Your Money, Your Wealth
580 episodes - English - Latest episode: 14 days ago - ★★★★★ - 568 ratingsA "Top 10 Personal Finance Podcast" and a "Top 12 Retirement Podcast" (US News & World Report, 2023). One of the "10 Best Personal Finance YouTube Channels" (CardRates, 2023). “Best Retirement Podcast With Humor” (FIPhysician, 2020, 2021, 2022, 2023). Learn strategies that can help you retire successfully. Financial advisor Joe Anderson, CFP® and certified public accountant Big Al Clopine, CPA are making fun out of finance as they answer your money questions and spitball on your 401k, IRA, Roth conversions and backdoor Roth IRA, how to pay less taxes, asset allocation, stocks and bonds, real estate, and other investments, Social Security benefits, capital gains tax, 1031 exchange, early retirement, expenses and withdrawals, and more money and wealth management strategies. YMYW is retirement planning, investing, and tax reduction made fun, presented by Pure Financial Advisors - a fee-only fiduciary. Access free financial resources and episode transcripts, Ask Joe & Big Al On Air to get your Retirement Plan Spitball Analysis: http://YourMoneyYourWealth.com
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Episodes
Which Mortgage for Early Retirement? What is Private Credit? - 476
April 09, 2024 11:00 - 49 minutes - 71.7 MBWhat is private credit and where does it fit in your investment portfolio? At age 60, Hope is tired of working and she’s hoping to retire in 2-3 years. Should she factor home equity into her retirement spending plan with a reverse mortgage? Which mortgage option for a Houston dream home is best for Nisa in San Jose’s early retirement goals? That’s today on Your Money, Your Wealth® podcast number 476 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Wayne in Phoenix needs to know how the...
Is Your Retirement Withdrawal Rate Too High? - 475
April 02, 2024 11:00 - 51 minutes - 74.8 MBWill Duke and Daisy’s retirement spending plan work? If you’re a fan of hearing Joe Anderson, CFP® and Big Al Clopine, CPA debate, you’re in luck today on Your Money, Your Wealth® podcast 475, as they disagree on assumptions when it comes to retirement planning. The EASIretirement.com calculator says Chuck in South Carolina could convert even more to Roth, and the fellas spitball on the pros and cons. Plus, what should Chuck’s asset allocation be for his daughters, and how should Scott in Ka...
How to Take the Uncertainty of Taxes Off the Table - 474
March 26, 2024 11:00 - 54 minutes - 78.2 MBJimmy in Wisconsin will have a pension, Social Security, and a seven year retirement shortfall. How should he cover it? Skipper in Texas has some unusual pension options, which makes the most sense for his retirement needs? That’s today on Your Money, Your Wealth® podcast 474 with Joe Anderson, CFP® and Big Al Clopine, CPA. Should Mike and Carol in Virginia wait to do Roth conversions if they’ll be in a lower tax bracket in retirement? Where should Duncan in Texas invest in the 10 years befo...
Does Your Financial Advisor Just Want to Collect Fees? - 473
March 19, 2024 11:00 - 46 minutes - 67.6 MBWhy would a financial advisor suggest that Frank in Lake Wobegon sell a piece of inherited property, pay 25% tax, and invest the lump sum? Mark in Florida is 72 and invested in CDs. Should he go back to his financial advisor, or just buy more CDs? That’s today on Your Money, Your Wealth® podcast 473 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Adam in Tennessee will have deferred income in 5 years. Should his asset allocation be more conservative? And in order to retire early at ag...
Will Roth Conversions Put You On Track to Retire Early? - 472
March 12, 2024 11:00 - 50 minutes - 72.4 MBRob and his wife in North Carolina are 51 and 44 and would like to retire in the next 3-5 years. Are they on track, and what should they consider as far as Roth conversions are concerned once the tax brackets go back up, which they’re slated to do when that provision in the Tax Cuts and Jobs Act sunsets at the end of 2025? Is Mark in West Virginia on track to retire at 59 and a half, and do Joe and Big Al have any pointers on how he can find the love of his life? Mike and Gina in Rhode Islan...
