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Published On
July 29, 2025

Can Beth and Rip retire early, spend more, and Die with Zero? When should they claim Social Security? Forrest and Jenny have 10 rental properties at age 31. Can they retire at age 50? (And what makes you a real estate professional from a tax perspective?) Plus, Memphis wants to know, what are the rules for spousal IRA contributions and required minimum distributions?

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Smart Strategies to Retire Early and Spend More - Your Money, Your Wealth® podcast 540

Transcription

(NOTE: Transcriptions are an approximation and may not be entirely correct)

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Andi: Here is your chance at a $100 Amazon e-gift card! Answer 18 questions in my 8th annual YMYW Podcast Survey and you are entered to win! Click or tap the link in the episode description, type the secret password ymyw, and let us have it. Your legitimate, complete entries, with your honest opinions about what would make Your Money, Your Wealth your favorite, funniest, top, best personal finance podcast will be in the running for the hundred bucks. US residents only, no purchase necessary, survey and giveaway close and winner chosen at 5pm Pacific time on August 31st, 2025.

Intro: This Week on the YMYW Podcast

Andi: Can Beth and Rip retire early, spend more, and Die with Zero? When should they claim Social Security? Forrest and Jenny have 10 rental properties at age 31. Can they retire at age 50? Joe and Big Al spitball for YMYW audience members who are definitely not fictional characters today on Your Money, Your Wealth® podcast number 540. Plus, what are the rules for spousal IRA contributions and required minimum distributions? Memphis wants to know. I’m Executive Producer Andi Last with the hosts of Your Money, Your Wealth®, Joe Anderson, CFP®, and Big Al Clopine, CPA, and let’s get to our first voice message.

Can We Retire Early, Spend More, and Die With Zero? When Should We Collect Social Security? (Beth and Rip, FL – voice)

Beth: Hi Andi and Big Al Joe. We are huge fans of your show and have recommended it to several people who are now also big fans. We are Rip who is 56 and I am Beth 51 from Florida and we’re looking for a little spitball. And honestly, I have to admit, I need a little reassurance ’cause I am a little frugal and a bit afraid of running outta money. So we have both been high wage earners for years and RIP thinks this time to cash in all of our hard work and start enjoying a semi-retired life and travel more. So Rip is a medical doctor and I am a successful biotech sales representative. Rip drives an Audi e-Tron electric and said he is never going back to gas. I drive a Volvo SUV. Which both of our cars are paid for rips. Drink of choice is a Kentucky bourbon, and I love my mojitos.

Joe: Yeah.

Beth: So a little about our family. We have four kids, ages 18 to 25. Two are independent, thankfully. And one is finishing a master’s degree, which is already paid for, and we’ll be independent in one year. And the fourth is starting college, which is also already paid for. We have two adorable pets, Rosie our Golden Noodle and Emerald, our black tortoise cat.

So we are aligned with the philosophy of Die With Zero, and we actually really plan to die with zero and enjoy life. We plan to provide financial gifts to our kids during our lifetime so that they can enjoy it earlier instead of waiting till we pass away. I’m planning on retiring in one and a half years and RIP is planning on transitioning to part-time where he’ll be earning 150,000 per year for approximately six years. And he has mentioned that he can easily earn more money if we need it.

So the following our assets, we combined have a traditional IRA of 3.6 million. Our brokerage account is 1 million. We have a Roth IRA worth a hundred and thousand. We have a real estate portfolio with rental properties that’s worth 1.8 million and we have no debt on them and they’re generating 150,000 per year after taxes. Our primary residence is valued at 1.6 million with $200,000 remaining on the mortgage, and we’re planning on paying that off in less than two years. Our current combined annual income is 770,000, and that’s before taxes. Our current spending is approximately 250,000 per year, and we are currently both maxing our IRAs and have been for years, and the extra money has been going towards paying down our mortgage. So this is what our retirement spending goals are.

We’re targeting a $200,000 per year in spending during the first 10 years of retirement. Our go-go years with the flexibility to increase that spending for travel and experiences. If we have the extra money, we recognize the need to bridge a healthcare coverage gap prior to Medicare, and we know that’s gonna be a significant cost. We’d like to hold onto our real estate until later in retirement, but we are willing to sell it if we need to. The following is our Social Security estimates Rip at age 62 30 4,000 a year, age 70, 60,000 a year. Mine is age 62, 30 3000, a year and age 70, 59,000 a year. We plan to begin Roth conversions once I retire and rip goes part-time so that way we can take advantage of the lower tax brackets after reducing income.

