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A successful retirement is more achievable than you might think. It takes patience, proper knowledge and a solid plan to get there. Whether you’re just starting to save or near retirement and feel unprepared, find out which strategies are best suited for your situation and stage in life. Hosts Joe Anderson and Alan Clopine discuss saving strategies, tax tips, Social Security and investing in this episode of “Your Money, Your Wealth.”

Important Points:

0:23 “There’s a lot of fear and anxiety when it comes to planning your overall retirement. Today is the day to change all that.”

2:57 “In today’s show we are going to go over what we call financial profiles – three different profiles (still working, recently retired and a business owner).”

4:00 “If you make a couple single moves and simple steps, depending on your situation of course, you’d be surprised how close you are to having a very successful retirement. It starts with planning.”

7:20 “More people are looking to bring in some extra cash after they’ve reached retirement age.”

10:19 “If I start my own business at age 70 ½, I won’t need to make required minimum distributions from my retirement accounts (true or false?).”

13:07 “Here are huge mistakes that people potentially make – they feel content in their retirement because they have enough assets. The problem is they’re going to lose so much of that money to taxes.”

14:51 “One of the first things people need to figure out is where they are in the savings program. I categorize people into two different categories: early Earl or catch-up Carl.”

16:23 “If I have all of my savings in my 401(k) or IRA, I’m going to end up with a huge tax problem. So I want to start spreading that out so I can control my income once I’m in retirement.”

17:28 “The increase that you can get by delaying Social Security from 66 to 70 is 8% a year or a compound of 32% total. That’s a huge difference as far as income.”

18:55 “Interest rates are so low right now that the fixed income part of our portfolios are generally not returning what they did 30 or 40 years ago. So you really want to stay on the safe side of that 4% rule.”

21:05 “If you’re under 59 ½ and you’re looking to do a conversion, you don’t want to withhold taxes.”

22:52 “If you can get more money into a tax-free environment such as a Roth IRA, all of those dollars will grow 100% tax-free.”

About the Hosts

Joe Anderson

President

CFP®, AIF®

As President of Pure Financial Advisors, Joe Anderson has led the company to achieve over $2 billion in assets under management and has grown their client base to over 2,160 in just ten years of the...

Alan Clopine

CEO & CFO

CPA, AIF®

Alan Clopine is the CEO & CFO of Pure Financial Advisors. He currently shares the CEO role with Michael Fenison, the original founder of the company. Alan is primarily responsible for the day-to-day activities of...