Asking yourself these important questions before retiring helps rule out any unwanted surprises. Joe Anderson, CFP® and Alan Clopine, CPA dig into the email bag to answer your questions. Original publish date January 21, 2017 (hour 1). Note that content may be outdated as rules and regulations have changed.
2:48 “When you use debt properly, it can actually be pretty effective.”
9:32 “Here are 18 questions to ask yourself before you retire…let’s start with the first one: what does being retired mean to you?”
13:02 “Absolutely make sure you communicate what your retirement vision looks like to your spouse.”
16:58 “What would you like to add to your life and eliminate from your life?”
20:19 “How do you feel about downsizing? A lot of our equity and net worth is pent up in our home.”
25:06 “Should I recharacterize my Traditional IRA contributions to a Roth IRA?”
26:12 “Virtually anyone that’s working and has earned income can do a regular IRA contribution as long as you’re under 70 ½, however here are a couple stipulations…”
27:31 “If you’re single and your income is in between $118,000 and $133,000 you can do a partial Roth contribution.”
28:48 “You can do a Roth conversion regardless of your income level and age, and you don’t have to be working.”
30:33 “Recharacterization means you’re undoing your contribution that you made.”
31:36 “Control is everything when it comes to your money in retirement, because in retirement you actually do have more control over how much you pay in taxes [according to] which accounts you take money out of, and each account may be taxed differently.”
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Pure Financial Advisors is a registered investment advisor. This show does not intend to provide personalized investment advice through this broadcast and does not represent that the securities or services discussed are suitable for any investor. Investors are advised not to rely on any information contained in the broadcast in the process of making a full and informed investment decision.
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CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
AIF® – Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.