And I like to just put a shout out there that we’ve learned so much about Roth conversions from you guys and I wanna thank you for that. So the following is our questions. Will our plan retire? Wow. About 10, four minutes in and Rip going part-time in one and a half years. Be doable. When is the optimal time for each of us to begin taking Social Security and can we sustainably spend more than 200,000 per year during our early retirement years? Thank you so much for your spitball, and look forward to hearing back from you.

Joe: Well, congratulations, Beth. You’ve and Rip have done a phenomenal job of accumulating a ton of wealth here. pretty easy One, big Al. they got 150,000 fixed income from the real estate. They wanna spend 200, so they need 50,000 from. $5 million. They have liquid, roughly?

Al: Yeah, it’s it looks pretty good. I mean, even if you take their portfolio Joe at 3% distribution rate, they got 141,000 they could generate from that without much trouble. Plus, I think Rip will be working part-time and making 150. So they’re spending 200 and they’re making 300 even without touching their portfolio for six years. Right? So I think this looks great. I think that, and likely with the assets that they have, they’ll be able to spend quite a bit more later if they want to, but. So many things can happen. I, hesitate to say in 10 years now you can spend at this level. I think at that point you kinda reassess. But certainly the first 10 years look fantastic. They can spend more than the 200 if they want to. And then what they can do after that is dependent upon how the investments do and how long, I think, rip Works part-time and, all kinds of, all kinds of things, depending upon when they take Social Security.

Joe: Right. Well, so she’s gonna retire. We plan on doing Roth conversions once I retire. So she’s retiring next year. Right now they make $770,000 a year. One of the things that she mentioned is that she’s doing IRA contributions, so, and they have been for years. So I’m curious on what the basis is within that. IRA, and what’s the market value of the IRA?

Because. They’re not able to take deductions within the IRA and, I’m sure there’s opportunity to convert that with the basis sitting in the IRA.

Al: Yeah. true. And we don’t know.

Joe: Well, I’m just trying to, you know, give them a little bit more meat versus, yeah. It looks good. So, okay, that’s one thing I would look at. So if you’re spending, if you’re putting money into an IRA for the last several years, you have basis in the IRA, look at the tax return 8606 form. And if you don’t have one, you probably have to kind of go back and look at how many IRA contributions that you made. And then if you did take deductions, you weren’t allowed because the amount of income that you have.

So depending on who does your taxes in regards to Social Security, you have plenty of assets. It really depends on what you wanna do here and what assumptions that you wanna make. Because Al, if they don’t need the money, I think all the software programs is probably gonna tell them to push it to age 70 because they get the delayed retirement credit of 8% per year once they reach full retirement age. But if you run another assumption of taking it at 62 in investing those dollars. You, could make more on that. I mean, it really depends on, what type of assumptions that you need. Since they’re not gonna spend it, they could take it and invest it. But, I, think if I were them, I would probably push off as long as I could.

Al: I think I would too. And, at the very least, I would have at least one of them. They have roughly the same benefit. I’d have at least one go to age 70, so that if, there’s a survivor between the two of ’em for a number of years, they at least, you know, they at least have a higher benefit. And that’s particularly important if one wants to take it early, like let’s say at 62, I’m actually not opposed to that strategy, either one at 62 and one at 70. Just to have a higher benefit when one passes away, but then have use of the money and as you say, Joe, even investing. I think that’s, that would be fine.

Joe: Yeah, I mean, we’ve. Social Security experts on in the past, and, you know, you, get variants of, opinions. What was his name?

Al: The one that, that-

Joe: Lloyd. Lloyd. he always had those awkward pauses that we thought he was done speaking, but then I forget his last name would start up again.

Al: Yeah.

Joe: Yeah. Watnick. Lloyd Watnick.

Al: Lloyd Watnick. That’s it. Yeah.