How Much Should You Convert to Roth IRA? - 471
March 05, 2024 12:00 - 53 minutes - 77.2 MBBig Tex, Paul in Maryland, and Nick in Alabama all need to know how much money they should convert to Roth to pay as little tax as possible, today on Your Money, Your Wealth® podcast 471 with Joe Anderson, CFP® and Big Al Clopine, CPA. Johnny and June forgot to convert their backdoor Roth money - are they in trouble? Darren in Nevada has no plans at all to do Roth conversions, but surprisingly still listens to YMYW, and still wants a spitball on his retirement and real estate investment stra...
Spitballing Retirement for Fat Wallets - 470
February 27, 2024 12:00 - 48 minutes - 70.4 MBBarney and Betty in Maryland hit the jackpot. How’s Barney’s strategy for net unrealized appreciation, retirement withdrawals, and asset location for his $5 million employee stock ownership plan? Nick in the PNW will have $8 million when he retires early at 53. Should he contribute to his 401(k) or do the good ol’ mega backdoor Roth until then? Those are just a couple of the fat wallets Joe Anderson, CFP® and Big Al Clopine, CPA spitball on, today on Your Money, Your Wealth® podcast number 4...
401(k) Ins & Outs, Roth Conversion Benefits, and Divorce Finances - 469
February 20, 2024 12:00 - 50 minutes - 73 MBErik in MN is divorced, and the OC Birdman of South OC is getting divorced. Should Erik contribute to pre-tax retirement accounts or Roth? How should the Birdman and his soon-be-ex time the sale of their house and the filing of their taxes? That’s today on Your Money, Your Wealth® podcast 469 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Don has questions about the 401(k) rule of 55 and excess 529 plan college savings. Valerie in Portland wants to know what to do with her old 401(k)...
How Much to Save in Tax-Free, Tax-Deferred, and Taxable Accounts? - 468
February 13, 2024 12:00 - 45 minutes - 64.3 MBAre there general guidelines on what percentages of your investment portfolio should be in tax-free accounts like your Roth, tax-deferred accounts like your 401(k), and taxable accounts like your brokerage? Joe Anderson, CFP® and Big Al Clopine, CPA spitball on tax diversification today on Your Money, Your Wealth® podcast 468 for Brian in Naperville, IL. William in NH also wants to be tax-diversified. Is his Roth conversion strategy a mistake? Should he be converting much more to Roth? The f...
What Does Retirement Look Like for You? - 467
February 06, 2024 12:00 - 42 minutes - 61.2 MBWhat does retirement at age 60 look like for Allison in Northern Virginia? The EASIretirement.com calculator says Jimmy and Rosalynn in Georgia are on track to reach their retirement goals, even though they’re late starters - but are they being realistic? Ingrid used the free EASIretirement.com calculator too, but is she able to contribute more than her annual income to her 403(b) and her Roth? That’s today on Your Money, Your Wealth® podcast number 467 with Joe Anderson, CFP® and Big Al Clo...
Roth Conversions to Pay Less Tax on Retirement Withdrawals - 466
January 30, 2024 12:00 - 47 minutes - 68.3 MBShould Peter LemonJello, who has high income, and his wife, who is retired with zero income, file their taxes as married filing separately so they can start Roth conversions? What are the tax implications of Roth conversions for Randy in Chi-town, an early retiree in the 32% tax bracket? Caity with a C in SLC is self-employed and over the income max to contribute to a Roth, so now what? And Ben in Oceanside, CA wants to know what impact Roth conversions will have on required minimum distribu...
Personal Finance 101: How to Teach Teens About Money - 465
January 23, 2024 12:00 - 46 minutes - 66.8 MBHow and what should we teach teenagers about money, to make the next generation financially literate? That’s what CJ in Philadelphia and Teresa want to know, today on Your Money, Your Wealth® podcast 465 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Hap and Bee have a military pension and VA disability - Joe and Big Al spitball on when they’ll be able to retire, and what they need to do to get there. And they spitball on whether Grace in Seattle is on track to retire early at age 55...
Tax Strategies, Backdoor Roth, Buy vs. Rent - 464
January 16, 2024 12:00 - 55 minutes - 79.4 MBIt’s a voice message extravaganza as Joe and Big Al talk about tax gain harvesting on Dante in New York’s daughter’s custodial account, and the tax impacts of Leon in Chicago investing in his brokerage account. The fellas also spitball on whether Michelle in San Diego, en route to San Francisco, should buy or rent in her 60’s, the mega backdoor Roth and the pro rata rule for Sean and his cichlids in Winter Springs, Florida, and whether Jason in NOLA can do the backdoor after recharacterizing...
