - Tax on Treasuries vs. CDs vs. Annuity: Where to Park Cash Right Now? (Jane)
• 22:27 - NUA Company Stock, De-Risking With Bonds, & Mega Backdoor Roth (Roger & Jessica, Ft. Worth)
• 34:13 - Donor Advised Fund and Roth Conversion in the Same Year? (M.E., Atlanta)
• 40:54 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-460 

• Top 10 Tax Tips Guide (limited time offer - download by this Friday!)
• 10 Tax-Cutting Moves to Make Now - YMYW TV
• Investing Basics Guide
• 10 Steps to Improve Investing Success
• Episode Transcript
• Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Do financial advisors have some secret blood handshake that they'll all  claim they can get you 8 percent returns, but then tell their clients they can only withdraw 4 percent in retirement? That's Mark in Minnesota's question today on YMYW. Plus, should Matthew in Seattle quit the DIY approach to his finances and hire a fee-based financial planner? What do Joe and Big Al think about Steven in Connecticut's "opposite of sequence of returns risk" strategy for retirement withdrawals and "bonuses"? Can listener Joe have an active and comfortable retirement at age 62? Elle in Los Angeles needs some spitballing on contributing to traditional or Roth 401k, student loans, and the potential tax benefits for paying mother in law for babysitting. The fellas also answer some more last-minute year-end tax questions for George, and for Chuck in Idaho. But first, Mike in CO gets priority with his voice message about tax loss harvesting.

Timestamps:

• 01:08 - Any Reason Not to Do Tax Loss Harvesting? (Mike, Steamboat Springs, Colorado - voice)
• 05:46 - Should I Switch from DIY to a Fee-Based Financial Planner? (Matthew, Seattle, WA)
• 16:00 - If Advisor Touts 8% Returns, Why Can I Only Withdraw 4%? (Mark, MN)
• 24:49 - 3% Retirement Withdrawals + Bonuses = Opposite of Sequence of Returns Risk? (Steven, CT)
• 31:05 - Can I Have an Active and Comfortable Retirement at Age 62? (Joe)
• 36:35 - 401k Vs Roth 401k Contributions, Student Loans, and Babysitting Tax Benefit (Elle, Los Angeles)
• 41:16 - When to Pay Taxes on a 2023 Roth Conversion? (George)
• 43:26 - Cost Basis: First In First Out to Minimize Taxes? (Chuck, ID)
• 47:27 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-459 

• EASI Retirement Spitball Analysis: YMYW TV
• EASIretirement.com Free Retirement Calculator
• 6 Secrets to Bigger Tax Savings from Your Nonprofit Donations: YMYW TV
• Tax-Smart Charitable Giving Guide
• Episode Transcript
• Ask Joe & Big Al On Air for your Retirement Spitball Analysis

The single biggest retirement planning mistake to avoid, the problem with tax professionals, and answers to some of the most frequently asked retirement questions we get on YMYW: should you name a trust as beneficiary on your retirement accounts? What's the break-even point on a Roth conversion? What if you don't have the money to pay the tax when you convert to Roth? Plus, find out the eye-opening amount of money good tax planning can save you! Someone has to be very knowledgeable, entertaining, and special to make it as a guest on YMYW these days, and today on Your Money, Your Wealth® podcast 489, "the IRA guru" Ed Slott, CPA from IRAHelp.com joins Joe Anderson, CFP® and Big Al Clopine, CPA to discuss all of these topics, along with changes to stretch IRAs and required minimum distributions from the SECURE Act and SECURE 2.0 Act. Free financial resources and transcript: https://bit.ly/ymyw-489

50 people will receive a free copy of Ed Slott's new book, The Retirement Savings Time Bomb Ticks Louder, just for having a free financial assessment with Pure Financial Advisors. (10 of those 50 will be randomly selected to receive a copy of the book, signed by Ed Slott!) Schedule your assessment ASAP!

