Your Money, Your Wealth

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Today on Your Money, Your Wealth® podcast 590, Joe Anderson, CFP® and Big Al Clopine, CPA spitball for people with a small fortune sitting in pre-tax accounts turning into a tax bomb. We’ll find out how Roth conversions and careful tax liability management can optimize their retirement income strategy. Eric in California is 72 with nearly four million dollars in pre-tax accounts. How much should he transfer in Roth conversions? Is borrowing against his own house to pay the tax bill brilliant or bonkers? Rick and Kiani hoping they can quit sooner than they think. Mike just hit full retirement age. Should he claim Social Security benefits now or wait until age 70? And finally, Jeff wants to walk away at 59 with a roadmap for aggressive Roth conversions, assuming the tax cliff doesn't get him first.
Free Financial Resources in This Episode:
https://bit.ly/ymyw-590 (full show notes & episode transcript)
Retirement Accounts Guide - free download:
https://purefinancial.com/white-papers/retirement-accounts-guide/?utm_source=captivate&utm_medium=podcast&utm_campaign=whitepaper-retirement-accounts-guide&utm_content=ymyw-pod-ep590-description-whitepaper
Financial Blueprint (free, self-guided):
https://purefinancial.com/financialblueprint/?utm_source=captivate&utm_medium=podcast&utm_campaign=financial-blueprint&utm_content=ymyw-pod-ep590-description-blueprint
Retirement Checklist: Check Off These 7 Things Before You Retire - YMYW TV:
https://purefinancial.com/ymyw/episodes/retirement-checklist-check-off-these-7-things-before-you-retire/?utm_source=captivate&utm_medium=podcast&utm_campaign=ymyw-tv&utm_content=ymyw-pod-ep590-description-tv-s12e05
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https://podcasts.apple.com/us/podcast/your-money-your-wealth/id312900254

Chapters:
00:00 - Intro: This Week on the YMYW Podcast
01:01 - $3.9M Pre-Tax at 72: How Do We Minimize Taxes Before RMDs Hit? (Eric, CA)
11:13 - We’re on One Salary. Can We Retire at 62 With $1.7M and a $56K SS Benefit? (Rick & Kiani, Southern CA)
23:16 - Just Hit Full Retirement Age. Should I Delay Social Security or Start Now? (Mike, 66, NV)
31:04 - Retiring With $4M and a Roth Conversion Roadmap at Age 59. Does Our Plan Hold Up? (Jeff & Amber, 55, Orlando, FL)
44:54 - Outro: Next Week on the YMYW Podcast

