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Published On
June 6, 2023

Can you retire before age 55 simply by contributing to your 401(k) only up to the company match and then saving to a brokerage account? Joe and Big Al spitball on using this so-called tax “jailbreak” strategy to retire early. Plus, is Christine on track to have $150,000 present value to live on in retirement? Is John stuck just watching his money grow and turn into big required minimum distributions? Can Jackie contribute to a SEP IRA and convert it all to Roth? And what do the fellas think of Lee’s I-Bond emergency fund? 

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Show Notes

  • (00:49) Is the Tax “Jailbreak” Early Retirement Strategy Nonsense? (William)
  • (04:31) Retirement Spitball: Can I Spend $150K Present Value in Retirement? (Christine, Seattle)
  • (13:18) Am I Stuck Watching My Money Grow and Being Saddled With Big RMDs? (John, TX – voice)
  • (18:10) Can I Contribute to SEP IRA and Convert it All to Roth, or Roll it to 401(k)? (Jackie, Bethesda, MD)
  • (23:19) How is My I-Bond Emergency Fund Strategy? (Lee, Jacksonville, FL)
  • (28:12) The Derails: One of YMYW’s Most Brutal One-Star Reviews Ever

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Transcription

Can you retire before age 55 simply by contributing to your 401(k) only up to the company match and then saving to a brokerage account? Today on Your Money, Your Wealth® podcast 432, Joe and Big Al spitball on using this so-called tax jailbreak strategy to retire early. Plus, is Christine on track to have $150,000 present value to live on in retirement? Is John stuck just watching his money grow and turn into big required minimum distributions? Can Jackie contribute to a SEP IRA and convert it all to Roth? And what do the fellas think of Lee’s I-Bond emergency fund? I’m producer Andi Last, and here are the hosts of Your Money, Your Wealth®, Joe Anderson, CFP® and Big Al Clopine, CPA.

Is the Tax “Jailbreak” Early Retirement Strategy Nonsense? (William)

Joe: “An advisor published this early retirement guide. In a short, curious, is this nonsense or sensible? Thank you. Longtime listener of the show, William.”

Al: Okay. That’s it. Andi? Why don’t you give us highlights of the article.

Joe: I think Andi sent it to me.

Al: Oh, you saw it?

Andi: Well, I was gonna say, it’s just basically his two things are stop overfunding your 401(k) and to open a brokerage account.

Al: Okay. Those are the points. Okay.

Joe: Well if you wanna retire early, is that the premise behind it?

Andi: Yep. Yeah, it’s called How to Retire Earlier Than 55.

Joe: It’s save a ton of money, right?

Al: Yeah. But the premise is right. I mean, you can’t access your retirement accounts-

Joe: Sure you can.

Al: – till 5-, well, 72T. But that- let’s not- let’s not make this too complicated. Let’s just- let’s just say if you wanna retire before age 59 and a half, or if you have a 401(k) before age 55, without penalty, then you should have money outside of retirement plan.

Joe: Correct. But the problem is if you’re gonna retire at 50, you need to understand how much money that you need to have. And that you’re going to have to save a lot more than you probably think. And the easiest way to save money is in a 401(k). You open up a brokerage account and you start saving into the brokerage account-

Al: You don’t even miss it cuz it comes outta your paycheck.

Joe: Right. 401(k)’s easy. Brokerage account investing is a little bit more challenging. Because it’s accessible, right? You’re like, oh, well you know what? Maybe we wanna buy a new car. Maybe we wanna do this, and oh, well maybe we can touch a little bit of the brokerage account there. No one ever touches their 401(k) account. Oh- no one- a lot of people do, but if they’re looking- if they’re diligent savers, most of them will- that will be their last recent resort.

Al: Yeah. You gotta have discipline. So here- a couple ideas though is if you’re employed, then you can have some of your money come into your checking account and some go into separate savings account. So that could be automatic outside of retirement, or if it all comes to your checking account, you can have an auto withdrawal each month or each paycheck, right? For a certain dollar amount. So it goes to a savings account. So that can be done to automate it. But I think the point’s well taken is if you don’t automate this thing, you’re probably not going to get to where you need to be.