Joe: Now he was, I, wouldn’t, I wouldn’t say a proponent, but he had an argument. Of that. If you take it early and you invest in, you know, tax free income and it, if it can generate X percent, you know, run the math and you could be better off that way too. But, you know, there’s a lot more risk involved in that as well. Or if you think Social Security’s gonna go bust, you know, which a lot of people do, then you might want to take it early so you, you know, burn a hand is better than two in a bush,

Al: so you get more benefit. Or if you think there’s gonna be means testing later.

They’ve got a lot of income potentially. So maybe you take it early. But yeah, I mean, based upon what, I would do, I would, at least have one person wait till 70. I think that’s what I would do. I, would consider having that one of the spouses take it early just for a little extra spending money, particularly during those 10 years, they wanna spend more money.

Joe: Have you read the book or, heard of the book, Die With Zero?

Al: I’ve heard of it. I have not read it. I haven’t read it. I would imagine the concept is exactly what it says.

Joe: Yeah. You’re bouncing the last check to the mortuary, I guess.

Al: Right, right.

Joe: Yeah. but interesting. Very popular book.

Al: It’s, yeah, to me, I think that’s a little tricky because you give all the money to the kids and then you need it for long-term care and you don’t have it now. You’re trying to get the money back. I would just be a little careful. Me personally, I guess, on that-

Joe: Are you gonna Die with Zero?

Al: No, I don’t think so.

Joe: Well, you got that big ass wallet, so it’s gonna be hard for you to Die With Zero.

Al: It’d be hard. It’d be hard to spend it all, wouldn’t it?

Joe: Yeah.

Al: Yeah, and you’re in the same boat.

Joe: Yeah. Brewster’s billions.

Andi: By the way, have either of you ever watched the show Yellowstone? That’s apparently what “Beth and Rip” is from.

Joe: Oh yeah, Rip. Yep. Yeah, I like Beth. I like Rip too. I love everything about Yellowstone. I like the prequels of Yellowstone. I like the very first one with Faith Hill, and I think it’s Faith Hill and McGraw. Tim McGraw?

Al: Yeah. Tim. Tim McGraw.

Joe: Yep. That’s a good one. Yep. Yep. The next one was with good old Harrison Ford. God, so good. So good.

Watch Retirement Panic Button: 7 Ways to Avoid Hitting It on YMYW TV, Calculate your Financial Blueprint, and Schedule a Free Assessment

Andi: 61% of working Americans fear retirement more than death. How can you avoid this retirement panic? This week on a brand-new episode of Your Money, Your Wealth® TV, let Joe Anderson, CFP® and Big Al Clopine, CPA, calm your nerves with seven practical plans for your income, spending, savings, and healthcare, to put you on the path to an anxiety-free retirement. Click or tap the links in the episode description to watch Retirement Panic Button: 7 Ways to Avoid Hitting It, and to calculate your free Financial Blueprint.

Just enter what you have now and what you want in the future into our Financial Blueprint tool, and it’ll calculate the likely range of how much you’ll need to reach your retirement goals – all for free. But don’t stop there.

Armed with your free Financial Blueprint, schedule a financial assessment with one of the experienced professionals on Joe and Big Al’s team at Pure Financial Advisors to go over your Blueprint results and help you craft a retirement plan specifically to help you reach your retirement dreams.

Watch YMYW TV, calculate your Financial Blueprint, and meet with our team: click or tap the links in the episode description to begin taking charge of your financial future. It’s all free. So what are you waiting for?

We Have 10 Rental Properties at Age 31. Are We on Track to Retire at Age 50? (Forrest and Jenny, Cherry Hill, NJ – voice)

Joe: Alright, so do we got- ff we have another recording and if it’s more than like a minute and a half, then maybe we save that.

Andi: There are, yeah. There’s two more of them. One of ’em is a minute 45 and the other one’s 3:37.

Joe: 3:37. That’s a little rich. Let’s go to the next one.

Andi: So you wanna do Forrest and Jenny?

Joe: Forrest and, oh, you guys are so cute. Yeah. Let’s do Forrest and Jenny here.