Retirement Investing, Roth Conversion Pros & Cons: YMYW Best of 2023 - 463
January 09, 2024 12:00 - 1 hour - 101 MBWe’re revisiting your favorite Your Money, Your Wealth topics and Derails of 2023 in this Roth and retirement investing mega-episode. Safe investing when you’re risk averse, mutual funds vs. ETFs, stable value funds, and estimating retirement income needs when you’re a young saver with a pension made the YMYW best of 2023 on the investing side. On the Roth side, what to do when there’s too much money in your traditional IRA, whether Roth conversions are really as good as they sound, and who’...
Can You Retire Early at Age 50 or 60? - 462
January 02, 2024 12:00 - 38 minutes - 54.5 MBCan Clark Kent’s dad in Hutchinson, Kansas retire at age 50? Will Devin in South Carolina be fat and happy or cutting calories if he retires at 59 and a half? Can Scott Magic in Idaho retire to a good and simple life at age 60? Gina and her wife are 52 and 58. Can they retire in four years, and how much should they be putting in their Roth accounts? Plus, Frenchie in Maine needs a spitball on a Roth conversion strategy with Canadian retirement funds, and Andi shares what she knows about targ...
Roth & Retirement Spitball, Insurance, and the Origins of YMYW - 461
December 26, 2023 12:00 - 40 minutes - 59.1 MBSpitballing on early retirement and Roth conversions to finish 2023. How can Jack and Diane (no, the other, other Jack and Diane, these are the ones in Rochester, MN) bridge the gap to retirement at age 61? Can Michael in San Diego do a Roth conversion without it impacting his taxes? Plus, what should "the Flintstones" do with their whole life insurance policies? What spitballs of wisdom do the fellas have for Michael, who is “benefit-less” in Kansas City, MO? Then, we wrap up the final epis...
How to Invest: Bonds, CDs, and Roth Conversions - 460
December 19, 2023 12:00 - 47 minutes - 68.3 MBJoe and Big Al spitball on investing in index funds, bonds, CDs, treasuries, annuities, net unrealized appreciation on company stock, and where to park cash right now. Plus, how do taxes, Roth conversions or the Mega Backdoor Roth, and donor advised funds factor into those investing strategies? Will and Debbie in Gettysburg are investing an inheritance, LJ in Philly and Jane want the fellas’ take on the pros and cons of various safe investments, Roger and Jessica in Cowtown Ft. Worth need fo...
Advisor Touts 8% Returns, But Says I Can Only Withdraw 4%?! - 459
December 12, 2023 12:00 - 51 minutes - 74.8 MBDo financial advisors have some secret blood handshake that they’ll all claim they can get you 8 percent returns, but then tell their clients they can only withdraw 4 percent in retirement? That’s Mark in Minnesota’s question today on YMYW. Plus, should Matthew in Seattle quit the DIY approach to his finances and hire a fee-based financial planner? What do Joe and Big Al think about Steven in Connecticut’s “opposite of sequence of returns risk” strategy for retirement withdrawals and “bonus...
Retirement Spending and Timing Your Mortgage Payoff - 458
December 05, 2023 12:00 - 49 minutes - 72 MBShould Brian in Binghamton, New York pay off his mortgage for a guaranteed 6% return? How bad did Steve in Pittsburgh screw up his retirement, and can he afford to buy a new house away from his a-hole neighbors? Can Susan and her husband in Cape Canaveral Florida retire in a year and a half and should they pay off their mortgage? And how can Edith and Archie in Kansas maximize Roth Conversions and factor paying off the mortgage into their retirement spending strategy? Plus, Steve and Marcia ...
How to Cut Your Taxes Before Year-End - 457
November 28, 2023 12:00 - 49 minutes - 71.7 MBLast-minute tax questions answered: should Brad in Wahoo, NE save to his regular 401(k) instead of his Roth 401(k) so he can claim the American Opportunity Tax Credit? Should Jennifer and Zeke in NY set up a Roth IRA and file taxes for their 13-year-old that’s got some earned income? Does Cindy in San Diego have to report her Medicare Advantage over-the-counter medication benefit on her taxes? And should our buddy Carl Spackler wait until the new year to deposit his rollover check? Plus, Em ...
