Are you eligible for a backdoor Roth IRA conversion? Is it allowed? Is it taxed? How does a Roth 401(k) differ from a Roth IRA? Can you buy Mom’s condo for below market value and rent it back to her? Can you max out Dad’s...
A retirement plan spitball analysis for an engineer wondering if he can afford to retire, required minimum distribution questions answered, and discussion on when to stop contributing to tax-deferred accounts, when to start Roth conversions, and a conversion strategy for someone with no income. Plus,...
Whether you call it a SERP, an iSERP (individual supplemental executive retirement plan), a private pension, or the “Super Roth,” the strategy is overfunding life insurance, and the question is, is it a good idea for retirement planning? Also: a Social Security, pension, retirement withdrawal,...
This week GameStop, AMC and Blackberry stocks went wild, with hedge funds shorting the stocks, and Redditors using the Robinhood investing app to put the squeeze on them – to the tune of billions of dollars. Is the stock market rigged? How do these investing plays affect you and your portfolio? Should you get in […]
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 […]
Joe and Big Al answer questions from across the personal finance spectrum: late RMDs on inherited IRAs, contributing to non-qualified deferred compensation plans, making Roth contributions for grandkids, how a Roth impacts student loans, taxation on ESPPs and RSUs (and what those are), paying off the mortgage – again – and a retirement plan spitball […]
Backdoor Roth IRA withdrawal rules and the mechanics of the mega backdoor (dump truck!) Roth. Can you still contribute to a Roth after a rollover? How do you calculate Roth conversion taxes due to the pro-rata rule? Also, how to calculate your retirement number for a long retirement or by age; a radical portfolio rebalance; […]
Welcome to 2021! In this first episode of the year, Joe and Big Al go over estate planning strategies for CFP® candidate/Redditor Nate in SC, they do a spitball analysis for John in TN who wants to retire early, a retirement withdrawal and 529 plan strategy for Ace in TX, and a breakdown of pension […]
Twas the Tuesday before Christmas and all through Your Money, Your Wealth®, Joe and Al’s stockings were stuffed with your money questions: first, there’s equal withdrawal, rebalancing last year performance, 3 and 7-year moving average, the CAPE median, and more… so which strategy do the fellas like best for withdrawing money from a properly tax-diversified […]
A final look at the CARES Act COVID stimulus package that allowed Coronavirus related distributions from retirement accounts and waived required minimum distributions in 2020. Joe and Big Al also discuss last-minute action items to reduce your 2020 tax burden, including Roth conversions, tax-loss harvesting, tax gain harvesting, and charitable giving strategies. The fellas go […]
There are taxable, tax-deferred, and tax-free accounts, and the proper balance of investments in each is called tax diversification. Are you tax diversified enough? Plus, how do capital gains and ordinary income work again? Should you contribute to your tax-deferred traditional 401(k) or IRA accounts, or to your tax-free Roth accounts? What can you do […]
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 […]