Forrest: Hey Joe and Big Al. My name is Forrest and my wife is Jenny. We live in Cherry Hill, New Jersey. I’ve been listening to your podcast for about three years now and really enjoy it, and you guys are hilarious and you make my drives into work fun and educational. My drink of choice, I am not a big drinker, but I do enjoy the occasional old fashioned and the wife likes the sweetest wine she can find. Ooh, getting into the numbers a little bit, we have about. 95,000 in our 401(k)s, 258,000 in Roth 105 in brokerage. Social Security. If we wait until full retirement age, I would have about 3,500 a month and my wife would have about 3000 a month. Currently we have $3,500 a month in rental income from about 10 properties once they’re paid off.

Cashflow will be about 12,000 a month in current dollars not adjusted for inflation. My wife and I are both 31 years old. We’re currently spending about $12,000 a month. I imagine in retirement. That would go up slightly, so we can add some additional travels, check off some of our bucket list items that is also not inflation adjusted, that’s current spending. A little bit more detail. Currently make $350,000 gross, not including the rental income. And we are aggressively saving about a hundred thousand dollars a year by maxing out our Roth accounts. Then 401(k)s and then the excess is going into HSA and brokerage accounts. My question is, are we on track to retire at age 50 if we choose to? Thanks so much for the spitball. I looking forward to hearing it.

Al: Wow. Saving a hundred thousand a year at age 31.

Joe: Yeah. When I heard, yeah, we have 400 rental properties. I was thinking this guy’s like 90. What was, he got 10 rental properties.

Al: It’s crazy. I mean it 31 at 31.

Joe: That’s like Big Al. What did you have at 31? Did you have quite a few?

Al: I think I had one rental at that point and at my own house. I think that’s what I had. I didn’t have 10.

Joe: What was the most doors that you’ve ever owned?

Al: I had a 16 unit apartment in Las Vegas for a while, so that was, I think I had like 25 doors at one point.

Joe: 25.

Al: Yeah. Some, something like that.

Joe: Still, that’s quite a bit.

Al: It’s pretty good.

Joe: It’s a mogul.

Al: Alright, well look at this. Forrests. The, well, any, anyone saving a hundred thousand dollars a year and already at 31 has almost half a million. yeah. Forrests. I mean, you’re gonna be in a good shape. I actually ran a little numbers just for fun. So if you take your a hundred thousand, you go 19 years in the future at 7% with 458,000, you’ll end up with about 5.4 million at age 50.

Yeah. You can kind of do what you want and if you look at your spending, I. 144,000. Now I did, I just did a 3% inflation rate, gets you to two 50 and I don’t know what your rental income will be then. Right now it’s 42,000. I just said 60. So you net, you, need one 90 from your portfolio. That would be a three and a half percent distribution rate that the truth is you’ll probably be making more on your rentals at that point.

So yeah, I think this looks, I think this looks really good. What I would tell you though, being someone that wanted to retire at age 50. And when I got there, it was too early. It was, I was, it was too early to retire. So I think it’s a great goal, but I have a feeling by the time you get there, you may, still have enough gas in the tank where you wanna work a little bit longer and contribute. So that would be my non-financial suggestion or advice. Not advice, but thoughts.

Joe: What do you think Forrest does for a living?

Al: Well, hard to say, but he’s pretty successful engineer.

Andi: At what point can you actually say that you are a real estate professional if you own 10 properties?

Joe: Yeah. There has to be more than half of your-

Al: More than half f what you’re currently working. Yeah. It’s more based upon time. So, yeah, it has to be more than half of your working time. So in other words, if you work 2000 hours in a full-time job, you need to work 2001 hours in real estate to be a real estate professional. However. Let’s just say that’s Forrest.

Maybe Jenny’s the one making the money. I don’t know. But let’s just say it’s Forrest and Jenny isn’t working that much. She could be the real estate professional and would qualify for the family, which would allow them to take, more deductions. So that would be something to consider if they haven’t already.

Yeah. But, but yeah, this, looks great. I mean, any. We try to tell people to save 20% of their income if they can get to such a lofty position. 20% of three 50 is 70,000. They’re saving a hundred. They’re basically in the driver’s seat to do what they want as long as they keep doing this on a go forward basis.

Something else that happens though, Joe, you can attest to this. sometimes kids come along. Sometimes spending priorities change and maybe you don’t necessarily save the a hundred thousand each and every year. So I think it’s a great goal to try to retire at 50. But, I’m, just saying from my own experience and others I’ve talked to, you may wanna work a little bit longer, but yeah,

Joe: you could have like a 4-year-old at 50.

