Episodes
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When should Jack and Swan in Florida pay off their home, retire, and convert their savings to Roth for lifetime tax-free investment growth? Jennifer in Colorado wonders whether she should take taxes into account when calculating her expenses, and whether she should pay off her home to be debt-free in retirement? That’s today on Your Money, Your Wealth® podcast 503 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, should Kevin in Scottsdale collect Social Security in 2025, or postpone and do Roth conversions over the next two years? Should Skipper in Texas do Roth conversions to the top of the 24% tax bracket instead of the 22? And just how closely will Big Brother watch his state of residency if Skipper buys homes in Florida and another location for his retirement? Harry Tasker in Minnesota’s wife Helen says he needs to continue working. Is that a true lie? Harry asks Joe and Big Al to spitball on whether he and Helen can stay home during their go-go years. And can the Tomb Raiders afford to spend $120,000 a year in retirement? Access free financial resources and the episode transcript: https://bit.ly/ymyw-503
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Timestamps:
00:00 - Intro: This Week on the YMYW Podcast
01:16 - When to Pay Off the Home, Retire, and Do Roth Conversions? (Jack & Swan, FL - voice)
06:10 - Should We Include Taxes in Annual Expenses? (Jennifer, CO)
09:47 - Draw Social Security in 2025, or Postpone and Convert to Roth in 2025 and 2026? (Kevin, Scottsdale, AZ)
14:57 - Download the Social Security Handbook, Calculate Your Financial Blueprint
16:08 - Should We Pay Off the House to Be Debt Free in Retirement? (Jennifer, CO)
21:08 - State Tax Spitball: Should I Convert Even More to Roth? Does Big Brother Really Count the Days for State Residency? (Skipper, TX)
29:54 - Watch 6 Secrets to Bigger Tax Savings from Your Nonprofit Donations on YMYW TV, Download the Tax-Smart Charitable Giving Guide
30:39 - Can We Both Stay Home in the Go-Go Years? Wife Says I Have to Go Back to Work (Harry & Helen Tasker, MN)
43:40 - Can We Afford to Spend $120k/Year Inflation Adjusted in Retirement? (Tomb Raiders, Strawberry Plains, TN)
51:29 - Outro: Next Week on the YMYW Podcast
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Can Bauer in Illinois retire at age 57, and when should he collect Social Security? More importantly, can he afford a $300,000 motor home? Can Brad in Michigan coast for the next 10 years and still reach the promised land of retirement somewhere around age 53? Joe Anderson, CFP® and Big Al Clopine, CPA spitball early retirement, today on Your Money, Your Wealth® podcast 502. Plus, it seems weird to Elizabeth in Connecticut that nearly all of her $5M is in taxable accounts. Is that good or bad? N&N in San Francisco Bay Area have $10 million liquid. Should they make Roth contributions and Roth conversions now, or wait until they retire? Access free financial resources and the episode transcript: https://bit.ly/ymyw-502
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Timestamps:
00:00 - Intro: This Week on the YMYW Podcast
00:58 - Can I Retire at 57? When to Collect Social Security? Can I Afford a Motorhome? (Bauer & Laney, Mundelein, IL - voice)
07:47 - Can We Coast and Still Reach the Retirement Promised Land in Ten Years? (Brad, MI)
14:20 - Watch How to Avoid Wealth Busters on YMYW TV, download the Wealth Busters to Avoid Guide
15:00 - We've Got $10M Liquid: Roth Contributions & Conversions Now or Wait Until Retirement? (N&N, SF Bay area)
24:58 - Calculate Your Free Financial Blueprint
25:36 - Seems Weird That Our Money is in Taxable Accounts. Is That Good or Bad? (Elizabeth, CT)
31:57 - Outro: Next Week on the YMYW Podcast
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Missing episodes?
