Episodes

  • When to Claim Social Security and the Truth About Annuities - 509

    When to Claim Social Security and the Truth About Annuities - 509
    Dec 24 2024

    When should Richie and Heather and Rebecca and Sam collect their Social Security benefits? Why is Dan’s benefit so much higher than his wife’s? PWare has a Roth conversion case for claiming Social Security AFTER age 70, and Jerry wonders how Donald Trump’s plan to stop taxing Social Security could impact claiming strategies. Plus, Joe rants about Rebecca and Sam’s $1 million single premium deferred indexed annuity, and the fellas also spitball on their Roth conversion and retirement strategy and how much is too much when it comes to paying advisor fees. Access free financial resources and the episode transcript: https://bit.ly/ymyw-509

    DOWNLOAD the Social Security Handbook

    CALCULATE your free Financial Blueprint online

    SCHEDULE your free Financial Assessment with an experienced professional

    Ask Joe & Big Al for your Retirement Spitball Analysis

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    DOWNLOAD: more free guides

    READ: financial blogs

    WATCH: educational videos

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    Timestamps:

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

    01:00 - When Should We Take Social Security? Should We Convert Our IRAs to Roth? (Richie & Heather, ID - voice)

    09:04 - Download the Social Security Handbook

    10:01 - What Should I Do With a $1M Single Premium Deferred Indexed Annuity? When Should We Take Social Security? Is 2% Advisor Fee Excessive? (Rebecca and Sam, VA)

    28:03 - Calculate your Financial Blueprint online, Schedule an Assessment with a financial professional

    29:25 - Why Is My Spouse’s Social Security Benefit So Much Lower Than Mine? (Dan)

    30:51 - The Roth Conversion Case for Drawing Social Security After Age 70 (P Ware, YouTube)

    36:55 - Would Tax-Free Social Security Income Impact Claiming Strategies? (Jerry, Phoenix, AZ)

    42:08 - Outro: Next Week on the YMYW Podcast
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    43 mins
  • Bonds and Annuities, Social Security and Retirement Spending - 508

    Bonds and Annuities, Social Security and Retirement Spending - 508
    Dec 17 2024
    John in Pennsylvania doesn’t have bonds in his investment portfolio. Should he add them, and if so, where? That’s today on Your Money, Your Wealth® podcast number 508 with Joe Anderson, CFP® and Big Al Clopine, CPA. The fellas also spitball on retirement plans for James in Tierrasanta, California, who has $4 million plus annuities, Esther in the San Francisco Bay Area, who has nearly $12M net worth, and Tiger and Lioness, who wonder about a safe level of lifestyle creep. Also, Charlie in Castlerock, Colorado has an “exciting” new question on how to balance collecting Social Security with making withdrawals from his pre-tax retirement account for living expenses. And a Worrywart Mom in Seattle asks whether her 27-year-old daughter should focus on paying off her student loans or saving for the future. Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-508 DOWNLOAD the Retirement Income Strategies Guide DOWNLOAD the Social Security Handbook DOWNLOAD the Retirement Readiness Guide WATCH Retirement Sabotage! on YMYW TV REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis SCHEDULE: free financial assessment SUBSCRIBE: YMYW on YouTube DOWNLOAD: more free guides READ: financial blogs WATCH: educational videos SUBSCRIBE: YMYW Newsletter Timestamps: 00:00 - Intro: This Week on the YMYW Podcast 00:58 - Where Should We Add Bonds in Our Investment Portfolio? (John, PA) 06:58 - Does Our Retirement Spending Plan Work? What's a Safe Level of Lifestyle Creep? (Tiger & Lioness) 13:39 - Download the Retirement Income Strategies Guide for free 14:24 - Collecting Social Security vs. Living Off of Pre-Tax Retirement Withdrawals (Charlie, Castlerock, CO) 21:52 - Download the Social Security Handbook for free 22:27 - Should 27 Year Old Pay Off Student Loan or Save for the Future? (Worrywart Mom, Seattle, WA) 27:01 - I Have $11.8M Net Worth and Want to Retire in 2 Years. Can I Pull This Off? (Esther, SF Bay Area) 32:41 - Watch Retirement Sabotage: 12 Post-Retirement Money Mistakes to Avoid on YMYW TV, download the Retirement Readiness Guide for free 33:40 - We Have $4M + Annuities and Want $180K/Year in Retirement. What Do You Think? (James, Tierrasanta, CA) 39:42 - Outro: Next Week on the YMYW Podcast
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    41 mins
  • 9 Answers to Boost Tax-Free Roth Retirement Income - 507