WATCH the video of this interview! https://youtu.be/bgY2ky8XtS0

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Final Regulations for Required Minimum Distributions

Timestamps: 

00:00 - Introducing Ed Slott, CPA from IRAHelp.com

01:28 - SECURE Act: Clarity on RMD Rules?

04:31 - How Golf and Football Are Like Retirement

06:25 - The Biggest Retirement Planning Mistake

09:37 - The Value of Ed Slott's Books

14:14 - The Problem With Tax Professionals: Short-Term Tax Planning

17:36 - "I Love Roths Because I Love Tax-Free"

20:50 - What's the Break-Even Point on a Roth Conversion?

21:45 - Can We Trust That Roth IRAs Will Always Be Tax-Free?

24:11 - Your Chance at a $100 Amazon e-Gift Card: Complete the YMYW Podcast Survey

25:04 - SECURE 2.0 Act: Stretch IRA Changes

27:03 - Naming a Trust as Beneficiary of Your Retirement Account: Good Idea?

32:13 - Unnecessary and Excessive Taxes: Why Ed Slott Became the IRA Expert

38:22 - How Much Money Can You Save in Taxes With Good Tax Planning?

43:16 - What About People Who Don't Have the Money to Pay the Tax on a Roth Conversion?

43:50 - Ed Slott's PBS Specials on Retirement

46:28 - How to Get a Free Copy of the Latest Ed Slott Book, The Retirement Savings Time-Bomb Ticks Louder

Should Brian in Binghamton, New York pay off his mortgage for a guaranteed 6% return? How bad did Steve in Pittsburgh screw up his retirement, and can he afford to buy a new house away from his a-hole neighbors? Can Susan and her husband in Cape Canaveral Florida retire in a year and a half and should they pay off their mortgage? And how can Edith and Archie in Kansas maximize Roth Conversions and factor paying off the mortgage into their retirement spending strategy? Plus, Steve and Marcia in Indiana and Florida wonder about their retirement spending and whether they should collect Social Security now or wait until age 70, and should Sunny D in Arizona keep potential withdrawals in cash or sell investments as needed to satisfy required minimum distributions (RMDs)? We kick things off with Shelly's voicemail about investing the proceeds from the sale of a business. 

Timestamps:

• 00:58 - How to Invest $1M From the Sale of a Business? (Shelly - voice)
• 06:55 - RMDs: Keep Potential Withdrawals in Cash or Sell Investments as Needed? (Sunny D, AZ)
• 10:00 - Pay Off Mortgage for Guaranteed 6% Return? (Brian, Binghamton, NY)
• 15:52 - How Bad Did I Screw Up My Retirement? Can I Afford to Buy a New House? (Steve, Pittsburgh)
• 21:40 - Can We Retire in 1.5 Years? Should We Pay Off the Mortgage (Susan, Cape Canaveral, FL)
• 32:14 - How to Maximize Roth Conversions While Spending From Our Portfolio and Paying Off the Mortgage (Archie & Edith, KS)
• 39:39 - Retirement Spending and Collecting Social Security Now or Wait to Age 70? (Steve & Marcia, Indiana & Florida)
• 47:56 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-458 

• Withdrawal Strategies Guide
• Free Financial Assessment
• Episode Transcript
• Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Last-minute tax questions answered: should Brad in Wahoo, NE save to his regular 401(k) instead of his Roth 401(k) so he can claim the American Opportunity Tax Credit? Should Jennifer and Zeke in NY set up a Roth IRA and file taxes for their 13-year-old that's got some earned income? Does Cindy in San Diego have to report her Medicare Advantage over-the-counter medication benefit on her taxes? And should our buddy Carl Spackler wait until the new year to deposit his rollover check? Plus, Em in FL needs ideas for moving her Mom from a low-cost-of-living area to a high-cost-of-living area, Wannabe Landlord wonders about creating an LLC for his real estate, and can CJ in FL and IN report pro-rated real estate expenses on schedule E? Finally, the 5-year rule on Roth withdrawals once again, this time for Brutus Buckeye, and Bruce from Joisey is back, this time he wants to pay cash for a car. 