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Should Suzanne in Michigan do Roth conversions in 2025 and 2026 since she’s widowed and won’t be married filing jointly? How should she pay the tax on her conversions? Jennifer in Washington state is 55 and her husband is 70. Should she retire now and do aggressive Roth conversions before her husband passes? We’re talking about the widow’s tax, today on Your Money, Your Wealth® podcast number 501 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, answers to questions from our YouTube viewers: what’s a brokerage account? What’s a good way to pay required minimum distirbution taxes? How does the 10 year rule work on inherited IRAs? What are extended market index funds? The fellas also spitball on the 4% rule for retirement withdrawals. Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-501
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For 499 episodes of YMYW, Joe Anderson, CFP® and Big Al Clopine, CPA have been making fun of finance. On episode 500, we’re celebrating The Top Funniest Moments From the Your Money, Your Wealth® Podcast, Vol. 2. (Check out episode 300 from way back in November of 2020 for Vol. 1.) For this episode, Executive Producer Andi Last compiled some rare, never before seen, can’t-miss Derails, jokes, stories, screw-ups, and outtakes... from two talking heads sitting at a desk. We appreciate you following, watching, laughing, and commenting on YouTube or Spotify, but if you’re listening in Apple Podcasts or another podcast app you’ll laugh just as much. Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-500
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00:00 - Intro
00:51 - How to Ask Joe and Big Al On Air
01:20 - More Funnier
03:06 - Making Fun of Finance
08:06 - Don't Change a Thing
09:13 - Spitballing, Not Advice
09:41 - Watch Recipe for Retirement on YMYW TV
10:32 - Story Time: Al's Mid-life Crisis, Al's VW Rabbit, Joe's Travel Experiences, Hans' Paintings, Joe the Player, Joe the Dancer, Color Me Badd, Ricky Runs Fast, You're a 1099, FIRE, Retirement Planning Dinners, Movie Talk, RVO, Joe vs. the Holidays, Ice Skating
35:10 - Joe and Big Al... Are Human
39:56 - Calculate Your Financial Blueprint, Schedule a Free Financial Assessment
41:22 - More Joe and Big Al... Are Human
46:32 - Outro
47:05 - The YMYW Family
48:24 - The Biggest Derail Ever -
Are real estate investment trust (REIT) ETFs a good way for Leon to begin investing in real estate? Can AI Seth stay retired at age 52, and should he do Roth conversions? Jenn in Ohio wants the fellas to be brutally honest about whether she should move with work, take a break, or retire now. And "George and Weezy" are in their mid-50s - can they "move on up" to a deluxe retirement lifestyle in 2026, or even earlier? That’s all today on Your Money, Your Wealth® podcast 499 with Joe Anderson, CFP® and Big Al Clopine, CPA. Access free financial resources and the episode transcript: https://bit.ly/ymyw-499
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LISTEN | Top Funniest Moments From the YMYW Podcast (Vol. 1) - ep. 300
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00:00 - Intro: This Week on the YMYW Podcast
00:47 - Are REIT ETFs a Good Way to Get Into Real Estate Investing? (Leon, Chicago - voice)
09:15 - Watch Steps to Financial Success: Grow Your Wealth at Any Age on YMYW TV, Download the Guide to Growing Your Wealth
09:49 - Can AI Seth Stay Retired at Age 52? Should He Do Roth Conversions? (Montana, voice)
16:41 - Move With Work, Take a Break, or Retire Now? Be Brutally Honest (Jenn, OH)
21:23 - Calculate Your Financial Blueprint, Schedule a Financial Assessment - both free!
22:02 - Deferred Comp: Can “George and Weezy” Retire in 2026 or Earlier? (IL)
33:18 - Outro: Next Week on the YMYW Podcast
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Hawkeye and Elle are age 61 and in the 32% tax bracket. How should they get money into their Roth accounts for tax-free retirement income? Clark and Ellen are 69 and 68, expenses will pretty much be covered by their fixed income, but they’d like to leave Roth money to their kids. Should they keep converting to Roth, or use required minimum distributions for their living expenses? Tom and his wife are 73, and fixed income will cover their retirement spending too. Is it advantageous to them to make three huge Roth conversions beyond their marginal tax bracket to reduce future RMDs? Should they keep things simple by leaving their money in an S&P 500 Index Fund? That’s today on Your Money, Your Wealth® podcast 498 with Joe Anderson, CFP® and Big Al Clopine, CPA. Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-498
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LISTEN | Top Funniest Moments From the YMYW Podcast (Vol. 1) - ep. 300