How to Bridge the Gap to Retirement Income: Pension Spitball - 456
November 21, 2023 12:00 - 55 minutes - 79.6 MBPlanning to retire early? Joe and Big Al spitball on bridging the gap to your retirement income when there’s a pension in the mix, today on Your Money, Your Wealth® podcast 456. Manley and his wife are in their early 50s and have teacher’s pensions. Can they retire in 2 and a half, or even one and a half years? Can Bucky in the Midwest retire in 2024, and can Henry Karl Kittensburg III retire in about 3 years, with all the milk his heart desires? How should Paul in Houston choose his pension...
Can High Earners Fund a Roth IRA Without Paying More Tax? - 455
November 14, 2023 11:00 - 53 minutes - 77.4 MBSteve & Sharon in Minnesota are high earners - can they get more money into their Roth IRA without paying more tax? Should Fred in western New York do Roth conversions before required minimum distributions kick in? If Mike in Utah saves on healthcare premiums now, will that mean large RMDs and tax bills for him later? Should Mark in Maryland do a backdoor Roth after maxing out his 401(k)? And should Joseph in Kansas contribute to his new employer’s traditional or Roth 401(k)? Timestamps: ...
Is Our Retirement Savings Enough to Ever Retire? - 454
November 07, 2023 11:00 - 44 minutes - 64.9 MBWill Ron and Candy in Connecticut ever be able to retire, and are Bruce and Selina in Philly saving enough to retire? That’s today on Your Money, Your Wealth® podcast 454 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, are Pebbles and Bam Bam in Kentuckystone missing anything when it comes to using their brokerage account to pay Roth Conversion taxes? And Susan in San Diego is 55, spends about $36K a year, and has almost a million saved - can she retire yet? And finally, our buddy Wil...
No Retirement Advice or Recommendations, Just Spitballing - 453
October 31, 2023 11:00 - 41 minutes - 60.5 MBCan Jessie and Becky in Iowa retire now at age 52? Should Robert and his wife file their taxes separately, to pay less tax on their required minimum distributions? Can Joe and Al validate Mike in Minnesota’s retirement plan, and does a backdoor Roth make sense for him? How in the world will Mike in New York be able to retire at a reasonable age? And what will retirement income look like for Marty in San Diego? Just spitballs here, no retirement advice! Timestamps: 00:49 - Can We Retire No...
Why Would a Tax Advisor Discourage 529 Plan College Savings? - 452
October 24, 2023 11:00 - 40 minutes - 58.4 MBWhy does Becca in Florida’s advisor "poo-poo" her strategy for funding 529 plans for education? Keith, commenting on Spotify, wants to know about reimbursing yourself from a 529 plan for the scholarship amount used for education without penalty, and Wendy way up in New York wants to know if she should use retirement funds to pay for college and home renovations. Plus, what are the pros and cons of starting Roth conversions for Renee in Wisconsin, and is she on track for retirement? Will the ...
Mega Backdoor Roth Conversion 5-Year Rule and Bond Investing - 451
October 17, 2023 11:00 - 42 minutes - 62.3 MBShould Jim in New Jersey do the YMYW-infamous Megatron (the Mega Backdoor Roth IRA) or use his Roth 401(k) - and how can he keep bonds out of his Roth accounts? Joe and Big Al discuss the January first start date when it comes to the 5-year rule on Roth conversions for Nancy in Wisconsin, and they spitball on those Roth clocks for withdrawals and tax-efficient investments for Johnny Mercer in Savannah, GA, who also wants to know the pros and cons of bonds vs. bond funds vs. CDs. Plus, should...
Retirement Withdrawals: What's a Safe Distribution Rate? - 450
October 10, 2023 11:00 - 35 minutes - 51.7 MBHow much can you safely spend in retirement? Is the four percent rule outdated? Joe and Big Al spitball on a safe retirement distribution rate for those in the 55-60 age range for Clay in Ohio. They also spitball on withdrawal rates when there’s a pension in the mix for Jonny and June in the Bay Area of California, and for William in Maryland, who is concerned he might be exposing himself to sequence of returns risk by spending too much in early retirement. Plus, when does Dan have to take r...