Joe: Right. But yeah, sure. Go to- here’s my savings. Is that you go to the 401(k) to the match. And then from there you go to Roth IRA, right? And if you still have money, you go back to the 401(k), you max it out. And then if you have still money leftover, then you go to the brokerage account.

Al: Okay. Now what if you have a Roth 401(k) option?

Joe: Then I like Roth 401(k).

Al: Yeah, yeah, me too. And I think most of ’em do. So make sure that you get your match 100%. But then also make sure you get some money to a Roth IRA.

Joe: Because Roth IRA, you still have access to the money. You have FIFO tax treatment. Let’s say I wanna retire at 50, I have all full access to the principle that I put in.

Al: Yeah. As far as contributions.

Joe: But that doesn’t make a lot of sense either cuz you want that Roth to continue to grow.

Al: I know.

Joe: But I would much rather take the principle out of a Roth IRA than the principle out of a brokerage account. Because the principle of your brokerage account is gonna be taxed while the Roth IRA is gonna continue to grow tax-free. So another look, it’s just probably, what did they call it? What did, what did it say? Jail break?

Andi: Yeah, it’s called the Tax Jail Break Strategy, which I think is really interesting since nowhere in this thing does it mention Roth at all.

Joe: Jail Break.

Al: Hmm. Well get outta jail. Just get outta jail early.

Joe: Is that like your employment?

Al: I think that’s exactly right.

Joe: I gotta look at a strategy.

Al: Yeah, you need to get on that.

Joe: Getting on the jail break for sure.

Retirement Spitball: Can I Spend $150K Present Value in Retirement? (Christine, Seattle)

Joe: We got Christine, writes in from Seattle. “Hi there. First of all Joe, I must commend you on the great work you’ve been doing dialing it back.”

Al: Wow.

Andi: I don’t know what she’s talking about.

Al: Huh? You used to be a little rougher, huh?

Joe: I guess.

Al: Yeah. That’s a different commentary than Kevin, the accountant.

Joe: Kevin. “I’m sure many of your fans miss your edge, but I think your evolved-” my new evolved style. –“and because you’re much less intimidating to the masses of people you serve. And I admire your restraint.”

Al: Because you’re a family man now.

Joe: Was I just a complete ass?

Al: Apparently.

Andi: I don’t know what’s changed, honestly.

Al: You’re thinking the same thing, Andi.

Joe: This is my release. You know what I mean? It’s like-

Al: Well, and that’s a good point.

Joe: We deal with all sorts of- you know?

Al: And there’s probably hundreds of thousands of podcasts out there. If you don’t like ours, change. You don’t have to listen to it.

Joe: Ugh. So, yeah, this is our therapy. We’re still trying to help. But if I can be a little bit more honest with some of these questions-

Al:  Yeah, true. I think people like that.

Joe: Then it’s like, okay, well I can’t do that face-to-face with someone. “I’ve started a new job at 57 by the time you read this. My salary’s $150,000, which is equivalent to the $100,000 I was making 20 years ago in my career. Sigh. I now have much higher expenses and the higher cost of everything these days, including a new mortgage from 2020, more than twice, what was mine 20 years ago. And at least I have a low 2.875% interest rate. My goal is to have $150,000 present value to live off in retirement.” She’s very into the future value, present value calculations.”

Al: Yes. Yes.

Joe: She probably has a HP12C. She’s like-

Al: Well, if she does, she could do this calculation herself, but I did it for you, so we’ll get there.

