Your Money, Your Wealth

YMYW listener Alan feels that there are two unspoken assumptions that many different podcasters make when it comes to claiming Social Security benefits. Joe and Big Al spitball on those assumptions, along with safe retirement withdrawal rates before and after Social Security and pension for Rick and Jen, and a thrift savings plan (TSP) and Social Security retirement strategy for Theresa. Plus, Mark and his wife are semi-retired at 51 and 44. Are they going to run out of money? Where should Mary be saving for retirement, and how should she handle large Roth conversions before required minimum distributions (RMDs) kick in?

Timestamps:

• 00:45 - Unspoken Assumptions About Collecting Social Security? (Alan, Daufuskie Island, SC)
• 09:38 - Safe Withdrawal Rates Before and After Social Security & Pension (Rick & Jen, Atwater, OH)
• 19:25 - Thrift Savings Plan and Social Security Retirement Strategy ("Theresa")
• 29:28 - Retirement Spitball: Will We Run Out of Money? (Mark, St. George, UT)
• 37:37 - Where to Save for Retirement and Roth Conversions Prior to RMDs? (Mary, small town Indiana)
• 47:54 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-437

• Social Security Handbook
• Episode Transcript
• Ask Joe & Big Al On Air for your Retirement Spitball Analysis

It's a common question: should you pay off your mortgage when you have extra cash, or invest for retirement? Joe and Big Al spitball on how Ms. Moneybags and her wife-to-be should use their upcoming windfall. Plus, what should Bob's asset allocation be as he nears retirement? Should Harley and Harlene do Roth conversions after tax rates increase, and should they take advantage of net unrealized appreciation (NUA) on Harlene's company stock? Pete needs a 13 year retirement plan sanity check, Lauren wants to know if she can retire early or at least go part time, and Michael and Carol want the fellas to spitball whether they're on track for retirement.

Timestamps:

• 00:57 - Should We Pay Off the Mortgage or Invest Our Windfall On the Way? (Ms. Money Bags)
• 09:00 - What Should My Asset Allocation Be When Nearing Retirement? (Bob in New York)
• 17:21 - Should We Convert to Roth After Tax Rates Go Up? Should We Leverage NUA? (Harley)
• 29:04 - 10-13 Year Retirement Plan Spitball Sanity Check (Pete, AL)
• 38:15 - Can I Retire Early or Go Part Time and Stop Contributing to 401(k)? (Lauren, IL)
• 43:17 - Retirement Spitball: Are We On Track? (Michael & Carol, Las Vegas)
• 48:24 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw_436

• Portfolio Tracker: How to Manage Your Assets at Any Age
• Episode Transcript
• Ask Joe & Big Al On Air

A little ditty about Jack and Diane, who will eventually inherit about $4.5M from Diane's parents. How do they manage the required minimum distributions? Which of three options should Matt take with his inherited IRA? Making the most of your inheritance today on YMYW 435. Plus, Clay wants to know if it's a good idea to take money off the table and rebalance to safer or more aggressive investments, depending on your risk tolerance? Can Elizabeth offset pre-tax IRA losses with the gains from the sale of rental real estate? Is it true that you can make one time contributions from your IRA to your HSA that is, your health savings account? And finally, can Cory gift stock to his daughters and avoid paying the kiddie tax as a way to pay for college? And can Rich supercharge a 529 college savings plan with himself as beneficiary?

Timestamps:

• 00:58 - How Do We Manage RMDs on a Pending Inheritance? (Jack & Diane)
• 11:31 - Which of 3 Options Should I Take With This Inherited IRA? (Matt, San Diego)
• 18:57 - Should I Take Money Off the Table and Rebalance to Safety? (Clay, Westerville (Columbus), OH)
• 23:50 - Can I Offset Pre-Tax IRA Losses With Gains from the Sale of Rental Real Estate? (Elizabeth, Lake Forest)
• 26:43 - Is It True We Can Make One Time Contributions From IRA to HSA? (Scott, NC)
• 32:06 - How to Pay for College: Gifting Stock and Avoiding the Kiddie Tax? (Cory, Bethesda, MD)
• 36:16 - Should I Supercharge a 529 Plan With Myself as Beneficiary? (Rich, NY)
• 41:17 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-435

• Estate Planning Organizer
• Emotional Investing - YMYW TV
• Emotionless Investing Guide
• Episode Transcript
• Ask Joe & Big Al On Air

Joe and Big Al spitball five different retirement plans: is Jaybird on track to retire with a decent nest egg? Should Ted and his wife use the retirement smile spending pattern and spend more early in retirement? Is it safe for Aaron to retire at age 59 and a half? How much can Karla convert to Roth for the most tax-efficient retirement withdrawal plan? LEO Jay has Roth TSP retirement strategy questions, and Lynn suggests a super-easy Roth conversion calculator - but Big Al's got an even easier idea.