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The margin loan debate continues today on Your Money, Your Wealth® podcast number 589. Jack and Jill recently moved from the UAE to Australia and want a sanity check on using margin loans (AKA pledge loans) to build and live off their portfolio. Joe and Big Al spitball whether borrowing against stocks and never paying tax on the gains, the Buy Borrow Die strategy, is smart, or a fast way to blow yourself up. They also recap the spicy comments on the episode 585 margin loan discussion. Then the fellas flip the script for Forest and Jenni in Virginia: does a reverse glide path, investing conservatively now and getting more aggressive as you age, actually hold up? And finally, Jack and Diane in New Jersey are retiring this year, selling the house, and moving to Florida, so Joe and Big Al stress-test their Roth conversion plan before they pull the trigger. We're making fun of finance over here on YMYW, the financial planning podcast that won't put you to sleep. Tell a friend.
Free Financial Resources in This Episode:
https://bit.ly/ymyw-589 (full show notes & episode transcript)
Withdrawal Strategy Guide - free download: https://purefinancial.com/white-papers/withdrawal-strategy-guide/?utm_source=captivate&utm_medium=podcast&utm_campaign=whitepaper-withdrawal-strategy-guide&utm_content=ymyw-pod-ep589-description-whitepaper
Retirement Sabotage! 12 Post-Retirement Money Mistakes to Avoid - YMYW TV: https://purefinancial.com/ymyw/episodes/retirement-sabotage-12-post-retirement-money-mistakes-to-avoid/?utm_source=captivate&utm_medium=podcast&utm_campaign=ymyw-tv&utm_content=ymyw-pod-ep589-description-tv-s10e08
Financial Blueprint (free, self-guided):
https://bit.ly/YMYWblueprintC
REQUEST your Retirement Spitball Analysis:
https://bit.ly/YMYWaskC
DOWNLOAD more free guides:
https://bit.ly/YMYWguidesC
READ financial blogs:
https://bit.ly/YMYWblogC
WATCH educational videos:
https://bit.ly/YMYWvidsC
SUBSCRIBE to the YMYW Newsletter:
https://bit.ly/YMYWnewsletterC
Connect With Us:
Subscribe on YouTube and join the conversation in the comments:
https://bit.ly/YMYW-YT
Subscribe or follow YMYW in your favorite podcast app:
https://lnk.to/ymyw
Leave your honest reviews and ratings in Apple Podcasts:
https://podcasts.apple.com/us/podcast/your-money-your-wealth/id312900254
Chapters:
00:00 - Intro: This Week on the YMYW Podcast
01:53 - Margin Loans, Buy-Borrow-Die, and PFIC Risk: Sanity Check (Jack & Jill, Australia)
13:11 - Why I Love Margin: NYC Tax Math (Bones1999, YouTube)
14:29 - 8% Margin Loans to Buy Stocks: Bad Math! (Tom, YouTube)
19:39 - Reverse Glide Path at Retirement: Does Starting Conservative Make Sense for Us? (Forest & Jenni, VA)
35:43 - Retiring to Florida: SEP IRA Bridge, Home Sale Timing, and Roth Conversions (Jack & Diane, NJ)
43:18 - Outro: Next Week on the YMYW Podcast

Schedule a Free Financial Assessment with an experienced professional:
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Joe Anderson, CFP® and Big Al Clopine, CPA spitball for three people planning for early retirement and wondering, can I really pull this off? How much risk can you take, and how much do you really need to? That’s today on Your Money, Your Wealth® podcast 588. Dr. Kickass Seabass and his wife are both 41 and they got a late start on savings. Can they still hit FIRE - that is, financial independence, retire early - by 55? Get your salt shakers ready. Aang and Katara have military pensions and a big thrift savings plan. Should they invest it aggressively or play it safe over the next decade? Finally, Steph has a mandatory retirement at 56 but wants out even sooner, at age 50… if his wife Ayesha doesn't kill him first for quitting seven years before her.
Free Financial Resources in This Episode:
https://bit.ly/ymyw-588 (full show notes & episode transcript)
Retirement Income Strategies Guide - free download:
https://purefinancial.com/white-papers/retirement-income-strategies/?utm_source=captivate&utm_medium=podcast&utm_campaign=whitepaper-retirement-income-strategies&utm_content=ymyw-pod-ep588-description-whitepaper
Financial Planning at Every Age: Retirement Planning for Millennials, Gen-X & Baby Boomers - YMYW TV:
https://purefinancial.com/ymyw/episodes/financial-planning-at-every-age-retirement-planning-millennials-gen-x-baby-boomers/?utm_source=captivate&utm_medium=podcast&utm_campaign=ymyw-tv&utm_content=ymyw-pod-ep588-description-tv-s10e7
Retirement Readiness Guide - free download:
https://purefinancial.com/white-papers/retirement-readiness-guide/?utm_source=captivate&utm_medium=podcast&utm_campaign=whitepaper-retirement-readiness-guide&utm_content=ymyw-pod-ep588-description-whitepaper

Financial Blueprint (free, self-guided):
https://bit.ly/YMYWblueprintC
REQUEST your Retirement Spitball Analysis:
https://bit.ly/YMYWaskC
DOWNLOAD more free guides:
https://bit.ly/YMYWguidesC
READ financial blogs:
https://bit.ly/YMYWblogC
WATCH educational videos:
https://bit.ly/YMYWvidsC
SUBSCRIBE to the YMYW Newsletter:
https://bit.ly/YMYWnewsletterC
Connect With Us:
Subscribe on YouTube and join the conversation in the comments:
https://bit.ly/YMYW-YT
Subscribe or follow YMYW in your favorite podcast app:
https://lnk.to/ymyw
Leave your honest reviews and ratings in Apple Podcasts:
https://podcasts.apple.com/us/podcast/your-money-your-wealth/id312900254