Joe: “My retirement situation is single. Savings $1,700,000, $900,000 non-qualified, $600,000 IRA, $200,000 Roth.” Congrats. Good for you, Christine. “Social Security, $3500 a month at 67 or $4500 a month at 70 if my future annual salary equals $150,000. Or $3200 and $4000, if my future salary is $0. Investments- primary S&P500 and NASDAQ Index funds. My dilemmas are, number one, do I need to contribute more than $12,000 annually? 4% $6000 personal contribution that will unlock my 4% $6000 company match for the next 10 years to make my goal to have an equivalent of $150,000 in today’s dollars post-tax when I retire?” So she- if she contributes $12,000, she gets $6000. “Should I do another $100,000 to $125,000 Roth conversions to the top of the 25% tax bracket since my wages will only be $75,000? I typically have $25,000 in deductions. Note, I’d have to sell non-qualifying assets at a long-term capital gain rate to pay the tax. I drink.” Okay, good. “It’s Summer, which means Mount Gay and tonic with a lime. So refreshing.” Oh, gin and tonic-

Al: Yeah, right.

Joe: -for all the Mount Gay likers there.

Andi: Isn’t Mount Gay rum?

Joe: Okay. No. Isn’t that gin?

Andi: No. When I Google Mount Gay, I get Mount Gay rum, so-

Al: I thought it was gin too.

Joe: Rum and tonic?

Al: That’s an odd combo.

Joe: I don’t think someone’s drinking rum and tonic. I don’t care if you’re just stuck on future value and present value calculations all day long. I don’t think you’re drinking rum and tonic.

Al: It’s not possible.

Joe: Can’t be. Maybe that’s why she’s got a-  alright. “I drive a Tesla model 3 with 350,000 miles-“ What?

Al: With a range.

Joe: Oh, range. Yeah. “-when I bought it a couple of years ago, cost less than replacing my Lexus. Oh my. That I bought-“ She is all into the-

Al: Yes, she is.

Joe: She wants the numbers.

Joe: I bought this, but it cost less than what I bought 14 years ago. I had a sandwich yesterday that cost more than a whole meal cost 6 months ago. Bottle of Mount Gay today cost more than it did- “Looking forward to hearing your spitball, Christine in Seattle.”

Al: Okay. So I ran some numbers, Joe. And I already see a mistake I made. I ran 12 years instead of 10. I should have looked at this more closely, but I’ll give you 12 years out. So, present value of $1,700,000, contribute $12,000 a year-

Joe: plus $6000.

Al: Yeah, yeah, yeah. And then $3,600,000 at 10%- I’m sorry, $3,600,000- I am sorry, let me start over. I compute that you’ll be at $3,600,000. 4% of that is for distribution rates, $142,000. Now we add your Social Security of $42,000. You get about $186,000 in future dollars is what you could expend. And then if I take current spending at $150,000, a 3% inflation over 12 years, I get $214,000. So you’re a little bit short. You’re pretty close. You’re pretty close. You’re probably about $30,000 away of spending based upon my quick calculation.

Joe: I got more than that. I got $1,700,000 is what she has. Okay. Okay.

Al: Now I got she’s saving $12,000, which is $6000 personal and $6000 match.

Joe: But $12,000 annually. Oh, $6000 and $6000.

Al: Yeah. That’s why you got a higher number.

Joe: Oh, I gotcha. But run 10 years instead of 12 like I did.

Joe: Okay. So she’s saving $12,000 and then she’s got 10 years at 7%. Future value of that is gonna be $3,500,000. If she takes 4% out of the $3,500,000, that’s $140,000.

Al: Yeah. Plus the $42,000. So you got about what I got. So call it $180,000, $185,000 of spending in future dollars.

Joe: So I think you’re right on track.

Al: Yeah, but the $150,000 at 3% inflation becomes about $205,000 or so.

Joe: “If my future annual salary is $150,000.” So I think she’s already placing that as her future value. She makes $100,000 today.

Al: But she wants- I think she wants to live off of $150,000. Mm-hmm. “My goal is to have the equivalent of $150,000 in today’s dollars post-tax when I retire.”

Joe: Got it.

