Эпизоды
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John in Pennsylvania doesn’t have bonds in his investment portfolio. Should he add them, and if so, where? That’s today on Your Money, Your Wealth® podcast number 508 with Joe Anderson, CFP® and Big Al Clopine, CPA. The fellas also spitball on retirement plans for James in Tierrasanta, California, who has $4 million plus annuities, Esther in the San Francisco Bay Area, who has nearly $12M net worth, and Tiger and Lioness, who wonder about a safe level of lifestyle creep. Also, Charlie in Castlerock, Colorado has an “exciting” new question on how to balance collecting Social Security with making withdrawals from his pre-tax retirement account for living expenses. And a Worrywart Mom in Seattle asks whether her 27-year-old daughter should focus on paying off her student loans or saving for the future.
Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-508
DOWNLOAD the Retirement Income Strategies Guide
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DOWNLOAD the Retirement Readiness Guide
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Timestamps:
00:00 - Intro: This Week on the YMYW Podcast
00:58 - Where Should We Add Bonds in Our Investment Portfolio? (John, PA)
06:58 - Does Our Retirement Spending Plan Work? What's a Safe Level of Lifestyle Creep? (Tiger & Lioness)
13:39 - Download the Retirement Income Strategies Guide for free
14:24 - Collecting Social Security vs. Living Off of Pre-Tax Retirement Withdrawals (Charlie, Castlerock, CO)
21:52 - Download the Social Security Handbook for free
22:27 - Should 27 Year Old Pay Off Student Loan or Save for the Future? (Worrywart Mom, Seattle, WA)
27:01 - I Have $11.8M Net Worth and Want to Retire in 2 Years. Can I Pull This Off? (Esther, SF Bay Area)
32:41 - Watch Retirement Sabotage: 12 Post-Retirement Money Mistakes to Avoid on YMYW TV, download the Retirement Readiness Guide for free
33:40 - We Have $4M + Annuities and Want $180K/Year in Retirement. What Do You Think? (James, Tierrasanta, CA)
39:42 - Outro: Next Week on the YMYW Podcast
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Joe Anderson, CFP® and Big Al Clopine, CPA spitball on paying the tax on your Roth conversions on Your Money, Your Wealth® podcast number 507. If you take the money out of your retirement account, what does Joe mean that you’ll be “paying the tax to pay the tax to pay the tax”? Can you pay it from the Roth account itself, or from your monthly pension tax withholding? Are the fellas wrong on this whole topic altogether? They also spitball on withdrawing Roth 401(k) contributions that were rolled to an IRA, those infamous 5-year rules for withdrawals from Roth accounts, when to do Roth conversions, saving to tax-deferred, taxable, or tax-free accounts, and how long-term capital gains taxes fit into the picture. Plus, consolidating individual stock investments and the fate of the home office deduction, and what Joe thinks about the Apple Podcasts reviewer that says he’s checked out.
Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-507
DOWNLOAD The 5 Year Rules for Roth IRA Withdrawals
DOWNLOAD The Withdrawal Strategy Guide
WATCH How to Break Through Retirement Barriers on YMYW TV
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REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis
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Timestamps:
00:00 - Intro: This Week on the YMYW Podcast
01:06 - Can I Withdraw Roth 401(k) Contributions That Were Rolled to IRA? (Peter LemonJello, FL)
05:32 - Paying the Tax to Pay the Tax” on Roth Conversions Clarified (David)
09:13 - Should We Save to Tax-Deferred Accounts, Backdoor Roth, or Brokerage? (David & Victoria, Cincinnati, OH)
15:23 - Watch How to Break Through Retirement Barriers on YMYW TV, Calculate Your Free Financial Blueprint
16:17 - Should I Do Roth Conversions at Age 66 If I Want to Retire at 70? (Mike, PA)
17:49 - You’re Wrong About Roth Conversion Tax Payments (Robert, YouTube)
20:20 - Can I Pay Roth Conversion Tax From Monthly Pension Withholding? (Big Toe Knee, YouTube)
20:45 - Should I Consolidate Individual Stocks Into ETFs? (Lu, YouTube)
22:44 - Do I Understand the 5-Year Rules for Roth Withdrawals? (NR, YouTube)
25:51 - Download the 5-Year Rules for Roth IRA Withdrawals and the Withdrawal Strategy Guide
26:39 - Was the Home Office Deduction Eliminated Under the Tax Cuts and Jobs Act? (George, YouTube)
27:30 - Contributing to Roth vs. Pre-Tax: Would It Count as Long-Term Capital Gains? (Moriel, YouTube)
30:16 - Is it a Good Idea to Pay Roth Conversion Tax Out of the Roth? (Michelle, Facebook)
31:35 - Joe is Completely Checked Out (Anonymous Apple Podcasts Review)
33:19 - Outro: Next Week on the YMYW Podcast
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Пропущенные эпизоды?
