Your Money, Your Wealth

Should 70-year-old Bob live off of capital gains and dividends from his mutual funds plus Social Security, or should he sell poor-performing mutual funds for living expenses and reinvest the cap gains and dividends? Which account should Neal's 76-year-old Mother use for living expenses? Should Neal and his wife fund their Roth 403(b) until retirement, or contribute to the regular 403(b) and then do Roth conversions after they retire? That's today on Your Money, Your Wealth® podcast 481 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, the fellas spitball on whether IndyGuy can retire at 64 and Die With Zero, and Rod doesn't want a spitball, but he'd like a dart on the wall as to whether his retirement savings will last until age 88. Free financial resources and transcript: https://bit.ly/ymyw-481 Cruising Into Retirement Checklist & Guide - LIMITED TIME OFFER - download by Friday, May 17! How to Cruise Into Your Retirement - YMYW TV 10 Gruesome Estate Planning Mistakes to Avoid - register for the free webinar, May 22, 12pm PDT/3pm EDT Timestamps: 00:00 - Intro 00:48 - Living Expenses: Cap Gains, Dividends & Social Security or Poor Performers? (Bob, Jupiter, FL) 10:02 - From Which Account Should 76yo Mom Withdraw Living Expenses? (Neal, Dallas, TX) 18:11 - Dart on the Wall for Our Retirement to Age 88? (Rod) 26:08 - Can We Retire at 64 and Die With Zero? (IndyGuy) 35:50 - Save to Roth 403(b) or Traditional Until Roth Conversions at Retirement? (Neal, Dallas, TX) 42:54 - The Derails

Kyle and his fiancée are in their 30s, have done a great job saving, and are in a high tax bracket. Would it make more sense for them to contribute to their 401(k)s or Roth 401(k)s for retirement? Mick's wife Pam has both W-2 and sole proprietor income - where should she save for retirement? That's today on Your Money, Your Wealth® podcast 480 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, the fellas spitball for Janet on where junk bonds belong in a portfolio, they untangle the pro-rata and aggregation rules concerning 401(k) to Roth conversions for Nancy, and they spitball on whether Cary and Mark should retire now or work for two more years when pensions will provide them an extra $50K a year. Free financial resources and transcript: https://bit.ly/ymyw-480 2024 Key Financial Data Guide - free download Timeless Wisdom from Warren Buffet and Charlie Munger, Berkshire Hathaway's Dynamic Duo - read the blog Understanding Stock Market Indexes - read the blog Free retirement calculator - EASIretirement.com Ask Joe & Big Al On Air for your Retirement Spitball Analysis Timestamps: 00:00 - Intro 00:57 - We're in Our 30s and in a High Tax Bracket. Where Should We Save for Retirement? (Kyle, WI) 07:34 - Junk Bonds Explained (Janet, the Bronx) 13:19 - Does Pro-Rata Rule Apply When Converting 401(k) to Roth 401(k)? (Nancy, SE Wisconsin) 20:37 - We Have $4M. Should We Retire Now or in Two Years When Pensions Provide an Extra $50K/Year? (Cary & Mark, Los Angeles) 27:50 - How to Save for Retirement with Sole Proprietor and W-2 Work? (Mick, Davis, CA) 36:47 - The Derails