Al: You could.

Andi: I was gonna say, do you still have the gas in the tank to continue working past 50, Joe, or are you ready to call it quits?

Joe: Man I’m with Forrest. We’re done. But, unfortunately I can’t now, you know, I was reading like with the other one with Rip and Beth, like, yeah, 50, all my kids are onto the house. One’s got a master’s degree and I’m like, man. I got a 4-year-old. We’re just living two totally different lives there.

Al: Two different lives. That’s okay.

Joe: Yeah.

Al: Yeah. I have a good friend Joe, who’s, turning 60 this year, and he’s got a, not even 1-year-old.

Joe: Oh, wow.

Al: So you’re, you got all kinds of time on him.

Joe: Geez. Who’s that? Is he a rock star or something or what?

Spousal IRA Contributions and RMD Rules (Memphis)

Joe: Memphis. Let’s go to Memphis. Al you been to Memphis?

Al: I have not. I’ve been to Nashville and Chattanooga, but not Memphis.

Andi: I’ve done Memphis. Memphis is cool.

Al: It’s a great spot.

Joe: Can you see the Choo choo in Chattanooga?

Al: I heard the song while I was there. Chattanooga, cci.

Joe: Oh yeah. I’ve never been to Memphis. I’d like to go to Memphis. My wife bought her wedding dress in Memphis, so.

Al: Oh, okay.

Joe: There you go.

Andi: So you’ve never seen Sun Studio, you’ve never seen Graceland, you’ve never seen any of the cool stuff in Memphis? You gotta go. It’s an awesome place.

Joe: Okay. I’ve seen it on like TV.

Andi: Documentaries.

Joe: alright, let’s go. I drive a, 2003 Lexus. It just won’t break down. So I have. Excuse to spend money to buy a new one, and my beverage of choice is sugar free, e and w root beer. Wow. He’s going root beer A&W and sugar free.

Al: Yep. Yep.

Joe: My wife is retired and at the age of 73, she began drying r and bs.

This year I’m 74, but still working until next year, July 1st, 2026, so will not be withdrawing RMDs from my 401k or 57 until next year. Can I still contribute $8,000 to her IRA this year and next year is a spousal IRA contribution while I’m still working, even though she is drawing RMDs. Seems too good to be true, but I haven’t found a rule against it.

Also, can I start withdrawing RMDs in the spring while still working? I still have to withdraw 110,000. What? I will have to withdraw $110,000 next year

Al: for the rv. Oh,

Joe: now that’s and use it to live on while contributing 31,000 from each of my paychecks to max out the 401k and 4 57 annual contributions limits in 2026 before I retired July.

That also seems too good to be true. Just making these contributions will save me a quite a bit of income tax next year. Thanks for all the years I’ve been listening to your excellent retirement advice. It’s not advice Memphis, not advice spitballing. We’re just a couple of kids talking stuff. It has enabled my wife and I to save and plan quite a bit.

So for that, thanks Joe and Big Al, and I’ll just throw Andi in there. we’ll, not have to worry about having enough for retirement and a special, oh, there she is. Oh my bad. And a special thanks to Andi for her years of putting up with both of you. Thanks so much for considering my questions.

Al: So can, he still contribute $8,000 for spousal IRA, even though she’s taken an RMD? The answer is yes.

Joe: Why?

Al: So he’s working.

Joe: He must make a lot of money because if, why would you go in an IRA versus a Roth?

Al: Well, that’s the second part of the question. But first part is you’re working, you wanna do a spousal IRA, but she’s of the age where she’s taking RMDs.

You can still do the spousal IRA, even though she’s taking RMDs. Okay. Yep. You agree with that?

Joe: I know there’s a rule where, once, but the rules have changed, so No. Yeah, I’ll, go with that. but once you reach 70, I thought you couldn’t put money into an ira. Yeah, but, could put money into a Roth IRA.

Al: that’s the rule that changed. You can put money into an IRA now.

Joe: Oh, okay. That’s the rule. So I knew that there was a rule there.

Al: it was the secure Act 2.0 I believe, is when that changed.

