If you knew exactly when you were gonna die, so many financial decisions would be simple. But generally, we don’t, so today Joe and Big Al spitball on death, taxes, and trust issues of the estate planning variety. Fair warning, it’s "the dark show" today on YMYW, as the fellas discuss cancer trust funds, making your trust the beneficiary on your retirement accounts, when and how to take Social Security benefits and pension options, Roth conversion strategies taking into account the 5-year rules for withdrawals, and potentially donating required minimum distributions to charity rather than doing conversions. Timestamps:  00:49 - Pension Plan Options Retirement Spitball: Lump Sum, Annuity, or Hybrid? (Dave, CO) 07:37 - Should We Have a Cancer Trust Fund? (Melinda, Milwaukee) 12:02 - Why Not Make Our Trust the Beneficiary on Retirement Accounts? (Ms. Merry, MD) 21:40 - Is There a 5-Year Rule on Taking Dividends from a Roth IRA After Age 59½? (Douglas, Bonita, CA) 23:34 - I’m 60, My Ex is 74. Am I Eligible for Spousal Social Security Benefits? (Salwa) 24:39 - How Much If Any Roth Conversion Should We Do? (Paul, NJ/SC) 28:53 - Why Do a Roth Conversion Instead of Donating to Charity? (Kevin, Raleigh) 32:57 - Why Separate and Never Add Money to a Profit-Sharing Plan Rolled to IRA? (Nancy, Foxboro, MA) 35:46 - Retirement Pension at 57 or 60? Social Security at 62 or 70? (midwestfabs) 45:56 - The Derails  Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-427  Estate Planning Organizer Inflation, Interest Rates, Recession? Financial Markets Update Webinar Replay Going Solo: Navigating Your Financial Future Single - YMYW TV & companion guide Episode Transcript Ask Joe & Big Al On Air 

Trust Issues, Death & Taxes: Estate Plan Spitball - 427

A "Top 10 Personal Finance Podcast" and a "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 fiduciary. 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 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 

Which Account Should Fund Living Expenses in Retirement? - 481

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 - Intro 00:57 - 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 

401(k) vs. Roth: Where to Save for Retirement - 480

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

Tax Loss Harvesting, Tax Gain Harvesting, Financial Advisor Value - 479

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 - Intro 01:06 - Should We Convert $1.75M Lottery Winnings To Roth? 09:31 - Free Financial Assessment - schedule now 10:38 - 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 blog Employee Stock Purchase Plans (ESPP) - read the blog 39:19 - 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 

How to Manage Taxes When You Win the Lottery - 478

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.com 15:37 - 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 download How to Create a Steady Stream of Retirement Income - YMYW TV 30:38 - 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 

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