Al: So anyway, so it’s pretty- it’s pretty darn close. So let’s just say you’ll be, you’ll have about $180,000 ish of income based upon the 4% distribution rate and Social Security. And you’re spending- the future spending of $150,000 at 3% inflation rate, let’s call it $205,000 ish. So, so you’re about $25,000 off, but close.

Joe: But, here’s a couple things. Save just a little bit more. Work 6 months more. And spend $200 less a month. And you’re right there.

Al: Exactly. Yeah. These things don’t take a lot of tweaks to get to make ’em work.

Joe: We use 7%. If you get 7.2%. I’m sure you make it.

Al: And I use 6%, so my 6% over 12 years is about the same as your 7%-

Joe: 7% over 10-

Al: -every 10. Mm-hmm.

Joe: Because she’s in what- index funds, NASDAQ, S&P500 over 10 years. The money’s probably gonna double plus her savings.

Al: Yeah, I would agree with that.

Joe: So yeah, Christine, you’re right on track. You are really close and, you know, you just kind of keep monitoring it and then if you need to save a little bit more, spend a little bit less. Push it out. Maybe a year. All good in the hood.

Al: Yep. You’re good.

Joe: All right. Thank you very much for your question.

The conditions that create a recession can really impact your ability to retire when you want to. If you make the wrong financial moves during a recession, it can take decades for your portfolio to recover. Visit the podcast show notes to watch How to Build a Recession-Proof Portfolio, the latest episode of the Your Money, Your Wealth TV show, and to download the free companion guide to learn the signs of a recession, market sectors that tend to be the most recession-proof, and tools and strategies to help you ride out recessions when they happen. Click the link in the description of today’s episode in your favorite podcast app to go to the show notes, access all the free financial resources, and to Ask Joe and Big Al On Air your money questions, via email, or via voice message:

Am I Stuck Watching My Money Grow and Being Saddled With Big RMDs? (John, TX – voice)

John: “Hey guys, my name is John. I’m a medium time listener, second time caller. I’m in Texas. I drive a Nissan Armada. And I drink water during the day, during the week. And on the weekends, I like beer, specifically something a little stronger like an IPA. My wife and I are 40 years old. Our combined income last year was about $360,000. In our accounts, we have about $200,000 in taxable brokerage account. We have about $450,000 in tax-deferred traditional IRAs, and we’ve got another about $150,000 in Roth IRAs. I too am borderline obsessed with Roth conversions, and so the way I see it, any conversion I do will be taxed at the 32% tax bracket since I’m right at the top of the 24% bracket. So am I just stuck to watch my tax-deferred money grow and then be saddled with a big RMD someday? Cuz I expect both of our incomes to go up in the future. So anyway, I’d like to hear your thoughts and appreciate it very much. Everything you guys do. Have a good day.”

Joe: All right. Well, thanks John. Medium time listener. I don’t-

Al: Yeah, that means sometimes. Not a, not a-

Joe: More than most.

Al: -a light listener. But not a significant one either.

Joe: Is he stuck, Al? He’s 40. He’s young.

Al: Yeah. Yeah.

Joe: He’s got $450,000. He’s done a really good job saving.

Al: Great saver, by age 40 to have all that money. You bet.

Joe: Got $1,000,000. He’s at the top of the 24%. He is like, hey, do I creep up a little bit? Do I do some conversions? Or do I continue to save into the 401(k) plans and let this thing continue to compound? We need more information, I guess. Right? To do any type of analysis.

Al: Yeah. I mean, it depends. If you’re gonna work for another 25 years and this becomes a giant number and if your lifestyle is such that it’s- you’re gonna be in a high tax bracket, then that would favor more Roths today. Right?

Joe: Right. It, it depends on- it sounds like he’s maxing out the 401(k) plan.

Al: Sounds like it. Yeah.

Joe: And if he’s gonna work until 65, that $450,000 could be $4,500,000.

Al: It could, and in that case, you probably do wanna do some Roths. I mean at the very minimum, at least make sure you’re adding your new dollars in Roth, or at least a good portion of it, right? Whether you do Roth conversions or not, we don’t have enough information. You should consider it. You know, so the problem is you go from 24% bracket to 32%, so that’s an 8% increase in tax. So we don’t take that lightly.