Joe: Oh, look at the smart, big, brain. A big Al.

Al: Yeah, it just, right here, I just, on vacation, it’s still fresh.

Joe: It’s still fresh as a daisy. alright. But yeah, I would much rather go Roth IRA or do a, a. An IRA, but again, I mean if he’s putting IRA contributions for his wife spousal contributions into the IRA and he’s not going Roth, IRA, he’s got basis in the IRA that he needs to look at, you know, for conversion purposes or for the pro rata is if he’s taking distributions from those accounts.

Yeah, sure. ’cause he’ll pay double tax.

Al: Right. but the bigger question is can he take his RMD. He is still working and then put his salary, like basically all of it, or a lot of it towards the 401k and the 4 57.

Joe: Yeah. But his RMD or his required beginning date is not until the following year.

Right? True. That’s true. So he doesn’t have to take an RMD next year. He’s gonna retire in June of 2026. July of 2026. Right. So his required beginning date is April 1st. Of 2027.

Al: Yes, I agree with that. But I think he wants to max fund his 401k and 4 57 and he doesn’t have enough money to do it.

That’s, what I’m reading between the lines. So it’s like, can

Joe: I start withdrawing RMBS in the spring while I’m still working? I’ll have to withdraw $110,000 next year and use it to live on while contributing $31,000 each from my paychecks to max out the 401k and 4 57 annual contributions for 2026 before I retire in July.

So if he’s, if his paycheck’s coming in and his paychecks can afford to, fully fund the 4 57 and the 401k plan. As long as the dollars come from his paycheck, he could fully fund those plans. And then if he has to take distributions from other assets to live off of, because he’s putting in, you know, 60 some odd thousand dollars into the retirement accounts.

Yeah, I mean, you could pull money from a retirement account and you could fund your 401k and 4 57 at the same time. It’s like stealing from Peter to pay Paul. Right. You know what I mean? Well, you’re paying taxes on the distributions and you’re getting a pre-tax contribution, so Yeah. Good. I dunno, to

Al: wash.

Wash, but it also avoids two RMDs next year, which is what he’d have to do if he waited to his required beginning date.

Joe: No, for sure. But he could. Yeah. Yeah. If he needs to pull money from his retirement accounts to live off of while he’s fully funding the retirement accounts, you can absolutely do that.

But it doesn’t make mathematical sense to do that. Do you agree with that?

Al: no. Why

Joe: if I’m pulling?

Al: because if he doesn’t wanna have a double RMD next year. Yeah. He does his RMD this year. He lives on that. And then he max funds his retirement with that same money. Right. So, well, he lives off of that, but the, funding of his retirement account comes from his paycheck.

Then he’s hasn’t thrown himself into a higher tax bracket. But

Joe: his RM D’s not 110,000, he just needs to withdraw $110,000 to live off.

Al: Yeah. He doesn’t say what his RMD is. You’re right. Right. And it doesn’t really matter whether it’s RMD or not,

Joe: but what I’m saying is, alright, so Alan, you have to pull $110,000 from your retirement account.

Would you add $60,000 to the retirement account to pull $110,000 out, or would you just not contribute to the retirement account and pull $40,000 out?

Al: I would do the latter, but I’m assuming I’m, but I’m assuming that the, maybe the RD is that amount and he has to pull it out, but we don’t know. He didn’t really say that.

Joe: Yeah, but I’m, what I’m seeing is that if I’m funding a retirement account of 60,000, but then I have to go around and pull $110,000 out of it, it doesn’t make sense to put the money in it in the first place because you get a pre-tax contribution going in, but it’s after tax. I mean, you’re gonna pay the tax regardless.

Al: The only, okay, so I, agree with your, statement. I was just going on the assumption that was his RMD was 110,000 and he had to pull it out, but I could be wrong.

Joe: Right. Okay. Yeah. So he doesn’t have to take an RMD till next year. But if $110,000 is the RMD, then he would have to pull out $220,000 next year.

Yeah.

Al: And then, he would do what he’s suggesting. If not, if he just needs that to pull it out so he can maximize his retirement account, you’re pulling it out and putting it back in, there’s no real tax impact if the RMD is in fact lower. Right. I, agree with that statement.

