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
March 28, 2015

Thinking about retiring? Find out what questions you should have answered before you take the leap to retirement and learn six things you need to know in order to calculate how much money you need to last through your retirement. Then later in the show, it’s tax time! Your hosts Joe and “Big Al” discuss last minute tax move before the filing deadline on April 15, 2015. It’s all right here on “Your Money, Your Wealth.”

3:05 “A new TD Ameritrade survey says… ‘bumps and detours along the road to retirement are the norm, not the exception.’  And that, ‘two out of every three Americans say their retirement planning has been disrupted by everything from major (unexpected) health bills, to bouts of unemployment, to divorce.’ And finally it says, ‘These bumps in the road cost an estimate 2.5 trillion.’

5:58 “If you do have a situation where you’re offered an early retirement, make sure that you sit down and look at your numbers and make sure this works even if you go back to work”

6:30 “The world we live in now, if you’re in your 60’s and you’re making $200,000 and you quit that job, it’s going to be hard to find another job that’s going to pay you $200,000.”

10:57 “Even when you’re 65 and older and you have Medicare, Medicare doesn’t cover everything. In fact, the most recent study that I’ve seen from Fidelity for a 65 year old couple, they’re going to be out-of-pocket $220,000 in medical costs for the rest of their life and that doesn’t even include long-term care cost if they need it.”

11:55 “I did this a couple years ago, I looked at the average inflation rate for 35 years and it came out to about 3.7% for year.”

15:38 “Let’s say someone who is 55 years old is going to retire in 10 or 15 years from now. They’re looking at their spending and they’ve read some of these articles that say ‘in retirement you probably spend 80% of what you’re spending now.’ So let’s just say you’re spending $100,000 now, 80% of that is $80,000. Alright so I just need to save enough to cover $80,000. But in 10, 15 years from now you may need $120,000 or more to cover that $80,000 and here’s what we’re seeing. Those that have saved enough and want to retire, they don’t want to spend less and sit around all day, they want to spend more. They want to travel more, spend more time for leisure, more time for shopping, for eating out with friends and all that stuff costs money.”

16:56 “A 65 year old male is projected to live to 86 and a female 89”

18:00 “There really is a misconception on taxes in terms of how much control you really have because people assume they don’t have much control over taxes. That’s actually not true. You actually have more control over how much money you spend on taxes in retirement than any other time in your life…”

27:58 “You have to start pulling money out, it’s called a required minimum distribution”