    9 Answers to Boost Tax-Free Roth Retirement Income - 507
    Dec 10 2024
    Joe Anderson, CFP® and Big Al Clopine, CPA spitball on paying the tax on your Roth conversions on Your Money, Your Wealth® podcast number 507. If you take the money out of your retirement account, what does Joe mean that you’ll be “paying the tax to pay the tax to pay the tax”? Can you pay it from the Roth account itself, or from your monthly pension tax withholding? Are the fellas wrong on this whole topic altogether? They also spitball on withdrawing Roth 401(k) contributions that were rolled to an IRA, those infamous 5-year rules for withdrawals from Roth accounts, when to do Roth conversions, saving to tax-deferred, taxable, or tax-free accounts, and how long-term capital gains taxes fit into the picture. Plus, consolidating individual stock investments and the fate of the home office deduction, and what Joe thinks about the Apple Podcasts reviewer that says he’s checked out. Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-507 DOWNLOAD The 5 Year Rules for Roth IRA Withdrawals DOWNLOAD The Withdrawal Strategy Guide WATCH How to Break Through Retirement Barriers on YMYW TV CALCULATE your free Financial Blueprint REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis SCHEDULE: free financial assessment SUBSCRIBE: YMYW on YouTube DOWNLOAD: more free guides READ: financial blogs WATCH: educational videos SUBSCRIBE: YMYW Newsletter Timestamps: 00:00 - Intro: This Week on the YMYW Podcast 01:06 - Can I Withdraw Roth 401(k) Contributions That Were Rolled to IRA? (Peter LemonJello, FL) 05:32 - Paying the Tax to Pay the Tax” on Roth Conversions Clarified (David) 09:13 - Should We Save to Tax-Deferred Accounts, Backdoor Roth, or Brokerage? (David & Victoria, Cincinnati, OH) 15:23 - Watch How to Break Through Retirement Barriers on YMYW TV, Calculate Your Free Financial Blueprint 16:17 - Should I Do Roth Conversions at Age 66 If I Want to Retire at 70? (Mike, PA) 17:49 - You’re Wrong About Roth Conversion Tax Payments (Robert, YouTube) 20:20 - Can I Pay Roth Conversion Tax From Monthly Pension Withholding? (Big Toe Knee, YouTube) 20:45 - Should I Consolidate Individual Stocks Into ETFs? (Lu, YouTube) 22:44 - Do I Understand the 5-Year Rules for Roth Withdrawals? (NR, YouTube) 25:51 - Download the 5-Year Rules for Roth IRA Withdrawals and the Withdrawal Strategy Guide 26:39 - Was the Home Office Deduction Eliminated Under the Tax Cuts and Jobs Act? (George, YouTube) 27:30 - Contributing to Roth vs. Pre-Tax: Would It Count as Long-Term Capital Gains? (Moriel, YouTube) 30:16 - Is it a Good Idea to Pay Roth Conversion Tax Out of the Roth? (Michelle, Facebook) 31:35 - Joe is Completely Checked Out (Anonymous Apple Podcasts Review) 33:19 - Outro: Next Week on the YMYW Podcast
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    35 mins
  • How to Plan for 35 Years of Retirement Spending With Smart Roth Conversions - 506