Joe: But if I’m gonna fully fund the 401k plan at 61,000, so this is the strategy I would do.

He needs $110,000. We don’t know the balances of any of his accounts. He’s just asking, Hey, I’m in my seventies. I wanna still contribute to retirement accounts because I love retirement accounts. He just loves putting money into ’em.

Al: Yep.

Joe: Hey, she’s retired. Can I put money into ’em? Yes. No. Way too good to be true.

He gets really excited about it. Right? What I would rather him do is, yeah, fully, if he needs $110,000 to live off it, he’s gonna retire in July from July until. So December, that’s what his living number is. That’s the nut that needs to crack to. If he has other assets to live off of, I would live off of that fully fund the retirement accounts.

His income’s gonna be lower than ever before because now he’s retired in July. I would do the math on what the RM D’s gonna be next year, and I would either do a conversion this year and then maybe not do a conversion next year. So there’s so many planning opportunities that, that Memphis has. Yes.

because he’s still, but, I guess to answer his question, and he’ll be happy, he’s eligible to, fully fund both of those plans. And if he wants to do spousal retirement accounts for his wife, he can.

Al: Yeah. So that’s, so the answer’s yes and yes.

Joe: Yes and yes.

Al: Okay.

Joe: All right. So that’s it for us. We’re back on track now then You’re what?

You’re leaving for another three months?

Al: no. I’m, I’ll be here for a while. Okay.

Joe: All righty. Very cool. Okay, that’s a wrap for us today. Thanks. where, were you, Alan? Just real quick. You were in like five different countries?

Al: Yeah, I started in Japan and then I ended up in France, Spain, Sweden, Greece.

Austria and Italy. What was your favorite? Oh, I can’t answer that. They were, all fantastic in different ways. They really were. It was a, it was an amazing trip and I wouldn’t have planned, I wouldn’t have planned to go from Japan to Paris, but it’s just the way, two different works that two different trips.

Came together that we’re supposed to be separate and, but I could fly from OST to Paris Direct, and I thought, why not? So that’s what we did and we had reasons.

Andi: Did you at any point wish that you had been back at work?

Al: well, I love doing this podcast, but no, I really enjoyed the trip.

Joe: Cool. Is it too long?

Al: No, not really.

Joe: Wow.

Andi: Would you still be traveling if you could?

Al: No, I think it was right. I think it was a little bit too long for Ann. So next time we do a long trip, maybe we’ll do a month instead of five weeks

Joe: just living outta hotels and luggage, and planes, trains, automobiles. Five and a half weeks.

I, I like, after five days, I’m dead.

Al: I, well, but then

Joe: that’s just going to Minnesota.

Al: Well, but you’ve got, maybe that’s the problem. You have young children. That makes a big difference when you’re that category.

Joe: I’m, I can, yeah. Alright. I can go. A lot of directs there, but I’m not.

Al: Yep.

Joe: Alright, good, to have you back buddy.

Al: Same. Alright.

Joe: All righty. And we’ll see everyone next week. You listen to, what’s the show called? Your Money, Your Wealth®.

YMYW Podcast Outro

Andi: This is Your Money, Your Wealth, your podcast! If you enjoy YMYW, tell your friends and help us reach more listeners and viewers like you. And don’t forget to leave your honest reviews, comments, and ratings for Your Money, Your Wealth in Apple Podcasts, on YouTube, and in all the other apps that let you do that like Amazon, Audible, Castbox, Goodpods, Pandora, PlayerFM, Podcast Addict, and Podchaser. We’re on all of those, and a whole bunch more.

Your Money, Your Wealth is presented by Pure Financial Advisors, a registered investment advisor. This show does not intend to provide personalized investment advice through this podcast and does not represent that the securities or services discussed are suitable for any investor. As rules and regulations change, podcast content may become outdated. Investors are advised not to rely on any information contained in the podcast in the process of making a full and informed investment decision.

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IMPORTANT DISCLOSURES:

Pure Financial Advisors is a registered investment advisor. This show does not intend to provide personalized investment advice through this podcast and does not represent that the securities or services discussed are suitable for any investor. As rules and regulations change, podcast content may become outdated. Investors are advised not to rely on any information contained in the podcast in the process of making a full and informed investment decision.

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