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00:00 - Intro: This Week on the YMYW Podcast
01:05 - Tax-Free Roth Strategy When in the 32% Tax Bracket? (Hawkeye & Elle Woods, Atlanta)
12:28 - Limited Time Special Offer: Download the DIY Retirement Guide before the Special Offer changes on Friday, Oct 11
13:31 - Spitball on Roth Conversions vs. RMDs, And Should We Buy More Bonds? (Clark & Ellen Griswold, State College, PA)
27:16 - Calculate a Free Financial Blueprint, Learn About Pure's Financial Assessment
28:36 - Should We Do 3 Huge Roth Conversions to Reduce Future RMDs? (Tom, Las Vegas)
37:59 - Outro: Next Week on the YMYW Podcast -
Should David in Ohio use 457 funds to do an in-plan Roth conversion in his 403(b) plan, and should he hire a financial advisor? Chris in DC needs a retirement and Roth conversion spitball analysis, and he needs help getting out of a variable annuity. Kim is anxious that she made a mess of her finances and she wonders how much she should convert to Roth, today on Your Money, Your Wealth® podcast number 497 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, what’s the best way for Alissa in Cedar Rapids, Iowa to make tax-efficient withdrawals from an inherited IRA? Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-497
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Timestamps:
00:00 - Intro: This week on YMYW
00:50 - In-Plan Roth Conversions From 457 to 403(b): Do I Need a Financial Advisor? (David, OH)
10:54 - Get a Free Financial Blueprint, Learn About Pure's Financial Assessment
12:13 - Retirement and Roth Conversion Spitball + How to Get Out of Variable Annuity (Chris, DC)
20:05 - Anxious I Made a Mess of My Finances. How Much Should I Convert to Roth? (Kim)
28:13 - Watch Retirement Rebound: 4 Plays to Score a Comeback on YMYW TV, Download the Retirement Income Strategies Guide
29:08 - Inherited Assets: Best Strategy for Tax-Efficient Retirement Withdrawals? (Alissa, Cedar Rapids, IA)
42:10 - Outro
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How much should you save in pre-tax accounts vs. post-tax accounts? Joe Anderson, CFP® and Big Al Clopine, CPA spitball on the "age plus 20" rule for retirement savings, Roth 401(k) contributions and distributions, and a Social Security claiming strategy for Ralph and Marie in Wilmington, Delaware. Shawn wonders if YMYW listeners are ignoring the WEP and GPO when it comes to Social Security, that is, the Windfall Elimination Provision and the Government Pension Offset. Plus, can Jake and Amy in Iowa retire in 5 years, or do they need to work beyond age 60? Should Edwin stop making Roth contributions and start doing Roth conversions instead? And finally, how can Jeff in North Dakota’s son qualify for the American Opportunity Tax Credit? Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-496
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Timestamps:
00:00 - Intro
01:09 - Roth 401(k) Contributions and Distributions, Age Plus 20 Rule, and Social Security Claiming Strategy (Ralph and Marie, Wilmington, DE)
12:35 - Download the Social Security Handbook, Download the Medicare Check-Up Guide, Watch Medicare Check-Up: How to Keep Your Retirement Plan Off Life Support on YMYW TV, Register for the Medicare Basics webinar Wed. Sept 25, 12P/3E
13:37 - Are Listeners Ignoring Government Pension Offset and Windfall Elimination Provision for Social Security? (Shawn)
17:30 - Can We Retire in 5 Years Or Do We Need to Work After Age 60? (Jake & Amy, Iowa)
26.36 - Financial Blueprint - get your complementary retirement analysis
27:45 - Should I Stop Roth Contributions and Do Roth Conversions instead? (Edwin)
31:24 - American Opportunity Tax Credit for College Age Son (Jeff, ND)
35:58 - Outro
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Today on Your Money, Your Wealth® podcast 495, Joe Anderson, CFP® and Big Al Clopine CPA spitball on three different listeners’ strategies for paying the tax on a Roth conversion now, to have lifetime tax-free growth on that money in the future. Should Neo in San Clemente, California convert to Roth at the beginning or end of the year in his plan to make quarterly estimated tax payments on his conversion? Is it a good strategy for Tim in Minnesota to use reimbursements from his health savings account to pay Roth conversion taxes? And what do Joe and Big Al think of Samantha in Northern California’s plan to convert to Roth and pay the tax with her IRA money? Plus, the fellas answer questions from our YouTube and Spotify followers on required minimum distributions from Roth accounts, reasons to put retirement withdrawals in a brokerage account instead of a Roth, choosing pension options, and the difference between commercial annuities and pension annuities. Plus, their thoughts on single premium immediate annuities (SPIA). Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-495