Linda is retired and financially independent. Her advisor suggests she have a separately managed account specifically for tax loss harvesting. Today on Your Money, Your Wealth® podcast 479, Joe Anderson, CFP® and Big Al Clopine, CPA spitball on how to save as much tax as possible on retirement withdrawals. Plus, Brian wants to know if it ever makes sense to put IRA money into a brokerage account, rather than doing Roth conversions, so the fellas explain the benefits of tax gain harvesting. Also, why is Robert and Jane's financial advisor constantly trading in Jane's professionally managed account? Pete wants to know if flat-fee financial advisors are worth their fee, and Daniel needs financial guidance for his 34-year-old daughter. He's also considering a free assessment, but he doesn't really know what he's getting himself into, so Joe and Al explain. Free Financial Resources & Transcript: https://bit.ly/ymyw-479 What Happens to Your 401(k) & IRA at Retirement? - YMYW TV Retirement Readiness Guide - free download Free Financial Assessment - schedule now Ask Joe & Big Al On Air for your Retirement Spitball Analysis Timestamps: 00:00 - Intro 00:55 - Separately Managed Account for Tax Loss Harvesting To Optimize Retirement Withdrawals? (Linda, MD) 11:54 - Why is Our Advisor Constantly Trading in Our Professionally Managed Account? (Robert, GA) 18:00 - Are Flat-Fee Advisors Worth the Fee? (Pete, Knoxville, TN) 27:03 - Financial Planning for 34-Year-Old Daughter and Pure's Free Assessment (Daniel, Whittier) 35:17 - Does Moving from IRA to Brokerage instead of Roth Ever Make Sense for Tax Gain Harvesting? (Brian, Albany, NY) 42:12 - The Derails

So you won the lottery - congratulations! After you celebrate, should you rip off the band-aid and convert the entire lump sum payment to a Roth IRA? That's today on Your Money, Your Wealth® podcast 478 with Joe Anderson, CFP® and Big Al Clopine, CPA. Also, Bucky in WA is required to have the same asset allocation in his traditional and Roth 401(k). Joe and Big Al spitball on his options, along with the pros and cons of consolidating retirement accounts for Scott in NC, and they explain the spousal Roth IRA for Rock Rochester in Manistique, MI. Plus, should Scott in Jackson, MS sign up for the state public employees' retirement system or a traditional retirement plan? Can Driving Fast, Loving Life in TX speed away in her Porsche from RSU capital gains? And should she and her hubbs retire abroad? Finally, can Sean in Reno, NV buy a million dollar vacation home in 10 years, and can Jennifer in La Mirada, CA afford to retire after being forced out of a 21-year career? 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-478 Timestamps: 00:00 - Intro 01:06 - Should We Convert $1.75M Lottery Winnings To Roth? 09:31 - Free Financial Assessment - schedule now 10:38 - Asset Allocation Must Be the Same in 401(k) and Roth 401(k). What to Do? (Bucky, Washington state) 18:08 - Pros and Cons of Consolidating Retirement Accounts (Scott, NC) 23:28 - Spousal Roth IRA Explained (Rock Rochester, Manistique, MI) 27:07 - Traditional Retirement or PERS State Retirement? (Scott, Jackson, MS) 31:00 - Avoiding RSU Concentrated Position and Capital Gains and Retiring Abroad (Driving Fast, Loving Life in TX) 38:43 - Restricted Stock Units (RSU) - read the blog Employee Stock Purchase Plans (ESPP) - read the blog 39:19 - Should We Buy a $1M Vacation Home in 10 Years? We'll Have $12M. (Sean, Reno, NV) 43:11 - Can I Afford to Retire After Being Forced Out of a 21-Year Career? (Jennifer, La Mirada, CA) 49:24 - The Derails

Explore the intriguing world of Roth conversions and discover when going all-in on Roth might not be the optimal strategy. Delve into the differences between marginal and effective tax rates while contemplating saving to after-tax brokerage versus pre-tax accounts. Uncover the break-even calculation for Roth conversions and learn about the mechanics of the mega backdoor Roth. Plus, gain insights on solo 401(k) filing requirements to stay compliant. Their engaging discussions make complex financial topics accessible and relatable!

