How do you determine how much you need in retirement when you factor in taxes, and how does the 4% rule apply? Has one YMYW listener spitballed retirement well enough to convince his wife that they can afford a new luxury truck? Can another YMYW listener take advantage of what seems to be a big opportunity to sell company stock, pay no capital gains tax, and do Roth conversions? Can Big Al’s high school friend do a 1031 exchange to buy a rental property, make it his primary residence in 5 or 10 years, and pay no tax when selling? Is earned income from stock trading still taxable for Social Security if your LLC is in a trust? Finally, a compliment comes in, and Joe and Big Al assume it’s for them.
Setting up your saving and investing strategies when you’re in your 30s can put you on a good path to meeting your retirement goals. Joe and Big Al revisit their financial spitballing over the last couple of years specifically for savers and investors in their 30s and even 20s, some of whom want to retire early.
When you retire and when you actually stop working may be two different things. How can you get a raise when you’re working for a startup in retirement? Should you do Roth conversions before or after you quit working? Plus, find out what Joe and Big Al think about a 529 and series I bond gifting strategy, and using whole life insurance to transfer wealth to the kids.
Is there a way to get out of a bad SIMPLE IRA and stash cash in a tax-free Roth account? Can an owner of a company, that’s being sold to another company, load up a Roth account with company shares before the sale, and have a big chunk of cash happily growing tax-free? (What exactly are disqualified persons and prohibited transactions?) When designating beneficiaries of an annuity in a community property state like California, does state law or the annuity owner determine the beneficiary?
How does Social Security work for self-employed small business owners? Is there a solo 401(k) that allows after-tax contributions? How much cold, hard cash should you keep on hand? Why do advisors suggest buying a fixed indexed annuity, and how do qualified charitable distributions work? Finally, is it a good idea to pre-pay the mortgage on a real estate investment, and how do you calculate the tax on a home you inherited?
Does that 5-year Roth clock start with every Roth conversion? Plus, a Social Security, Medicare, IRMAA, Roth conversion retirement spitball, a self-employed retirement savings and tax planning spitball, and Delaware Statutory Trusts, security-based loans, charitable remainder trusts, and other charitable giving strategies explained. Also, will your portfolio grow faster with the help of a financial advisor? And if you’ve got a smokin’ hot wife 8 years your junior and you want to retire on the same day at ages 70 and 62, are there other financial considerations, or are you just bragging?
How much company stock in your investment portfolio is too risky? Can series I savings bonds act as the cash in your portfolio? In the sequence of retirement savings, would contributing to a brokerage account instead of maxing out your 401(k) or 403(b) ever make sense? How should a 20-something self-employed couple, investing monthly in Vanguard’s Total Stock Market Index Fund (VTSAX), get retirement-ready? Is it possible to pay for the construction of a new home and keep the earned income tax credit and child tax credits? Should Roth conversion funds come from an inherited IRA, 401(k), brokerage account, or Social Security?
As the owner of a business, you have at least four retirement plan options: the SEP IRA, the SIMPLE IRA, the defined benefit plan, and the 401(k). Senior Financial Planner Brian Sauter CFP®, AIF® from Pure Financial Advisors explains these options and the contribution limits and deadlines for each type of plan. READ | Small […]
Should you invest in a real estate investment trust (REIT)? What about a fixed indexed annuity or structured notes? What can be done about an indexed universal life insurance plan purchased by an employer to replace a defined benefit plan? Plus, understanding qualified small business stock gain exclusion. Joe and Big Al also discuss the […]
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 […]
If you’re thinking of paying off your mortgage, Joe and Big Al can help you walk through your investing and tax strategy first. Plus, after maxing out your retirement accounts and health savings account (HSA) and owning rental real estate, how else should you save for retirement? (Hint: brokerage account.) As a self-employed small business […]
How do you report a backdoor Roth IRA conversion over two tax years, and is there a point at which the backdoor Roth just doesn’t make sense? Plus, more strategizing for your Coronavirus related distribution, stimulus (and possible future stimulus) tax planning, and your self-employed, small business retirement plans. Subscribe to the YMYW podcast Subscribe […]
Strategies for investing in dividend-paying stocks and how the pro-rata rule for Roth conversions work with dividends. Plus, Wealthfront, M1, Paul Merriman, Vanguard? Should young investors use a robo-advisor or pay for financial advice? Joe and Big Al also offer thoughts on a Vanguard portfolio for retirement and ideas for young entrepreneurial small business owners […]