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DOWNLOAD: Complete Roth Papers Package
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WATCH: What Happens to Your 401(k) & IRA at Retirement? YMYW TV
REQUEST: Retirement Spitball Analysis
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Timestamps:
00:00 - Intro
01:02 - Timing of Roth Conversions - and Paying Quarterly Estimated Taxes (Neo, San Clemente)
06:37 - Is Using HSA Reimbursement to Pay Roth Conversion Taxes a Good Strategy? (Tim, MN)
08:44 - Complete Roth Papers Package - free download. Financial Blueprint - free retirement analysis
09:39 - How Is Our Plan to Convert to Roth and Pay the Tax With IRA Money? (Samantha, Northern California)
19:15 - What Happens to Your 401(k) & IRA at Retirement? Watch YMYW TV, download the Retirement Readiness Guide
20:01 - RMDs for Roth Accounts: Clarification for Solo 401k (Andy, YouTube)
21:43 - Joe and Al walk into a bar… (Tony, YouTube)
22:44 - Any Reason to Put Withdrawals in Brokerage Instead of Roth? (Globe Trotter, YouTube)
23:35 - How to Decide Between Pension Options? (Frank, YouTube)
25:40 - Is a Pension Annuity a Bad Thing? (Invictus, YouTube)
26:47 - Are SPIAs the Best Annuity for Lifetime Income? (1212482970, Spotify)
29:23 - Outro
30:58 - The Derails
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TJ in Louisiana has been sitting on the sidelines, but now it’s time to get into the market. Should he dollar cost average, or just go all in? Margaret in California has an idea of selling a stock at a loss and buying a put option on that stock that expires after the 30-day waiting period. Does this work as a tax loss harvesting strategy? When is it worth it for Brian in Charlotte, North Carolina to diversify beyond a basic three-fund portfolio? Should Christine in San Diego convert her variable annuity to a fixed indexed annuity? That’s all today on Your Money, Your Wealth® podcast 494 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, how should Dean in Columbus, Georgia invest inherited retirement money? Are Jen and John on track for retirement, and how should they fund their home remodel? Are there any negative consequences for Steve in Pennsylvania if he finds a new financial advisor just a few months after hiring his current advisor? The fellas also talk through how Chris can give money to charity from his required minimum distributions. And finally, Terry calls in with a follow-up question about whether a solo 401(k) is an option to avoid unrelated business income tax (UBIT). Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-494
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WATCH YMYW TV: How Your Home Can Create Retirement Income
READ THE BLOG: Factor Investing: What Is It? Should You Be Doing It?
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REQUEST: Retirement Spitball Analysis
DOWNLOAD: more free guides
READ: financial blogs
WATCH: educational videos
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Timestamps:
00:00 - Intro
01:13 - I Want to Get Into the Market. Dollar Cost Average or Go All In? (TJ, Louisiana)
07:08 - Does This Tax Loss Harvesting Strategy Work? (Margaret, CA)
07:45 - When Is It Worth Diversifying Beyond a Basic Three Fund Portfolio? (Brian, Charlotte, NC)
13:33 - Factor Investing: What Is It? Should You Be Doing It? - Read the blog, Download the Investing Basics Guide and 10 Steps to Improve Investing Success
14:00 - Should I Convert a Variable Annuity to Fixed Index Annuity? (Christine, San Diego)
18:21 - How to Invest Inherited Retirement Funds and Where to Save Extra Money? (Dean, Columbus, GA)
21:50 - How Should We Fund Our Home Remodel? Are We On Track for Retirement? (Jen and John, California)
29:43 - How Your Home Can Create Retirement Income: Watch YMYW TV, Download the Retirement Readiness Guide
30:15 - Solo 401(k) to Avoid Unrelated Business Income Tax (UBIT)? (Terry - voice)
32:31 - Switching to a Fee Only Advisor: Any Negative Consequences? (Steve, PA)
37:19 - Intelligent Charitable Giving Through Qualified Charitable Distributions (Chris)
41:05 - Outro
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Can "Alanis" retire early at age 60? With "Barney and Betty’s" spending patterns, can they retire ASAP? "Daisy and Donald" need retirement income for 40 years. Can they retire now? That’s today on Your Money, Your Wealth® podcast 493 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, we review the results of the 7th Annual YMYW Podcast Survey (congratulations to jemart for winning the Amazon e-gift card!) and Joe and Big Al take on some critical YouTube comments from Keith, following their interview with Ed Slott, CPA.
Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-493
WATCH: Retirement Pop Quiz on YMYW TV
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REQUEST: Retirement Spitball Analysis
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Timestamps:
00:00 - Intro
00:57 - Are My Estimates Solid for Early Retirement at Age 60? ("Alanis", WA)
10:39 - Watch Retirement Pop Quiz on YMYW TV and Download the Retirement Readiness Guide
11:20 - How Much Money Do We Need to Retire ASAP? ("Barney and Betty", NE New Jersey)
24:36 - Can We Retire Now? ("Daisy Duck", Emerald City)
30:48 - Subscribe to the YMYW YouTube Channel
31:15 - 7th Annual YMYW Podcast Survey Results
38:54 - Comment: Keith Doesn't Like Ed Slott or Roth Conversions
47:45 - Outro
48:58 - The Derails
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What is an exchange fund and is it a good thing if you have a lot of capital gains like Bryan in New York? That's today on Your Money, Your Wealth® podcast 492 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, what should be the timing and ordering of Billy Joe and Bobby Sue’s Roth conversion strategy to help them achieve 33 years of retirement income? Is Boston overspending or underspending in retirement? Should Andy keep life insurance policies for her kids with ADHD? How does the 5-year rule for Roth withdrawals apply to inherited Roth IRAs for Karen? Visit the show notes for the YMYW Podcast Survey and secret password (only for the next three days!), plus access the free financial resources listed below, and the episode transcript: https://bit.ly/ymyw-492
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FREE DOWNLOAD: Social Security Handbook
WATCH YMYW TV: Social Security Basics You Need to Know: Common Social Security Questions Answered
REQUEST: Retirement Spitball Analysis
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DOWNLOAD: more free guides
READ: financial blogs
WATCH: educational videos
SUBSCRIBE: YMYW Newsletter
YMYW Podcast Survey: Visit the show notes to access the survey and secret password
Timestamps:
00:00 - Intro
00:37 - Roth Conversion Timing, Order, and 33 Years of Income? (Billy Joe & Bobby Sue, Indiana)
12:32 - Watch Social Security Basics You Need to Know: Common Social Security Questions Answered on YMYW TV, Download the Social Security Handbook
13:17 - I Have $1.2M Capital Gains. Pros and Cons of an Exchange Fund? (Bryan, NY)
23:28 - Download 10 Steps to Improve Investing Success, last chance to complete the 7th Annual YMYW Podcast Survey for your chance at a $100 Amazon e-gift card! (type in ymyw)
24:15 - We’ll Have $7M. Are We Underspending or Overspending in Retirement? (Boston)
35:13 - Should We Keep Life Insurance Policies for Adult Kids with ADHD? (Andrea, Seattle)
41:50 - How Does the 5-Year Rule for Roth Withdrawals Apply to Inherited Roth IRAs? (Karen, TX)
45:15 - Outro
46:22 - The Derails
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What do Joe Anderson, CFP® and Big Al Clopine, CPA think about alternative investments? Andrew in Ohio wants to know. Are real estate syndication deals for real, and a YMYW listener just chose poorly? And Stewart in Serra Mesa is curious whether Joe has changed his position on annuities lately, as rates have “normalized” in the past couple of years? That’s today on Your Money, Your Wealth® podcast number 491. Plus, when should Steve in Las Vegas’ friend quit her casino job and collect Social Security and child benefits? And how is D in the Midwest’s plan for creating income in retirement? Visit the show notes to access the YMYW Podcast Survey and secret password, free financial resources, and episode transcript: https://bit.ly/ymyw-491
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FREE DOWNLOAD: Investing Basics Guide
READ THE BLOG: Benefits of Systematic Rebalancing
REQUEST: Retirement Spitball Analysis
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READ: financial blogs
WATCH: educational videos
SUBSCRIBE: YMYW Newsletter
YMYW Podcast Survey: Visit the show notes to access the survey and secret password
Timestamps:
00:00 - Intro
00:457 - Real Estate Syndication Deals: Did We Just Make Bad Decisions? (Anonymous)
07:57 - Thoughts on Alternative Investments? (Andrew, OH)
12:54 - Read The Benefits of Systematic Portfolio Rebalancing and Download the Investing Basics Guide
13:31 - Has Joe Modified His Position on Annuities Lately? (Stewart, Serra Mesa, CA)
24:42 - Principal Protected Investing Options for Structured Settlement for a Minor: Annuity? (Speedy Gonzalez, Western NY)
29:52 - 7th Annual YMYW Podcast Survey: your chance at a $100 Amazon e-gift card!