What To Do With Your Employer-Sponsored Retirement Plan? - 449
October 03, 2023 11:00 - 44 minutes - 65.1 MBWhat should Martin do about his outrageously fee-heavy 403(b) plan? Should EF hedge his pre-tax non-qualified 415 excess plan? What should Max do with his old TIAA plan, and what are the pros and cons of a cash balance defined benefit plan for self-employed people like Brent Money? Plus, Mike needs Joe and Big Al’s spitball on the highly compensated employee rule and excess 401(k) contributions, and the fellas explain how employee stock purchase plans are taxed for Big Cheese Bob the Tomato....
Low Mortgage Interest Rate vs. Future Gains: Is Trading Up Worth It? - 448
September 26, 2023 11:00 - 46 minutes - 67.9 MBCoach Dobber and his wife in Edina, Minnesota have a low mortgage interest rate and a decent amount of home equity. Should they put that equity to work and take the risk on buying a higher value home at a reduced price, even if it means a much higher interest rate and higher monthly payments too? Plus, Joe and Big Al spitball for Adam, in the birthplace of aviation, on the taxation of passive rental income, and capital gains from his portfolio and the sale of his business, prior to his early...
Can You Shorten Your Working Years? - 447
September 19, 2023 11:00 - 40 minutes - 59.2 MBCan Sven and Olga in Minnesota shorten their working years? Should PJ in Michigan take his pension lump sum or the annuity payments, and should he maintain an aggressive asset allocation in retirement? Plus, the fellas spitball early retirement strategies for Joe in Massachusetts and Nick in California, and they discuss how to tell the difference between post-tax contributions and pre-tax funds converted to Roth at tax time for Victor. Timestamps: 00:45 - Can We Shorten Our Working Years...
DIY Early Retirement Planning - 446
September 12, 2023 11:00 - 36 minutes - 53.2 MBShould Jackson and Elsa from Wyoming fire their financial advisors and shop for lower fees, or switch to do-it-yourself financial planning? Can 34-year-old Bob in Texas retire early at 50, and what’s the best way for him to put an extra $30K to work? How much should 35-year-old Matthew in the middle of nowhere Wisconsin be saving for retirement in pre-tax accounts vs. post-tax accounts? And finally, should Michelle in Minnesota leave excess education savings in a 529 plan or move it to a Rot...
Market Timing, Pension, & Roth Conversion Retirement Spitball - 445
September 05, 2023 11:00 - 40 minutes - 59.1 MBHow will a diet COLA on a pension affect retirement plans for Joe and Barb in Tulsa? Percy in South Carolina has a pension too. He’s timing the market, but should he change his investing strategy as he approaches retirement? Plus, Michael in Virginia needs ideas to fund a custodial Roth IRA for his 3-year-old and 2-month-old kids, and Rocco in NYC catches Big Al on capital gains exclusions. But first, will scary future events mean Michelle in San Diego will have to pay more tax and the highe...
What Are the Rules for Taking Money From a Roth IRA? - 444
August 29, 2023 11:00 - 36 minutes - 50.3 MBCharles has had it with Joe and Big Al stumbling through the Roth 5-year rules, so he explains to Joe and Big Al, once and for all, the rules for withdrawing money from a Roth IRA. Plus, is Shane missing any retirement risks before he retires early at age 55? Nick wants to know if employers are required to adopt all of the provisions in the SECURE Act 2.0, or if they can pick and choose which to implement, like they can with the rule of 55? Plus, how can Stew offset huge capital gains on the...
Spitballing Retirement and Social Security for Worst Case Scenarios - 443
August 22, 2023 11:00 - 50 minutes - 73.2 MBHarsh realities of life can very quickly change your retirement plans and your entire financial future. In this episode, Joe and Big Al spitball on dealing with these realities. What financial strategies can they suggest for William and his 33-year-old wife, who has metastatic breast cancer? Debbie and Emily each experienced the unexpected sudden passing of their partners. Is it possible to minimize the capital gains tax on Debbie’s son’s inheritance, and can Emily retire in a year? Josie ha...
