How to calculate Roth conversions to reduce taxes at required minimum distribution age? What are the rules for RMDs from Roth 401(k)? How does the 5 year Roth clock factor into a decision to leave money in an old Roth 401(k) or roll it to a new Roth IRA? Do reinvested dividends count as Roth contributions? Do capital gains count towards the capital gains income bracket? IRA contributions for minors and the unemployed, and how would you spend lottery winnings? Podcast show notes: https://bit.ly/ymyw-342

Roth 401(k), Conversions, RMDs, and Cap Gains - 342

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

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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

Roth Conversions vs. Required Minimum Distributions - 484

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

Asset Location & Roth Conversion Retirement Spitball | YMYW Extra - 1

Are women better investors and financial planners? Today on Your Money, Your Wealth® podcast 483 with Joe Anderson, CFP® and Big Al Clopine, CPA, three different husbands want to retire, while their wives feel they need to work longer. Can Jack and Diane, Mark and Belle, and Mike and his wife hit the slopes now, or do they need to keep wearing their suits? Joe and Big Al spitball on who’s right. Plus, should Ellie take her pension in a lump sum or in monthly annuity payments? The fellas also consider a solo 401(k) strategy for self-employed types from our buddy Will. Free financial resources and transcript: https://bit.ly/ymyw-483 Withdrawal Trap Doors: How to Avoid Them - Watch YMYW TV Withdrawal Strategy Guide - free download Subscribe to YMYW on YouTube - comments are now open! Ask Joe & Big Al On Air for a Retirement Spitball Analysis Schedule a Free Financial Assessment Timestamps: 00:00 - Intro 00:40 - Can We Retire Now or Do We Need to Wait a Few Years? (Jack & Diane, Houston - voice) 09:35 - How to Bridge the Gap in Early Retirement? (Mark & Belle, VA) 19:44 - Help Me Convince My Wife to Retire This Summer! (Michael, MN) 26:28 - Should I Take the Pension Lump Sum or Monthly Annuity Payments? (Ellie, PA) 31:52 - How’s My Solo 401(k) Contribution Strategy? (Will) 36:51 - The Derails

Slopes Vs. Suits: How Couples Bridge the Retirement Gap - 483

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

FDIC vs. SIPC, Annuities, SSDI & Early Retirement Strategies - 482

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 - Intro 00:48 - 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 

Roth 401(k), Conversions, RMDs, and Cap Gains - 342

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