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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? 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.
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Are you ready for retirement? In this episode of Your Money, Your Wealth®, Joe Anderson, CFP® and Big Al Clopine, CPA test your knowledge with this 18-question pop quiz and they provide actions you can take now to secure your retirement in the future. Retirement Pop Quiz Aware: Did You Know? Compare: Are You in […]
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What is an exchange fund and is it a good thing if you have a lot of capital gains, like Bryan in New York? 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?
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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?
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Can Claire and her husband retire early at age 60? Joe and Big Al spitball for them and explain how to calculate how much you’ll need in retirement. Plus, should Jeff invest his pension money more aggressively, and should he save to his thrift savings plan or his Roth? Should Paula save to her brokerage account or her 401(k)? When and how much should Ken and “Fume Guzzler” each convert to Roth? The IRS charged Lex late fees for not paying estimated taxes throughout the year on her Roth conversion – find out how to avoid that yourself. Finally, how can Ken get out of an annuity? And is it harmful for Sarah to advise co-workers with little financial experience?
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There are financial formulas to live by, and others that can absolutely derail your retirement dreams! Discover which retirement formulas and rules of thumb may be your golden ticket, and which are your one-way ticket to trouble, on this episode of Your Money, Your Wealth® with Joe Anderson, CFP® and Big Al Clopine, CPA. Formulas […]
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The single biggest retirement planning mistake to avoid, the problem with tax professionals, and answers to some of the most frequently asked retirement questions we get on YMYW: should you name a trust as beneficiary on your retirement accounts? What’s the break-even point on a Roth conversion? What if you don’t have the money to pay the tax when you convert to Roth? Plus, find out the eye-opening amount of money good tax planning can save you! Someone has to be very knowledgeable, entertaining, and special to make it as a guest on YMYW these days. Today “the IRA guru” Ed Slott, CPA from IRAHelp.com joins Joe Anderson, CFP® and Big Al Clopine, CPA to discuss all of these topics, along with changes to stretch IRAs and required minimum distributions from the SECURE Act and SECURE 2.0 Act. Finally, don’t miss your chance to get a free copy of Ed Slott’s latest book, The Retirement Savings Time Bomb Ticks Louder.
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Is timing the market when withdrawing money from retirement accounts or doing Roth conversions an effective strategy for YMYW listener Robert to minimize tax and maximize returns? Should Doug change his 60/40 asset allocation, and should he start a solo 401(k)? Jefe plans to withdraw from his retirement accounts beyond the top of the 24% tax bracket for the first few years of retirement. Is there any reason to put it in a brokerage account rather than converting it to Roth? The fellas also spitball on Roth conversion methods and strategies for Srinivas, Todd, Debbie, and JZ in California, and they spitball on JZ in New York’s “bucketing” strategy for early retirement withdrawals.
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How is Kimberly’s strategy for reducing her retirement taxes by doing Roth conversions and qualified charitable distributions? Is Patrick’s tax loss harvesting transaction a wash sale? At what marginal tax rate should Brian stop making Roth 401(k) contributions? Joe and Big Al are back this week to answer these questions. Plus, spitballing on the importance of international stock in John in Seattle’s diversified investment portfolio, David and Terri’s Roth conversion and I bond strategy, Blake’s severance package, and the impact of a new home purchase on John in DC’s retirement spending.
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He’s 56, she’s 32. How does this 24-year age difference impact retirement plans for “Bonnie and Clyde”, and what strategies should they implement now for the most tax-efficient retirement possible in the future? While Joe Anderson, CFP® and Big Al Clopine, CPA are on vacation, Your Money, Your Wealth® podcast producer Andi Last enlists the help of Pure Financial Advisors’ Managing Director Jake Greenberg, CFP®, ChFC® for a video case study (complete with visual aids!) on YMYW Extra number 6. Into which types of accounts should Bonnie and Clyde save for retirement? How much of their savings should they convert to Roth and when?
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Inflation, required minimum distributions, asset allocation, stock market declines, Social Security and Medicare, long-term care and estate planning are important considerations when it comes to retirement planning, and it’s all too easy to make mistakes. After 40-plus years saving for retirement, the last thing that you want to do is sabotage all your hard work […]