Chapters:
00:00 - Intro: This Week on the YMYW Podcast
01:00 - High-Earning Doc With a Late Start: Can I Actually FIRE at 55? (Kickass Seabass, NJ)
13:39 - Military Pension + TSP: How Aggressive Should We Stay for the Next Decade? (Aang & Katara, VA)
25:10 - Mandatory Retirement at 56, But Can I Punch at 50? (Steph & Ayesha, SF Bay Area)
46:54 - Outro: Next Week on the YMYW Podcast

Financial Assessment (Meet with an experienced professional):
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11 rapid-fire spitballs today from Joe Anderson, CFP®, and Big Al Clopine, CPA, on Your Money, Your Wealth® podcast number 587, on everything from Roth conversions and RMDs to whether a guy named Wayne can finally treat himself to a seventy-five-thousand-dollar Audi. Aaron in Syracuse just hit a million bucks in his 401(k) and realizes he needs a spitball on keeping his RMDs low. Do new Roth conversions restart the 5-year clock? 72-year-old Mike in Texas wants to know. Marion inherited a not-yet-five-year-old Roth, and an IRMAA problem along with it. Lu and Stephen each argue that the fellas’ conversion and retirement spitball math might be misleading. Teachers Tony and his wife have pensions that cover everything, so should they even keep saving? John and Peggy need a retirement spitball, Rajesh wonders if he should pay off his mortgage or convert to Roth, and Mike in San Marcos asks about funding a Roth with pension money.
Free Financial Resources in This Episode:
https://bit.ly/ymyw-587 (full show notes & episode transcript)
Retirement Accounts Guide - free download:
https://purefinancial.com/white-papers/retirement-accounts-guide/?utm_source=captivate&utm_medium=podcast&utm_campaign=whitepaper-retirement-accounts-guide&utm_content=ymyw-pod-ep587-description-whitepaper
401(k) vs. IRA vs. Equity Compensation: The Real Math - YMYW TV:
https://purefinancial.com/ymyw/episodes/recipe-for-retirement-retirement-plans-explained/?utm_source=captivate&utm_medium=podcast&utm_campaign=ymyw-tv&utm_content=ymyw-pod-ep587-description-tv-s10e12
Financial Blueprint (free, self-guided):
https://purefinancial.com/financialblueprint/?utm_source=captivate&utm_medium=podcast&utm_campaign=financial-blueprint&utm_content=ymyw-pod-ep587-description-blueprint
REQUEST your Retirement Spitball Analysis:
https://bit.ly/YMYWaskC
DOWNLOAD more free guides:
https://bit.ly/YMYWguidesC
READ financial blogs:
https://bit.ly/YMYWblogC
WATCH educational videos:
https://bit.ly/YMYWvidsC
SUBSCRIBE to the YMYW Newsletter:
https://bit.ly/YMYWnewsletterC

Connect With Us:
Subscribe on YouTube and join the conversation in the comments:
https://bit.ly/YMYW-YT
Subscribe or follow YMYW in your favorite podcast app:
https://lnk.to/ymyw
Leave your honest reviews and ratings in Apple Podcasts:
https://podcasts.apple.com/us/podcast/your-money-your-wealth/id312900254