    How to Plan for 35 Years of Retirement Spending With Smart Roth Conversions - 506
    Dec 3 2024
    What’s a safe withdrawal rate for Wine Guy and Wine Gal in Sonoma California to have 35 years of “guaranteed” retirement spending? How aggressively should they convert their retirement savings to Roth IRA? Should the Bond family move from Silicon Valley to a no-income-tax state in retirement? Can Doc in San Francisco quit work in 8 years when his daughter starts college? Rob in Kansas City and his wife are in their late 30s and have 2 million saved. Can they retire early? Plus, Elisa in Fremont has more than the capital gains exclusion for a married couple of $500,000 worth of home equity. How much will this cost her, and will it kill her IRMAA for Medicare premiums? Should Happy Camper and Jolly Pumpkin take their pension’s monthly annuity or the lump sum payout? And finally, Lloyd in South Dakota isn’t a fan of retirement accounts and wants Joe and Big Al to talk some sense into him. Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-506 CALCULATE your Financial Blueprint SCHEDULE your Financial Assessment WATCH Financial Planning at Every Age on YMYW TV DOWNLOAD The Retirement Readiness Guide for free READ THE BLOG: It's Not Too Late! Year-End Financial Moves to Make Right Now READ THE BLOG: US National Debt and the Impact on Long-Term Investing REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis SUBSCRIBE: YMYW on YouTube DOWNLOAD: more free guides READ: financial blogs WATCH: educational videos SUBSCRIBE: YMYW Newsletter Timestamps: 00:00 - Intro: This Week on the YMYW Podcast 01:05 - What’s Our Guaranteed Safe Withdrawal Rate for 35 Years of Retirement? How Aggressive Should We Convert to Roth? (Wine Guy/Gal, Sonoma, CA) 12:09 - Calculate your Financial Blueprint, schedule a Free Financial Assessment 13:45 - Should We Move to a No Income Tax State in Retirement? (James Bond, Silicon Valley, CA - voice) 20:50 - Can I Stop Working in 8 Years When Daughter Starts College? (Doc, San Francisco, CA) 26:10 - Late 30s With $2M. Are We Really on Track for Early Retirement? (Rob, Kansas City) 31:20 - Watch Financial Planning at Every Age on YMYW TV, download the Retirement Readiness Guide 32:25 - Our Home Equity is Over the $500K Exclusion. How Much Will We Be Charged? Will This Kill My IRMAA? (Elisa, Fremont, CA) 35:44 - Should We Take the Monthly Pension or Lump Sum Payout? (Happy Camper & Jolly Pumpkin, WI) 43:03 - I'm Not a Fan of Retirement Accounts. Talk Some Sense Into Me. (Lloyd Christmas, SD) 49:04 - Outro: Read the blogs, It's Not Too Late! Year-End Financial Moves to Make Right Now and US National Debt and the Impact on Long-Term Investing
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    51 mins
  • How to Retire ASAP - and Where to Save to Get There - 505

    How to Retire ASAP - and Where to Save to Get There - 505
    Nov 26 2024

    Ricochet J in Colorado and her husband want to retire as soon as humanly possible. Are they on track? Should they save their surplus funds to a brokerage account or a solo 401(k)? That’s today on Your Money, Your Wealth® podcast 505 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Micah in South Dakota wonders whether having a $40,000 a year pension is basically the same as having a million dollars in bonds, according to the four percent rule. What do Joe and Big Al think? Barney and Betty will be in the 12% or 22% marginal tax bracket, but their effective tax rate will only be between 10% and 12.4%, so how much should they convert to Roth? Are they asking the right question? And finally, Joe and Big Al spitball on ways to ensure that Amir in New Mexico has the maximum possible retirement income to last him to age 90 or 95. Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-505

    DOWNLOAD The Complete Roth Papers Package for free

    WATCH Your 11-Step Path to Financial Freedom on YMYW TV

    CALCULATE your free Financial Blueprint

    REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis

    SCHEDULE: free financial assessment

    SUBSCRIBE: YMYW on YouTube

    DOWNLOAD: more free guides

    READ: financial blogs

    WATCH: educational videos

    SUBSCRIBE: YMYW Newsletter

    Timestamps:

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

    01:04 - Save to Brokerage vs. Solo 401(k) to Retire as Soon as Humanly Possible? (Ricochet J, CO)

