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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 […]
Joe and Big Al field emails on a wide range of personal finance topics this week on YMYW: ex-spouse Social Security benefits, paying the mortgage or buying long-term care insurance, how the FIRE community uses the Roth conversion ladder, tax rules for sole proprietors hiring minors, using excess 529 plan education savings, paying taxes or paying back a Coronavirus Related Distribution, and when to file form 8606 to report IRA contributions.
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Joe and Big Al take a look at an investing strategy a listener set up for his parents, and they run the numbers on their variable annuity. They also kick the tires on an early retirement plan and they discuss equity allocations in a portfolio. And since no YMYW is complete without a little Roth […]
“The sooner we can understand the link between our money and how we spend our lives, the better.” Tanja Hester (called the Matriarch of the women’s FIRE movement by the New York Times) returns to YMYW to discuss the value of our time, how it’s connected to our finances, and the options financial independence provides […]
Choose FI: Your Blueprint to Financial Independence authors Chris Mamula (CanIRetireYet.com), Brad Barrett and Jonathan Mendonsa (Choose FI) share principles to change your life and your idea of retirement. Plus, answers to your FIRE (financial independence / retire early) questions on bridging the gap between early retirement and tapping retirement accounts, balancing ACA subsidy eligibility […]
What’s a safe withdrawal rate from your investment portfolio when that money has to last 50 or 60 years because you’re part of the FIRE (financial independence/retire early) movement? Karsten Jeske, Ph.D., CFA, aka “Big Ern” from EarlyRetirementNow.com shares his experiences. Plus, will listener Paul reach $5M by retirement? Can monthly payments from an IRA […]
Does the media impact financial markets and the economy? Oliver Renick, host of Morning Trade Live and Market on Close on TD Ameritrade Network, has ideas on how we can best make use of what the media tells us about the financial world. Plus, where should bonds be allocated to lessen the tax burden? Should […]
Travis Shakespeare, Director and Executive Producer of Playing with FIRE, talks about making the first-ever documentary about the Financial Independence / Retire Early or FIRE movement. Plus, Joe and Big Al answer your rental real estate investing questions and clear up some confusion around Roth 401(k) income limits and contributions versus conversions. Listen to the […]