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What’s a safe withdrawal rate for Wine Guy and Wine Gal in Sonoma California to have 35 years of “guaranteed” retirement spending? How aggressively should they convert their retirement savings to Roth IRA? Should the Bond family move from Silicon Valley to a no-income-tax state in retirement? Can Doc in San Francisco quit work in 8 years when his daughter starts college? Rob in Kansas City and his wife are in their late 30s and have 2 million saved. Can they retire early? Plus, Elisa in Fremont has more than the capital gains exclusion for a married couple of $500,000 worth of home equity. How much will this cost her, and will it kill her IRMAA for Medicare premiums? Should Happy Camper and Jolly Pumpkin take their pension’s monthly annuity or the lump sum payout? And finally, Lloyd in South Dakota isn’t a fan of retirement accounts and wants Joe and Big Al to talk some sense into him. Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-506
CALCULATE your Financial Blueprint
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READ THE BLOG: It's Not Too Late! Year-End Financial Moves to Make Right Now
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Timestamps:
00:00 - Intro: This Week on the YMYW Podcast
01:05 - What’s Our Guaranteed Safe Withdrawal Rate for 35 Years of Retirement? How Aggressive Should We Convert to Roth? (Wine Guy/Gal, Sonoma, CA)
12:09 - Calculate your Financial Blueprint, schedule a Free Financial Assessment
13:45 - Should We Move to a No Income Tax State in Retirement? (James Bond, Silicon Valley, CA - voice)
20:50 - Can I Stop Working in 8 Years When Daughter Starts College? (Doc, San Francisco, CA)
26:10 - Late 30s With $2M. Are We Really on Track for Early Retirement? (Rob, Kansas City)
31:20 - Watch Financial Planning at Every Age on YMYW TV, download the Retirement Readiness Guide
32:25 - Our Home Equity is Over the $500K Exclusion. How Much Will We Be Charged? Will This Kill My IRMAA? (Elisa, Fremont, CA)
35:44 - Should We Take the Monthly Pension or Lump Sum Payout? (Happy Camper & Jolly Pumpkin, WI)
43:03 - I'm Not a Fan of Retirement Accounts. Talk Some Sense Into Me. (Lloyd Christmas, SD)
49:04 - Outro: Read the blogs, It's Not Too Late! Year-End Financial Moves to Make Right Now and US National Debt and the Impact on Long-Term Investing
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Ricochet J in Colorado and her husband want to retire as soon as humanly possible. Are they on track? Should they save their surplus funds to a brokerage account or a solo 401(k)? That’s today on Your Money, Your Wealth® podcast 505 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Micah in South Dakota wonders whether having a $40,000 a year pension is basically the same as having a million dollars in bonds, according to the four percent rule. What do Joe and Big Al think? Barney and Betty will be in the 12% or 22% marginal tax bracket, but their effective tax rate will only be between 10% and 12.4%, so how much should they convert to Roth? Are they asking the right question? And finally, Joe and Big Al spitball on ways to ensure that Amir in New Mexico has the maximum possible retirement income to last him to age 90 or 95. Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-505
DOWNLOAD The Complete Roth Papers Package for free
WATCH Your 11-Step Path to Financial Freedom on YMYW TV
CALCULATE your free Financial Blueprint
REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis
SCHEDULE: free financial assessment
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DOWNLOAD: more free guides
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Timestamps:
00:00 - Intro: This Week on the YMYW Podcast
01:04 - Save to Brokerage vs. Solo 401(k) to Retire as Soon as Humanly Possible? (Ricochet J, CO)
15:23 - Watch Your 11 Step Path to Financial Freedom on YMYW TV, Calculate your free Financial Blueprint
16:36 - Is a $40K/yr Pension Similar to $1M in Bonds According to the 4% Rule? (Micah, SD)
18:48 - Marginal vs. Effective Tax Rates: How Much to Convert to Roth? (Barney & Betty)
22:58 - Download the Complete Roth Papers Package
23:48 - How to Have Maximum Possible Retirement Income to Age 90-95? (Amir, NM)
30:13 - Outro - Next Week on the YMYW Podcast
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Can Ted and Georgette convert $1.6M in an inherited trust to Roth without distributing it? Should the trust own their home so they can use the home equity? Melissa was added as joint owner on her parents’ bank accounts after a medical event, but what have they done? Should Ralph and Alice use the required minimum distribution from their inherited IRA to pay Roth conversion taxes? That’s today on Your Money, Your Wealth® podcast 504 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, can Theodore contribute to a his wife Louise’s Roth IRA? Can Marc make Roth contributions for his grandkids? Also, Joe and Al come up with a very unique way that John may be able to pay the tax on his Roth conversion using his home equity. Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-504
DOWNLOAD by Friday: Top 10 Tax Tips Guide - limited time special offer!