    15:23 - Watch Your 11 Step Path to Financial Freedom on YMYW TV, Calculate your free Financial Blueprint

    16:36 - Is a $40K/yr Pension Similar to $1M in Bonds According to the 4% Rule? (Micah, SD)

    18:48 - Marginal vs. Effective Tax Rates: How Much to Convert to Roth? (Barney & Betty)

    22:58 - Download the Complete Roth Papers Package

    23:48 - How to Have Maximum Possible Retirement Income to Age 90-95? (Amir, NM)

    30:13 - Outro - Next Week on the YMYW Podcast
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    32 mins
  • Rules for Inheritances and Making Roth Contributions for Others - 504

    Rules for Inheritances and Making Roth Contributions for Others - 504
    Nov 19 2024
    Can Ted and Georgette convert $1.6M in an inherited trust to Roth without distributing it? Should the trust own their home so they can use the home equity? Melissa was added as joint owner on her parents’ bank accounts after a medical event, but what have they done? Should Ralph and Alice use the required minimum distribution from their inherited IRA to pay Roth conversion taxes? That’s today on Your Money, Your Wealth® podcast 504 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, can Theodore contribute to a his wife Louise’s Roth IRA? Can Marc make Roth contributions for his grandkids? Also, Joe and Al come up with a very unique way that John may be able to pay the tax on his Roth conversion using his home equity. Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-504 DOWNLOAD by Friday: Top 10 Tax Tips Guide - limited time special offer! WATCH 10 Tax-Cutting Moves to Make Now - YMYW TV DOWNLOAD: Identity Theft Guide WATCH: How to Protect Yourself from Scams: Cybersecurity webinar on demand REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis SCHEDULE: free financial assessment SUBSCRIBE: YMYW on YouTube DOWNLOAD: more free guides READ: financial blogs WATCH: educational videos SUBSCRIBE: YMYW Newsletter Timestamps: 00:00 - Intro 01:00 - Can We Convert an Inherited Trust to Roth Without Distributing It? Should the Trust Own Our Home? (Ted & Georgette Baxter, Madison, WI) 10:02 - Watch 10 Tax-Cutting Moves to Make Now on YMYW TV, Download the Top 10 Tax Tips Guide before this Friday! 11:08 - I’m Joint Owner of My Parents’ Bank Accounts. What Have We Done? (Melissa, Rockport, TX) 16:35 - Can I Contribute to My Wife’s Roth IRA? Can I Max Out Multiple Roth Accounts? Should We Do Roth Conversions? (Theodore & Louise, Seattle, WA) 23:43 - Should We Use Inherited IRA RMD to Pay Roth Conversion Tax? (Ralph & Alice Kramden, SC) 27:35 - Can I Fund Roth IRAs for My Grandchildren? (Marc, Encinitas) 28:40 - Watch the Cybersecurity Webinar on demand, Download the Identity Theft Guide 29:32 - Should We Maximize the 24% Tax Bracket With Roth Conversions This Year and Next? (John) 37:55 - Outro: Next Week on the YMYW Podcast
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    40 mins
  • When to Pay Off Your Home, Retire, and Do Roth Conversions - 503

