Your Money, Your Wealth

What does retirement at age 60 look like for Allison in Northern Virginia? The EASIretirement.com calculator says Jimmy and Rosalynn in Georgia are on track to reach their retirement goals, even though they're late starters - but are they being realistic? Ingrid used the free EASIretirement.com calculator too, but is she able to contribute more than her annual income to her 403(b) and her Roth? That's today on Your Money, Your Wealth® podcast number 467 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Perry and his wife in Winston-Salem also have 403(b) plans and they wonder if they should take the lifetime annuity or the managed payout in retirement? Finally, should Brad in Sarasota, Florida reserve his health savings account money for long term care insurance? 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-467

Timestamps:

• 00:00 - Intro
• 00:48 - What Does Retirement at 60 Look Like for Me? (Allison from Northern Virginia)
• 09:19 - Retirement Rescue Plan - YMYW TV
• Retirement Rescue Guide - free download for a limited time only! Get it by this Friday
• 09:59 - Late Starters. EASIretirement.com Says We're OK. Are We Being Realistic About Retirement? (Jimmy & Rosalynn, GA)
• 16:07 - Earnings vs. Contributions When Using EASIretirement.com (Ingrid)
• 21:36 - EASIretirement.com - free retirement calculator
• 22:37 - Lifetime Annuities or Managed Payouts from Our 403(b)s in Retirement? (Perry, Winston-Salem, NC)
• 28:54 - Should I Reserve Health Savings Account (HSA) Money for Long Term Care? (Brad, Sarasota, FL)
• 34:11 - The Derails

Should Peter LemonJello, who has high income, and his wife, who is retired with zero income, file their taxes as married filing separately so they can start Roth conversions? What are the tax implications of Roth conversions for Randy in Chi-town, an early retiree in the 32% tax bracket? Caity with a C in SLC is self-employed and over the income max to contribute to a Roth, so now what? And Ben in Oceanside, CA wants to know what impact Roth conversions will have on required minimum distributions after age 73? Joe Anderson, CFP® and Big Al Clopine, CPA spitball on all these Roth conversion tax reduction strategies, today on Your Money, Your Wealth® podcast 466. Plus, does the math make sense on a company-matched Kai-Zen indexed universal life insurance policy for Kickass Seabass in New Jersey? Ed in Virginia wants to know the earnings limits for family Social Security benefits. But first, can JJ in Florida's retirement portfolio handle withdrawals of $150,000 per year? And from the banks of the Mighty Mississippi, what should midwestfabs' post-employment asset allocation be? 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-466

Timestamps:

• 00:00 - Intro
• 01:12 - Can Our Retirement Portfolio Handle $150K Annual Withdrawals? (JJ, FL)
• 04:08 - What Should My Asset Allocation Be, Post-Employment? (Midwestfabs)
• 11:43 - 2024 Financial Market Outlook: read the blog by Brian Perry, CFP®, CFA, Pure Financial Advisors' Executive Vice President and Chief Investment Officer
• 12:39 - Tax Spitball: Married Filing Separate and Start Roth Conversions? (Peter LemonJello, FL)
• 14:58 - Roth Conversion Tax Implications for an Early Retiree in the 32% Bracket (Randy, Chicago)
• 21:34 - Self-Employed and Over the Max to Contribute to Roth – Now What? (Caity, Salt Lake City)
• 25:07 - Impact of Roth Conversions After Age 73 on RMDs (Ben, Oceanside, CA)
• 28:12 - Mile Markers to Retirement - YMYW TV
• Retirement Readiness Guide - free download
• 28:52 - Does the Math Make Sense on a Company-Matched Kai-Zen IUL Policy? (Kickass Seabass, NJ)
• 34:53 - Social Security Family Benefits Earnings Limits (Ed, VA)
• 42:42 - The Derails

How and what should we teach teenagers about money, to make the next generation financially literate? That's what CJ in Philadelphia and Teresa want to know, today on Your Money, Your Wealth® podcast 465 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Hap and Bee have a military pension and VA disability - Joe and Big Al spitball on when they'll be able to retire, and what they need to do to get there. And they spitball on whether Grace in Seattle is on track to retire early at age 55. David and Victoria in Grand Rapids, Michigan are killing the game - in their early 30s with $400,000 income and over a million saved. When should they start funding the traditional retirement accounts instead of the Roth accounts? And, find out how the first annual Anderson Household Financial Summit went!

