John in Pennsylvania doesn’t have bonds in his investment portfolio. Should he add them, and if so, where? That’s today on Your Money, Your Wealth® podcast number 508 with Joe Anderson, CFP® and Big Al Clopine, CPA. The fellas also spitball on retirement plans for James in Tierrasanta, California, who has $4 million plus annuities, Esther in the San Francisco Bay Area, who has nearly $12M net worth, and Tiger and Lioness, who wonder about a safe level of lifestyle creep. Also, Charlie in Castlerock, Colorado has an “exciting” new question on how to balance collecting Social Security with making withdrawals from his pre-tax retirement account for living expenses. And a Worrywart Mom in Seattle asks whether her 27-year-old daughter should focus on paying off her student loans or saving for the future.

Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-508

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DOWNLOAD the Social Security Handbook

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Timestamps:

00:00 - Intro: This Week on the YMYW Podcast

00:58 - Where Should We Add Bonds in Our Investment Portfolio? (John, PA)

06:58 - Does Our Retirement Spending Plan Work? What's a Safe Level of Lifestyle Creep? (Tiger & Lioness)

13:39 - Download the Retirement Income Strategies Guide for free

14:24 - Collecting Social Security vs. Living Off of Pre-Tax Retirement Withdrawals (Charlie, Castlerock, CO)

21:52 - Download the Social Security Handbook for free

22:27 - Should 27 Year Old Pay Off Student Loan or Save for the Future? (Worrywart Mom, Seattle, WA)

27:01 - I Have $11.8M Net Worth and Want to Retire in 2 Years. Can I Pull This Off? (Esther, SF Bay Area)

32:41 - Watch Retirement Sabotage: 12 Post-Retirement Money Mistakes to Avoid on YMYW TV, download the Retirement Readiness Guide for free

33:40 - We Have $4M + Annuities and Want $180K/Year in Retirement. What Do You Think? (James, Tierrasanta, CA)

39:42 - Outro: Next Week on the YMYW Podcast

Joe Anderson, CFP® and Big Al Clopine, CPA spitball on paying the tax on your Roth conversions on Your Money, Your Wealth® podcast number 507. If you take the money out of your retirement account, what does Joe mean that you’ll be “paying the tax to pay the tax to pay the tax”? Can you pay it from the Roth account itself, or from your monthly pension tax withholding? Are the fellas wrong on this whole topic altogether? They also spitball on withdrawing Roth 401(k) contributions that were rolled to an IRA, those infamous 5-year rules for withdrawals from Roth accounts, when to do Roth conversions, saving to tax-deferred, taxable, or tax-free accounts, and how long-term capital gains taxes fit into the picture. Plus, consolidating individual stock investments and the fate of the home office deduction, and what Joe thinks about the Apple Podcasts reviewer that says he’s checked out.

Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-507

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Timestamps:

00:00 - Intro: This Week on the YMYW Podcast

01:06 - Can I Withdraw Roth 401(k) Contributions That Were Rolled to IRA? (Peter LemonJello, FL)

05:32 - Paying the Tax to Pay the Tax” on Roth Conversions Clarified (David)

09:13 - Should We Save to Tax-Deferred Accounts, Backdoor Roth, or Brokerage? (David & Victoria, Cincinnati, OH)

15:23 - Watch How to Break Through Retirement Barriers on YMYW TV, Calculate Your Free Financial Blueprint

16:17 - Should I Do Roth Conversions at Age 66 If I Want to Retire at 70? (Mike, PA)

17:49 - You’re Wrong About Roth Conversion Tax Payments (Robert, YouTube)

20:20 - Can I Pay Roth Conversion Tax From Monthly Pension Withholding? (Big Toe Knee, YouTube)

20:45 - Should I Consolidate Individual Stocks Into ETFs? (Lu, YouTube)

22:44 - Do I Understand the 5-Year Rules for Roth Withdrawals? (NR, YouTube)

25:51 - Download the 5-Year Rules for Roth IRA Withdrawals and the Withdrawal Strategy Guide

