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Purefinancial
Joe & Big Al talk strategy for converting to Roth and paying tax from the IRA when you have limited funds, eliminating required minimum distributions (RMD) on a Roth 457 and avoiding the 5-year Roth clock, and Roth TSP strategies. Plus, the fellas spitball pension options, retiring early, and an intricate – and potentially risky – deferred compensation strategy.
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Spitballing retirement for a police officer turning teacher, a self-employed small business owner, an early retiree with an employee stock ownership plan (ESOP) wanting to do Roth conversions and withdraw 5 or 6% in retirement, and a pension and Social Security analysis. Plus, how many months of expenses should you save in your emergency fund? Also, you may know where Ric Edelman and Dave Ramsey stand on 15 vs. 30-year mortgages and using cash vs. credit, but what does YMYW think? Kyle Stacey, CFP® fills in with Big Al Clopine while Joe Anderson is on vacation.
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When do you have to pay the taxes on a Roth IRA conversion to avoid any IRS penalties? Was it a mistake to convert to Roth IRA? What percentage of your assets should be in tax-free, tax-deferred, and taxable accounts to give maximum flexibility in retirement? Do Roth conversions count as income toward your eligibility to contribute to a Roth, and finally, how will a pension be taxed?
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Should you take your pension all at once in a lump sum when you retire, or spread it out over monthly annuity payments? What if the lump sum choice requires moving your pension to an investment plan? Or maybe your only pension options are either 10-year period certain or joint with rights of survivorship? All of these pension spitball analyses are compiled into this single episode to help you choose between your own pension options.
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If your portfolio is overweighted in one or two individual stocks, here are some ways to diversify those concentrated stock positions. Is using a donor-advised fund a good choice? Plus, how does the IRS know if a required minimum distribution is a qualified charitable distribution? From which pool of money should you pull extra retirement income? Also, structured notes, and paying Grandma for daycare without impacting taxes on her pension – lump sum or monthly payments? Finally, the fellas provide their thoughts on starting a career in financial planning.
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Questions answered about Roth 401(k) contributions and “Megatron” (that is, mega backdoor) Roth contributions for highly compensated employees, and the Roth conversion strategy of filling the tax bracket. Plus, moving a pension to an investment plan, owning real estate in a self-directed IRA, paying off the mortgage vs. refinancing, spousal vs. survivor Social Security benefits, rolling a whole life insurance policy to a variable annuity, and more.
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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 […]
Drilling down into the specifics of retirement distribution strategies: dollar cost averaging, pro-rata withdrawals, and buckets vs. the total return approach. Plus, a retirement withdrawal strategy with a side of pension and Social Security, another mortgage payoff question, the small business solo 401(k) trap, an LLC for a kayak side-hustle, and FIPhysician.com says nice things […]
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 […]
The YMYW Retirement Plan Spitball Analysis was so popular that it’s time for part 2! Where do Roth conversions, your primary residence, and rental real estate investment properties fit in your retirement plan? How much of your Social Security is taxed, and will taking your pension lump sum before taking Social Security have an impact […]
“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 […]
Back to investing basics with Matt Balderston, CFP® from Pure Financial Advisors: what makes for a wise investing philosophy while on the market volatility roller coaster? Plus, answers to your money questions: How do you find a financial fiduciary? How do you avoid people with bad financial intentions? What is a good investment policy statement? […]
Do you know what your income will be in retirement? Having a good estimate of your retirement income is needed to help you set goals for saving and knowing when you can quit your day job. A pension can be a big part of that formula. Financial professionals Joe Anderson and Alan Clopine discuss how […]
Ashley Patrick (former police detective and creator of BudgetsMadeEasy.com) explains how debit card fraud happens, what to do when your ATM card is compromised, and ways to avoid it happening in the future. Plus, Joe and Big Al answer your money questions: how do you determine a good pre-tax to Roth savings ratio? Are trading […]
Brian Portnoy, Ph.D., CFA® (author, The Geometry of Wealth) on the difference between being rich and wealthy, and how to achieve both. Plus, what about tax brackets? Joe and Big Al respond to a challenge of their critique of Ric Edelman’s critique of the Roth IRA. And they answer questions that stress the importance of […]
