Your Money, Your Wealth

Retirement isn't what it was when your parents left the workforce. In fact, it may not be what it was even a decade ago. In YMYW podcast episode 30, Joe Anderson & Al Clopine, dive into the realities of retirement as they shed light on 10 mistakes to avoid when achieving your retirement goals. They close the hour providing 11 fast facts about Roth IRAs. Original publish date May 14, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

05:59 - "You want to have an advisor that can really understand cash flow needs throughout retirement, taxes and how the investments all fit together"

10:14 - "We are living longer, and here are the stats – they're changing rapidly"

17:58 - "Don't fall for these three retirement myths"

19:44 - "Here's probably the biggest myth: you won't have to pay taxes [in retirement]"

21:25 - "Social Security income is tax-free in the state of California"

25:58 - "There are lots of ways to create tax-free income to keep less of your Social Security taxable, but you have to understand what those strategies are"

30:21 - "A spousal IRA works like this: let's say your spouse is working and you're not working or vice versa; as long as there's earned income, the non-working spouse can still contribute to a retirement account"

If you're in your 50's, retirement is probably right around the corner. During this time it's critical to make the right financial decisions to achieve your retirement goals. In episode 29 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA break down 9 financial tips to help you enjoy a rich retirement, whether you're a late bloomer or you've been saving up money for years. Find out how to build wealth now and for the future. Original publish date May 14, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

05:27 - "When you turn 70 ½ and you have retirement accounts, there's a mandate that you have to take a certain percentage out of the account per year, and each year as you age that percent increases…when you have multiple accounts you have to be careful"

08:55 - "A Roth IRA does not have a required distribution; but if you have a Roth 401(k), the Roth 401(k) does have a required distribution"

11:28 - "There is no age limit for a Roth IRA contribution"

13:30 - "Income limits could prevent you from contributing so here are the new rules for 2016" 20:01 "What's happening now, especially with a lot of Baby Boomers is a lot of them are working longer than they want to work…in other cases people are having to reduce their lifestyle"

22:19 - "Here are some quick steps to build wealth in your 50's"

28:38 - "22 percent are very confident they will have enough money in retirement according to the Employee Benefit Research Institute's annual retirement confidence survey"

Learm how you can protect yourself from one of America's fastest growing crimes – identity theft. Plus, what's it going to cost you to retire? In episode 28 of the YMYW podcast, Joe and Al share three retirement errors that will crush your investment gains. Original publish date May 7, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

1:17 - "Identity theft is a real issue; we talk about it a lot on this show, especially when it comes to taxes and people filing fraudulent tax returns"

2:17 - "We focus on consumer education…educating the public on various issues related to identity crime and how to protect themselves"

4:50 - "Limit the amount of personal identifying documents that you carry with you every day"

5:30 - "Regularly monitor your bank statements and you should be checking your credit report several times a year…also shred your mail"

6:32 - "Get yourself off the list for pre-approved offers"

7:18 - "Secure your phone, tablet, your computer and understand all those pieces of hardware have lots of sensitive information about you"

11:28 - Identity Theft Resource Center contact info

21:42 - "If you're married, there are certain marital benefits – first of all, if you file a joint tax return and be in a lower tax bracket. For Social Security, if one spouse passes then you get to keep the higher of the benefits"

32:07 - "There are many mistakes you can make as a retirement investor. I want to focus on three retirement errors investors make all the time"

34:27 - "It's crucial to save for retirement but equally important to enter retirement debt-free"

Social Security changes are now in effect. In episode 27 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA explain the best ways to maximize your benefit despite two major claiming strategies now eliminated. Listeners are also faced with the realities of retirement, as Joe and Al debunk common retirement and Social Security myths. Original publish date May 7, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

Download the Social Security Handbook

00:00 - Intro

06:07 - "The (2016) retirement confidence survey (by Employee Benefits Research Institute) reports that almost half- 47% of workers surveyed – think they'll need to save at least $500,000 for a comfortable retirement"

11:24 - "At certain income levels, your Social Security income is tax-free"

15:44 - "Even if you're currently retired, you have to look at what tax consequences are on the income you are producing"

16:55 - "That's what Social Security is giving you, it's a delayed retirement credit of 8% per year, each year that you delay"

22:48 - "We're living longer so it makes sense to push the retirement age out; that's just pure logic"

27:34 - "We're going to talk about dealing with fear and uncertainty in retirement and here are six ways to deal with it"