26:39 - Was the Home Office Deduction Eliminated Under the Tax Cuts and Jobs Act? (George, YouTube)

27:30 - Contributing to Roth vs. Pre-Tax: Would It Count as Long-Term Capital Gains? (Moriel, YouTube)

30:16 - Is it a Good Idea to Pay Roth Conversion Tax Out of the Roth? (Michelle, Facebook)

31:35 - Joe is Completely Checked Out (Anonymous Apple Podcasts Review)

33:19 - Outro: Next Week on the YMYW Podcast

What’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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READ THE BLOG: It's Not Too Late! Year-End Financial Moves to Make Right Now

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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

Ricochet J in Colorado and her husband want to retire as soon as humanly possible. Are they on track? Should they save their surplus funds to a brokerage account or a solo 401(k)? That’s today on Your Money, Your Wealth® podcast 505 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Micah in South Dakota wonders whether having a $40,000 a year pension is basically the same as having a million dollars in bonds, according to the four percent rule. What do Joe and Big Al think? Barney and Betty will be in the 12% or 22% marginal tax bracket, but their effective tax rate will only be between 10% and 12.4%, so how much should they convert to Roth? Are they asking the right question? And finally, Joe and Big Al spitball on ways to ensure that Amir in New Mexico has the maximum possible retirement income to last him to age 90 or 95. Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-505

DOWNLOAD The Complete Roth Papers Package for free

WATCH Your 11-Step Path to Financial Freedom on YMYW TV

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REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis

SCHEDULE: free financial assessment

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Timestamps:

00:00 - Intro: This Week on the YMYW Podcast

01:04 - Save to Brokerage vs. Solo 401(k) to Retire as Soon as Humanly Possible? (Ricochet J, CO)

15:23 - Watch Your 11 Step Path to Financial Freedom on YMYW TV, Calculate your free Financial Blueprint

16:36 - Is a $40K/yr Pension Similar to $1M in Bonds According to the 4% Rule? (Micah, SD)

18:48 - Marginal vs. Effective Tax Rates: How Much to Convert to Roth? (Barney & Betty)

22:58 - Download the Complete Roth Papers Package

23:48 - How to Have Maximum Possible Retirement Income to Age 90-95? (Amir, NM)

30:13 - Outro - Next Week on the YMYW Podcast

Can Ted and Georgette convert $1.6M in an inherited trust to Roth without distributing it? Should the trust own their home so they can use the home equity? Melissa was added as joint owner on her parents’ bank accounts after a medical event, but what have they done? Should Ralph and Alice use the required minimum distribution from their inherited IRA to pay Roth conversion taxes? That’s today on Your Money, Your Wealth® podcast 504 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, can Theodore contribute to a his wife Louise’s Roth IRA? Can Marc make Roth contributions for his grandkids? Also, Joe and Al come up with a very unique way that John may be able to pay the tax on his Roth conversion using his home equity.  Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-504

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WATCH 10 Tax-Cutting Moves to Make Now - YMYW TV

DOWNLOAD: Identity Theft Guide

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REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis

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Timestamps:

00:00 - Intro

01:00 - Can We Convert an Inherited Trust to Roth Without Distributing It? Should the Trust Own Our Home? (Ted & Georgette Baxter, Madison, WI)

10:02 - Watch 10 Tax-Cutting Moves to Make Now on YMYW TV, Download the Top 10 Tax Tips Guide before this Friday!

