Joe Anderson
ABOUT Joseph

As CEO and President, Joe Anderson has created a unique, ambitious business model utilizing advanced service, training, sales, and marketing strategies to grow Pure Financial Advisors into the trustworthy, client-focused company it is today. Pure Financial, a Registered Investment Advisor (RIA), was ranked 15 out of 100 top ETF Power Users by RIA channel (2023), was [...]

Alan Clopine

Alan Clopine is the Executive Chairman of Pure Financial Advisors, LLC (Pure). He has been an executive leader of the Company for over a decade, including CFO, CEO, and Chairman. Alan joined the firm in 2008, about one year after it was established. In his tenure at Pure, the firm has grown from approximately $50 [...]

Published On
August 6, 2016

The IRS changed the rules for IRA rollovers and not everyone is catching on. Taxpayers can only perform one 60-day IRA rollover in a 12-month period, no matter how many IRAs they own. Joe an Al go over this new rule and share how you can avoid getting hit with high tax bills.

1:04 “[We made a] 7-minute video on how to plan your finances in your 20’s and 30’s. The sooner you start, the better off you’ll be.”

4:41 “We’ve been talking about costly retirement mistakes, and this is a relatively new one [60 day rollover rule]. It’s indirectly rolling more than one IRA in a 12-month period – it’s no longer allowed.”

8:11 “It’s the direct rollover where the IRS won’t withhold taxes but if you select rollover, they will.”

12:19 “If you’re pulling money out of your retirement account for your own purposes, whatever they might be, how do you expect your retirement accounts to grow with compound rates of return if you’re taking money out?”

16:54 “The truth is, taxes don’t stop when your paycheck does – in fact, now you start tapping your retirement accounts and it comes with all new rules and opportunities.”

23:19 “There are ways around the 10% penalty, but it’s not nearly as flexible as if you just wait until age 59 ½.”

27:10 “A lot of you who are taking your required minimum distribution or that are going to be taking your distributions might not need to spend it…you don’t have to take that money in cash if it’s in an IRA. You can take shares and put it in your brokerage account.”

31:09 “There’s a potential tax-saving feature called net unrealized appreciation.”

33:18 “If you take money out of an IRA before age 59 ½, you have to pay a 10% penalty. If you don’t take your required minimum distribution at 70 ½, the IRS charges you a 50% penalty.”