Summertime Retirement Strategies

Joe and Al start off this first hour discussing some financial changes that will arise from the new national same-sex marriage law. Topics also discussed on today’s show include summertime retirement strategies, factoring taxes into your cash flow needs, smart real estate moves for retirement and what to do when there’s a market correction.

0:55 “Financial plans of the past are going to need to be revamped and re-looked at again because now it’s a whole different set of rules for same-sex couples”

4:34 “When you’re looking at maxing out 401(k) plans and looking at Roth IRA conversions, the sooner you do this the better off you are”

5:35 “We’ve seen people with $2 million burn out of money really quickly, where people who have $250,000 or $300,000 can have a very comfortable, enjoyable retirement depending on what their goals and mindsets are”

12:55 “If [your financial plan] is on paper, you’re much more apt to accomplish it”

16:58 “If you have a rental property, look at your net profits, divide that into your equity and that’s what’s called cash-on-cash; it can tell you how much it’s paying you”

21:52 “In general, most mortgage notes right now are pretty cheap”

26:43 “Over the next few years let’s push out your Social Security as long as you can, let’s start taking money from the overall non-retirement accounts and then do some huge Roth IRA conversions because your taxable income is going to be very, very low”

34:45 “This is the third longest time period in the last hundred years of not having a correction; a correction is defined as a 20% reduction in the market”