Your Money, Your Wealth

Joe Saul-Sehy, host of the top-rated personal finance podcast Stacking Benjamins joins Joe Anderson, CFP® and Big Al Clopine, CPA on Your Money, Your Wealth® podcast episode 80. Saul-Sehy talks about what investors or anyone interested in personal finance can learn from his unorthodox show focused on headlines and impressive guest perspectives. Joe and Big Al wrap up the show answering listeners personal finance questions. Original publish date November 5, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

02:29 - Start of Interview with Joe Saul-Sehy

03:41 - "Our goal is headlines – it's a magazine-style show…we have great discussions about current events, financial planning and making sure people have the type of great advice that's out there."

06:02 - "That's kind of how "Stacking Benjamins" was born – it allowed me to talk about money in a way where we kind of learn through play."

08:05 - "There's all this noise going on – you've got big media outlets with talking heads…everyone is talking about what you need to do now, yet you know most of the time the thing you should do is absolutely nothing. Study after study shows that the thing a great advisor brings to the table is convincing you that holding the line is the perfect thing for you to do."

12:44 - "When I was an advisor, every smart person that was a client of mine could have done my job on their own but they always went to an advisor to look over their shoulder."

15:12 - "I found that the more blunt I got, and the more I challenged people about their thinking when I disagreed with it, the more they wanted to hire me. That's probably who you should be searching for when you're looking for an advisor."

16:00 - End of Interview with Joe Saul-Sehy

19:25 - "What are some examples of a value-added tax?"

21:26 - "I am 60 years old and plan to retire at 67. I have a 403(b), a HSA, and a couple mutual funds, but I keep hearing I should start a Roth IRA. Why would I want to start a Roth on the home stretch?"

24:30 - "If you're in a low tax bracket right now, you might even want to look at Roth conversions relative to your retirement. There a lot of things we'd have to know about you to see if that's a good idea or not."

27:29 - "How much income can I make a year before my Social Security payments reduce?"

30:23 - "Can I apply to have 401(k) funds pay for a home purchase instead of an existing loan?"

Are you making these mistakes that could sabotage your retirement? In episode 79 of the YMYW podcast, learn tips to avoid making costly financial mistakes with your nest egg. Original publish date November 5, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

03:15 - "You've got public pension plans and private pension plans, and sometimes they play by different rules."

06:43 - "The problem with some of these defined benefit plans and why there is $1.7 trillion underfunded is the assumptions are a little off."

09:43 - "The point is, you don't have any control over these defined benefit plans."

12:18 - "Mistake one is failing to plan for medical expenses."

17:00 - "Mistake number four is helping out adult kids."

19:03 - "When it comes to retirement, you have to pull money out of your IRAs and 401(k)s and you pay taxes on that. A lot of people don't realize that. In many cases when you've done a great job saving you're in a higher tax bracket even when you're working because of that required minimum distribution."

22:04 - "[one of] the seven scariest retirement moves…is holding most of your retirement funds in a single company stock."

24:32 - "If you do have company stock and you're heavily weighted there, before you diversify out – just make sure that you understand net unrealized appreciation."

33:11 - "Here's another scary retirement move: thinking you can actually beat the stock market."

36:20 - "No tax diversification - that means you've got all your assets in your retirement accounts…"

Joe Anderson, CFP® and Alan Clopine, CPA discuss some of the 2016 California propositions and how they affect your finances, in episode 78 of the YMYW podcast. Plus, what's the difference between gross income and taxable income? Original publish date October 29, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

07:02 - "Prop 13 is when you buy a home in year number two and your property taxes can only go up 2% regardless of how much the home increases in value."

09:24 - "What is the difference between gross income and taxable income?"

10:49 - "There's something called itemized deductions and exemptions. Itemized deductions would be like a home mortgage, estate taxes, property taxes and things like that."

15:26 - "For those who have the Roth provision in your 401(k) plan – you want to look at your taxable income."

17:40 - "What should I do with a lump sum pension in an IRA?"

23:52 - "I took out a personal loan of $8,000 for debt consolidation purposes with my credit union. I'm simply wondering if this loan will affect my income tax in any way. Do I report the loan on my taxes? Will it make a difference in how much my refund will be?"

25:03 - "Can I obtain a loan on a quitclaim property?"

What is the Social Security spousal benefit? Joe and Big Al explain in episode 77 of the YMYW podcast. Plus, how leveraging your home equity in a reverse mortgage can help you generate retirement income. Original publish date October 29, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

02:57 - "If you're married you have a spousal benefit, or if you were married and divorced and were married to that individual for ten years, you could potentially qualify for that spousal benefit on your ex-spouse as long as you haven't re-married."

05:23 - "If I take the spousal benefit prior to my full retirement age, I would receive a reduction in that benefit. You can take Social Security benefits as early as 62."

08:17 - "When you look at a restricted application, that goes hand in hand with your spousal benefit."

14:19 - "A lot of us are living longer and you've got to think of Social Security as maybe longevity insurance."

17:23 - "The difference between [taking your Social Security] at age 62 versus age 70 is a 76% increase."

23:03 - "[Hillary Clinton] wants to keep the tax brackets that we have right now as is except she wants to add a surtax if your adjusted gross income is over $5 million."

25:31 - "Trump would actually like to reduce our taxes; he wants to take it to three brackets – 12%, 25% and 33%. Right now our lowest bracket is 10% and our highest is 39.6%."

35:57 - "Costs of buying and selling a home only to do it again during retirement might cost you more money."