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You’ve had enough of the 9 to 5 and are ready to punch early. Are you financially prepared for a long and early retirement? Joe and Big Al provide a spitball analysis. And of course, the ever-popular Roth IRA conversions: how much to convert to Roth, when and how to pay the tax on a Roth conversion, and why not pay Roth conversion taxes out of the retirement account you’re converting from?
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Question: I got out of the market after the pandemic hit. How do I know when to get back in? – Mark, Vista Watch the full episode, FIRE: Financial Independence or Fad? Make sure to subscribe to our channel for more helpful tips and the latest episodes of “Your Money, Your Wealth.”
Question: I was on track to retire this year, but I’m concerned about retiring now. My retirement account balances are down, so I don’t want to pull out the money to live on. Can putting off retiring for a year or two make a significant impact on my overall retirement funds or am I overthinking […]
While the FIRE Movement is not for everyone, there are concepts that we all can take from it to improve our own retirement: Don’t Wait – Plan for Retirement Now Try to Reduce Your Expenses Try to Increase Your Income Save, Save, Save & Invest Watch the full episode, FIRE: Financial Independence or Fad? Make […]
Even though most people could benefit from the FIRE Movement concepts it’s important to mention some rather large risks and pitfalls with retiring early. You may not have enough money with life changes Your professional skills may be diminished if you try to re-enter the job market The stock market may have a prolonged downturn […]
One of the best ways to increase your savings rate is to control what you can control – your spending. Here are a few basic pillars of the FIRE movement. Let’s see if you’re up for these: Low-Cost Housing Buy Used Cars Minimize Eating Out Use Travel Rewards Tax Optimize Add Income with a Side […]
You need to understand how to calculate the number of years it will take to reach financial independence. In traditional retirement planning, you tend to focus on a certain age to retire. With the FIRE Movement, you focus on how quickly you can become financially independent. Calculation Example: Years to Financial Independence (FI) Annual Expenses […]
A movement getting a great deal of attention on the financial channels is called Financial Independence – Retiring Early or FIRE. The concept requires that you spend significantly less than what you earn for a decade or two – and with compound interest, you could retire well before a typical retirement age of 65. In […]
Question: I’m 46 and I want to start doing Roth conversions. Should I wait until I retire to avoid paying higher taxes or are there issues with putting it off? Watch the full episode, SECURE Act Savvy Make sure to subscribe to our channel for more helpful tips and the latest episodes of “Your Money, […]
Question: I’d like to retire next year at age 56, but I’m concerned that the tax penalty will eat away at my retirement account. Any suggestions? Watch the full episode, SECURE Act Savvy Make sure to subscribe to our channel for more helpful tips and the latest episodes of “Your Money, Your Wealth.”
William has investing experience, money in the bank, and a retirement plan. Is he ready for early retirement at age 59 and a half? Plus, BRRR real estate investing and Roth IRA, Backdoor Roth conversions, and “Megatron” Roth contributions. Also, capital gains vs ordinary income, and are restricted stock units (RSU) ordinary income? Do they impact Social Security benefits? When can you collect spousal Social Security?
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When you think of retiring, what age pops into your head? 55? 65? 70? For many, visions of getting a gold watch and riding off into the sunset are no longer the reality of what retirement looks like. Not only is this vision of retirement a thing of the past, so is the target age […]
Choosing the pension lump sum or monthly payment: let it ride, roll it, or annuitize it? Plus, spitball analyses involving the 72(t) tax election, a donor-advised fund, 529 plans, and early retirement. Also, is growth on after-tax 401(k) contributions tax-free? How much of the portfolio should be in tax-free, taxable, and tax-deferred accounts? How does […]
Welcome to 2021! In this first episode of the year, Joe and Big Al go over estate planning strategies for CFP® candidate/Redditor Nate in SC, they do a spitball analysis for John in TN who wants to retire early, a retirement withdrawal and 529 plan strategy for Ace in TX, and a breakdown of pension […]
Twas the Tuesday before Christmas and all through Your Money, Your Wealth®, Joe and Al’s stockings were stuffed with your money questions: first, there’s equal withdrawal, rebalancing last year performance, 3 and 7-year moving average, the CAPE median, and more… so which strategy do the fellas like best for withdrawing money from a properly tax-diversified […]