Joe: But he’s in Texas, there’s no state tax.

Al: There’s no state tax. Right.

Joe: So he’s ahead of the game than most.

Al: Than most is, is, right. So, yeah, I would personally, I would probably be- because you’re gonna be adding a lot, assuming you’re gonna work for a number of years. You’re gonna be adding a lot more to this. It’s gonna grow. I probably would do the current contributions in Roth, and then I would take a closer look whether I wanna do Roth conversions or not.

Joe: I would second that. Let me just do the- so I just did this. 25 years. So he’s 40, he’s gonna work until 65. He’s got $450,000 in his 401(k) right now. And if him and his wife continue to max out the plans, and he receives a 7% return over that 25-year time period, he’s gonna have $5,000,000.

Al: Yeah. Right.

Joe: So it’s gonna be a pretty large nest egg that’s all tax-deferred. That’s going to have to get taxes paid at some point. So then it’s looking at, well, where does he think taxes are gonna go? Do you think tax rates are gonna continue to go up? Because he said, hey, my income is gonna continue to go up. We’re gonna continue to save more money. Well look at it. Well, do you believe tax rates are gonna continue to go because you’re gonna have a huge chunk of money that is going to be subject to income tax at some point.

Al: Yeah. So you’re- you’re really kinda- it depends upon what you’re feeling or what taxes gonna be in the future. If they’re gonna be the same or lower, then you might want to give pause to big conversions. On the other hand, if you think they’re going up and maybe you’re gonna be adding more because you’ve got a couple hundred thousand tax brokerage account, maybe you’re gonna be saving more, right? And you got all this other money that’s gonna cause other income. I don’t know what your Social Security and/or pensions, what other kind of fixed income you have or whether there’s ever gonna be any rental real estate, which will add to your income. So all of these factor into this decision. I will say it’s a little tougher. It’s, well, it’s a little easier when you’re close to retirement. Cuz then- then those numbers are more real. When you’re 40 it’s harder to-

Joe: Your assumptions will drive everything. It could make you make really bad decisions.

Al: Yeah. You could. Nevertheless the younger you are, the more I would like to get more money to Roth.

Joe: Yeah. I would switch his contributions. If this was me, I would switch my contributions to Roth. 100%.

Al: Yeah. I agree.

Joe: All right. Thanks for the question.

Can I Contribute to SEP IRA and Convert it All to Roth, or Roll it to 401(k)? (Jackie, Bethesda, MD)

Joe: Let’s go to “Hello, hello. On the air, could you call me Jackie?”

Al: Okay, Jackie. Sure.

Joe: All right, Jackie. “I’ve listened to your show for 4 years now. Love it. The banter’s perfect in my opinion, and your ideas are so informative.” Thank you. “I never would’ve known about all those 5-year clocks without you.”

Al: And your life may have been better for that, but whatever.

Joe: “As for me, I don’t- I don’t drink, I don’t drive. I don’t have any pets, but I promise I’m still a fun person to be around.”

Al: I guarantee she’s fun.

Joe: Guaranteed. Got a good sense of humor. “My question today is about SEP IRAs. I work full-time at a W2 job with a 401(k) that I become eligible for in July. I earn about $185,000 a year. I’ve been ramping up my 1099 side gig and expect to earn anywhere from $6000 to $10,000 this year. I love to put as much possible into tax advantage accounts and have historically maxed out my 401(k) and then a backdoor Roth IRA. I plan to continue maxing out those accounts. Is it possible and/or sensible to also contribute to a SEP IRA and either convert it all to a Roth IRA or roll it into my 401(k), if allowed? I assume the pro rata rule wouldn’t be relevant because I’m either moving it into my 401(k) to pay taxes later, or converting my SEP IRA to a Roth to pay taxes now,  both of which would be fine. I’m 30 years old and I think it could help me save more for retirement. But I can’t find much information on whether or not this is a good idea or even legal.” All right, Jackie.