RSU, Mutual Funds, Bonds, and Annuities - 442
August 15, 2023 11:00 - 52 minutes - 74.9 MBWhat’s the best strategy for E-Dog’s restricted stock units with his employer, how are RSUs taxed, and how do Roth conversions fit into the mix? Plus, should Jay in Raleigh liquidate his annuities or follow “Stan the Annuity Man’s” advice and take the annual payments? Elisa wants to know how a mutual fund portfolio would work in retirement, and what’s a good way for listener Joe to invest in bonds in a taxable account to bring his portfolio back into proper balance? Finally, the fellas spitb...
Early Retirement Withdrawals & Capital Gains Tax Explained - 441
August 08, 2023 11:00 - 41 minutes - 58.4 MBDoes the math work for Chris’ early retirement plan? What’s a safe retirement withdrawal rate for Luke, who wants to be part of the financial independence / retire early or FIRE movement - and what does Joe have against FIRE? Plus, Jake is about to change jobs, can Joe and Big Al uncover any tax planning opportunities for him? The fellas also explain capital gains tax for our buddy Carl Spackler, and they spitball on those capital gains when it comes to selling a house for Olga and for LJ, a...
Are Roth Conversions Really As Good as They Sound? - 440
August 01, 2023 11:00 - 48 minutes - 70.7 MBChristine isn’t sure that Roth conversions are all they’re cracked up to be. Erick needs a retirement spitball analysis for his Roth conversions, annuities, and the real estate in his self-directed IRA, Billy the disgruntled attorney wants to know if he can retire now, and Zach wonders just how bad is it to rely on the lottery for retirement? But first, Joe and Big Al spitball military retirement strategies. Timestamps: 01:16 - I'm 22, Military. Should I Be Spending More Instead of Saving...
$7M Tax-Free or $10M Retirement? Backdoor Roth or Lower Fees? - 439
July 25, 2023 11:00 - 42 minutes - 61.5 MBShould Carl Spackler stick with his backdoor Roth strategy, or go for lower fees? Should Kevin go all Roth, or stick with his current three tax-diversified buckets strategy? (That depends - would he rather have $7 million tax-free, or $10 million in tax-deferred retirement accounts?) Can Lily claim all the extra allowances she can, to jam as much money as possible into her Roth? Can Dave retire now and ride his motorcycle into the Bavarian Alpine sunset, and does Peggy Lee need to be feveris...
When Will You Be Able to Retire? - 438
July 18, 2023 11:00 - 31 minutes - 46.7 MBSteven has got "one more year" syndrome. Can he retire at age 65? Today on Your Money, Your Wealth® podcast 438, Joe and Big Al spitball retirement for him, and for MB - can she and her husband live comfortably if she retires at age 59½? And for Johnny - does he have enough to fill the gap until retirement, and should his dad do Roth conversions before Johnny inherits his wealth? Is Austin maximizing his future gains by saving to his 401(k) at age 29, rather than his Roth IRA? But first, how...
Two Unspoken Assumptions About Collecting Social Security - 437
July 11, 2023 11:00 - 50 minutes - 73.4 MBYMYW listener Alan feels that there are two unspoken assumptions that many different podcasters make when it comes to claiming Social Security benefits. Joe and Big Al spitball on those assumptions, along with safe retirement withdrawal rates before and after Social Security and pension for Rick and Jen, and a thrift savings plan (TSP) and Social Security retirement strategy for Theresa. Plus, Mark and his wife are semi-retired at 51 and 44. Are they going to run out of money? Where should M...
Invest or Pay Off the Mortgage? - 436
July 04, 2023 11:00 - 50 minutes - 72.3 MBIt’s a common question: should you pay off your mortgage when you have extra cash, or invest for retirement? Joe and Big Al spitball on how Ms. Moneybags and her wife-to-be should use their upcoming windfall. Plus, what should Bob’s asset allocation be as he nears retirement? Should Harley and Harlene do Roth conversions after tax rates increase, and should they take advantage of net unrealized appreciation (NUA) on Harlene’s company stock? Pete needs a 13 year retirement plan sanity check, ...
How to Maximize Your Inheritance: IRA Options and RMDs - 435
June 27, 2023 11:00 - 46 minutes - 67.4 MBA little ditty about Jack and Diane, who will eventually inherit about $4.5M from Diane’s parents. How do they manage the required minimum distributions? Which of three options should Matt take with his inherited IRA? Making the most of your inheritance today on YMYW 435. Plus, Clay wants to know if it’s a good idea to take money off the table and rebalance to safer or more aggressive investments, depending on your risk tolerance? Can Elizabeth offset pre-tax IRA losses with the gains from t...