30:35 - When to Stop Work and Claim Social Security and Child Benefits? (Steve, Las Vegas - voice)
34:58 - How’s Our Plan for Retirement Income? (D, Midwest)
44:40 - Outro
45:53 - The Derails
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Can Claire and her husband retire early at age 60? Today on Your Money, Your Wealth® podcast number 490, Joe Anderson, CFP® and Big Al Clopine, CPA spitball for them and explain how to calculate how much you’ll need in retirement. Plus, should Jeff invest his pension money more aggressively, and should he save to his thrift savings plan or his Roth? Should Paula save to her brokerage account or her 401(k)? When and how much should Ken and Fume Guzzler each convert to Roth? The IRS charged Lex late fees for not paying estimated taxes throughout the year on her Roth conversion - find out how to avoid that yourself. Finally, how can Ken get out of an annuity? And is it harmful for Sarah to advise co-workers with little financial experience?
Visit the show notes to access the YMYW Podcast Survey and secret password, all of the following free financial resources, and the episode transcript: https://bit.ly/ymyw-490
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WATCH: Is There a Formula For Retirement? - YMYW TV
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READ: financial blogs
WATCH: educational videos
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YMYW Podcast Survey: Visit the show notes to access the survey and secret password
Timestamps:
00:00 - 7th Annual YMYW Podcast Survey: your chance at a $100 Amazon e-gift card!
00:46 - Show Intro
01:36 - Retirement Spitball: Do You Agree We Can Both Retire at Age 60? (Claire, OR)
10:03 - Retirement Spitball: More Aggressive With Pension? TSP Instead of Roth? (Jeff, South Carolina)
15:09 - Retirement Spitball: TSP + Rollover IRA = $3M. Convert to Roth? (Fume Guzzler, NYC)
20:33 - Is There a Formula for Retirement? Watch YMYW TV, Download the Retirement Readiness Guide
21:42 - Is It Harmful to Give Advice to Coworkers With Little Financial Experience? (Sarah, Phoenix, AZ)
26:17 - How to Get Out of an Annuity (Ken - voice)
29:03 - Tax-Efficient Retirement Distributions: How’s Our Roth Conversion Strategy? (Ken, Southern California - voice)
33:49 - How to Request a Retirement Spitball Analysis
34:40 - IRS is Charging Me Late Fees for Not Paying Estimated Taxes on Roth Conversion! (Lex Martin, Maryland)
38:43 - Should I Save to the Left Pocket (Brokerage) Instead of the Right (401(k)? (Paula, TX)
46:26 - Show Outro
48:02 - The Derails
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The single biggest retirement planning mistake to avoid, the problem with tax professionals, and answers to some of the most frequently asked retirement questions we get on YMYW: should you name a trust as beneficiary on your retirement accounts? What’s the break-even point on a Roth conversion? What if you don’t have the money to pay the tax when you convert to Roth? Plus, find out the eye-opening amount of money good tax planning can save you! Someone has to be very knowledgeable, entertaining, and special to make it as a guest on YMYW these days, and today on Your Money, Your Wealth® podcast 489, “the IRA guru” Ed Slott, CPA from IRAHelp.com joins Joe Anderson, CFP® and Big Al Clopine, CPA to discuss all of these topics, along with changes to stretch IRAs and required minimum distributions from the SECURE Act and SECURE 2.0 Act. Free financial resources and transcript: https://bit.ly/ymyw-489
50 people will receive a free copy of Ed Slott’s new book, The Retirement Savings Time Bomb Ticks Louder, just for having a free financial assessment with Pure Financial Advisors. (10 of those 50 will be randomly selected to receive a copy of the book, signed by Ed Slott!) Schedule your assessment ASAP!
WATCH the video of this interview! https://youtu.be/bgY2ky8XtS0
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Final Regulations for Required Minimum Distributions
Timestamps:
00:00 - Introducing Ed Slott, CPA from IRAHelp.com
01:28 - SECURE Act: Clarity on RMD Rules?