Al: Well, it is legal. Yeah, don’t worry about that.

Joe: But if she’s making- the only thing I’m a little- so she wants to continue to max out the 401(k) plan.

Al: Yeah. Which I agree with. Yeah.

Joe: And continue to do the backdoor Roth. And then in addition to that, she wants to do the SEP IRA?

Al: Yeah. With her $6000 to $10,000 of earnings on her side job.

Joe: Got it.

Al: And by the way, when you say $6000 or $10,000 earnings, let’s just be clear, this is your net earnings after expenses, not your gross earnings, cuz that’s the number that’s important for purposes of this calculation.

Joe: So let’s explain SEP though first, because a lot of people might not understand what that is.

Al: Sure, yeah. It’s called, that’s a simplified employer pension plan. It’s kind of the easiest pension plan that you can set up. It’s kind of the first plan that that small businesses or side businesses go to. And- and roughly your net profits, you get to contribute up to 25% of that. Up to what? $50,000, 60,000? Something like that. So anyway, so it’s, yeah. So let’s say Jackie, you make $10,000 net. Okay, after your expenses, then you could put $2500 into your SEP IRA. And so that sits in the SEP. Now you might be able to roll that into your 401(k). No, there’s no tax consequences. If you do a Roth conversion, you gotta pay income taxes on that. There are- I forget off the top of my head, but be aware there’s- there’s like a two year rule on SEP IRAs before you touch the money. So you have to check. Make sure you don’t get into trouble on that one.

Joe: Well, the SECURE Act also allowed Roth SEPs and Simples.

Al: Yeah. Could go that route.

Joe: Just go that route.

Al: And just not get a tax deduction.

Joe: Correct. Because he wants to convert it anyway.

Al: Good point. Yeah.

Joe; Because she’s doing the backdoor Roth, so she doesn’t want to get stuck with a pro rata rule. If she opens up a SEP IRA, that’s going to be included in the pro rata rule as she’s trying to do the backdoor, right?

Al: Yeah. So SEP, because it has the word IRA in it, it’s considered an IRA. Good point, Joe. So it definitely would be included in the pro rata rule, if you do it that way. If you do a deductible SEP and then try to convert it.

Joe: So look just to deal a Roth SEP. And then, so you could do the backdoor Roth or you could just load up the Roth SEP IRA. I don’t know when that fully comes into effect. Maybe that’s not till next year though.

Al: I don’t either. I’m thinking maybe it’s next year, but yeah, that’s something to check.

Joe: 2024? But yeah, you could convert your SEP, but let’s say it’s $2500. The penalty on that would be probably, couple percent. Well, I, yeah, I, I don’t know. Just, just what I’m gonna say is be aware, there’s- there’s some cautions here that you gotta look into.

As I look here at the SECURE Act 2.0 Guide we published right at the start of this year, I see that the Roth SEP IRA is fully in effect right now – contact your plan provider for details. Obviously, Joe and Big Al did not have this guide in front of them when we recorded this, because they’re right, many of the provisions in the SECURE Act 2.0 do take effect next year and beyond. And over 100 of those provisions impact our taxes and retirement plans, so it’s no wonder the fellas don’t have all those dates right off the top of their heads. Watch our SECURE 2.0 webinar on demand, and download the SECURE Act 2.0 Guide from the podcast show notes, to learn about the major tax and retirement changes that are already in place and coming soon. Click the link in the description of today’s episode in your favorite podcast app to go to the show notes and access all the free financial resources, right before the episode transcript.