Timestamps:

• 01:08 - American Opportunity Tax Credit and Other Tax Strategies (Brad, Wahoo, NE)
• 05:07 - Tax Filing for 13-Year-Old With Earned Income (Jennifer & Zeke, NY state)
• 09:47 - HSA: The Last Month Rule for Health Savings Accounts (JZ, New York)
• 13:01 - Income Tax and Sales Tax Explained (Cindy, San Diego - North County)
• 16:23 - Deposit Rollover Check After New Year to Avoid the Pro-Rata Rule? (Carl Spackler, FL)
• 21:12 - Strategies for Mom to Move from LCOL to HCOL Area (Em, FL)
• 26:28 - LLC For Real Estate Investment Properties? (Wannabe Landlord)
• 28:28 - How to Report Pro-Rated Real Estate Expenses on Taxes (CJ, Florida & Indiana)
• 32:22 - 5-Year Roth IRA Withdrawal Rule - Sigh (Brutus Buckeye, Columbus, OH)
• 37:41 - Should I Pay Cash for a Car? (Bruce, Joisey)
• 43:15 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-457 

• Reduce Your 2023 Taxes With These End-of-Year Tax Planning Strategies (free on-demand webinar)
• End-of-Year Tax Strategies Guide
• DIY Retirement Guide (LIMITED TIME OFFER! Download by Friday, Dec. 1, 2023!)
• Episode Transcript
• Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Planning to retire early? Joe and Big Al spitball on bridging the gap to your retirement income when there's a pension in the mix, today on Your Money, Your Wealth® podcast 456. Manley and his wife are in their early 50s and have teacher's pensions. Can they retire in 2 and a half, or even one and a half years? Can Bucky in the Midwest retire in 2024, and can Henry Karl Kittensburg III retire in about 3 years, with all the milk his heart desires? How should Paul in Houston choose his pension options for early retirement? Is Greg in Southern California's CalSTRS teacher's pension enough for his retirement? Keaton Money in Colorado needs the fellas to help him decide between his pension's fringe benefits and brokerage account returns, and big Paw in a mid-Atlantic state asks for a spitball on how to reduce taxes on an impending headcount reduction lump sum payout. 

Timestamps:

• 00:58 - Early 50s, Teacher's Pensions. Can We Retire Early in 1.5 or 2.5 Years? (Manley, Nashville)
• 08:17 - How to Choose Pension Options for Early Retirement (Paul, Houston, TX) 
• 18:25 - Is CalSTRS Teacher's Pension Enough in Retirement? (Greg, Southern California) 
• 22:02 - Am I In Good Shape to Retire in 2024? (Bucky from the Midwest) 
• 23:32 - Pension Fringe Benefits vs. Brokerage Account Returns (Keaton Money, CO) 
• 32:00 - Can We Retire at Age 59? (Henry Karl Kittensburg III, Western OH)
• 40:42 - How to Reduce Taxes On a Headcount Reduction Retirement Lump Sum Payout? (Big Paw, mid-Atlantic state)
• 50:50 - The Derails 

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-456 

• Retirement Income Strategies Guide
• EASIretirement.com free retirement calculator
• Episode Transcript
• Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Steve & Sharon in Minnesota are high earners - can they get more money into their Roth IRA without paying more tax? Should Fred in western New York do Roth conversions before required minimum distributions kick in? If Mike in Utah saves on healthcare premiums now, will that mean large RMDs and tax bills for him later? Should Mark in Maryland do a backdoor Roth after maxing out his 401(k)? And should Joseph in Kansas contribute to his new employer's traditional or Roth 401(k)? 