04:31 - How Golf and Football Are Like Retirement
06:25 - The Biggest Retirement Planning Mistake
09:37 - The Value of Ed Slott's Books
14:14 - The Problem With Tax Professionals: Short-Term Tax Planning
17:36 - "I Love Roths Because I Love Tax-Free"
20:50 - What's the Break-Even Point on a Roth Conversion?
21:45 - Can We Trust That Roth IRAs Will Always Be Tax-Free?
24:11 - Your Chance at a $100 Amazon e-Gift Card: Complete the YMYW Podcast Survey
25:04 - SECURE 2.0 Act: Stretch IRA Changes
27:03 - Naming a Trust as Beneficiary of Your Retirement Account: Good Idea?
32:13 - Unnecessary and Excessive Taxes: Why Ed Slott Became the IRA Expert
38:22 - How Much Money Can You Save in Taxes With Good Tax Planning?
43:16 - What About People Who Don't Have the Money to Pay the Tax on a Roth Conversion?
43:50 - Ed Slott's PBS Specials on Retirement
46:28 - How to Get a Free Copy of the Latest Ed Slott Book, The Retirement Savings Time-Bomb Ticks Louder
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Is timing the market when you withdraw money from your retirement accounts or do Roth conversions an effective strategy to minimize tax and maximize returns for YMYW listener Robert? That’s today on Your Money, Your Wealth® podcast 488 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, should Doug change his 60/40 asset allocation, and should he start a solo 401(k)? Jefe plans to withdraw from his retirement accounts beyond the top of the 24% tax bracket for the first few years of retirement. Is there any reason to put it in a brokerage account rather than converting it to Roth? The fellas also spitball on Roth conversion methods and strategies for Srinivas, Todd, and Debbie, and JZ in California, and they spitball on JZ in New York’s “bucketing” strategy for early retirement withdrawals. Free financial resources and transcript: https://bit.ly/ymyw-488
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Timestamps:
00:00 - Intro
01:42 - Is This the Correct Way to Convert to Roth and Avoid IRS Penalty? (Srinivas, Chicago)
06:51 - Deposit Withdrawals Above Our Tax Bracket in Taxable Account or Do Roth Conversions? (Jefe, TX)
10:12 - Should I Change My Asset Allocation? Should I Start a Solo 401(k)? (Doug, Cave Creek, AZ)
16:22 - Should I Convert $1M IRA to Roth Up to 22% Tax Bracket? (Todd, Flagstaff, AZ)
19:39 - Market Timing Retirement Withdrawals and Roth Conversions (Robert, Southern Maine)
25:28 - My Son Says I Should Do Roth Conversions. Is He Right? (Debbie, Rural Wisconsin)
32:39 - Spitball on Our “Bucketing” Strategy for Early Retirement Withdrawals (JZ, upstate NY)
39:50 - Roll IRA to 401(k) for Backdoor Roth With No Additional Tax? (JZ, California)
43:04 - Hawk Tuah Spitball
45:39 - The Derails
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Should Terry and his siblings take out a whole life insurance policy on their parents before they inherit their folks’ $10 million worth of farm land? Is Terry on track for retirement? That’s today on Your Money, Your Wealth® podcast 487 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, should Fred and Wilma use their 401(k) money for living expenses to bridge the gap until they collect Social Security benefits? Should Glen claim his Social Security at age 65 and use it to fully fund his wife’s Roth IRA? When should Bill take his Social Security and should he do Roth conversions? Finally, should Maya include home equity in her retirement savings? Should Jack pay off his mortgage or stash his cash in a brokerage account and refinance his house later? Free financial resources and transcript: https://bit.ly/ymyw-487
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Timestamps:
00:00 - Intro
00:50 - Should I Claim Social Security at 65 to Fully Fund My Wife’s Roth IRA? (Glen, Pittsburgh, PA)
04:18 - Should We Use 401(k) to Bridge the Gap Until Social Security? (Fred & Wilma Flintstone, CA)
09:06 - When Should We Take Social Security and Thoughts on Roth Conversions? (Bill, Shippensburg, PA)
15:45 - Should Siblings Take Out Insurance on Parents Before Inheriting $10M? Are We on Track for Retirement? (Terry, IA)
34:14 - Pay Off the Mortgage or Stash Cash in Brokerage and Refinance Later? (Jack, WA)
42:54 - Should I Include Home Equity in Retirement Savings? (Maya, Seattle)
46:02 - The Derails