    When to Pay Off Your Home, Retire, and Do Roth Conversions - 503
    Nov 12 2024
    When should Jack and Swan in Florida pay off their home, retire, and convert their savings to Roth for lifetime tax-free investment growth? Jennifer in Colorado wonders whether she should take taxes into account when calculating her expenses, and whether she should pay off her home to be debt-free in retirement? That’s today on Your Money, Your Wealth® podcast 503 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, should Kevin in Scottsdale collect Social Security in 2025, or postpone and do Roth conversions over the next two years? Should Skipper in Texas do Roth conversions to the top of the 24% tax bracket instead of the 22? And just how closely will Big Brother watch his state of residency if Skipper buys homes in Florida and another location for his retirement? Harry Tasker in Minnesota’s wife Helen says he needs to continue working. Is that a true lie? Harry asks Joe and Big Al to spitball on whether he and Helen can stay home during their go-go years. And can the Tomb Raiders afford to spend $120,000 a year in retirement? Access free financial resources and the episode transcript: https://bit.ly/ymyw-503 WATCH ON YOUTUBE: https://youtu.be/Xfl7gvIs2rU DOWNLOAD: Social Security Handbook for free CALCULATE: Your Financial Blueprint for free WATCH: 6 Secrets to Bigger Tax Savings from Your Nonprofit Donations on YMYW TV DOWNLOAD: Tax-Smart Charitable Giving Guide for free REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis SCHEDULE: free financial assessment SUBSCRIBE: YMYW on YouTube DOWNLOAD: more free guides READ: financial blogs WATCH: educational videos SUBSCRIBE: YMYW Newsletter Timestamps: 00:00 - Intro: This Week on the YMYW Podcast 01:16 - When to Pay Off the Home, Retire, and Do Roth Conversions? (Jack & Swan, FL - voice) 06:10 - Should We Include Taxes in Annual Expenses? (Jennifer, CO) 09:47 - Draw Social Security in 2025, or Postpone and Convert to Roth in 2025 and 2026? (Kevin, Scottsdale, AZ) 14:57 - Download the Social Security Handbook, Calculate Your Financial Blueprint 16:08 - Should We Pay Off the House to Be Debt Free in Retirement? (Jennifer, CO) 21:08 - State Tax Spitball: Should I Convert Even More to Roth? Does Big Brother Really Count the Days for State Residency? (Skipper, TX) 29:54 - Watch 6 Secrets to Bigger Tax Savings from Your Nonprofit Donations on YMYW TV, Download the Tax-Smart Charitable Giving Guide 30:39 - Can We Both Stay Home in the Go-Go Years? Wife Says I Have to Go Back to Work (Harry & Helen Tasker, MN) 43:40 - Can We Afford to Spend $120k/Year Inflation Adjusted in Retirement? (Tomb Raiders, Strawberry Plains, TN) 51:29 - Outro: Next Week on the YMYW Podcast
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    53 mins
  • Spitballing Early Retirement for the One Percenters - 502

    Spitballing Early Retirement for the One Percenters - 502
    Nov 5 2024

    Can Bauer in Illinois retire at age 57, and when should he collect Social Security? More importantly, can he afford a $300,000 motor home? Can Brad in Michigan coast for the next 10 years and still reach the promised land of retirement somewhere around age 53? Joe Anderson, CFP® and Big Al Clopine, CPA spitball early retirement, today on Your Money, Your Wealth® podcast 502. Plus, it seems weird to Elizabeth in Connecticut that nearly all of her $5M is in taxable accounts. Is that good or bad? N&N in San Francisco Bay Area have $10 million liquid. Should they make Roth contributions and Roth conversions now, or wait until they retire? Access free financial resources and the episode transcript: https://bit.ly/ymyw-502

    WATCH: How to Avoid Wealth Busters on YMYW TV

    DOWNLOAD the Wealth Busters to Avoid Guide

    CALCULATE your Financial Blueprint for free

    REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis

    SCHEDULE: free financial assessment

    SUBSCRIBE: YMYW on YouTube

    DOWNLOAD: more free guides

    READ: financial blogs

    WATCH: educational videos

    SUBSCRIBE: YMYW Newsletter

    Timestamps:

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

    00:58 - Can I Retire at 57? When to Collect Social Security? Can I Afford a Motorhome? (Bauer & Laney, Mundelein, IL - voice)

    07:47 - Can We Coast and Still Reach the Retirement Promised Land in Ten Years? (Brad, MI)

    14:20 - Watch How to Avoid Wealth Busters on YMYW TV, download the Wealth Busters to Avoid Guide

    15:00 - We've Got $10M Liquid: Roth Contributions & Conversions Now or Wait Until Retirement? (N&N, SF Bay area)

    24:58 - Calculate Your Free Financial Blueprint

    25:36 - Seems Weird That Our Money is in Taxable Accounts. Is That Good or Bad? (Elizabeth, CT)

    31:57 - Outro: Next Week on the YMYW Podcast
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    33 mins