Timestamps:

• 00:49 - Should We Do Roth Conversions Before RMDs Kick In? (Fred, western NY)
• 10:22 - Will Saving on Healthcare Premiums Now Mean Large RMDs and Tax Bills Later? (Mike, UT)
• 19:36 - Where to Invest After Maxing Out 401(k)? Backdoor Roth? (Mark, MD)
• 28:04 - How to Get More into Roth Without Paying More Tax? (Steve & Sharon, Roseville, MN)
• 39:24 - Roth 401(k) or Traditional 401(k) With New Employer? (Joseph from Wichita, KS)
• 47:08 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-455 

• End-of-Year Tax Planning Webinar - live and free, tomorrow Nov 15, 2023, 12pm Pacific, 3pm Eastern - register now! 
• How to Build a Recession-Proof Portfolio - YMYW TV
• Recession Protection Guide - free download
• Episode Transcript
• Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Is timing the market when you withdraw money from your retirement accounts or do Roth conversions an effective strategy to minimize tax and maximize returns for YMYW listener Robert? That's today on Your Money, Your Wealth® podcast 488 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, should Doug change his 60/40 asset allocation, and should he start a solo 401(k)? Jefe plans to withdraw from his retirement accounts beyond the top of the 24% tax bracket for the first few years of retirement. Is there any reason to put it in a brokerage account rather than converting it to Roth? The fellas also spitball on Roth conversion methods and strategies for Srinivas, Todd, and Debbie, and JZ in California, and they spitball on JZ in New York's "bucketing" strategy for early retirement withdrawals. Free financial resources and transcript: https://bit.ly/ymyw-488

YMYW Podcast Survey: Visit the show notes to access the survey and secret password

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Timestamps:

00:00 - Intro

01:42 - Is This the Correct Way to Convert to Roth and Avoid IRS Penalty? (Srinivas, Chicago)

06:51 - Deposit Withdrawals Above Our Tax Bracket in Taxable Account or Do Roth Conversions? (Jefe, TX)

10:12 - Should I Change My Asset Allocation? Should I Start a Solo 401(k)? (Doug, Cave Creek, AZ)

16:22 - Should I Convert $1M IRA to Roth Up to 22% Tax Bracket? (Todd, Flagstaff, AZ)

19:39 - Market Timing Retirement Withdrawals and Roth Conversions (Robert, Southern Maine)

25:28 - My Son Says I Should Do Roth Conversions. Is He Right? (Debbie, Rural Wisconsin)

32:39 - Spitball on Our "Bucketing" Strategy for Early Retirement Withdrawals (JZ, upstate NY)

39:50 - Roll IRA to 401(k) for Backdoor Roth With No Additional Tax? (JZ, California)

43:04 - Hawk Tuah Spitball

45:39 - The Derails

Should Terry and his siblings take out a whole life insurance policy on their parents before they inherit their folks' $10 million worth of farm land? Is Terry on track for retirement? That's today on Your Money, Your Wealth® podcast 487 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, should Fred and Wilma use their 401(k) money for living expenses to bridge the gap until they collect Social Security benefits?  Should Glen claim his Social Security at age 65 and use it to fully fund his wife's Roth IRA? When should Bill take his Social Security and should he do Roth conversions? Finally, should Maya include home equity in her retirement savings? Should Jack pay off his mortgage or stash his cash in a brokerage account and refinance his house later? Free financial resources and transcript: https://bit.ly/ymyw-487

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Timestamps: 

00:00 - Intro

00:50 - Should I Claim Social Security at 65 to Fully Fund My Wife's Roth IRA? (Glen, Pittsburgh, PA)

04:18 - Should We Use 401(k) to Bridge the Gap Until Social Security? (Fred & Wilma Flintstone, CA)

09:06 - When Should We Take Social Security and Thoughts on Roth Conversions? (Bill, Shippensburg, PA)

15:45 - Should Siblings Take Out Insurance on Parents Before Inheriting $10M? Are We on Track for Retirement? (Terry, IA)

34:14 - Pay Off the Mortgage or Stash Cash in Brokerage and Refinance Later? (Jack, WA)

