Your Money, Your Wealth

Joe Anderson, CFP® & Alan Clopine, CPA of Pure Financial Advisors

A "Top 10 Personal Finance Podcast" and "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 financial planning firm. Pure Financial adheres to the fiduciary standard of care, in which we are required by law to act in the best interest of our clients at all times. Access free financial resources and episode transcripts, Ask Joe & Big Al On Air to get your Retirement Plan Spitball Analysis: http://YourMoneyYourWealth.com read less

Our Editor's Take

Retirement planning does not have to be a tiresome process. With Your Money, Your Wealth, listeners can have fun while learning how to invest their assets. This is a personal finance podcast that cuts out all the complicated conversation pieces to get right to the point.

Every week, hosts Joe Anderson and Al "Big Al" Clopine speak on topics relevant to financing. They discuss things such as tax planning, income saving, and retirement strategies. These often avoided subjects are necessary to know about money management. Anderson and Clopine understand this. They are experts who have made a career with their financial planning knowledge. Through that experience, they have become familiar with all the struggles one may face when delving into personal finance. This is why they crafted each episode of Your Money, Your Wealth to be as enjoyable as it is informative. They want the audience to get the most out of their advice without coming away feeling like it is a burden.

On Your Money, Your Wealth, the two financial planners avoid irrelevant details. They do not try to sell the audience risky investment schemes or bad stocks. Instead, Anderson and Clopine focus on conversations that can benefit their listeners. There are discussions on how to shorten working years and achieve early retirement. Select episodes focus on estate planning and low mortgage interest rates. The hosts have even reviewed how to handle Roth IRA conversions to help gain tax-free growth. They also answer listeners' questions and share their best advice. These tips and tricks can be useful and helpful for any listener.

The Your Money, Your Wealth podcast is for anyone looking to improve their financial planning skills. Its primary goal is to educate its audience. Such an objective makes this show great for those looking to prepare for the future. New episodes arrive on Tuesdays.

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Episodes

Spitballing Retirement During the Expensive Kid Years - 485
4d ago
Spitballing Retirement During the Expensive Kid Years - 485
Market declines just before you retire, or early in your retirement, can really screw up your retirement income strategy. If you’re in the middle of the expensive kid years, how do you avoid this sequence of returns risk when making your retirement plans? That’s “Jaclyn Smith’s” question, today on Your Money, Your Wealth® podcast 485 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, can Vern’s wife collect Social Security at age 63, then switch to spousal benefits at age 70? Matt wants to know if 2026 catch-up Roth contributions will be subject to the pro-rata rule, and Tom and Amy are trying to figure out how to avoid Medicare’s monthly income-related adjustment amount, or IRMAA, in their plan for Roth conversions. Free financial resources and transcript: https://bit.ly/ymyw-485 How to Build a Recession-Proof Portfolio - YMYW TV Recession Protection Guide - free download The Election is Coming: Should You Sell? - read the blog Investment Vehicle Selection: SMA vs. ETF vs. Mutual Fund – Which One Best Fits You? - read the blog Is Roth IRA Money Taxed Twice? Watch the latest YMYW Extra Schedule a free financial assessment Ask Joe & Big Al for your Retirement Spitball Analysis Timestamps: 00:00 - Intro 00:49 - How to Minimize Sequence of Returns Risk When Spitballing Retirement in the Expensive Kid Years? (Jaclyn Smith) 17:18 - Collect Social Security Early at Age 63, Then Switch to Spousal Benefits at Age 70? (Vern, Beautiful Portland Oregon) 23:30 - Will 2026 Catch-Up Contributions to Roth Be Subject to Pro-Rata Rule? (Matt, TX) 23:47 - Should We Do Roth Conversions? What About Medicare IRMAA? (Tom & Amy, Northern MN) 31:51 - The Derails
