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Purefinancial
You don’t need to be wealthy to need an estate plan. It’s simply a blueprint to ensure your wishes are followed if you pass away or become unable to make decisions. Pure’s Senior Financial Advisor, Robert Canavan, CFP®, AIF®, shares key reasons to create an estate plan—and how it can help you avoid future issues […]
How do you shift from saving through your entire working life to spending and really living in retirement, while at the same time dealing the risks of inflation, rising healthcare costs, and things like tariffs? Jamie Hopkins is a CERTIFIED FINANCIAL PLANNER® professional, an attorney, and best-selling author of Find Your Freedom and Rewirement: Rewiring the Way You Think About Retirement. He returns to the show with insights on how to rewire your retirement plans. Plus, how should Fred and Ginger in Huntington Beach, California, pay for repairs on their rental properties? How can Peter Lemonjello manage taxes in his early retirement with 72(t) elections, rental income, and an installment sale? Can Calvin and Susie in Lancaster, Pennsylvania, buy an $800,000 beach house – and should they?
How much do Nick and Nora in Pittsburgh, and Doc Mc Muffin and her Mr. in Minnesota, need to have saved, and how much can they afford to spend in retirement? What are the disadvantages to Fred and Ethel in Virginia if Ethel collects her Social Security early? Are the Moonshiner and the City Girl in Florida so obsessed with avoiding RMDs and IRMAA that they’re wasting too much savings on Roth conversions? Finally, will the tax benefits on a rental property offset the negative cash flow for Lily’s 29-year-old son, who has started his professional career with a $750K salary?
Mike and his wife in Tampa are 39 and 36, they’ve got nearly a million bucks saved. Are they on track for retirement? Kate in California is 55 and hopes to retire in the next couple of years. How should she manage deferred compensation and retirement withdrawals? Joe and Big Al also answer questions from our YouTube viewers on considering IRMAA when making Roth conversions, paying Roth conversion taxes quarterly or in December or in January, protecting a gifted house from a child’s ex, and the tax impact of rebuilding on an inherited property. Finally, 8 years ago, Joe and Big Al said you shouldn’t have more than 2% of your portfolio in gold, and one YouTube viewer said that did not age too well. What do the fellas think today? We’ll find out.
When should Jack and Swan in Florida pay off their home, retire, and convert their savings to Roth for lifetime tax-free investment growth? Jennifer in Colorado wonders whether she should consider taxes when calculating her expenses and whether she should pay off her home to be debt-free in retirement? That’s today on Your Money, Your Wealth® podcast 503 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, should Kevin in Scottsdale collect Social Security in 2025, or postpone and do Roth conversions over the next two years? Should Skipper in Texas do Roth conversions to the top of the 24% tax bracket instead of the 22? And just how closely will Big Brother watch his state of residency if Skipper buys homes in Florida and another location for his retirement? Harry Tasker in Minnesota’s wife Helen says he needs to continue working. Is that a “True Lie”? Harry asks Joe and Big Al to spitball on whether he and Helen can stay home during their go-go years. And can the Tomb Raiders afford to spend $120,000 a year in retirement?
What do Joe and Big Al think about alternative investments? Andrew in Ohio wants to know. Are real estate syndication deals for real, and a YMYW listener just chose poorly? And Stewart in Serra Mesa is curious whether Joe has changed his position on annuities lately, as rates have “normalized” in the past couple of years? Plus, when should Steve in Las Vegas’ friend quit her casino job and collect Social Security and child benefits? And how is D in the Midwest’s plan for creating income in retirement?
Should Terry and his siblings take out a whole life insurance policy on their parents before they inherit their folks’ $10 million worth of farmland? Is Terry on track for retirement? Plus, should Fred and Wilma use their 401(k) money for living expenses to bridge the gap until they collect Social Security benefits? Should Glen claim his Social Security at age 65 and use it to fully fund his wife’s Roth IRA? When should Bill take his Social Security and should he do Roth conversions? Finally, should Maya include home equity in her retirement savings? Should Jack pay off his mortgage or stash his cash in a brokerage account and refinance his house later?