42:54 - Should I Include Home Equity in Retirement Savings? (Maya, Seattle)

46:02 - The Derails

How is Kimberly's strategy for reducing her retirement taxes by doing Roth conversions and qualified charitable distributions? Is Patrick's tax loss harvesting transaction a wash sale? At what marginal tax rate should Brian stop making Roth 401(k) contributions? Joe Anderson, CFP® and Big Al Clopine, CPA are back this week on Your Money, Your Wealth® podcast 486 to answer these questions and to spitball on the importance of international stock in John in Seattle's diversified investment portfolio, David and Terri's Roth conversion and I bond strategy, Blake's severance package, and the impact of a new home purchase on John in DC's retirement spending. Free financial resources and transcript: https://bit.ly/ymyw-486

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Timestamps:

00:00 - Intro

00:57 - Should We Do Roth Conversions to Top of the 24% Bracket to Minimize $240K I-Bond Profits? (David & Terri, Southern California, voice)

07:32 - Roth Conversion & Qualified Charitable Distribution Strategy Spitball (Kimberly, IA)

13:12 - Should I Take the Severance Package Now at 59 and a Half or Work Until Age 63? (Blake)

18:00 - Is My Tax Loss Harvesting Transaction a Wash Sale? (Patrick, Vancouver, WA)

24:42 - How Important is International Stock in a Diversified Portfolio? (John, Seattle, WA)

30:40 - At What Marginal Tax Rate Should Roth 401(k) Contributions Stop? (Brian, NC)

33:58 - What Impact Will Our New Home Have on Our Retirement Spending? (John in the DC)

42:32 - The Derails

He's 56, she's 32. How does this 24-year age difference impact retirement plans for "Bonnie and Clyde", and what strategies should they implement now for the most tax-efficient retirement possible in the future? While Joe Anderson, CFP® and Big Al Clopine, CPA are on vacation, Your Money, Your Wealth® podcast producer Andi Last enlists the help of Pure Financial Advisors' Managing Director Jake Greenberg, CFP®, ChFC® for a video case study (complete with visual aids!) on YMYW Extra number 6. Into which types of accounts should Bonnie and Clyde save for retirement? How much of their savings should they convert to Roth and when? Free financial resources and transcript: https://bit.ly/ymywe-6

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Watch the video spitball: https://youtu.be/YwG3pZ3U8IU

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YMYW Extra on YouTube | Guides | Blogs | Educational Videos | YMYW Newsletter

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01:19 - Bonnie & Clyde's Financial Situation
06:56 - Health Savings Accounts Explained
08:16 - Real Estate Plans
09:42 - Contribute to Brokerage Account or Roth 401(k)?
11:01 - Bonnie & Clyde's Pre-Financial Assessment: A Video Case Study
23:28 - Tax Diversification Visualized
30:02 - Roth Conversions: When and How Much? Current and Future Tax Brackets Visualized
35:53 - Age Difference and Retirement Date Differences
27:15 - Bonnie and Clyde's Cars, Drinks and Pets
39:57 - Final Thoughts

Will their $5 million nest egg get them to ages 85 and 100? Pa and GiDi are 65 and 60 and retiring now. As they consider moving to the no-income-tax state of Nevada in retirement, they have some decisions to make: should Pa take Social Security before age 70? How should they bridge the gap until Social Security? And most importantly, how can they minimize their taxes in retirement? Should they wait to do Roth conversions until after the move? That's on this bonus episode of Your Money, Your Wealth®, aka YMYW Extra. While Joe Anderson, CFP® and Big Al Clopine, CPA are on vacation, YMYW producer Andi Last enlists the help of senior financial advisor Kyle Stacey, CFP® from Pure Financial Advisors in San Diego, California. Free financial resources and transcript: https://bit.ly/ymywe-5

DIY Retirement Guide - Limited time Special Offer! Download by Friday, July 5, 2024:

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It's a two-fer! Watch the video spitball for Pa and GiDi from Nick Rose, CFP® from the Pure Financial Advisors office in Woodland Hills, California: https://youtu.be/N-hsXonqgMM

Watch Strategies for Diversifying Concentrated Stock Positions

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YMYW Extra on YouTube | Guides | Blogs | Educational Videos | YMYW Newsletter

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Timestamps:
00:00 - DIY Retirement Guide Limited-Time Special Offer
01:05 - Intro
02:31 - Pa & GiDi's Cars, Drinks & Finances
07:51 - High-Level Thoughts and Retirement Assumptions
11:26 - Roth Conversions to the Top of the 24% Tax Bracket
12:45 - Claiming Social Security and Portfolio Diversification
13:43 - Other Suggestions

TJ in Louisiana has been sitting on the sidelines, but now it's time to get into the market. Should he dollar cost average, or just go all in? Margaret in California has an idea of selling a stock at a loss and buying a put option on that stock that expires after the 30-day waiting period. Does this work as a tax loss harvesting strategy? When is it worth it for Brian in Charlotte, North Carolina to diversify beyond a basic three-fund portfolio? Should Christine in San Diego convert her variable annuity to a fixed indexed annuity? That's all today on Your Money, Your Wealth® podcast 494 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, how should Dean in Columbus, Georgia invest inherited retirement money? Are Jen and John on track for retirement, and how should they fund their home remodel? Are there any negative consequences for Steve in Pennsylvania if he finds a new financial advisor just a few months after hiring his current advisor? The fellas also talk through how Chris can give money to charity from his required minimum distributions. And finally, Terry calls in with a follow-up question about whether a solo 401(k) is an option to avoid unrelated business income tax (UBIT).  Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-494

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Timestamps:

00:00 - Intro

01:13 - I Want to Get Into the Market. Dollar Cost Average or Go All In? (TJ, Louisiana)

07:08 - Does This Tax Loss Harvesting Strategy Work? (Margaret, CA)

07:45 - When Is It Worth Diversifying Beyond a Basic Three Fund Portfolio? (Brian, Charlotte, NC)

13:33 - Factor Investing: What Is It? Should You Be Doing It? - Read the blog, Download the Investing Basics Guide and 10 Steps to Improve Investing Success

14:00 - Should I Convert a Variable Annuity to Fixed Index Annuity? (Christine, San Diego)

18:21 - How to Invest Inherited Retirement Funds and Where to Save Extra Money? (Dean, Columbus, GA)

21:50 - How Should We Fund Our Home Remodel? Are We On Track for Retirement? (Jen and John, California)

29:43 - How Your Home Can Create Retirement Income: Watch YMYW TV, Download the Retirement Readiness Guide

30:15 - Solo 401(k) to Avoid Unrelated Business Income Tax (UBIT)? (Terry - voice)

32:31 - Switching to a Fee Only Advisor: Any Negative Consequences? (Steve, PA)

37:19 - Intelligent Charitable Giving Through Qualified Charitable Distributions (Chris)

41:05 - Outro

Today on Your Money, Your Wealth® podcast 495, Joe Anderson, CFP® and Big Al Clopine CPA spitball on three different listeners' strategies for paying the tax on a Roth conversion now, to have lifetime tax-free growth on that money in the future. Should Neo in San Clemente, California convert to Roth at the beginning or end of the year in his plan to make quarterly estimated tax payments on his conversion? Is it a good strategy for Tim in Minnesota to use reimbursements from his health savings account to pay Roth conversion taxes? And what do Joe and Big Al think of Samantha in Northern California's plan to convert to Roth and pay the tax with her IRA money? Plus, the fellas answer questions from our YouTube and Spotify followers on required minimum distributions from Roth accounts, reasons to put retirement withdrawals in a brokerage account instead of a Roth, choosing pension options, and the difference between commercial annuities and pension annuities. Plus, their thoughts on single premium immediate annuities (SPIA). Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-495