Timestamps:

• 00:44 - Are We On Track to Retire With a Decent Nest Egg? (Jaybird, Penciltucky - PA)
• 08:57 - Retirement "Smile": Should We Spend More Early in Retirement? (Ted)
• 16:57 - Is it Safe to Retire at Age 59 and a Half? (Aaron, suburb of Philadelphia)
• 25:42 - Spitball My Tax-Efficient Withdrawal Plan: How Much Roth Conversion? ("Karla", New York City)
• 34:21 - Should I Max Roth TSP and Retire at 50? When Can I Withdraw from Roth TSP? (Jay, San Diego)
• 37:00 - Super Easy Roth IRA Conversion Calculator (Lynn)
• 42:51 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-434

• Retirement Pop Quiz: test your retirement knowledge
• Retirement Readiness Guide
• Episode Transcript
• Ask Joe & Big Al On Air - get your own Retirement Spitball Analysis

How does bonus accelerated depreciation work when it comes to commercial real estate? Is real estate a good source of retirement income, and can it take the place of safe assets like bonds in your investment portfolio? Plus, can investments be transferred in-kind from an inherited trust to a brokerage account? And what tips do the fellas have for ace-ing the CFP exam and launching a career as a financial advisor?

Timestamps:

• 00:43 - Bonus Accelerated Depreciation on Commercial Real Estate Purchase (Papa Joe, Naples, FL)
• 07:04 - Is Real Estate a Good Investment for Retirement Income? (Doctor Jerry, Waco, TX - from episode 426)
• 13:00 - Is Real Estate a Substitute for Bonds in a Diversified Investment Portfolio? (Don, VA - from episode 416)
• 17:08 - Can I Move Investments In-Kind From Inherited Trust to Brokerage Account? (George, KS)
• 24:15 - Tips for Taking the CFP Exam and Building a Career as a Financial Advisor (Craig, St. Clairsville, OH)

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-433

• Real Estate Retirement Income Webinar - Wednesday June 21, 2023, 12pm PT/3pm ET - register now
• 10 Tips for Real Estate Investors Guide
• Episode Transcript
• Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Can you retire early - before age 55 - simply by contributing to your 401(k) only up to the company match and then saving to a brokerage account? Joe and Big Al spitball on using this so-called tax "jailbreak" strategy to retire early. Plus, is Christine on track to have $150,000 present value to live on in retirement? Is John stuck just watching his money grow and turn into big required minimum distributions (RMDs)? Can Jackie contribute to a SEP IRA and convert it all to Roth? And what do the fellas think of Lee's I-Bond emergency fund?

Timestamps:

• 00:49 - Is the Tax "Jailbreak" Early Retirement Strategy Nonsense? (William)
• 04:31 - Retirement Spitball: Can I Spend $150K Present Value in Retirement? (Christine, Seattle)
• 13:18 - Am I Stuck Watching My Money Grow and Being Saddled With Big RMDs? (John, TX - voice)
• 18:10 - Can I Contribute to SEP IRA and Convert it All to Roth, or Roll it to 401(k)? (Jackie, Bethesda, MD)
• 23:19 - How is My I-Bond Emergency Fund Strategy? (Lee, Jacksonville, FL)
• 28:12 - The Derails: One of YMYW's Most Brutal One-Star Reviews Ever

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-432

• How to Build a Recession-Proof Portfolio - The latest episode of YMYW TV
• Recession Protection Guide
• SECURE Act 2.0 webinar (on demand) and companion guide
• Episode Transcript
• Ask Joe & Big Al On Air

How much will money will you need in retirement, adjusted for inflation? Joe and Big Al spitball on your future dollars, how to calculate the tax on Roth conversions, and the benefits of converting to Roth when financial markets are down. Plus, should retirement savings contributions be half pre-tax and half post-tax? And finally, saving to a 529 plan for your kids, or sending them to Hollywood stunt training camp - which would you do!?