What is private credit and where does it fit in your investment portfolio? At age 60, Hope is tired of working and she's hoping to retire in 2-3 years. Should she factor home equity into her retirement spending plan with a reverse mortgage? Which mortgage option for a Houston dream home is best for Nisa in San Jose's early retirement goals? That's today on Your Money, Your Wealth® podcast number 476 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Wayne in Phoenix needs to know how the section 121 tax exclusion works on a vacation home, and Jack and Jill in the UAE have questions about tax gain harvesting and the foreign earned income exclusion. Finally, are Joe and Big Al off their strategy game? A Spotify listener takes the fellas to task about the Affordable Care Act subsidy discussed in episode 472, and challenges their spitball for Duke and Daisy's retirement spending plan in episode 475. 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-476 Timestamps: • 00:00 - Intro • 01:03 - What Is Private Credit? (Janine, La Jolla, CA) • 08:07 - Is a Reverse Mortgage Right for Me? (Hope) • 14:21 - Using Reverse Mortgages To Secure Retirement with Dr. Wade Pfau - YMYW Podcast 117 • How Your Home Can Create Retirement Income - YMYW TV • 14:59 - Which Mortgage Option is Best for Me in Early Retirement? (Nisa, San Jose, CA) • 24:04 - Section 121 Tax Exclusion on a Vacation Home? (Wayne, Phoenix, AZ) • 26:48 - What You Need to Know Before Filing Your Taxes in 2024 webinar • 2024 Tax Planning Guide • 27:39 - Foreign Earned Income Exclusion: Can I Harvest Long-Term Capital Gains? (Jack & Jill, UAE) • 37:06 - ACA Subsidy & Retirement Spitball: Are Joe and Big Al Off Their Strategy Game? (Spotify commenter) • 45:02 - The Derails

Will Duke and Daisy's retirement spending plan work? If you're a fan of hearing Joe Anderson, CFP® and Big Al Clopine, CPA debate, you're in luck today on Your Money, Your Wealth® podcast 475, as they disagree on assumptions when it comes to retirement planning. The EASIretirement.com calculator says Chuck in South Carolina could convert even more to Roth, and the fellas spitball on the pros and cons. Plus, what should Chuck's asset allocation be for his daughters, and how should Scott in Kansas City's parents allocate their assets? Can Rothaholic undo his Roth conversion? Brian Fantana and his wife are in their 30s and want to retire at 60. Are they on track? Ricky in Alabama wants to avoid Medicare's IRMAA, or income related monthly adjustment amount. Should he spend from his IRA or from his Roth? Daniel in Whittier wants to know what exactly counts for IRMAA income, anyway? And finally, Elisa in Fremont wants to know, with the new SECURE Act 2.0 rules, when can you transfer 529 college savings funds to Roth? 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-475 Timestamps: 00:00 - Intro 01:07 - Will Our Withdrawal Rate Be Too High If We Retire in 3 Years? (Duke and Daisy, Charlotte, NC) 10:50 - Withdrawal Strategy Guide Retirement calculator 11:28 - EASIretirement.com Says I Should Convert More to Roth. Asset Allocation for Daughters? (Chuck, SC) 22:13 - Can I Undo My Roth Conversion? (Roth Aholic) 27:55 - In Our 30s, Want to Retire at 60. How Are We Doing? (Brian Fantana, WA) 30:36 - What's the Right Asset Allocation for Aging Parents? (Scott, Kansas City, MO) 32:00 - Free financial resources: Choosing a Financial Advisor blog Small Business Tax Filing Guide 2024 Tax Planning Webinar Retirement Lifestyles Guide 32:51 - IRA vs. Roth for Living Expenses? (Ricky, Birmingham, AL) 35:50 - What Counts for Medicare IRMAA? (Daniel, Whittier, CA) 39:49 - SECURE Act 2.0: When Can We Transfer 529 College Savings to Roth? (Elisa, Fremont) 44:44 - The Derails