Roth Conversions vs. Required Minimum Distributions - 484
Jun 4 2024
Roth Conversions vs. Required Minimum Distributions - 484
Should Mike in Virginia keep using his IRA money to pay the tax on his Roth conversions? How do you do a Roth conversion when you don’t have the money to pay the tax? That’s PeterLemonJello’s question, but is it the question he should be asking? Spitballing Roth IRA conversion strategies to reduce your taxable required minimum distributions (RMD) in retirement - that’s today on Your Money, Your Wealth® podcast 484 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Susan and Mike in Ohio are retired, in the 24% tax bracket, and considering converting $50k or $75k to Roth - should they do it? How is D-Rock and Matilda’s strategy for selling rental properties and doing Roth conversions as they bridge the gap to early retirement? And finally, how do required minimum distributions work on inherited Roth accounts? Free financial resources and transcript: https://bit.ly/ymyw-484 Navigating Your Financial Future Single - YMYW TV Going Solo Guide - free download Asset Location & Roth Conversion Retirement Spitball - YMYW Extra Ep. 1 Ask for your own Retirement Spitball Analysis Schedule a Free Financial Assessment Timestamps: 00:00 - Intro 00:54 - How to Pay the Tax on a Roth Conversion: Are You Asking the Right Question? (Peter LemonJello, FL) 05:45 - Should I Keep Doing Roth Conversions and Paying Tax from the IRA? (Mike, VA) 14:24 - Retired, in the 24% Tax Bracket. Should We Convert $50-$75K to Roth in 2024? (Susan, OH) 18:28 - Roth Conversions and Selling Rental Property to Bridge to Early Retirement (D-Rock & Matilda, New York) 28:11 - Required Minimum Distributions for Inherited Roth IRAs Explained (Elisa, Fremont) 34:12 - The Derails
Asset Location & Roth Conversion Retirement Spitball | YMYW Extra - 1
May 31 2024
Asset Location & Roth Conversion Retirement Spitball | YMYW Extra - 1
Sunshine in Orange County has been waiting patiently since January for a full Retirement Spitball Analysis: how are her assumptions for rates of return and inflation, her plans for Roth conversions, her asset allocation and asset location, her tax planning, her retirement income and retirement spending plans, and so much more? What missed opportunities is she overlooking? So many excellent Retirement Spitball requests have come in that Your Money, Your Wealth® hosts, Joe Anderson CFP®, and Big Al Clopine CPA can't handle them all.  On these bonus episodes, called YMYW Extra, producer Andi Last enlists the help of the experienced professionals on Joe and Big Al's team at Pure Financial Advisors. In today's YMYW Extra number 1, thanks to David Cook, CFP® from Pure Financial's San Diego headquarters, Sunshine finally gets her Retirement Spitball Analysis. Free financial resources and transcript: https://bit.ly/ymywe-1 Request your own Retirement Spitball Analysis EASIretirement.com - free retirement calculator Why Asset Location Matters - download the free guide More Guides | Blogs | Educational Videos | YMYW Newsletter Schedule a free financial assessment Timestamps: 00:00 - Intro 02:35 - Rate Assumptions 05:58 - Retirement Spending 06:54 - Retirement Income Strategy 12:08 - Retirement Planning: Asset Allocation vs. Asset Location 15:50 - Sequence of Returns Risk 17:53 - Social Security Tax Torpedo 20:01 - Goals & Questions 22:50 - Other Strategies: Qualified Charitable Distributions 24:23 - IRMAA & Tax Optimization 26:37 - Likelihood of Success & DIY Tools
FDIC vs. SIPC, Annuities, SSDI & Early Retirement Strategies - 482
May 21 2024
FDIC vs. SIPC, Annuities, SSDI & Early Retirement Strategies - 482