Timestamps:

• 00:49 - How Much Will I Need to Retire in Future (Inflated) Dollars? (Jared, Clifton Park, NY)
• 05:51 - Can We Retire Early With $400K Savings and $80K Pensions? That Depends on the Inflation Factor (Marcus, Queens, NYC - from episode 373)
• 15:22 - How to Calculate Tax on Roth Conversions & the Benefits of Converting in Down Markets (Robin)
• 20:00 - Should I Save Half Pre-Tax and Half-Post Tax for Retirement? (John Brown, NV)
• 28:26 - Hollywood Stunt Training Camp vs. Saving to 529 Plan (Mike, Utica, NY)
• 33:40 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-431

• Big Al's Quick Retirement Calculation Guide
• 10 Steps to Improve Investing Success
• Episode Transcript
• Ask Joe & Big Al On Air

When should you take your pension, what types of things should you think about when it comes to deciding between a lump sum or a monthly annuity payment - risk protection, for example - and how do you work your pension into your overall retirement plan? Spitballing on retirement pension options, and saving to a taxable account when you're concerned about required minimum distributions or RMDs, on today's show.

Timestamps:

• 00:42 - When to Collect My Pensions: Now, Early Retirement, or Age 70? (Rose, CA)
• 12:16 - I'm Concerned About RMDs. Should I Save to a Taxable Account for Retirement? (John Doe, Seattle, WA)
• 17:33 - Pension Retirement Spitball: Are We On Track to Retire in 2032 Without Saving Any More? (Jennifer & Zeke, NY State)
• 25:32 - Roth 457 vs. Roth IRA and Pension Options Retirement Spitball (Clay, Westerville, OH - from episode 377)
• 35:39 - COMMENT: Pension Vs. Lump Sum Risk Protection (Stephen)
• 38:53 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-430

• Key Financial Data Guide
• Surviving Retirement Without a Pension - YMYW TV S4E17
• Register for a free webinar: Navigating Retirement Solo, tomorrow, Wed. May 24, 2023, 12pm PT/3pm ET
• Episode Transcript
• Ask Joe & Big Al On Air

Can you convert your health savings account (HSA) to Roth, and do the five-year Roth withdrawal clocks apply? What should you do with money you'd been putting to your student loan debt if you're part of the student loan forgiveness program? What's the best way to invest your RMDs, or required minimum distributions? How does IRMAA, the income-related monthly adjustment amount for Medicare, apply to zero-coupon municipal bonds? And finally, strategies for collecting survivor Social Security benefits.

Timestamps:

• 00:49 - Can I Convert a Health Savings Account HSA to Roth IRA and Do the 5-Year Rules Apply? (Philip)
• 07:49 - My Student Loans Were Forgiven. Now Should We Contribute to Roth 403(b)? (Pete, Winston-Salem, NC)
• 15:37 - How Should I Invest Required Minimum Distributions? (Judy, San Diego)
• 22:17 - How is IRMAA for Medicare Applied to Zero Coupon Municipal Bonds? (Jimmy)
• 26:40 - 62 and Widowed: Claim Survivor Social Security Benefits Until Age 67? (Mark, Burke, VA)
• 30:11 - Is Signing Up for Social Security Just Pretty Much Straight Forward? (Michael)
• 32:09 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-429

• Debt Ceiling and the US Dollar - new educational video
• Talking About Recessions - new blog post
• Medicare Check-Up Guide
• Episode Transcript
• Ask Joe & Big Al On Air

So you're about to receive a large inheritance - what should you do with it? Joe and Big Al spitball on suddenly becoming $85 million dollars richer. Plus, is it nuts to semi-retire early? Should retirement contributions be split between Roth and traditional accounts? Can you do conversions to your kids' custodial Roth accounts? The fellas also spitball tax bracket-based Roth conversion strategies to help you pay the least amount of tax possible, long term, and they discuss required minimum distributions on inherited assets, and whether to pay off a 401(k) loan if it's "paying" you 8% per year.

Timestamps:

• 00:48 - I'm Inheriting Millions of Dollars. What Should I Do With It? (Michael, Binghamton, NY)
• 07:04 - Should I Split Retirement Contributions Between Roth and Traditional 457? (Kevin, Folsom, CA - voice)
• 11:34 - Should I Do 100% Roth TSP Contributions? Am I Nuts to Semi-Retire Early? (Derek, Seattle)
• 16:30 - Should We Do Roth Conversions to the Top of the 22% or 24% Tax Bracket? (Bill, Maryland)
• 23:53 - Is My CPA Correct That I Can Convert $24K to Roth Tax-Free? (Sam, Newark, NJ)
• 26:52 - Can I Convert 457 Money to My Kids' Custodial Roth Accounts? (Brian, Binghamton, NY)
• 32:50 - RMD Rules for Inherited Roth IRA and Traditional IRA (Dan, Brick, NJ)
• 38:48 - Should I Pay Off My 401(k) Loan That's "Paying" Me Over 8% Per Year? (Anon, Denver, CO)
• 42:59 - Comments on Keeping Employer IRA Money Separated
• 44:46 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-428

• Complete Roth Papers Package
• Episode Transcript
• Ask Joe & Big Al On Air