Your Money, Your Wealth – Details, episodes & analysis

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

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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

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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

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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

Joe and Big Al explain when and how to claim Social Security survivor benefits and how earning income impacts your benefit if you collect Social Security before full retirement age. Plus, how much should you withdraw in retirement from tax-free, taxable, and tax-deferred accounts? Also, RMDs, deciding whether to keep a life insurance policy, and of course, Roth Conversion strategies - is the backdoor Roth better for long term portfolio growth? Show notes, free financial resources, Ask Joe & Big Al On Air: https://bit.ly/ymyw-399

As the financial markets fall and then surge, Joe and Big Al talk about market timing, reallocating retirement contributions, and portfolio rebalancing. Plus, your questions answered on estimated taxes, Roth conversions, and the logistics of inheriting IRAs and passing assets on. Finally, how is a financial advisor like a golf caddie when markets get volatile? Joe and his Pebble Beach golf caddie buddy, Big G from the Real Life Caddie Podcast, discuss how their professional knowledge and experience can help the rest of us avoid big mistakes. Show notes, free financial resources, transcript, Ask Joe & Big Al On Air: https://bit.ly/ymyw-398

A compilation of some of Joe and Big Al's retirement plan spitballing specifically for those in their 40s and 50s - a critical time on the path to retirement. Is your financial plan set up so you pay as little tax as possible? Does it take volatile markets and potential future tax increases into account? Have you got a strategy nailed down for Roth conversions, or backdoor Roth, or pension options? Maybe you’re making big decisions about what to do with your money between now and when you retire, like buying a house vs. saving for retirement? Are you comfortable with the retirement lifestyle you’re creating? Do you know what you’ll do with your time once you’re permanently off the clock? Visit the podcast show notes to access free financial resources, transcript, and to Ask Joe & Big Al On Air: https://bit.ly/ymyw-397

Joe & Big Al answer your questions on, of course, backdoor Roth strategies. Y’know, to get as much lifetime tax-free growth on your investments as possible. Plus, investing strategies: does it make sense to buy a property now and rent it out until retirement? How much of a single stock in your investment portfolio can you sell and pay no capital gains tax? The fellas also explain capital loss carryovers, inherited IRAs, spousal Social Security and delayed retirement credits, required minimum distributions, and they spitball on an appropriate allocation of bonds, domestic stocks, and international stocks. Show notes, free financial resources, Ask Joe & Big Al On Air: https://bit.ly/ymyw-396

What’s the next move for a 22-year-old who wants to retire early at 50? Can another YMYW listener afford to retire by the ocean in 10 months? Can Flowergirl and her husband AND her boyfriend retire next year? Joe and Big Al also check extensive retirement spitball math sent in PDF format. Plus, what are the fellas’ philosophies on single vs. married tax rates when one spouse passes, and how does high state income tax impact a retirement strategy?  Show notes, free financial resources, Ask Joe & Big Al On Air: https://bit.ly/ymyw-395

If a fortunate equity event or liquidity event should cause your income to skyrocket, what will that do to your taxes? Joe and Big Al spitball tax strategies to help you manage this good problem to have. Plus, Backdoor Roth, contributions, conversions, and income limits explained, converting twelve and a half million bucks to Roth, and what happens to retirement accounts when you pass - will there be a tax bill due? Kicking it off with the 7-twelve portfolio - what is it? Show notes, free financial resources, Ask Joe & Big Al On Air: https://bit.ly/ymyw-394

Should you convert money from your pre-tax retirement accounts to Roth now, or wait until retirement, or until required minimum distributions kick in? Should a mid-30s couple do Roth Conversions or Backdoor Roth? Should a 93-year-old open his first ever Roth and start converting? What’s a good retirement savings mix between pre-tax and post-tax? And the fellas do a worst-case scenario retirement spitball analysis. Show notes, free financial resources, Ask Joe & Big Al On Air: https://bit.ly/ymyw-393