Will building a new home delay Janelle's early retirement? Can Mike and his wife retire early at ages 50 and 55, and how much should they convert to Roth? Maria and her partner keep their finances separate - can Maria cover her own expenses in early retirement? That’s today on Your Money, Your Wealth® podcast 482 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, the fellas explain the difference between FDIC insurance and SIPC insurance for Edward, who wonders if he should spread his assets between banks for protection. Fajita Willy needs a spitball on his MYGA retirement strategy, that is, multi-year guaranteed annuities. Nancy wants to know if mandatory seismic retrofit expenses are tax-deductible. And how should Lee manage Roth contributions and IRMAA now that his Social Security disability has finally been approved and he’s received 5 years of back pay? Free financial resources and transcript: https://bit.ly/ymyw-482 Retirement Readiness Guide - free download EASIretirement.com - free retirement calculator Financial Planning at Every Age: Retirement Planning for Millennials, Gen-X, and Baby Boomers - YMYW TV Ask Joe & Big Al On Air for your Retirement Spitball Analysis Schedule a free financial assessment Timestamps: 00:00 - Intro 01:02 - Will Building a New Home Delay My Early Retirement? (Janelle, CO - voice) 07:35 - Should I Spread Assets Between Banks for FDIC Insurance? (Edward, IL) 13:16 - Multi-Year Guaranteed Annuity (MYGA) Retirement Spitball (Fajita Willy, TX) 21:09 - Is the Mandatory Seismic Retrofit Expense Tax-Deductible? (Nancy, Tarzana, CA) 22:47 - My SSDI Was Approved and I’ve Received 5 Years of Back Pay. How to Manage Roth IRA Contributions and Medicare IRMAA? (Lee, Jacksonville, FL) 28:33 - Can We Retire Early Next Year at Ages 55 and 50? How Much Should We Convert to Roth? (Mike, NY) 34:57 - My Partner and I Maintain Separate Finances. Can I Cover My Own Expenses in Early Retirement? (Maria, Chicago suburbs, IL) 42:06 - The Derails
Which Account Should Fund Living Expenses in Retirement? - 481
May 14 2024
Which Account Should Fund Living Expenses in Retirement? - 481
Should 70-year-old Bob live off of capital gains and dividends from his mutual funds plus Social Security, or should he sell poor-performing mutual funds for living expenses and reinvest the cap gains and dividends? Which account should Neal’s 76-year-old Mother use for living expenses? Should Neal and his wife fund their Roth 403(b) until retirement, or contribute to the regular 403(b) and then do Roth conversions after they retire? That’s today on Your Money, Your Wealth® podcast 481 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, the fellas spitball on whether IndyGuy can retire at 64 and Die With Zero, and Rod doesn’t want a spitball, but he’d like a dart on the wall as to whether his retirement savings will last until age 88. Free financial resources and transcript: https://bit.ly/ymyw-481 Cruising Into Retirement Checklist & Guide - LIMITED TIME OFFER - download by Friday, May 17! How to Cruise Into Your Retirement - YMYW TV 10 Gruesome Estate Planning Mistakes to Avoid - register for the free webinar, May 22, 12pm PDT/3pm EDT Timestamps: 00:00 - Intro00:48 - Living Expenses: Cap Gains, Dividends & Social Security or Poor Performers? (Bob, Jupiter, FL)10:02 - From Which Account Should 76yo Mom Withdraw Living Expenses? (Neal, Dallas, TX)18:11 - Dart on the Wall for Our Retirement to Age 88? (Rod)26:08 - Can We Retire at 64 and Die With Zero? (IndyGuy)35:50 - Save to Roth 403(b) or Traditional Until Roth Conversions at Retirement? (Neal, Dallas, TX)42:54 - The Derails
401(k) vs. Roth: Where to Save for Retirement - 480
May 7 2024
401(k) vs. Roth: Where to Save for Retirement - 480
Kyle and his fiancée are in their 30s, have done a great job saving, and are in a high tax bracket. Would it make more sense for them to contribute to their 401(k)s or Roth 401(k)s for retirement? Mick’s wife Pam has both W-2 and sole proprietor income - where should she save for retirement? That’s today on Your Money, Your Wealth® podcast 480 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, the fellas spitball for Janet on where junk bonds belong in a portfolio, they untangle the pro-rata and aggregation rules concerning 401(k) to Roth conversions for Nancy, and they spitball on whether Cary and Mark should retire now or work for two more years when pensions will provide them an extra $50K a year. Free financial resources and transcript: https://bit.ly/ymyw-480 