How is My I-Bond Emergency Fund Strategy? (Lee, Jacksonville, FL)

Joe: “Hey guys and gal. Greetings again from the Sunshine State. As I have gone through my bio before, I will just get straight to the point.” Lee from Jacksonville. “In the past I heard much talk about keeping emergency fund in cash to ensure liquidity, but I have saved all of our 6 months of expenses into I bonds, and I have already cleared the one year way period. I did this in stages and now have access to all the money, which can be in my checking account within two business days if needed. Additionally, I split the total amount of $250 bonds, so need only to cash out some. I don’t have to liquidate the entire account. I understand the 3-month interest penalty, and I’ve found there is still much higher rate on- still a much higher rate of return in the atmosphere of high yield savings accounts.” In the atmosphere.

Al: Okay. That’s one way to say it.

Joe: “Is this a good plan? Is having the money in an inflationary protected method good enough to outweigh a two day wait period on the cash?”

Al: For the $250? What do you think?

Joe: Oh God, Lee.

Al: I think- we think you’re overthinking it just a little bit. Me- me personally, I would just I would find a savings account that paid 2% or 3%. Call it good.

Joe: I’m gonna stagger my I bonds of $250 just a case of emergency- Oh yeah- way overthinking it for a couple of bucks here.

Al: Yeah, a couple bucks. Yeah. Yeah, just if you- if this work- I mean, there’s nothing wrong with this. It just seems like a lot of work for what little extra return you’re gonna get. But if this works for you, go for it. But yeah, for most people just you know, put it in a .01% interest rate. It doesn’t really matter. It’s for your emergency savings. It’s short-term funds. Short term money.

Joe: Yeah. And just go to the atmosphere of high yield savings accounts.

Al: With your $250. Let’s see, I wanna open a CD- 11 month CD. How much you got? $250. Okay.

Joe: Well, there’s an atmosphere of high yielding savings accounts out there. Yeah. What is- what is the savings account paying today? Like a- or a money market account? 3.5%, 4%?

Al: No, not that. It depends on the bank. Some banks I’ve seen as high as 3%. A CD for a year is paying over 4% right now. 4% or 4.5%.

Andi: According to bank rate, right now, you could be earning about 2.5% high yield savings account.

Joe: 2.5%.

Al: That sounds right. So that’s good.

Joe: Perfect.

Al: That’s good enough. And the thing is, with a high yield savings account, usually you got daily liquidity. So good enough.

Joe: Yeah. His strategy, he’s got two days. But he needs it a day early-

Al: -then he might get interest penalty.

Joe: Yeah. He might get hit with that interest penalty. I like your strategy, Lee. Keep doing what you’re doing.

Al: There’s nothing wrong with it.

Joe: There’s nothing wrong with it.

Al: It’s just- it doesn’t have to be that complicated. That’s all- that’s all we’re saying.

Joe: He- you must just love doing this stuff. He’s probably got a spreadsheet.

Al: Wonder how many $250 bonds he has.

Joe: Oh my God.

I would have clients back in the day that would bring in briefcases of these- of these bonds. And I’m like, I want nothing to do with this. You gotta look at the serial numbers. They’re like, yeah, I kept buying ’em and now what do I do with ’em? That’s Lee.

Al: He’s got a whole suitcase.

Joe: Oh, he’s got a suitcase, guaranteed. That’s it. We’re wrapped. Big Al’s headed to Fiji and I’ll hold down the fort while you’re gone

Al: Sounds good, see ya in a week.

Joe: Have a good time buddy. Alright, see you next week folks, the show is called Your Money, Your Wealth®.

Andi: We’ve got one of YMYW’s most brutal one-star reviews ever in the Derails, so stick around. Help new listeners find Your Money, Your Wealth® by leaving your honest reviews and ratings in Apple Podcasts, and any other podcast app that accepts them.

Your Money, Your Wealth® is presented by Pure Financial Advisors. Click the “Get An Assessment” button in the podcast show notes at YourMoneyYourWealth.com or call 888-994-6257 to schedule your free financial assessment, in person at one of our seven offices around the country or online, a time and date convenient for you, no matter where you are. Chances are, one of the experienced financial professionals at Pure will be able to identify strategies to help you create a more successful retirement.

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.

The Derails: One of YMYW’s Most Brutal One-Star Reviews Ever

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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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