Attorney Nicole Y. Newman specializes in estate planning, dedicating her practice to guiding clients through the complex and often confusing process of balancing family protection, wealth preservation, and family values. In this webinar, you will learn how to avoid 10 common estate planning mistakes to protect your assets and legacy. Outline 00:00 – Intro 0:31 […]
What is private credit and where does it fit in your investment portfolio? At age 60, Hope is tired of working and she’s hoping to retire in 2-3 years. Should she factor home equity into her retirement spending plan with a reverse mortgage? Which mortgage option for a Houston dream home is best for Nisa in San Jose’s early retirement goals Plus, Wayne in Phoenix needs to know how the section 121 tax exclusion works on a vacation home, and Jack and Jill in the UAE have questions about tax gain harvesting and the foreign earned income exclusion. Finally, are Joe and Big Al off their strategy game? A Spotify listener takes the fellas to task about the Affordable Care Act subsidy discussed in episode 472, and challenges their spitball for Duke and Daisy’s retirement spending plan in episode 475.
Home equity may be the biggest asset you own. Many people prefer not to include their home as part of their cash flow plan in retirement, but we’re living longer and retirement is getting more expensive! In this episode of YMYW TV, Joe Anderson, CFP® and Big Al Clopine, CPA explore ways to use your […]
Barney and Betty in Maryland hit the jackpot. How’s Barney’s strategy for net unrealized appreciation, retirement withdrawals, and asset location for his $5 million employee stock ownership plan? Nick in the PNW will have $8 million when he retires early at 53. Should he contribute to his 401(k) or do the good ol’ mega backdoor Roth until then? Those are just a couple of the fat wallets Joe Anderson, CFP® and Big Al Clopine, CPA spitball on in this episode of YMYW. Plus, should Allen in New Braunfels’ recently widowed sister contribute to her traditional IRA and do some Roth conversions? Should Alicia in Denver take Social Security early to pay off her rental property, and how can Vern in Wickenburg Arizona buy a new home before or during the sale of his current home? Finally, Bryan in Washington needs to know the best investment strategy for his thrift savings plan, and Lyse in Georgia wonders when in a market downturn you should start spending your cash.
It’s a voice message extravaganza as Joe and Big Al talk about tax gain harvesting on Dante in New York’s daughter’s custodial account, and the tax impacts of Leon in Chicago investing in his brokerage account. The fellas also spitball on whether Michelle in San Diego, en route to San Francisco, should buy or rent in her 60s, the mega backdoor Roth and the pro rata rule for Sean and his cichlids in Winter Springs, Florida, and whether Jason in NOLA can do the backdoor after recharacterizing his contribution. Plus, should Kevin in Ohio make like the Steve Miller Band and “take the (pension) money and run”? Can Scott in Colorado make like Johnny Paycheck and “take his job and shove it” when it’s time for the rule of 55? And should Suzi and Peter consider long-term care insurance and protecting their assets with an irrevocable trust?
Your 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 who’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.
Stocks and bonds, 401(k)s and IRAs – how investment savvy are you? Less than half of Americans have a solid understanding of basic investing terms and concepts. It can be difficult to grow your wealth if you don’t know what tools and strategies are available, much less know how to use them to develop a […]
Coach Dobber and his wife in Edina, Minnesota have a low mortgage interest rate and a decent amount of home equity. Should they put that equity to work and take the risk on buying a higher value home at a reduced price, even if it means a much higher interest rate, and higher monthly payments too? Plus, Joe and Big Al spitball for Adam, in the birthplace of aviation, on the taxation of passive rental income, and capital gains from his portfolio and the sale of his business, prior to his early retirement. They also spitball for Charles in Idaho, on taxes on the sale of his mother-in-law’s house. Should Dan’s wife and business co-owner retire from the business and take Social Security Disability? And will Social Security be reduced for everyone? Steve in Vegas has a cautionary tale to tell.
