Retirement Changes at These 5 Major Financial Crossroads - 569

When you're standing at a major financial crossroads, the timing of your decisions can mean the difference between success and failure. Joe Anderson, CFP® and Big Al Clopine, CPA spitball on the "when" of five retirement decisions, today on Your Money, Your Wealth podcast number 569. We'll kick things off with a whale of an email: "Fine and Dandy" is 42 years old with a multimillion dollar private equity offer on the table. Should he sell his business now or hold out for a second bite of the apple later? He also wonders if it's crazy to spend more on his vacation home than on his primary residence. David calls himself an "elderly orphan," flying solo at 66 and in need of a plan to protect his million-dollar portfolio as he ages. BB and Shell are trying to time their final year of retirement contributions to save as much as possible before moving to a lower-tax state. Should they go Roth IRA or traditional? Joel wonders when to take required minimum distributions from retirement accounts for the maximum tax benefit, and Brian in New York needs a spitball on when it makes sense to have an emergency fund as a retiree, and for how much.

Free Financial Resources in This Episode:

https://bit.ly/ymyw-569 (full show notes & episode transcript)

Growing Your Wealth Guide - free download

Retirement Readiness Guide - free download

Retire at 62: Great Idea or Huge Mistake? - YMYW TV

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Chapters:

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

01:09 - Should I Sell My Business or Wait? Is It Crazy to Spend More on My Vacation Home Than My Primary Residence? (Fine and Dandy, IL)

20:48 - Saving to Roth IRA vs Traditional IRA in the Final Year Before Retirement (BB and Shell)

23:50 - When to Take Your First RMD for the Maximum Tax Benefit (Joel, CA)

27:33 - Aging Alone in Retirement: How to Protect Assets Before Cognitive Decline (David, 68, Logan, NM)

35:37 - Why Some CPAs Cap Roth Conversions at $500K AGI (Shweta, CA)

37:05 - When Does It Make Sense for Retirees to Have an Emergency Fund - and How Much? (Brian, Albany, NY)

42:03 - Outro - Next Week on the YMYW Podcast