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-465

Timestamps:

• 00:00 - Intro
• 00:53 - Financial Guidance for Teenagers (CJ, Philadelphia - voice)
• 07:43 - How to Start a Finance 101 High School Course? (Teresa)
• 13:12 - EASIretirement.com - free retirement calculator
• 14:18 - Military Spitball: When Will I Be Able to Retire (Hap & Bee, CA)
• 22:56 - Anderson Family Financial Summit
• 26:03 - Spitball If I Can Retire Early at Age 55 (Grace, Seattle)
• 33:02 - 10 Will & Trust Mistakes to Avoid | Estate Planning - YMYW TV
• Estate Plan Organizer and Survivor's Guide - free download
• 33:51 - Killing it at 34, When to Consider Contributing to Traditional IRA? (David & Victoria, Grand Rapids, MI)
• 44:43 - The Derails

It's a voice message extravaganza as Joe and Big Al talk about tax gain harvesting on Dante in New York's daughter's custodial account, and the tax impacts of Leon in Chicago investing in his brokerage account. The fellas also spitball on whether Michelle in San Diego, en route to San Francisco, should buy or rent in her 60's, the mega backdoor Roth and the pro rata rule for Sean and his cichlids in Winter Springs, Florida, and whether Jason in NOLA can do the backdoor after recharacterizing his contribution. Plus, should Kevin in Ohio make like the Steve Miller Band and "take the (pension) money and run"? Can Scott in Colorado make like Johnny Paycheck and "take his job and shove it" when it's time for the rule of 55? And should Suzi and Peter consider long term care insurance and protecting their assets with an irrevocable trust?

Access this week's free financial resources and the episode transcript in the podcast show notes at https://bit.ly/ymyw-464

Timestamps:

• 01:07 - Custodial Account Tax Gain Harvesting: Reported on My Daughter's Taxes or Mine? (Dante, NY - voice)
• 05:17 - Tax Impacts of Investing in a Brokerage Account? (Leon, Chicago - voice)
• 10:50 - Three (okay, four) ways you make YMYW the show that it is
• Ask Joe & Big Al On Air for your Retirement Spitball Analysis
• 12:28 - Is it Better to Buy or Rent in My 60s? (Michelle, San Diego - voice)
• 19:50 - Mega Backdoor Roth & the Pro-Rata Rule (Sean, Winter Springs, FL - voice)
• 26:56 - Should I Take the (Pension) Money and Run? (Kevin, OH - voice)
• 32:13 - Money Makeover Guide - limited time special offer - download by this Friday!
• Complete Money Makeover - How to Do a Financial Facelift - YMYW TV
• 33:08 - Should We Consider Long Term Care Insurance and Protecting Our Assets with an Irrevocable Trust? (Suzi & Peter, San Diego)
• 39:23 - Can I Do a Backdoor Roth After a Re-characterization? (Jason, NOLA)
• 43:42 - Spitball My Early Retirement Plan & the Rule of 55 (Scott, CO)
• 52:29 - The Derails

We're revisiting your favorite Your Money, Your Wealth topics and Derails of 2023 in this Roth and retirement investing mega-episode. Safe investing when you're risk averse, mutual funds vs. ETFs, stable value funds, and estimating retirement income needs when you're a young saver with a pension made the YMYW best of 2023 on the investing side. On the Roth side, what to do when there's too much money in your traditional IRA, whether Roth conversions are really as good as they sound, and who's right about the Roth conversion strategy, our listener or his advisor?

Timestamps:

• 01:05 - How to Safely Invest and Protect $400K When You're Risk Averse (Tyler, OH – voice - from episode 425, among YMYW most popular 2023 episodes on YouTube)
• 07:43 - Stable Value Fund Vs. Brokerage Account for Living Expenses? (Sharon, Waukesha - voice - from episode 424, among YMYW most popular 2023 episodes on Apple Podcasts)
• 17:02 - Mutual Funds vs. ETFs in a Tax-Advantaged Account? (Midwestfabs, St Paul, MN from episode 420, among YMYW most popular 2023 episodes on Spotify)
• 23:40 - How Should Young Savers Invest Pensions and Estimate Retirement Income Needs? (Adam, Oregon - from episode 413, among YMYW most popular 2023 episodes on Spotify)
• 29:43 - I'm Not Sure Roth Conversions Are as Good as They Sound! (Christine, Seattle - from episode 440, among YMYW most popular 2023 episodes on Apple Podcasts)
• 39:31 - Who's Right About My Roth Conversion Strategy, Me or My Financial Advisor? (Brad, Sarasota, FL - from episode 409, published at the end of 2022, but one of our 2023 top viewed on YouTube)
• 49:17 - We Have Too Much in Traditional IRA. How's Our Roth Conversion Plan? (Kelly, Idaho - from episode 423, among YMYW most popular 2023 episodes on YouTube)
• 01:00:59 - The Best YMYW Derails of 2023