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DOWNLOAD: Complete Roth Papers Package 

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WATCH: What Happens to Your 401(k) & IRA at Retirement? YMYW TV

REQUEST: Retirement Spitball Analysis

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Timestamps: 

00:00 - Intro

01:02 - Timing of Roth Conversions - and Paying Quarterly Estimated Taxes (Neo, San Clemente)

06:37 - Is Using HSA Reimbursement to Pay Roth Conversion Taxes a Good Strategy? (Tim, MN)

08:44 - Complete Roth Papers Package - free download. Financial Blueprint - free retirement analysis

09:39 - How Is Our Plan to Convert to Roth and Pay the Tax With IRA Money? (Samantha, Northern California)

19:15 - What Happens to Your 401(k) & IRA at Retirement? Watch YMYW TV, download the Retirement Readiness Guide

20:01 - RMDs for Roth Accounts: Clarification for Solo 401k (Andy, YouTube)

21:43 - Joe and Al walk into a bar… (Tony, YouTube)

22:44 - Any Reason to Put Withdrawals in Brokerage Instead of Roth? (Globe Trotter, YouTube)

23:35 - How to Decide Between Pension Options? (Frank, YouTube)

25:40 - Is a Pension Annuity a Bad Thing? (Invictus, YouTube)

26:47 - Are SPIAs the Best Annuity for Lifetime Income? (1212482970, Spotify)

29:23 - Outro

30:58 - The Derails

How much should you save in pre-tax accounts vs. post-tax accounts? Joe Anderson, CFP® and Big Al Clopine, CPA spitball on the "age plus 20" rule for retirement savings, Roth 401(k) contributions and distributions, and a Social Security claiming strategy for Ralph and Marie in Wilmington, Delaware. Shawn wonders if YMYW listeners are ignoring the WEP and GPO when it comes to Social Security, that is, the Windfall Elimination Provision and the Government Pension Offset. Plus, can Jake and Amy in Iowa retire in 5 years, or do they need to work beyond age 60? Should Edwin stop making Roth contributions and start doing Roth conversions instead? And finally, how can Jeff in North Dakota's son qualify for the American Opportunity Tax Credit? Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-496

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Timestamps: 

00:00 - Intro

01:09 - Roth 401(k) Contributions and Distributions, Age Plus 20 Rule, and Social Security Claiming Strategy (Ralph and Marie, Wilmington, DE)

12:35 - Download the Social Security Handbook, Download the Medicare Check-Up Guide, Watch Medicare Check-Up: How to Keep Your Retirement Plan Off Life Support on YMYW TV, Register for the Medicare Basics webinar Wed. Sept 25, 12P/3E

13:37 - Are Listeners Ignoring Government Pension Offset and Windfall Elimination Provision for Social Security? (Shawn)

17:30 - Can We Retire in 5 Years Or Do We Need to Work After Age 60? (Jake & Amy, Iowa)

26.36 - Financial Blueprint - get your complementary retirement analysis

27:45 - Should I Stop Roth Contributions and Do Roth Conversions instead? (Edwin)

31:24 - American Opportunity Tax Credit for College Age Son (Jeff, ND)

35:58 - Outro

Should David in Ohio use 457 funds to do an in-plan Roth conversion in his 403(b) plan, and should he hire a financial advisor? Chris in DC needs a retirement and Roth conversion spitball analysis, and he needs help getting out of a variable annuity. Kim is anxious that she made a mess of her finances and she wonders how much she should convert to Roth, today on Your Money, Your Wealth® podcast number 497 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, what's the best way for Alissa in Cedar Rapids, Iowa to make tax-efficient withdrawals from an inherited IRA? Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-497

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Timestamps: 

00:00 - Intro: This week on YMYW

00:50 - In-Plan Roth Conversions From 457 to 403(b): Do I Need a Financial Advisor? (David, OH)