11:08 - I’m Joint Owner of My Parents’ Bank Accounts. What Have We Done? (Melissa, Rockport, TX)

16:35 - Can I Contribute to My Wife’s Roth IRA? Can I Max Out Multiple Roth Accounts? Should We Do Roth Conversions? (Theodore & Louise, Seattle, WA)

23:43 - Should We Use Inherited IRA RMD to Pay Roth Conversion Tax? (Ralph & Alice Kramden, SC)

27:35 - Can I Fund Roth IRAs for My Grandchildren? (Marc, Encinitas)

28:40 - Watch the Cybersecurity Webinar on demand, Download the Identity Theft Guide

29:32 - Should We Maximize the 24% Tax Bracket With Roth Conversions This Year and Next? (John)

37:55 - Outro: Next Week on the YMYW Podcast

When should Jack and Swan in Florida pay off their home, retire, and convert their savings to Roth for lifetime tax-free investment growth? Jennifer in Colorado wonders whether she should take taxes into account when calculating her expenses, and whether she should pay off her home to be debt-free in retirement? That’s today on Your Money, Your Wealth® podcast 503 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, should Kevin in Scottsdale collect Social Security in 2025, or postpone and do Roth conversions over the next two years? Should Skipper in Texas do Roth conversions to the top of the 24% tax bracket instead of the 22? And just how closely will Big Brother watch his state of residency if Skipper buys homes in Florida and another location for his retirement? Harry Tasker in Minnesota’s wife Helen says he needs to continue working. Is that a true lie? Harry asks Joe and Big Al to spitball on whether he and Helen can stay home during their go-go years. And can the Tomb Raiders afford to spend $120,000 a year in retirement? Access free financial resources and the episode transcript: https://bit.ly/ymyw-503

WATCH ON YOUTUBE: https://youtu.be/Xfl7gvIs2rU

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WATCH: 6 Secrets to Bigger Tax Savings from Your Nonprofit Donations on YMYW TV

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Timestamps:

00:00 - Intro: This Week on the YMYW Podcast

01:16 - When to Pay Off the Home, Retire, and Do Roth Conversions? (Jack & Swan, FL - voice)

06:10 - Should We Include Taxes in Annual Expenses? (Jennifer, CO)

09:47 - Draw Social Security in 2025, or Postpone and Convert to Roth in 2025 and 2026? (Kevin, Scottsdale, AZ)

14:57 - Download the Social Security Handbook, Calculate Your Financial Blueprint

16:08 - Should We Pay Off the House to Be Debt Free in Retirement? (Jennifer, CO)

21:08 - State Tax Spitball: Should I Convert Even More to Roth? Does Big Brother Really Count the Days for State Residency? (Skipper, TX)

29:54 - Watch 6 Secrets to Bigger Tax Savings from Your Nonprofit Donations on YMYW TV, Download the Tax-Smart Charitable Giving Guide

30:39 - Can We Both Stay Home in the Go-Go Years? Wife Says I Have to Go Back to Work (Harry & Helen Tasker, MN)

43:40 - Can We Afford to Spend $120k/Year Inflation Adjusted in Retirement? (Tomb Raiders, Strawberry Plains, TN)

51:29 - Outro: Next Week on the YMYW Podcast

Can Bauer in Illinois retire at age 57, and when should he collect Social Security? More importantly, can he afford a $300,000 motor home? Can Brad in Michigan coast for the next 10 years and still reach the promised land of retirement somewhere around age 53? Joe Anderson, CFP® and Big Al Clopine, CPA spitball early retirement, today on Your Money, Your Wealth® podcast 502. Plus, it seems weird to Elizabeth in Connecticut that nearly all of her $5M is in taxable accounts. Is that good or bad? N&N in San Francisco Bay Area have $10 million liquid. Should they make Roth contributions and Roth conversions now, or wait until they retire? Access free financial resources and the episode transcript: https://bit.ly/ymyw-502

WATCH: How to Avoid Wealth Busters on YMYW TV

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REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis

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Timestamps:

00:00 - Intro: This Week on the YMYW Podcast

00:58 - Can I Retire at 57? When to Collect Social Security? Can I Afford a Motorhome? (Bauer & Laney, Mundelein, IL - voice)

07:47 - Can We Coast and Still Reach the Retirement Promised Land in Ten Years? (Brad, MI)

14:20 - Watch How to Avoid Wealth Busters on YMYW TV, download the Wealth Busters to Avoid Guide

15:00 - We've Got $10M Liquid: Roth Contributions & Conversions Now or Wait Until Retirement? (N&N, SF Bay area)

