Your Money, Your Wealth – Détails, épisodes et analyse

Joe Anderson, CFP® and Big Al Clopine, CPA spitball Roth conversions, capital gains, and retirement readiness from every angle, today on Your Money, Your Wealth® podcast number 556. Joe Momma from Virginia wants to know if his zero percent capital-gains strategy is too good to be true, if he can trust his advisor, and if it's finally time to start converting to Roth. David in Poway is already converting his IRA to Roth, but should they convert his wife Shannon's too? Thomas wonders when in retirement to finally start using the Roth money he's saved, instead of just admiring it. And Lizzy and Billy from Texas want to know if $3.5 million is enough for them to retire in 7 years at ages 62 and 65.

Free Financial Resources in This Episode:

https://bit.ly/ymyw-556 (full show notes & episode transcript)

2025 Tax Planning Guide - free download

Escape These 11 Tax Traps and You'll Save in Retirement - YMYW TV

Financial Blueprint (self-guided)

Financial Assessment (Meet with an experienced professional)

REQUEST your Retirement Spitball Analysis

DOWNLOAD more free guides

READ financial blogs

WATCH educational videos

SUBSCRIBE to the YMYW Newsletter

Connect With Us:

YouTube: Subscribe and join the conversation in the comments

Podcast apps: subscribe or follow YMYW in your favorite

Apple Podcasts: leave your honest reviews and ratings

Chapters:

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

00:46 - Keep 0% Capital Gains or Convert to Roth? Should I Trust My Advisor? (Joe Momma, VA)

12:03 - I'm Converting My IRA to Roth. Should We Convert My Wife's IRA Too? (David & Shannon, Poway, CA)

17:39 - How to Use Roth IRA Money in Retirement (Thomas)

25:34 - Can We Retire at in 7 Years at 62 and 65 on $3.5M? (Lizzy and Billy, TX)

29:33 - Outro: Next Week on the YMYYW Podcast

Joe Anderson, CFP® and Big Al Clopine, CPA spitball withdrawal strategies, Roth conversion timing, and saving priorities for every stage of life, today on Your Money, Your Wealth® podcast number 555. Christine just retired at 59 and wants the smartest way to draw income before Social Security, without letting taxes take a third of it. Prickly Richard and Margarita Maggie have a plan to "pull ahead" some Roth conversions now to dodge an RMD avalanche later. Will it work? And the Michigan Queen and Mississippi Boy are wondering whether to save harder for retirement or college for three kids currently under the age of 5.

Free Financial Resources in This Episode:

https://bit.ly/ymyw-555 (full show notes & episode transcript)

Tax-Free Retirement Guide - NEW! Free download

How To Retire Tax-Free With A Smart Income Plan on YMYW TV

Financial Blueprint (self-guided)

Financial Assessment (Meet with an experienced professional)

REQUEST your Retirement Spitball Analysis

DOWNLOAD more free guides

READ financial blogs

WATCH educational videos

SUBSCRIBE to the YMYW Newsletter

Connect With Us:

YouTube: Subscribe and join the conversation in the comments

Podcast apps: subscribe or follow YMYW in your favorite

Apple Podcasts: leave your honest reviews and ratings

Chapters:

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

00:53 - I Retired at 59. What's My Best Retirement Withdrawal Strategy Before Social Security at 62? (Christine)

13:50 - Should We Do Roth Conversions Before Being Hit With the RMD Avalanche? (Prickly Richard & Margarita Maggie, Tucson, AZ)

26:20 - Saving for Early Retirement at 55 vs. Saving for Kids' Future (Michigan Queen & Mississippi Boy, TN)

39:53 - Outro: Next Week on the YMYW Podcast

We heard your feedback, and today on Your Money, Your Wealth® podcast number 546, Joe Anderson, CFP® and Big Al Clopine, CPA are spitballing retirement for the not-so-fat wallets: Joe and Masako in Washington state and Reid in Indiana have less than a million saved. Can they still accomplish their retirement goals in their 60s? Mr Buckeye in Ohio and Old Macdonald in Maine have less than a million saved, and Curt in Pennsylvania has less than $1.5 million saved. Can they retire early - in their 40s and 50s?   

Free financial resources & episode transcript: https://bit.ly/ymyw-546

DOWNLOAD The Going Solo Guide

WATCH Going Solo: Navigating Your Financial Future Single on YMYW TV

CALCULATE your free Financial Blueprint

SCHEDULE your Free Financial Assessment

ASK Joe & Big Al for your Retirement Spitball Analysis

LEAVE YOUR HONEST RATINGS AND REVIEWS on Apple Podcasts

SUBSCRIBE or FOLLOW on your favorite podcast app

JOIN THE CONVERSATION on YouTube

DOWNLOAD more free guides

READ financial blogs

WATCH educational videos

SUBSCRIBE to the YMYW Newsletter

Timestamps:

00:00 - Intro: This Week on the YMYW Podcast
00:36 - We're 59 and 65 with Less than $1M. Can We Still Accomplish Our Retirement Goals? (Joe and Masako, WA state)
08:18 - We're 33 with $200K. Can We Retire at 65 and Spend $159K/Year? (Reid, IN)
15:58 - Calculate your Free Financial Blueprint
16:32 - We're Early 40s With $795K. Can We Retire at 55? (Mr Buckeye, OH)
28:38 - Watch Going Solo: Navigating Your Financial Future Single YMYW TV, Download the Going Solo Guide
29:25 - I'm 43 With $50K and a Paid Off House. Can I Retire ASAP? (Old MacDonald, Limington, Maine)
37:35 - I'm 35 With $1.4M. Can I Retire at 45 and Spend $75K/year? (Conshohocken Curt, PA)
49:04 - Next Week on the YMYW Podcast
49:23 - YMYW Podcast Outro

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

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