10:54 - Get a Free Financial Blueprint, Learn About Pure's Financial Assessment

12:13 - Retirement and Roth Conversion Spitball + How to Get Out of Variable Annuity (Chris, DC)

20:05 - Anxious I Made a Mess of My Finances. How Much Should I Convert to Roth? (Kim)

28:13 - Watch Retirement Rebound: 4 Plays to Score a Comeback on YMYW TV, Download the Retirement Income Strategies Guide

29:08 - Inherited Assets: Best Strategy for Tax-Efficient Retirement Withdrawals? (Alissa, Cedar Rapids, IA)

42:10 - Outro

Hawkeye and Elle are age 61 and in the 32% tax bracket. How should they get money into their Roth accounts for tax-free retirement income? Clark and Ellen are 69 and 68, expenses will pretty much be covered by their fixed income, but they'd like to leave Roth money to their kids. Should they keep converting to Roth, or use required minimum distributions for their living expenses? Tom and his wife are 73, and fixed income will cover their retirement spending too. Is it advantageous to them to make three huge Roth conversions beyond their marginal tax bracket to reduce future RMDs? Should they keep things simple by leaving their money in an S&P 500 Index Fund? That's today on Your Money, Your Wealth® podcast 498 with Joe Anderson, CFP® and Big Al Clopine, CPA. Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-498

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00:00 - Intro: This Week on the YMYW Podcast
01:05 - Tax-Free Roth Strategy When in the 32% Tax Bracket? (Hawkeye & Elle Woods, Atlanta)
12:28 - Limited Time Special Offer: Download the DIY Retirement Guide before the Special Offer changes on Friday, Oct 11
13:31 - Spitball on Roth Conversions vs. RMDs, And Should We Buy More Bonds? (Clark & Ellen Griswold, State College, PA)
27:16 - Calculate a Free Financial Blueprint, Learn About Pure's Financial Assessment
28:36 - Should We Do 3 Huge Roth Conversions to Reduce Future RMDs? (Tom, Las Vegas)
37:59 - Outro: Next Week on the YMYW Podcast

Are real estate investment trust (REIT) ETFs a good way for Leon to begin investing in real estate? Can AI Seth stay retired at age 52, and should he do Roth conversions? Jenn in Ohio wants the fellas to be brutally honest about whether she should move with work, take a break, or retire now. And "George and Weezy" are in their mid-50s - can they "move on up" to a deluxe retirement lifestyle in 2026, or even earlier? That's all today on Your Money, Your Wealth® podcast 499 with Joe Anderson, CFP® and Big Al Clopine, CPA. Access free financial resources and the episode transcript: https://bit.ly/ymyw-499

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WATCH | Steps to Financial Success: Grow Your Wealth at Any Age on YMYW TV

CALCULATE: A Financial Blueprint of your retirement readiness for free

REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis

SCHEDULE: free financial assessment

LISTEN | Top Funniest Moments From the YMYW Podcast (Vol. 1) - ep. 300

LISTEN | The YMYW AI song

SUBSCRIBE: YMYW on YouTube

DOWNLOAD: more free guides

READ: financial blogs

WATCH: educational videos

SUBSCRIBE: YMYW Newsletter

00:00 - Intro: This Week on the YMYW Podcast

00:47 - Are REIT ETFs a Good Way to Get Into Real Estate Investing? (Leon, Chicago - voice)

09:15 - Watch Steps to Financial Success: Grow Your Wealth at Any Age on YMYW TV, Download the Guide to Growing Your Wealth

09:49 - Can AI Seth Stay Retired at Age 52? Should He Do Roth Conversions? (Montana, voice)

16:41 - Move With Work, Take a Break, or Retire Now? Be Brutally Honest (Jenn, OH)

21:23 - Calculate Your Financial Blueprint, Schedule a Financial Assessment - both free!

22:02 - Deferred Comp: Can "George and Weezy" Retire in 2026 or Earlier? (IL)

33:18 - Outro: Next Week on the YMYW Podcast