24:58 - Calculate Your Free Financial Blueprint

25:36 - Seems Weird That Our Money is in Taxable Accounts. Is That Good or Bad? (Elizabeth, CT)

31:57 - Outro: Next Week on the YMYW Podcast

Should Suzanne in Michigan do Roth conversions in 2025 and 2026 since she’s widowed and won’t be married filing jointly? How should she pay the tax on her conversions? Jennifer in Washington state is 55 and her husband is 70. Should she retire now and do aggressive Roth conversions before her husband passes? We’re talking about the widow’s tax, today on Your Money, Your Wealth® podcast number 501 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, answers to questions from our YouTube viewers: what’s a brokerage account? What’s a good way to pay required minimum distirbution taxes? How does the 10 year rule work on inherited IRAs? What are extended market index funds? The fellas also spitball on the 4% rule for retirement withdrawals. Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-501

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For 499 episodes of YMYW, Joe Anderson, CFP® and Big Al Clopine, CPA have been making fun of finance. On episode 500, we’re celebrating The Top Funniest Moments From the Your Money, Your Wealth® Podcast, Vol. 2. (Check out episode 300 from way back in November of 2020 for Vol. 1.) For this episode, Executive Producer Andi Last compiled some rare, never before seen, can’t-miss Derails, jokes, stories, screw-ups, and outtakes... from two talking heads sitting at a desk. We appreciate you following, watching, laughing, and commenting on YouTube or Spotify, but if you’re listening in Apple Podcasts or another podcast app you’ll laugh just as much. Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-500

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00:00 - Intro 00:51 - How to Ask Joe and Big Al On Air 01:20 - More Funnier 03:06 - Making Fun of Finance 08:06 - Don't Change a Thing 09:13 - Spitballing, Not Advice 09:41 - Watch Recipe for Retirement on YMYW TV 10:32 - Story Time: Al's Mid-life Crisis, Al's VW Rabbit, Joe's Travel Experiences, Hans' Paintings, Joe the Player, Joe the Dancer, Color Me Badd, Ricky Runs Fast, You're a 1099, FIRE, Retirement Planning Dinners, Movie Talk, RVO, Joe vs. the Holidays, Ice Skating 35:10 - Joe and Big Al... Are Human 39:56 - Calculate Your Financial Blueprint, Schedule a Free Financial Assessment 41:22 - More Joe and Big Al... Are Human 46:32 - Outro 47:05 - The YMYW Family 48:24 - The Biggest Derail Ever

Are real estate investment trust (REIT) ETFs a good way for Leon to begin investing in real estate? Can AI Seth stay retired at age 52, and should he do Roth conversions? Jenn in Ohio wants the fellas to be brutally honest about whether she should move with work, take a break, or retire now. And "George and Weezy" are in their mid-50s - can they "move on up" to a deluxe retirement lifestyle in 2026, or even earlier? That’s all today on Your Money, Your Wealth® podcast 499 with Joe Anderson, CFP® and Big Al Clopine, CPA. Access free financial resources and the episode transcript: https://bit.ly/ymyw-499

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LISTEN | Top Funniest Moments From the YMYW Podcast (Vol. 1) - ep. 300

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00:00 - Intro: This Week on the YMYW Podcast

00:47 - Are REIT ETFs a Good Way to Get Into Real Estate Investing? (Leon, Chicago - voice)

09:15 - Watch Steps to Financial Success: Grow Your Wealth at Any Age on YMYW TV, Download the Guide to Growing Your Wealth

09:49 - Can AI Seth Stay Retired at Age 52? Should He Do Roth Conversions? (Montana, voice)

16:41 - Move With Work, Take a Break, or Retire Now? Be Brutally Honest (Jenn, OH)

21:23 - Calculate Your Financial Blueprint, Schedule a Financial Assessment - both free!

22:02 - Deferred Comp: Can “George and Weezy” Retire in 2026 or Earlier? (IL)

33:18 - Outro: Next Week on the YMYW Podcast