How to Plan for 35 Years of Retirement Spending With Smart Roth Conversions - 506
Release Date: 12/03/2024
Retirement Savings: When to Take Your Foot Off the Gas - 528
Your Money, Your Wealth
You’ve been jamming money into your retirement accounts for years now. When is it okay to slow down? Joe Anderson, CFP®® and Big Al Clopine, CPA spitball for Ron and Veronica in Indiana today on Your Money, Your Wealth® podcast 528. Plus, how can Scott in Illinois bridge the gap from age 55 to retirement income at 57? How should Big Juan in Texas pay for college? Should he convert his TSP to Roth? Can he retire at 55 And finally, Frank and Jane Drebin in Wisconsin are 46 and 47 and wondering if their plan for retirement in 5 years is just a pipe dream. Free financial resources &...
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Taxable Income, Dividends, Roth & SMA: What's Missing in Your Early Retirement? - 527
Your Money, Your Wealth
What are the pros and cons if Chip uses the money in his taxable brokerage account for early retirement income? Jack and Sally ask Joe and Big Al to spitball on whether they can retire around age 55 or 60, and whether they should max out their Roth or convert to Roth, today on Your Money, Your Wealth® podcast 527 with Joe Anderson, CFP®, and Big Al Clopine, CPA. Plus, April and Andy ask the fellas to spitball on their dividend investing strategy, and Don wonders if a separately managed account (SMA) makes sense for his taxable account. (We’ll also find out what an SMA is.) Free financial...
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Roth IRA is "The Greatest Account Ever" Per Ed Slott. But Why? - 526
Your Money, Your Wealth
Just about every week here on YMYW, Joe and Big Al talk about converting your retirement savings to Roth accounts. But why? What’s the big deal? Today the “IRA guru” Ed Slott, CPA returns to Your Money, Your Wealth® in podcast number 526 with Joe Anderson, CFP® and Big Al Clopine, CPA to tell us why he calls the Roth IRA “the greatest account ever created.” (Here’s a hint: it’s all about having tax-free income in retirement - and beyond.) Plus, where to prioritize saving for retirement? Jerry Tom in St. Louis wants to know. Are Christian and Tiffany in Montana on track for...
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Risks Threaten Retirement. Rewire Your Plans - 525
Your Money, Your Wealth
Tariffs, inflation, healthcare costs... how do you shift from saving to spending in retirement while managing risks like these? Jamie Hopkins is a CERTIFIED FINANCIAL PLANNER® professional, an attorney, and best-selling author of Find Your Freedom and Rewirement: Rewiring the Way You Think About Retirement. He returns to the show today on Your Money, Your Wealth® podcast 525 with Joe Anderson, CFP® and Big Al Clopine, CPA, to share insights on how to rewire your retirement plans. Plus, how should Fred and Ginger in Huntington Beach, California, pay for repairs on their rental properties?...
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Will the Tax Cuts and Jobs Act Be Extended? - 524
Your Money, Your Wealth
Will your taxes go up? Stay the same? Go down, even? Jeffrey Levine is Chief Planning Officer at Focus Partners, Professor of Practice in Taxation at the American College of Financial Services, and the Lead Financial Planning Nerd at Kitces.com. In other words, he’s one of the savviest tax minds in the country. Jeff returns to the show today on Your Money, Your Wealth® podcast number 524 with Joe Anderson, CFP® and Big Al Clopine, CPA, with his thoughts on what will happen to taxes under the new administration, saving for retirement in a Roth IRA vs. a traditional IRA, managing inherited...
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These Three Investments Make for a Happier Retirement - 523
Your Money, Your Wealth
What are the three predictors of retirement happiness? Dr. Michael Finke, CFP® from the tells us what his research shows. He also shares his insights on the four percent rule for retirement withdrawals and whether there is anything we can do to stave off the effects of aging on our cognitive abilities. That’s today on Your Money, Your Wealth podcast number 523 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Joe and Big Al do some retirement spitballing: can Jon in Pennsylvania retire early at age 56, and would it be better for him to take his pension monthly or as a lump sum? Steve...
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Choosing Your Retirement Income Style and Top 5 Ways to Manage Market Volatility - 522
Your Money, Your Wealth
What is your retirement income style? Dr. Wade Pfau, CFA, RICP®, is the co-founder of RISAprofile.com, providing investors with retirement income style awareness. He returns to Your Money, Your Wealth® today on podcast number 522 to talk about four different styles of retirement income, distribution planning and the four percent rule. Plus, what does Dr. Pfau think will happen with President Trump’s 2017 tax cuts, scheduled to sunset at the end of this year? What are Dr. Pfau’s thoughts on annuities as part of your retirement plan? Next, "Joe Anderson’s Top 5 Things" to help you manage...
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What’s the Future of Social Security Under the New Administration? - 521
Your Money, Your Wealth
What does the future hold for your Social Security under the new Trump administration and Elon Musk's DOGE, the Department of Government Efficiency? Nationally-renowned financial thought leaders Jamie Hopkins, Jeff Levine, Eric Ludwig, and Steve Parrish share their insights with Big Al Clopine, CPA at the American College of Financial Services’ Horizons Conference in San Diego, CA on Your Money, Your Wealth® podcast 521. First, the College's President, George Nichols, gives a brief overview of the institution and their inaugural conference. Plus, Joe Anderson, CFP® and Big Al...
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Haven't Yet Saved a Million. Can We Still Retire Early? - 520
Your Money, Your Wealth
Martin and Caterina in Green Bay are in their 40s and haven’t yet saved a million bucks. Are they on track to retire at age 58? Can Piggie and Kermit in California retire today at ages 50 and 57 and still build wealth for their children? Can Galahad and Zoot in Chicago retire early in their 50s, or do they need to keep working? Do Bo and Daisy have enough saved to retire now at 61 and 56? Plus, Chuck in South Carolina asks, if you can retire early, why wouldn’t you? Spitballing early retirement, today on Your Money, Your Wealth® podcast 520 with Joe Anderson, CFP® and Big Al Clopine,...
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What's a Safe Withdrawal Rate in Retirement? (So You Won't Run Out of Money) - 519
Your Money, Your Wealth
How much do Nick and Nora in Pittsburgh, and Doc Mc Muffin and her Mr. in Minnesota, need to have saved, and how much can they afford to spend in retirement? What are the disadvantages to Fred and Ethel in Virginia if Ethel collects her Social Security early? Are the Moonshiner and the City Girl in Florida so obsessed with avoiding RMDs and IRMAA that they're wasting too much savings on Roth conversions? That’s today on Your Money, Your Wealth® podcast 519 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, will the tax benefits on a rental property offset the negative cash flow for...
info_outlineWhat’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
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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