Chapters:
00:00 - Intro: This Week on the YMYW Podcast
01:32 - $1.1 Million in My 401(k) at 56: Should I Do Roth Conversions Before RMDs Hit? (Aaron, Syracuse, NY
04:51 - Can You Fund a Roth IRA With Pension Money? (Mike, San Marcos, CA)
06:14 - Can You Roll an UTMA Into a 529 for Tax-Free Education Savings? (Bob the Builder, Westchester, NY)
10:29 - I'm 72 With a 25-Year-Old Roth. Do New Conversions Trigger the 5-Year Clock for Roth Withdrawals? (Mike, TX)
11:43 - Inherited a Roth Less Than 5 Years Old: Are the Earnings Taxable? Can IRMAA Be Avoided? (Marion)
15:59 - You Ignore Future Income! How to Spitball Spending When a Pension and Social Security Are Coming (Stephen)
21:02 - Are Your Roth Conversion Calculations Misleading? Why Future RMDs Need an Inflation Check (Lu)
24:57 - We're Teachers With Pensions That Cover Everything. Should We Stop Saving and Fund the 529s? (Tony, NY
28:23 - $4 Million and Ready to Exit the Rat Race at 61. Do the Numbers Work? (John and Peggy, San Jose, CA
34:37 - $4 Million 401(k) and a 6.5% Rental Mortgage: Pay It Off or Convert to Roth? (Rajesh)
38:42 - We're 62 With $1 Million. Can I Finally Buy the $75K Audi, or Should I Lease? (Wayne, Long Beach, NY)
43:17 - Outro: Next Week on the YMYW Podcast

Schedule a free financial assessment with an experienced professional at Pure Financial Advsiors: https://purefinancial.com/lp/free-assessment/?utm_source=captivate&utm_medium=podcast&utm_campaign=free-assessment&utm_content=ymyw-pod-ep586-description-free-assessment
“Walter and Skyler” in Iowa ask if they’re on track to retire early, or if they’re just "cooking up overconfidence?" And how aggressively should they convert their retirement savings to tax-free Roth money before the pension and Social Security kick in? California Dreamin’ has it down to one decision: convert to the top of the 22 percent tax bracket, or push into the 24? “Mike and Carol” in Florida ask, when you're weighing a conversion, should you be looking at your tax bracket, or your actual effective tax rate? Finally, is it worth the cost for “Westley and Buttercup” to use the brand new option to turn a big employer contribution into Roth money? Joe Anderson, CFP® and Big Al Clopine, CPA from Pure Financial Advisors spitball on all of these questions, today on YMYW podcast 586.
Free Financial Resources in This Episode:
https://bit.ly/ymyw-586 (full show notes & episode transcript)

10 Common Roth IRA Mistakes That Can Cost You $50,000 (or More!) - YMYW TV:
https://purefinancial.com/white-papers/roth-ira-white-paper/?utm_source=captivate&utm_medium=podcast&utm_campaign=whitepaper-ultimate-guide-to-roth-iras&utm_content=ymyw-pod-ep586-description-whitepaper
The Ultimate Guide to Roth IRAs - free download:
https://purefinancial.com/ymyw/episodes/10-common-roth-ira-mistakes-that-can-cost-you-50000-or-more/?utm_source=captivate&utm_medium=podcast&utm_campaign=ymyw-tv&utm_content=ymyw-pod-ep586-description-tv-s12e04
Financial Blueprint (free, self-guided):
https://bit.ly/YMYWblueprintC
REQUEST your Retirement Spitball Analysis:
https://bit.ly/YMYWaskC
DOWNLOAD more free guides:
https://bit.ly/YMYWguidesC
READ financial blogs:
https://bit.ly/YMYWblogC
WATCH educational videos:
https://bit.ly/YMYWvidsC
SUBSCRIBE to the YMYW Newsletter:
https://bit.ly/YMYWnewsletterC

Connect With Us:
Subscribe on YouTube and join the conversation in the comments:
https://bit.ly/YMYW-YT
Subscribe or follow YMYW in your favorite podcast app:
https://lnk.to/ymyw
Leave your honest reviews and ratings in Apple Podcasts:
https://podcasts.apple.com/us/podcast/your-money-your-wealth/id312900254

Chapters:
00:00 - Intro: This Week on the YMYW Podcast
01:10 - Early Retirement Overconfidence? Aggressive Roth Conversions? (Walter & Skyler, Iowa)
13:25 - Roth Conversion Bracket Call: 22% or 24%? (CA Dreamin', Central Coast)
22:27 - Tax Bracket vs. Effective Rate: The Roth Math Most People Get Wrong (Mike & Carol, FL)
32:16 - Should the NEC Go to the Roth? The 401(k) Decision (Westley & Buttercup, TX)
42:28 - Outro: Next Week on the YMYW Podcast