Jimmy in Wisconsin will have a pension, Social Security, and a seven year retirement shortfall. How should he cover it? Skipper in Texas has some unusual pension options, which makes the most sense for his retirement needs? That's today on Your Money, Your Wealth® podcast 474 with Joe Anderson, CFP® and Big Al Clopine, CPA. Should Mike and Carol in Virginia wait to do Roth conversions if they'll be in a lower tax bracket in retirement? Where should Duncan in Texas invest in the 10 years before he retires early? Would it be stupid for Jay Z in Minnesota to miss out on free Roth opportunities? Can Ben in San Francisco's "friend" use the rule of 55 on a rollover retirement plan? And finally, YMYW is fun, but of limited value, according to a recent review. 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-474 Timestamps: 00:51 - Pension & Social Security: How Should We Cover Our 7 Year Retirement Shortfall? (Jimmy, WI) 08:17 - 2:1 Matched Company Money vs. My Contribution: What to Do With My Pension? (Skipper, TX) 15:46 - EASIretirement.com free retirement calculator 16:47 - Should We Wait on Conversions If We'll Be in a Lower Bracket in Retirement? (Mike & Carol, Falls Church, VA) 24:22 - Where Should I Invest My Early Retirement Savings for the Next 10 Years? (Duncan, TX) 30:18 - Is It Stupid to Miss Free Roth Opportunities? (Jay Z, MN) 37:46 - Complete Roth Papers Package - free download 38:33 - Rule of 55 on a Rollover Retirement Plan? (Ben, San Francisco) 44:34 - Comment: Fun but limited value (Wemby2024) 50:41 - The Derails

Why would a financial advisor suggest that Frank in Lake Wobegon sell a piece of inherited property, pay 25% tax, and invest the lump sum? Mark in Florida is 72 and invested in CDs. Should he go back to his financial advisor, or just buy more CDs? That's today on Your Money, Your Wealth® podcast 473 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Adam in Tennessee will have deferred income in 5 years. Should his asset allocation be more conservative? And in order to retire early at age 55, should Lewis in Arkansas delay starting Roth conversions? But first, if Mike's wife outlives him, how can he keep her in a similar tax bracket? 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-473 Timestamps: 00:00 - Intro 00:48 - If My Wife Outlives Me, How Do We Keep Her in a Similar Tax Bracket? (Mike) 06:49 - Long Term Capital Gains: Retirement and Real Estate Spitball (Frank, Lake Wobegon) 15:58 - 10 Tax-Cutting Moves to Make Now - YMYW TV Top 10 Tax Tips - free download (for a limited time only!) 2024 Tax Planning webinar 17:04 - I'm 72. Should I Go Back to an Advisor or Just Buy More CDs? (Mark, FL) 21:32 - Should My Deferred Income Asset Allocation Be More Conservative? (Adam, Franklin, TN) 30:16 - Investing Basics Guide - free download 31:13 - Should We Delay Starting Roth Conversions to Retire Early by Age 55? (Lewis, AR) 41:11 - The Derails

Rob and his wife in North Carolina are 51 and 44 and would like to retire in the next 3-5 years. Are they on track, and what should they consider as far as Roth conversions are concerned once the tax brackets go back up, which they're slated to do when that provision in the Tax Cuts and Jobs Act sunsets at the end of 2025? Is Mark in West Virginia on track to retire at 59 and a half, and do Joe and Big Al have any pointers on how he can find the love of his life? Mike and Gina in Rhode Island are optimistic about retiring early at 61 and 58, but is their optimism delusional? Jake in rural Michigan is self employed. Can he do Roth conversions to retire at age 60 and hang with Big Al in Hawaii? Retirement readiness and Roth conversions, today on Your Money, Your Wealth® podcast 472 with Joe Anderson, CFP® and Big Al Clopine, CPA. But first, the fellas spitball on a retirement and real estate strategy for (50 Shades of) Grey and Elena in Massachusetts. 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-472 Timestamps: 01:04 - Real Estate Puts Us in High Bracket. Max Retirement & Roth, Save to Brokerage? (Grey & Elena, MA) 11:57 - Social Security Basics You Need to Know: Common Questions Answered - YMYW TV Social Security Handbook - free download 12:48 - Roth Conversions After 2025? Are We on Track for Our Retirement Goals in 3-5 Years? (Rob, NC) 19:34 - On Track for Retirement at 59.5? How to Find the Love of My Life? (Mark, West Virginia) 24:24 - Is Our Early Retirement Optimism Delusional? (Mike, RI) 31:16 - EASIretirement.com - free retirement calculator 32:19 - Self-Employed: Roth Conversions to Retire Early and Hang with Big Al in Hawaii at 60? (Jake, rural Michigan) 45:19 - The Derails