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What are the three predictors of retirement happiness? Dr. Michael Finke, CFP® from the American College of Financial Services tells us what his research shows. He also shares his insights on the four percent rule for retirement withdrawals and whether there is anything we can do to stave off the effects of aging on our cognitive abilities. Plus, Joe and Big Al do some retirement spitballing: can Jon in Pennsylvania retire early at age 56, and would it be better for him to take his pension monthly or as a lump sum? Steve and his wife in Colorado are 48 and 54 and have 3 million saved. When can they retire? Eager Eagle and his wife in Washington state have 2 million saved at ages 61 and 63. Can they retire next year?
Updated for 2025: Whether you are retiring in a few months or a few years, Social Security is one of the most important decisions of your retirement. This Social Security Handbook walks you through what you will need to know for 2024 and beyond. This guide will explain… History of Social Security Recent Changes How […]
What does the future hold for your Social Security under the new administration? Nationally-renowned financial thought leaders Jamie Hopkins, Jeff Levine, Eric Ludwig, and Steve Parrish share their insights with Big Al Clopine, CPA at the American College of Financial Services’ Horizons Conference in San Diego. First, the College’s President, George Nichols, gives an overview of the institution and their inaugural conference. Plus, Joe and Big Al spitball on whether Ricky and Lucy in Wisconsin even bother saving for retirement – they’re expecting to inherit about 20 million dollars. When should Tybob in Arizona collect Social Security? Are Roth conversions right for him? Should he go for Medicare or Medicare Advantage? Speedy Racer in Georgia needs a retirement spitball, and Gilligan in New York shares insight for other Gilligans trying to avoid a retirement shipwreck.
Martin and Caterina in Green Bay are in their 40s and haven’t yet saved a million bucks. Are they on track to retire at age 58? Can Piggie and Kermit in California retire today at ages 50 and 57 and still build wealth for their children? Can Galahad and Zoot in Chicago retire early in their 50s, or do they need to keep working? Do Bo and Daisy have enough saved to retire now at 61 and 56? Plus, Chuck in South Carolina asks, if you can retire early, why wouldn’t you?
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?
Did you know that your Social Security benefits could be taxed? If not, Pure’s Financial Advisor, Ian Barr, CFP®, breaks down how Social Security is taxed and what it means for you. Understanding the impact of these taxes on your benefits is crucial for maintaining your overall retirement income and financial health. Transcript Picture this: […]
Should Nancy in Washington take out a 401(k) loan and invest it in her brokerage account to catch up on saving for her retirement? When Joe and Big Al talk about having a balanced portfolio of various asset classes like stocks and bonds, Brian in Naperville, Illinois wonders whether that asset allocation strategy considers the stabilizing effect of monthly Social Security payments. Plus, Joy and her brother each have a $400,000 inheritance. How should they each invest it for their very different financial situations? Mike in Colorado has a good guaranteed income stream, so what should he do with the money he’s drawing from his taxable IRA every year – convert to Roth, put it in a brokerage account, go on a cruise? And finally, Skipper asks the fellas to spitball on whether he should do Roth conversions or take advantage of zero percent capital gains tax rates.
Updated for 2025 Want to learn the little-known secrets to help you prepare for retirement? This Retirement Readiness Guide includes 7 important and simple plays to help you get retirement ready despite the uncertainties that we may face. Planning for your retirement is something that takes time, so start today for a bright future tomorrow. […]
When should Richie & Heather and Rebecca & Sam collect their Social Security benefits? Why is Dan’s benefit so much higher than his wife’s? P. Ware has a Roth conversion case for claiming Social Security AFTER age 70, and Jerry wonders how Donald Trump’s plan to stop taxing Social Security could impact claiming strategies. Joe rants about Rebecca and Sam’s $1 million single premium deferred indexed annuity, and the fellas also spitball on their Roth conversion and retirement strategy, and how much is too much when it comes to paying advisor fees.
John in Pennsylvania doesn’t have bonds in his investment portfolio. Should he add them, and if so, where? The fellas also spitball on retirement plans for James in Tierrasanta, California, who has $4 million plus annuities, Esther in the San Francisco Bay Area, who has nearly $12M net worth, and Tiger and Lioness, who wonder about a safe level of lifestyle creep. Also, Charlie in Castlerock, Colorado asks Joe and Al to spitball on how to balance collecting Social Security with making withdrawals from his pre-tax retirement account for living expenses. Finally, a Worrywart Mom in Seattle wonders whether her 27-year-old daughter should focus on paying off her student loans or saving for the future.
How much should you save in pre-tax accounts vs. post-tax accounts? Joe Anderson, CFP® and Big Al Clopine, CPA spitball on the “age plus 20” rule for retirement savings, Roth 401(k) contributions and distributions, and a Social Security claiming strategy for Ralph and Marie in Wilmington, Delaware. Shawn wonders if YMYW listeners are ignoring the WEP and GPO when it comes to Social Security, that is, the Windfall Elimination Provision and the Government Pension Offset. Plus, can Jake and Amy in Iowa retire in 5 years, or do they need to work beyond age 60? Should Edwin stop making Roth contributions and start doing Roth conversions instead? And finally, how can Jeff in North Dakota’s son qualify for the American Opportunity Tax Credit?
Since Social Security is a primary benefit for most, it’s essential to develop a well-thought out claiming strategy. Consider all potential income, expenses, and tactics to improve your chances of achieving your financial goals. Pure’s Financial Advisor, Joey Bailey, CFP®, CPA, explains the impact of Social Security taxes and how they might affect you. He […]
Social Security is a benefit many people eagerly anticipate after retirement. However, safeguarding yourself against related scams is crucial. Pure’s Senior Financial Advisor, Matt Balderston, CFP®, AIF®, outlines common warning signs and the tactics scammers employ to help you protect your finances. FREE GUIDE | Social Security Handbook Transcript Today we’re going to discuss Social […]
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?
Will their $5 million nest egg get them to ages 85 and 100? Pa and GiDi are 65 and 60 and retiring now. As they consider moving to the no-income-tax state of Nevada in retirement, they have some decisions to make: should Pa take Social Security before age 70? How should they bridge the gap until Social Security? And most importantly, how can they minimize their taxes in retirement – should they wait to do Roth conversions until after the move? That’s on this bonus episode of Your Money, Your Wealth®, aka YMYW Extra. While Joe Anderson, CFP® and Big Al Clopine, CPA are on vacation, YMYW producer Andi Last enlists the help of senior financial advisor Kyle Stacey, CFP® from Pure Financial Advisors in San Diego, California.