2024 Key Financial Data Guide - free download Timeless Wisdom from Warren Buffet and Charlie Munger, Berkshire Hathaway’s Dynamic Duo - read the blog Understanding Stock Market Indexes - read the blog Free retirement calculator - EASIretirement.com Ask Joe & Big Al On Air for your Retirement Spitball Analysis Timestamps: 00:00 - Intro00:57 - We're in Our 30s and in a High Tax Bracket. Where Should We Save for Retirement? (Kyle, WI)07:34 - Junk Bonds Explained (Janet, the Bronx)13:19 - Does Pro-Rata Rule Apply When Converting 401(k) to Roth 401(k)? (Nancy, SE Wisconsin)20:37 - We Have $4M. Should We Retire Now or in Two Years When Pensions Provide an Extra $50K/Year? (Cary & Mark, Los Angeles)27:50 - How to Save for Retirement with Sole Proprietor and W-2 Work? (Mick, Davis, CA)36:47 - The Derails
Tax Loss Harvesting, Tax Gain Harvesting, Financial Advisor Value - 479
Apr 30 2024
Tax Loss Harvesting, Tax Gain Harvesting, Financial Advisor Value - 479
Linda is retired and financially independent. Her advisor suggests she have a separately managed account specifically for tax loss harvesting. Today on Your Money, Your Wealth® podcast 479, Joe Anderson, CFP® and Big Al Clopine, CPA spitball on how to save as much tax as possible on retirement withdrawals. Plus, Brian wants to know if it ever makes sense to put IRA money into a brokerage account, rather than doing Roth conversions, so the fellas explain the benefits of tax gain harvesting. Also, why is Robert and Jane’s financial advisor constantly trading in Jane’s professionally managed account? Pete wants to know if flat-fee financial advisors are worth their fee, and Daniel needs financial guidance for his 34-year-old daughter. He’s also considering a free assessment, but he doesn’t really know what he’s getting himself into, so Joe and Al explain. Free Financial Resources & Transcript: https://bit.ly/ymyw-479 What Happens to Your 401(k) & IRA at Retirement? - YMYW TV Retirement Readiness Guide - free download Free Financial Assessment - schedule now Ask Joe & Big Al On Air for your Retirement Spitball Analysis Timestamps: 00:00 - Intro 00:55 - Separately Managed Account for Tax Loss Harvesting To Optimize Retirement Withdrawals? (Linda, MD) 11:54 - Why is Our Advisor Constantly Trading in Our Professionally Managed Account? (Robert, GA) 18:00 - Are Flat-Fee Advisors Worth the Fee? (Pete, Knoxville, TN) 27:03 - Financial Planning for 34-Year-Old Daughter and Pure’s Free Assessment (Daniel, Whittier) 35:17 - Does Moving from IRA to Brokerage instead of Roth Ever Make Sense for Tax Gain Harvesting? (Brian, Albany, NY) 42:12 - The Derails
How to Manage Taxes When You Win the Lottery - 478
Apr 23 2024
How to Manage Taxes When You Win the Lottery - 478
So you won the lottery - congratulations! After you celebrate, should you rip off the band-aid and convert the entire lump sum payment to a Roth IRA? That’s today on Your Money, Your Wealth® podcast 478 with Joe Anderson, CFP® and Big Al Clopine, CPA. Also, Bucky in WA is required to have the same asset allocation in his traditional and Roth 401(k). Joe and Big Al spitball on his options, along with the pros and cons of consolidating retirement accounts for Scott in NC, and they explain the spousal Roth IRA for Rock Rochester in Manistique, MI. Plus, should Scott in Jackson, MS sign up for the state public employees’ retirement system or a traditional retirement plan? Can Driving Fast, Loving Life in TX speed away in her Porsche from RSU capital gains? And should she and her hubbs retire abroad? Finally, can Sean in Reno, NV buy a million dollar vacation home in 10 years, and can Jennifer in La Mirada, CA afford to retire after being forced out of a 21-year career? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-478 Timestamps: 00:00 - Intro01:06 - Should We Convert $1.75M Lottery Winnings To Roth?09:31 - Free Financial Assessment - schedule now10:38 - Asset Allocation Must Be the Same in 401(k) and Roth 401(k). What to Do? (Bucky, Washington state)18:08 - Pros and Cons of Consolidating Retirement Accounts (Scott, NC)23:28 - Spousal Roth IRA Explained (Rock Rochester, Manistique, MI)27:07 - Traditional Retirement or PERS State Retirement? (Scott, Jackson, MS)31:00 - Avoiding RSU Concentrated Position and Capital Gains and Retiring Abroad (Driving Fast, Loving Life in TX)38:43 - Restricted Stock Units (RSU) - read the blogEmployee Stock Purchase Plans (ESPP) - read the blog39:19 - Should We Buy a $1M Vacation Home in 10 Years? We’ll Have $12M. (Sean, Reno, NV)43:11 - Can I Afford to Retire After Being Forced Out of a 21-Year Career? (Jennifer, La Mirada, CA)49:24 - The Derails