WATCH 10 Tax-Cutting Moves to Make Now - YMYW TV
DOWNLOAD: Identity Theft Guide
WATCH: How to Protect Yourself from Scams: Cybersecurity webinar on demand
REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis
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Timestamps:
00:00 - Intro
01:00 - Can We Convert an Inherited Trust to Roth Without Distributing It? Should the Trust Own Our Home? (Ted & Georgette Baxter, Madison, WI)
10:02 - Watch 10 Tax-Cutting Moves to Make Now on YMYW TV, Download the Top 10 Tax Tips Guide before this Friday!
11:08 - I’m Joint Owner of My Parents’ Bank Accounts. What Have We Done? (Melissa, Rockport, TX)
16:35 - Can I Contribute to My Wife’s Roth IRA? Can I Max Out Multiple Roth Accounts? Should We Do Roth Conversions? (Theodore & Louise, Seattle, WA)
23:43 - Should We Use Inherited IRA RMD to Pay Roth Conversion Tax? (Ralph & Alice Kramden, SC)
27:35 - Can I Fund Roth IRAs for My Grandchildren? (Marc, Encinitas)
28:40 - Watch the Cybersecurity Webinar on demand, Download the Identity Theft Guide
29:32 - Should We Maximize the 24% Tax Bracket With Roth Conversions This Year and Next? (John)
37:55 - Outro: Next Week on the YMYW Podcast
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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
WATCH ON YOUTUBE: https://youtu.be/Xfl7gvIs2rU
DOWNLOAD: Social Security Handbook for free
CALCULATE: Your Financial Blueprint for free
WATCH: 6 Secrets to Bigger Tax Savings from Your Nonprofit Donations on YMYW TV
DOWNLOAD: Tax-Smart Charitable Giving Guide for free
REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis
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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
WATCH: How to Avoid Wealth Busters on YMYW TV
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CALCULATE your Financial Blueprint for free
REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis
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SUBSCRIBE: YMYW Newsletter
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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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
DOWNLOAD: 2024 Key Financial Data Guide for free
WATCH: Harris Vs. Trump - Cancel the Noise: Economic and Market Impact of the 2024 Election webinar
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REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis
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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
CALCULATE: A Financial Blueprint of your retirement readiness for free
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WATCH: Recipe for Retirement | Retirement Plans Explained on YMYW TV
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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
LISTEN | The YMYW AI song
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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
This is our first official video podcast! You can watch us right now on YouTube
LIMITED TIME SPECIAL OFFER | Download The DIY Retirement Guide before Friday, October 11, 2024! Once the Special Offer changes on Friday, the DIY Guide will be unavailable for several months!
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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
CALCULATE: A Financial Blueprint of your retirement readiness for free!
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WATCH YMYW TV: Retirement Rebound: 5 Plays to Help You Score a Comeback
REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis
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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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WATCH: What Happens to Your 401(k) & IRA at Retirement? YMYW TV
REQUEST: Retirement Spitball Analysis
SCHEDULE: free financial assessment
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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
SCHEDULE: free financial assessment
DOWNLOAD: Investing Basics Guide
DOWNLOAD: 10 Steps to Improve Investing Success
DOWNLOAD: Retirement Readiness Guide
WATCH YMYW TV: How Your Home Can Create Retirement Income
READ THE BLOG: Factor Investing: What Is It? Should You Be Doing It?
SUBSCRIBE: YMYW on YouTube
REQUEST: Retirement Spitball Analysis
DOWNLOAD: more free guides
READ: financial blogs
WATCH: educational videos
SUBSCRIBE: YMYW Newsletter
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
DOWNLOAD: Retirement Readiness Guide
REQUEST: Retirement Spitball Analysis
SCHEDULE: free financial assessment
SUBSCRIBE: YMYW on YouTube
DOWNLOAD: more free guides
READ: financial blogs
WATCH: educational videos
SUBSCRIBE: YMYW Newsletter
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
SCHEDULE A FREE FINANCIAL ASSESSMENT
FREE DOWNLOAD: 10 Steps to Improve Investing Success
FREE DOWNLOAD: Social Security Handbook
WATCH YMYW TV: Social Security Basics You Need to Know: Common Social Security Questions Answered
REQUEST: Retirement Spitball Analysis
SUBSCRIBE: YMYW on YouTube
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
SCHEDULE A FREE FINANCIAL ASSESSMENT
FREE DOWNLOAD: Investing Basics Guide
READ THE BLOG: Benefits of Systematic Rebalancing
REQUEST: Retirement Spitball Analysis
SUBSCRIBE: YMYW on YouTube
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
00:457 - 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
SCHEDULE A FREE FINANCIAL ASSESSMENT
FREE DOWNLOAD: Retirement Readiness Guide
WATCH: Is There a Formula For Retirement? - YMYW TV
REQUEST: Retirement Spitball Analysis
SUBSCRIBE: YMYW on YouTube
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 - 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
YMYW Podcast Survey: Visit the show notes to access the survey and secret password
REQUEST: Retirement Spitball Analysis
SUBSCRIBE: YMYW on YouTube
DOWNLOAD: free guides
READ: financial blogs
WATCH: educational videos
SUBSCRIBE: YMYW Newsletter
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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