ABOUT HOSTS

Joe Anderson
ABOUT Joseph

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 firm opening. When Joe began working with Pure Financial in 2008, they had almost no clients, negative revenue and no [...]

Alan Clopine
ABOUT Alan

Alan Clopine is the CEO & CFO of Pure Financial Advisors. He currently leads Pure Financial Advisors along with Michael Fenison and Joe Anderson. Alan joined the firm about one year after it was established. At that time the company had less than 100 clients and approximately $50 million of assets under management. As of [...]

Published On
July 2, 2016

There are plenty of options when it comes to IRAs, but with plenty of options can come plenty of mistakes. Joe and Al make sure you don’t blow it with your IRA by explaining how you can avoid the 10 most common IRA mistakes you don’t want to make.

1:09 “Now we’re in the month of July and the Baby Boomers are turning 70 ½ and having to take the required distributions. There are a lot of mistakes (made) and a lot of penalties.”

7:14 “With regards to the 401(k), if you are still working in the company and you’re not more than a 5% owner of that company, you’re able to delay that required beginning date to April 1st of the following year that you finally separate from service”

9:22 “I’ve been a CPA for over thirty years and it does amaze me how many people fail to get the message about tax planning and the rules until they make mistakes that could cost them thousands.”

12:49 “If you’re inheriting retirement accounts, you have to know what is going on. Unfortunately, they’re one of the most complex tax rules when it comes to these things because of the benefits you get while you’re alive.”

17:13 “If there’s more than one beneficiary, let’s say three children, then the inherited IRA must be split by the end of the year into separate properties, separately titled inherited IRAs in order for each beneficiary to take advantage of the stretch IRA based upon his or her own life expectancy.”

21:17 “If your spouse is significantly older than you and passes away and you keep it in the decedent spouse’s name, then that IRA will have to take a required distribution as if that spouse was still alive.”

27:22 “Seeking professional advice on this stuff is so critical. If it’s not with us, find someone who understands taxes in retirement and can put all of this together [for you].”

32:37 “Should I do the Roth provision [in the 401(k)] or should I do the pre-tax? Look at line 43 of your tax return because it will determine what portion of your income is taxable.”

37:07 “If you save money in taxes, your money is going to last you that much longer.”