What’s the Break-Even Point on Roth Conversions? - 477
Apr 16 2024
What’s the Break-Even Point on Roth Conversions? - 477
Are there ever times when going all Roth isn’t the best strategy? How do you determine the break-even point on doing Roth conversions? That’s today on Your Money, Your Wealth® podcast number 477, as Joe Anderson, CFP® and Big Al Clopine, CPA spitball on marginal vs. effective tax rates for Joseph Allen, saving to after-tax brokerage or pre-tax 403(b) for Gigi in Illinois, the arithmetic of Roth conversions for Carl Spackler in Florida, and the mega backdoor Roth for Jefe in Texas. For something completely different, we’ll wrap it up with a discussion of tax forms that need to be filed for your solo 401(k) depending on the account balance, for Smitty in The Villages. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-477 Timestamps: 00:44 - Marginal Vs. Effective Tax Rate: Going All Roth Isn’t the Best Strategy? (Joseph Allen, Wichita, KS)14:32 - Free retirement calculator EASIretirement.com15:37 - I’m 43 and Will Have $2.4M in Retirement. Should I Save to After Tax Brokerage or Pre-Tax 403(b)? (Gigi, IL)23:17 - Is There a Break-Even Calculation for Roth Conversions? (Carl Spackler, FL)29:30 - Retirement Income Strategies Guide - free downloadHow to Create a Steady Stream of Retirement Income - YMYW TV30:38 - Mega Backdoor Roth: Must I Convert Traditional IRA When I Roll After-Tax Money? (Jefe, TX)36:29 - Must I File Form 5500-EZ If Solo 401(k) Had No Balance at Year-End? (Smitty, The Villages)42:18 - The Derails
Which Mortgage for Early Retirement? What is Private Credit? - 476
Apr 9 2024
Which Mortgage for Early Retirement? What is Private Credit? - 476
What 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 section 121 tax exclusion works on a vacation home, and Jack and Jill in the UAE have questions about tax gain harvesting and the foreign earned income exclusion. Finally, are Joe and Big Al off their strategy game? A Spotify listener takes the fellas to task about the Affordable Care Act subsidy discussed in episode 472, and challenges their spitball for Duke and Daisy’s retirement spending plan in episode 475. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-476 Timestamps:     •    00:00 - Intro     •    01:03 - What Is Private Credit? (Janine, La Jolla, CA)     •    08:07 - Is a Reverse Mortgage Right for Me? (Hope)     •    14:21 - Using Reverse Mortgages To Secure Retirement with Dr. Wade Pfau - YMYW Podcast 117     •    How Your Home Can Create Retirement Income - YMYW TV     •    14:59 - Which Mortgage Option is Best for Me in Early Retirement? (Nisa, San Jose, CA)     •    24:04 - Section 121 Tax Exclusion on a Vacation Home? (Wayne, Phoenix, AZ)     •    26:48 - What You Need to Know Before Filing Your Taxes in 2024 webinar     •    2024 Tax Planning Guide     •    27:39 - Foreign Earned Income Exclusion: Can I Harvest Long-Term Capital Gains? (Jack & Jill, UAE)     •    37:06 - ACA Subsidy & Retirement Spitball: Are Joe and Big Al Off Their Strategy Game? (Spotify commenter)     •    45:02 - The Derails
Is Your Retirement Withdrawal Rate Too High? - 475
Apr 2 2024
Is Your Retirement Withdrawal Rate Too High? - 475