Ready to Retire? 5 Retirement Spitball Analyses - 434
June 20, 2023 11:00 - 47 minutes - 68.5 MBJoe and Big Al spitball five different retirement plans: is Jaybird on track to retire with a decent nest egg? Should Ted and his wife use the retirement smile spending pattern and spend more early in retirement? Is it safe for Aaron to retire at age 59 and a half? How much can Karla convert to Roth for the most tax-efficient retirement withdrawal plan? LEO Jay has Roth TSP retirement strategy questions, and Lynn suggests a super-easy Roth conversion calculator - but Big Al’s got an even eas...
Bonus Depreciation, Retirement Income, and Portfolio Diversification with Real Estate - 433
June 13, 2023 11:00 - 30 minutes - 45.1 MBHow does bonus accelerated depreciation work when it comes to commercial real estate? Is real estate a good source of retirement income, and can it take the place of safe assets like bonds in your investment portfolio? Plus, can investments be transferred in-kind from an inherited trust to a brokerage account? And what tips do the fellas have for ace-ing the CFP exam and launching a career as a financial advisor? Timestamps: 00:43 - Bonus Accelerated Depreciation on Commercial Real Estat...
Tax Jailbreak Early Retirement Strategy: Sense or Nonsense? - 432
June 06, 2023 11:00 - 34 minutes - 50.3 MBCan you retire early - 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 (RMDs)? Can Jackie contribute to a SEP IRA and convert it all to Roth? And what do ...
How to Calculate Your Retirement Needs in Future Dollars - 431
May 30, 2023 11:00 - 38 minutes - 56.9 MBHow much will money will you need in retirement, adjusted for inflation? Joe and Big Al spitball on your future dollars, how to calculate the tax on Roth conversions, and the benefits of converting to Roth when financial markets are down. Plus, should retirement savings contributions be half pre-tax and half post-tax? And finally, saving to a 529 plan for your kids, or sending them to Hollywood stunt training camp - which would you do!? Timestamps: 00:49 - How Much Will I Need to Retire ...
How to Consider Your Pension Options for Retirement - 430
May 23, 2023 11:00 - 42 minutes - 61.2 MBWhen should you take your pension, what types of things should you think about when it comes to deciding between a lump sum or a monthly annuity payment - risk protection, for example - and how do you work your pension into your overall retirement plan? Spitballing on retirement pension options, and saving to a taxable account when you’re concerned about required minimum distributions or RMDs, on today’s show. Timestamps: 00:42 - When to Collect My Pensions: Now, Early Retirement, or Age ...
HSA to Roth, RMD Investing, and Social Security Strategies - 429
May 16, 2023 11:00 - 33 minutes - 49.2 MBCan you convert your health savings account (HSA) to Roth, and do the five-year Roth withdrawal clocks apply? What should you do with money you’d been putting to your student loan debt if you’re part of the student loan forgiveness program? What’s the best way to invest your RMDs, or required minimum distributions? How does IRMAA, the income-related monthly adjustment amount for Medicare, apply to zero-coupon municipal bonds? And finally, strategies for collecting survivor Social Security be...
What to Do With Inheritance Money? - 428
May 09, 2023 11:00 - 47 minutes - 68.1 MBSo you’re about to receive a large inheritance - what should you do with it? Joe and Big Al spitball on suddenly becoming $85 million dollars richer. Plus, is it nuts to semi-retire early? Should retirement contributions be split between Roth and traditional accounts? Can you do conversions to your kids’ custodial Roth accounts? The fellas also spitball tax bracket-based Roth conversion strategies to help you pay the least amount of tax possible, long term, and they discuss required minimum ...
Trust Issues, Death & Taxes: Estate Plan Spitball - 427
May 02, 2023 11:00 - 48 minutes - 70.6 MBIf you knew exactly when you were gonna die, so many financial decisions would be simple. But generally, we don’t, so today Joe and Big Al spitball on death, taxes, and trust issues of the estate planning variety. Fair warning, it’s "the dark show" today on YMYW, as the fellas discuss cancer trust funds, making your trust the beneficiary on your retirement accounts, when and how to take Social Security benefits and pension options, Roth conversion strategies taking into account the 5-year ru...