Your Money, Your Wealth

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 REGISTER | Market Outlook and Impact of the 2024 Election Webinar - TOMORROW, Wed. Oct 9, 2024, 12pm Pacific, 3pm Eastern 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! CALCULATE: A Financial Blueprint of your retirement readiness for free REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis SCHEDULE: Free Financial Assessment SUBSCRIBE: YMYW on YouTube DOWNLOAD: more free guides READ: financial blogs WATCH: educational videos SUBSCRIBE: YMYW Newsletter 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! DOWNLOAD: Retirement Income Strategies Guide WATCH YMYW TV: Retirement Rebound: 5 Plays to Help You Score a Comeback REQUEST: Ask Joe & Big Al for your 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 00:50 - 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

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 REGISTER NOW: Medicare Basics webinar - TOMORROW, Wednesday Sept. 25, 2024, 12pm Pacific, 3pm Eastern, with Robert Dow and Lisa Velasco, Medicare specialists from the Dow Agency CALCULATE: A Financial Blueprint of your retirement readiness for free! DOWNLOAD: Social Security Handbook DOWNLOAD: Medicare Check-Up Guide WATCH YMYW TV: Medicare Check-Up: How to Keep Your Retirement Plan Off Life Support 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 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

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 CALCULATE: A Financial Blueprint of your retirement readiness for free! DOWNLOAD: Complete Roth Papers Package DOWNLOAD: Retirement Readiness Guide WATCH: What Happens to Your 401(k) & IRA at Retirement? YMYW TV 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 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

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

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

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

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

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

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

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 YMYW Podcast Survey: Visit the show notes to access the survey and secret password DOWNLOAD: Money Makeover Guide - limited-time special offer! Download by Friday, August 2, 2024! WATCH: Complete Money Makeover - YMYW TV 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 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

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 DOWNLOAD: Social Security Handbook DOWNLOAD: Estate Plan Organizer 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 00:50 - 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

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 DOWNLOAD | Retirement Rescue Guide - limited-time special offer! Download by Friday, July 19, 2024! WATCH | Retirement Rescue Plan - YMYW TV DOWNLOAD | Investing Basics Guide DOWNLOAD | 10 Steps to Improve Investing Success REGISTER | Equity Compensation Basics Webinar - Wednesday, July 24, 12pm Pacific / 3pm Eastern Request your own Retirement Spitball Analysis YMYW on YouTube | Guides | Blogs | Educational Videos | YMYW Newsletter Schedule a free financial assessment 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

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 Download the Key Financial Data Guide Watch the video spitball: https://youtu.be/YwG3pZ3U8IU Request your own Retirement Spitball Analysis YMYW Extra on YouTube | Guides | Blogs | Educational Videos | YMYW Newsletter Schedule a free financial assessment 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: https://purefinancial.com/ymyw/#ymyw-special-offer 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 Watch Strategies for Diversifying Concentrated Stock Positions Request your own Retirement Spitball Analysis YMYW Extra on YouTube | Guides | Blogs | Educational Videos | YMYW Newsletter Schedule a free financial assessment 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

How much do retirees really spend in retirement? Does the Social Security Primary Insurance Amount (PIA) continue to rise with inflation? Is all the talk about higher future tax brackets just fear-mongering? Can "Johnny Mercer" afford to leave money for his heirs, and what should his strategy be for converting his retirement savings to Roth IRA for tax-free growth on his money? While Joe Anderson, CFP® and Big Al Clopine, CPA each take some much-needed vacation time, Your Money, Your Wealth® producer Andi Last enlists the help of senior financial advisor Rachel Fuss, CFP®, MPH from Joe and Big Al's team of experienced professionals at Pure Financial Advisors in Mercer Island, WA, to see if they can "Ac-cent-tchu-ate the Positive" for Johnny in YMYW Extra number 4. Free financial resources and transcript: https://bit.ly/ymywe-4 Watch the video of this spitball! https://youtu.be/wKi-VDALJAo Withdrawal Strategy Guide - free download Request your own Retirement Spitball Analysis YMYW Extra on YouTube | Guides | Blogs | Educational Videos | YMYW Newsletter Schedule a free financial assessment Timestamps: 00:00 - Intro 01:17 - Johnny Mercer's Cars, Drinks and Pets 02:19 - Will Social Security Primary Insurance Amount Continue to Rise With Inflation? 05:20 - Retirement Spending: What's Reality? 06:40 - Are Future Higher Tax Brackets Just Fear-Mongering? 08:21 - How Much Can We Afford to Spend and Still Leave Money for Heirs? 11:07 - Final Considerations & Roth Conversion Strategy

Cinderella and her Prince Charming have a nest egg of $2.3 million and are hoping for retirement income of up to $150K/year. When can they afford to retire? How should they coordinate paying for some big purchases, paying off debt, and collecting Social Security benefits as they plan for retirement? While Joe Anderson, CFP® and Big Al Clopine, CPA each take some much-needed vacation time, YMYW producer Andi Last enlists the help of senior financial advisor Jack Dugan, CFP®, from Joe and Big Al's team of experienced professionals at Pure Financial Advisors in San Diego, to spitball on whether Cindi and her prince can live "happily ever after" on YMYW Extra number 3. Free financial resources and transcript: https://bit.ly/ymywe-3 Watch the video of this spitball! https://youtu.be/zmmCuxEsHiA Retirement Income Strategies Guide - free download Request your own Retirement Spitball Analysis YMYW Extra on YouTube | Guides | Blogs | Educational Videos | YMYW Newsletter Schedule a free financial assessment Timestamps: 00:00 - Intro 02:28 - Cinderella and Prince Charming's Cars, Drinks & Pets 03:38 - How Much Retirement Income Can They Realistically Expect? 14:05 - How to Pay Off Major Purchases? 15:35 - Other Retirement Savings Strategies

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

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

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