Will 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 Kansas City’s parents allocate their assets? Can Rothaholic undo his Roth conversion? Brian Fantana and his wife are in their 30s and want to retire at 60. Are they on track? Ricky in Alabama wants to avoid Medicare’s IRMAA, or income related monthly adjustment amount. Should he spend from his IRA or from his Roth? Daniel in Whittier wants to know what exactly counts for IRMAA income, anyway? And finally, Elisa in Fremont wants to know, with the new SECURE Act 2.0 rules, when can you transfer 529 college savings funds to Roth? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-475 Timestamps: 00:00 - Intro01:07 - Will Our Withdrawal Rate Be Too High If We Retire in 3 Years? (Duke and Daisy, Charlotte, NC)10:50 - Withdrawal Strategy GuideRetirement calculator11:28 - EASIretirement.com Says I Should Convert More to Roth. Asset Allocation for Daughters? (Chuck, SC)22:13 - Can I Undo My Roth Conversion? (Roth Aholic)27:55 - In Our 30s, Want to Retire at 60. How Are We Doing? (Brian Fantana, WA)30:36 - What's the Right Asset Allocation for Aging Parents? (Scott, Kansas City, MO)32:00 - Free financial resources: Choosing a Financial Advisor blogSmall Business Tax Filing Guide2024 Tax Planning WebinarRetirement Lifestyles Guide 32:51 - IRA vs. Roth for Living Expenses? (Ricky, Birmingham, AL)35:50 - What Counts for Medicare IRMAA? (Daniel, Whittier, CA)39:49 - SECURE Act 2.0: When Can We Transfer 529 College Savings to Roth? (Elisa, Fremont)44:44 - The Derails
How to Take the Uncertainty of Taxes Off the Table - 474
Mar 26 2024
How to Take the Uncertainty of Taxes Off the Table - 474
Jimmy 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 before he retires early? Would it be stupid for Jay Z in Minnesota to miss out on free Roth opportunities? Can Ben in San Francisco’s “friend”  use the rule of 55 on a rollover retirement plan? And finally, YMYW is fun, but of limited value, according to a recent review. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-474 Timestamps: 00:51 - Pension & Social Security: How Should We Cover Our 7 Year Retirement Shortfall? (Jimmy, WI)08:17 - 2:1 Matched Company Money vs. My Contribution: What to Do With My Pension? (Skipper, TX)15:46 - EASIretirement.com free retirement calculator16:47 - Should We Wait on Conversions If We’ll Be in a Lower Bracket in Retirement? (Mike & Carol, Falls Church, VA)24:22 - Where Should I Invest My Early Retirement Savings for the Next 10 Years? (Duncan, TX)30:18 - Is It Stupid to Miss Free Roth Opportunities? (Jay Z, MN)37:46 - Complete Roth Papers Package - free download38:33 - Rule of 55 on a Rollover Retirement Plan? (Ben, San Francisco)44:34 - Comment: Fun but limited value (Wemby2024)50:41 - The Derails
Does Your Financial Advisor Just Want to Collect Fees? - 473
Mar 19 2024
Does Your Financial Advisor Just Want to Collect Fees? - 473
Why 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 age 55, should Lewis in Arkansas delay starting Roth conversions? But first, if Mike’s wife outlives him, how can he keep her in a similar tax bracket? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-473 Timestamps: 00:00 - Intro00:48 - If My Wife Outlives Me, How Do We Keep Her in a Similar Tax Bracket? (Mike)06:49 - Long Term Capital Gains: Retirement and Real Estate Spitball (Frank, Lake Wobegon)15:58 - 10 Tax-Cutting Moves to Make Now - YMYW TVTop 10 Tax Tips - free download (for a limited time only!)2024 Tax Planning webinar17:04 - I’m 72. Should I Go Back to an Advisor or Just Buy More CDs? (Mark, FL)21:32 - Should My Deferred Income Asset Allocation Be More Conservative? (Adam, Franklin, TN)30:16 - Investing Basics Guide - free download31:13 - Should We Delay Starting Roth Conversions to Retire Early by Age 55? (Lewis, AR)41:11 - The Derails
Will Roth Conversions Put You On Track to Retire Early? - 472
Mar 12 2024
Will Roth Conversions Put You On Track to Retire Early? - 472
Rob 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 Island are optimistic about retiring early at 61 and 58, but is their optimism delusional? Jake in rural Michigan is self employed. Can he do Roth conversions to retire at age 60 and hang with Big Al in Hawaii? Retirement readiness and Roth conversions, today on Your Money, Your Wealth® podcast 472 with Joe Anderson, CFP® and Big Al Clopine, CPA. But first, the fellas spitball on a retirement and real estate strategy for (50 Shades of) Grey and Elena in Massachusetts. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-472 Timestamps:  01:04 - Real Estate Puts Us in High Bracket. Max Retirement & Roth, Save to Brokerage? (Grey & Elena, MA)11:57 - Social Security Basics You Need to Know: Common Questions Answered - YMYW TVSocial Security Handbook - free download12:48 - Roth Conversions After 2025? Are We on Track for Our Retirement Goals in 3-5 Years? (Rob, NC)19:34 - On Track for Retirement at 59.5? How to Find the Love of My Life? (Mark, West Virginia)24:24 - Is Our Early Retirement Optimism Delusional? (Mike, RI)31:16 - EASIretirement.com - free retirement calculator32:19 - Self-Employed: Roth Conversions to Retire Early and Hang with Big Al in Hawaii at 60? (Jake, rural Michigan)45:19 - The Derails
How Much Should You Convert to Roth IRA? - 471
Mar 5 2024
How Much Should You Convert to Roth IRA? - 471
Big 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 strategies. Plus, can Lolly Pop in New Jersey be less miserly and back off on saving for retirement? Can John in South Carolina use this year’s lower income to reduce his Medicare premiums? And finally, if Ordinary Guy in Boston meets an untimely demise, should that change his plans to retire early? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-471 Timestamps: 00:00 - Intro00:58 - Can I Use This Year’s Lower Income to Reduce My Medicare Premiums? (John, South Carolina - voice)04:39 - Forgot to Convert our Backdoor Roths. Are We in Trouble? (Johnny and June, Oakland, CA - voice)07:47 - Is Retiring This Year Doable? Should We Convert to Roth? $1.8M Saved, Spend $140K/Year (Big Tex - voice)13:55 - DIY Retirement Guide - limited time offer - download by Friday, March 8, 2024!15:05 - Should I Convert My Entire SEP-IRA If I’m Staying in the Highest Tax Bracket? (Paul, Baltimore, MD)20:51 - $11M+ at Age 46. How Much Roth Conversion and When to Retire? (Nick, AL)24:42 - Can I Back Off on Retirement Saving So I Can Be Less Miserly? (Lolly Pop, NJ)30:43 - Financial Markets Master Class webinar - watch on demand31:24 - Spitball on My Retirement and Real Estate Investment Strategies (Darren, NV)38:28 - Should My Untimely Demise Change Our Early Retirement Plans? (Ordinary Guy, Boston, MA)48:10 - The Derails
Spitballing Retirement for Fat Wallets - 470
Feb 27 2024
Spitballing Retirement for Fat Wallets - 470
Barney 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 470. Plus, should Allen in New Braunfels’ recently widowed sister contribute to her traditional IRA and do some Roth conversions? Should Alicia in Denver take Social Security early to pay off her rental property, and how can Vern in Wickenburg Arizona buy a new home before or during the sale of his current home? Finally, Bryan in Washington needs to know the best investment strategy for his thrift savings plan, and Lyse in Georgia wonders when in a market downturn you should start spending your cash. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-470 Timestamps: 01:06 - Retirement Spitball Analysis for My Widowed Sister (Allen, sunny New Braunfels, TX)06:52 - $5M ESOP Strategy: Net Unrealized Appreciation, Retirement Withdrawals, and Tax Location (Barney & Betty, MD)18:07 Why Asset Location Matters - free download Are You Ready to Retire? Review Your Retirement Readiness - YMYW TV19:00 - Should I Take Social Security Early to Pay Off My Rental Property? (Alicia, Denver, CO)23:22 - How to Buy a Home Before or During the Sale of My Existing Home? (Vern, Wickenburg, AZ)26:50 - Should I Buy a Qualified Longevity Annuity Contract as a Long Term Care Insurance Alternative? (Ron, IL)31:08 - I’ll Have $8M When I Retire at 53. Should I Contribute to 401(k) or Do the Mega Backdoor Roth Until Then? (Nick, PNW)37:05 - EASIretirement.com - free retirement calculator38:06 - What’s the Best Thrift Savings Plan Investment Strategy? (Bryan, WA)40:21 - When in a Market Downturn Should You Start Spending Cash? (Lyse, GA)46:00 - The Derails
401(k) Ins & Outs, Roth Conversion Benefits, and Divorce Finances - 469
Feb 20 2024
401(k) Ins & Outs, Roth Conversion Benefits, and Divorce Finances - 469