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How is Kimberly’s strategy for reducing her retirement taxes by doing Roth conversions and qualified charitable distributions? Is Patrick’s tax loss harvesting transaction a wash sale? At what marginal tax rate should Brian stop making Roth 401(k) contributions? Joe Anderson, CFP® and Big Al Clopine, CPA are back this week on Your Money, Your Wealth® podcast 486 to answer these questions and to spitball on the importance of international stock in John in Seattle’s diversified investment portfolio, David and Terri’s Roth conversion and I bond strategy, Blake’s severance package, and the impact of a new home purchase on John in DC's retirement spending. Free financial resources and transcript: https://bit.ly/ymyw-486
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Timestamps:
00:00 - Intro
00:57 - Should We Do Roth Conversions to Top of the 24% Bracket to Minimize $240K I-Bond Profits? (David & Terri, Southern California, voice)
07:32 - Roth Conversion & Qualified Charitable Distribution Strategy Spitball (Kimberly, IA)
13:12 - Should I Take the Severance Package Now at 59 and a Half or Work Until Age 63? (Blake)
18:00 - Is My Tax Loss Harvesting Transaction a Wash Sale? (Patrick, Vancouver, WA)
24:42 - How Important is International Stock in a Diversified Portfolio? (John, Seattle, WA)
30:40 - At What Marginal Tax Rate Should Roth 401(k) Contributions Stop? (Brian, NC)
33:58 - What Impact Will Our New Home Have on Our Retirement Spending? (John in the DC)
42:32 - The Derails
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He's 56, she's 32. How does this 24-year age difference impact retirement plans for "Bonnie and Clyde", and what strategies should they implement now for the most tax-efficient retirement possible in the future? While Joe Anderson, CFP® and Big Al Clopine, CPA are on vacation, Your Money, Your Wealth® podcast producer Andi Last enlists the help of Pure Financial Advisors' Managing Director Jake Greenberg, CFP®, ChFC® for a video case study (complete with visual aids!) on YMYW Extra number 6. Into which types of accounts should Bonnie and Clyde save for retirement? How much of their savings should they convert to Roth and when? Free financial resources and transcript: https://bit.ly/ymywe-6
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01:19 - Bonnie & Clyde's Financial Situation
06:56 - Health Savings Accounts Explained
08:16 - Real Estate Plans
09:42 - Contribute to Brokerage Account or Roth 401(k)?
11:01 - Bonnie & Clyde's Pre-Financial Assessment: A Video Case Study
23:28 - Tax Diversification Visualized
30:02 - Roth Conversions: When and How Much? Current and Future Tax Brackets Visualized
35:53 - Age Difference and Retirement Date Differences
27:15 - Bonnie and Clyde's Cars, Drinks and Pets
39:57 - Final Thoughts -
Will their $5 million nest egg get them to ages 85 and 100? Pa and GiDi are 65 and 60 and retiring now. As they consider moving to the no-income-tax state of Nevada in retirement, they have some decisions to make: should Pa take Social Security before age 70? How should they bridge the gap until Social Security? And most importantly, how can they minimize their taxes in retirement? Should they wait to do Roth conversions until after the move? That’s on this bonus episode of Your Money, Your Wealth®, aka YMYW Extra. While Joe Anderson, CFP® and Big Al Clopine, CPA are on vacation, YMYW producer Andi Last enlists the help of senior financial advisor Kyle Stacey, CFP® from Pure Financial Advisors in San Diego, California. Free financial resources and transcript: https://bit.ly/ymywe-5
DIY Retirement Guide - Limited time Special Offer! Download by Friday, July 5, 2024:
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It's a two-fer! Watch the video spitball for Pa and GiDi from Nick Rose, CFP® from the Pure Financial Advisors office in Woodland Hills, California: https://youtu.be/N-hsXonqgMM
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Timestamps:
00:00 - DIY Retirement Guide Limited-Time Special Offer
01:05 - Intro
02:31 - Pa & GiDi's Cars, Drinks & Finances
07:51 - High-Level Thoughts and Retirement Assumptions
11:26 - Roth Conversions to the Top of the 24% Tax Bracket
12:45 - Claiming Social Security and Portfolio Diversification
13:43 - Other Suggestions - Show more