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-463

• Emotional Investing - YMYW TV
• Emotionless Investing Guide - our special offer for a limited time, download it by this Friday!
• Ultimate Guide to Roth IRAs - free download
• Episode Transcript & YMYW Best-Of 2023 Lists!
• Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Can Clark Kent's dad in Hutchinson, Kansas retire at age 50? Will Devin in South Carolina be fat and happy or cutting calories if he retires at 59 and a half? Can Scott Magic in Idaho retire to a good and simple life at age 60? Gina and her wife are 52 and 58. Can they retire in four years, and how much should they be putting in their Roth accounts? Plus, Frenchie in Maine needs a spitball on a Roth conversion strategy with Canadian retirement funds, and Andi shares what she knows about target date funds.

Timestamps:

• 00:49 - Can Superman's Dad Retire at Age 50? (Martha Kent, Hutchinson, KS)
• 07:23 - Can We Retire to a Good Simple Life at Age 60? (Scott Magic, ID)
• 14:12 - Fat & Happy in Retirement or Cutting Calories at Age 59 and a Half? (Devin, SC)
• 20:56 - We're 52 and 58. Can We Retire in 4 Years? How Much Should We Put in Roth? (Gina, WA)
• 28:06 - Canadian Retirement Roth Conversion Strategy? Target Date Funds? (Frenchie, Maine)
• 37:06 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-462

• EASIretirement.com free retirement calculator
• Episode Transcript
• Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Spitballing on early retirement and Roth conversions to finish 2023. How can Jack and Diane (no, the other, other Jack and Diane, these are the ones in Rochester, MN) bridge the gap to retirement at age 61? Can Michael in San Diego do a Roth conversion without it impacting his taxes? Plus, what should "the Flintstones" do with their whole life insurance policies? What spitballs of wisdom do the fellas have for Michael, who is "benefit-less" in Kansas City, MO? Then, we wrap up the final episode of the year with the YMYW origin story.

Timestamps:

• 00:48 - How to Bridge the Gap to Retirement at Age 61? (Jack & Diane, Rochester, MN)
• 06:04 - Can I Convert to Roth Without Impacting My Taxes? (Michael, San Diego)
• 10:22 - What to Do with Whole Life Insurance Policies? (Wilma & Fred Flintstone)
• 16:55 - Financial Strategies for the "Benefitless" (Michael, Kansas City, MO)
• 23:46 - The Origins of YMYW
• 36:14 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-461

• The Complete Roth Papers Package
• Financial New Year's Resolutions: Tips for Getting Your Finances in Order
• The Economy, Currencies, Stocks, and 2024: End of Year Market Update webinar
• Episode Transcript
• Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Joe and Big Al spitball on investing in index funds, bonds, CDs, treasuries, annuities, net unrealized appreciation on company stock, and where to park cash right now. Plus, how do taxes, Roth conversions or the Mega Backdoor Roth, and donor advised funds factor into those investing strategies? Will and Debbie in Gettysburg are investing an inheritance, LJ in Philly and Jane want the fellas' take on the pros and cons of various safe investments, Roger and Jessica in Cowtown Ft. Worth need four different financial spitballs, and should M.E. in Atlanta do a Roth conversion and put money in a donor-advised fund in the same year? But first, Dianna in Spotsylvania needs an investing plan for her 86-year-old Mom.