Erik 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), and how to invest her new retirement accounts. An advisor tells K-Dog in IN to save cash or open a Roth, then live on those funds and get free ACA "Obamacare" healthcare in early retirement. Is that really possible? Also, what should be Laura in WA’s sequence of retirement withdrawals, and is there any benefit to her doing Roth conversions? Should RJ in CA convert his or his wife’s rollover IRA to the top of the giant 24% tax bracket? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-469 Timestamps: 00:00 - Intro01:06 - 401(k) Rule of 55 and Excess 529 Plan Funds (Don, Everywhere, USA)06:03 - What to Do With Old 401(k) and How to Invest New Retirement Accounts? (Valerie, Portland, OR)10:33 - 10 Steps to Improve Investing Success - free downloadProtecting Your Retirement Income - YMYW TV11:39 - Is My Early Retirement Spending & Free Healthcare Plan Really Possible? (K-dog, Northern IN)22:13 - Should I Contribute to Pre-Tax or Roth Post-Divorce? (Erik, Minneapolis)28:27 - How to Sell House and File Taxes While Finalizing Divorce (OC Birdman in South OC)32:27 - Q1 2024 Financial Markets Update Webinar, Feb 28, 2024, 12pm Pacific - register now33:07 - What’s the Sequence of Retirement Withdrawals? I Don’t See the Benefit of Roth Conversions (Laura, Seattle - Olympic Peninsula)40:42 - Roth Conversion to the Top of the Giant 24% Bracket? Which Rollover to Convert First? (RJ, Anaheim)49:09 - The Derails
How Much to Save in Tax-Free, Tax-Deferred, and Taxable Accounts? - 468
Feb 13 2024
How Much to Save in Tax-Free, Tax-Deferred, and Taxable Accounts? - 468
Are 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 fellas also do a retirement spitball analysis for Tom in Spokane, WA, and for Claire in CO, who wants to retire next year. Plus, how does Matthew in CT calculate excess Roth contributions, and how should Thomas in IA reallocate assets he over-contributed to his brokerage account? But first a couple of voice messages: Now that Sean in FL no longer has a traditional IRA, can he use the backdoor Roth strategy? We kick things off with a question from Joe in Dallas on how to account for taxes on the money you’ll be spending in retirement. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-468 Timestamps: 01:06 - How to Account for Taxes on What I’ll Spend in Retirement? (Joe, Dallas, TX (voice)06:13 - Now That I Don’t Have a Traditional IRA, Can I Do a Backdoor Roth? (Sean, FL - voice)10:29 - 2024 Key Financial Data Guide - free download11:35 - Spitball Our Financial Status and How to Reach Our Retirement Goals (Tom, Spokane, WA)17:42 - Tax Diversification General Guidelines? (Brian, Naperville, IL)23:23 - Goal: Tax Diversification. Is My Roth Conversion Strategy a Mistake? Should I Convert Much More? (William, NH)29:12 - Retirement Pop Quiz and Free Financial Assessment30:04 - Spitball If I Can Retire in 2025 (Claire, CO)34:39 - How to Calculate Excess Roth Contributions? (Matthew, CT38:23 - Over-contributed to Brokerage. How Should I Reallocate Assets? (Thomas, Iowa)42:55 - The Derails
What Does Retirement Look Like for You? - 467
Feb 6 2024
What Does Retirement Look Like for You? - 467
What 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 Clopine, CPA. Plus, Perry and his wife in Winston-Salem also have 403(b) plans and they wonder if they should take the lifetime annuity or the managed payout in retirement? Finally, should Brad in Sarasota, Florida reserve his health savings account money for long term care insurance?  Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-467 Timestamps: 00:00 - Intro00:48 - What Does Retirement at 60 Look Like for Me? (Allison from Northern Virginia)09:19 - Retirement Rescue Plan - YMYW TVRetirement Rescue Guide - free download for a limited time only! Get it by this Friday09:59 - Late Starters. EASIretirement.com Says We’re OK. Are We Being Realistic About Retirement? (Jimmy & Rosalynn, GA)16:07 - Earnings vs. Contributions When Using EASIretirement.com (Ingrid)21:36 - EASIretirement.com - free retirement calculator22:37 - Lifetime Annuities or Managed Payouts from Our 403(b)s in Retirement? (Perry, Winston-Salem, NC)28:54 - Should I Reserve Health Savings Account (HSA) Money for Long Term Care? (Brad, Sarasota, FL)34:11 - The Derails