Timestamps:

• 00:57 - Investment Spitball for 86yo Mom: Index Funds? Roth IRA and Conversions? (Dianna from Spotsylvania, Virginia)
• 05:57 - How Should I Invest My Inheritance? (Will and Debbie, Gettysburg, PA)
• 14:12 - How's My Laddered CD Investing Strategy? (LJ, Philly)
• 17:07 - Tax on Treasuries vs. CDs vs. Annuity: Where to Park Cash Right Now? (Jane)
• 22:27 - NUA Company Stock, De-Risking With Bonds, & Mega Backdoor Roth (Roger & Jessica, Ft. Worth)
• 34:13 - Donor Advised Fund and Roth Conversion in the Same Year? (M.E., Atlanta)
• 40:54 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-460

• Top 10 Tax Tips Guide (limited time offer - download by this Friday!)
• 10 Tax-Cutting Moves to Make Now - YMYW TV
• Investing Basics Guide
• 10 Steps to Improve Investing Success
• Episode Transcript
• Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Do financial advisors have some secret blood handshake that they'll all claim they can get you 8 percent returns, but then tell their clients they can only withdraw 4 percent in retirement? That's Mark in Minnesota's question today on YMYW. Plus, should Matthew in Seattle quit the DIY approach to his finances and hire a fee-based financial planner? What do Joe and Big Al think about Steven in Connecticut's "opposite of sequence of returns risk" strategy for retirement withdrawals and "bonuses"? Can listener Joe have an active and comfortable retirement at age 62? Elle in Los Angeles needs some spitballing on contributing to traditional or Roth 401k, student loans, and the potential tax benefits for paying mother in law for babysitting. The fellas also answer some more last-minute year-end tax questions for George, and for Chuck in Idaho. But first, Mike in CO gets priority with his voice message about tax loss harvesting.

Timestamps:

• 01:08 - Any Reason Not to Do Tax Loss Harvesting? (Mike, Steamboat Springs, Colorado - voice)
• 05:46 - Should I Switch from DIY to a Fee-Based Financial Planner? (Matthew, Seattle, WA)
• 16:00 - If Advisor Touts 8% Returns, Why Can I Only Withdraw 4%? (Mark, MN)
• 24:49 - 3% Retirement Withdrawals + Bonuses = Opposite of Sequence of Returns Risk? (Steven, CT)
• 31:05 - Can I Have an Active and Comfortable Retirement at Age 62? (Joe)
• 36:35 - 401k Vs Roth 401k Contributions, Student Loans, and Babysitting Tax Benefit (Elle, Los Angeles)
• 41:16 - When to Pay Taxes on a 2023 Roth Conversion? (George)
• 43:26 - Cost Basis: First In First Out to Minimize Taxes? (Chuck, ID)
• 47:27 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-459

• EASI Retirement Spitball Analysis: YMYW TV
• EASIretirement.com Free Retirement Calculator
• 6 Secrets to Bigger Tax Savings from Your Nonprofit Donations: YMYW TV
• Tax-Smart Charitable Giving Guide
• Episode Transcript
• Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Should Brian in Binghamton, New York pay off his mortgage for a guaranteed 6% return? How bad did Steve in Pittsburgh screw up his retirement, and can he afford to buy a new house away from his a-hole neighbors? Can Susan and her husband in Cape Canaveral Florida retire in a year and a half and should they pay off their mortgage? And how can Edith and Archie in Kansas maximize Roth Conversions and factor paying off the mortgage into their retirement spending strategy? Plus, Steve and Marcia in Indiana and Florida wonder about their retirement spending and whether they should collect Social Security now or wait until age 70, and should Sunny D in Arizona keep potential withdrawals in cash or sell investments as needed to satisfy required minimum distributions (RMDs)? We kick things off with Shelly's voicemail about investing the proceeds from the sale of a business.

Timestamps:

• 00:58 - How to Invest $1M From the Sale of a Business? (Shelly - voice)
• 06:55 - RMDs: Keep Potential Withdrawals in Cash or Sell Investments as Needed? (Sunny D, AZ)
• 10:00 - Pay Off Mortgage for Guaranteed 6% Return? (Brian, Binghamton, NY)
• 15:52 - How Bad Did I Screw Up My Retirement? Can I Afford to Buy a New House? (Steve, Pittsburgh)
• 21:40 - Can We Retire in 1.5 Years? Should We Pay Off the Mortgage (Susan, Cape Canaveral, FL)
• 32:14 - How to Maximize Roth Conversions While Spending From Our Portfolio and Paying Off the Mortgage (Archie & Edith, KS)
• 39:39 - Retirement Spending and Collecting Social Security Now or Wait to Age 70? (Steve & Marcia, Indiana & Florida)
• 47:56 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-458

• Withdrawal Strategies Guide
• Free Financial Assessment
• Episode Transcript
• Ask Joe & Big Al On Air for your Retirement Spitball Analysis