Change of Roth Plans for the New Senior Tax Bonus? Tax-Loss Wins? - 554
Should the new temporary senior tax deduction change your Roth conversion strategy? Joe and Big Al spitball for Chris in Maple Grove, Minnesota, who wonders whether to keep converting to Roth now that the $6,000 Senior Bonus deduction phases out with higher income, today on Your Money, Your Wealth® podcast 554 with Joe Anderson, CFP®, and Big Al Clopine, CPA. Teri from Salt Lake City's broker has amassed $60,000 of losses in Teri's $1.1 million account due to tax-loss harvesting. When is enough… enough? Windy Chicago in Chino Hills, California, wonders what to do about their cost basis vanishing after transferring mutual funds to Vanguard, and Larry and Sally from Michigan are planning for retirement while facing significant health challenges. Can they afford to bridge the healthcare gap and still retire safely? Free Financial Resources in This Episode: https://bit.ly/ymyw-554 (full show notes & episode transcript) One Big Beautiful Bill Act Guide Retirement Income Strategies Guide Retirement Rebound: 5 Plays to Help You Score a Comeback - YMYW TV Financial Blueprint (self-guided) Financial Assessment (Meet with an experienced professional) REQUEST your Retirement Spitball Analysis DOWNLOAD more free guides READ financial blogs WATCH educational videos SUBSCRIBE to the YMYW Newsletter Connect With Us: YouTube: Subscribe and join the conversation in the comments Podcast apps: subscribe or follow YMYW in your favorite Apple Podcasts: leave your honest reviews and ratings Chapters: 00:00:00 - Intro 00:00:56 - Should We Stop Roth Conversions for the New $6,000 Senior Bonus Tax Deduction? (Chris, Maple Grove, MN) 00:07:44 - Lost Cost Basis After Moving Funds to Vanguard. Now What? (Windy Chicago, Chino Hills, CA) 00:10:21 - Tax Loss Harvesting: When Is It Too Much? (Teri, Salt Lake City) 00:18:49 - Can We Retire with Rising Health Costs and Care Needs? (Larry & Sally Morgan, voice) 00:33:34 - Outro: Next Week on the YMYW Podcast
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Should You Convert to Roth Before or After You Retire? - 553
Joe Anderson, CFP® and Big Al Clopine, CPA tackle one of the trickiest timing questions in retirement planning, today on Your Money, Your Wealth podcast number 553: when should you convert to Roth, while you're still earning, or after retirement? First, James from Texas wonders if it's worth maxing out his high-fee 457 plan, or if he's better off investing in a low-cost brokerage account. Full-time travelers "Lois and Clark" want to know how much they should keep converting to Roth now that they're on Medicare. Ray Charles in Chicago is burned out on corporate life and plans to quit at 55. Is that the perfect time for him to start Roth conversions? And finally, Gun and Rose from Louisiana ask if borrowing again from their 401(k) is a smart move. Free Financial Resources in This Episode: https://bit.ly/ymyw-553 (full show notes & episode transcript) Retirement Lifestyles Guide - free download Ultimate Guide to Roth IRAs - free download Will Your Money Last Through Retirement? - YMYW TV Financial Blueprint (self-guided) Financial Assessment (Meet with an experienced professional) REQUEST your Retirement Spitball Analysis DOWNLOAD more free guides READ financial blogs WATCH educational videos SUBSCRIBE to the YMYW Newsletter Connect With Us: YouTube: Subscribe and join the conversation in the comments Podcast apps: subscribe or follow YMYW in your favorite Apple Podcasts: leave your honest reviews and ratings Chapters: 00:00:00 - Intro: This Week on the YMYW Podcast 00:00:56 - 457(b) vs. Brokerage: Are High Fees Worth the Tax Break? (James, TX) 00:06:43 - Roth Conversions in Retirement: Hitting the Road and the 12% Bracket ("Lois & Clark", FL) 00:19:54 - Early Retirement Pivot: Quit at 55 and Convert to Roth? ("Ray Charles", Chicago, IL) 00:33:28 - Should We Borrow From 401(k) For Home Repairs? (Gun & Rose, LA) 00:38:54 - Outro: Next Week on the YMYW Podcast
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Don't Let Money Anxiety Ruin Your Retirement - 552
Joe Anderson, CFP® and Big Al Clopine, CPA tackle the fears that mess with even the best-laid financial plans, today on Your Money, Your Wealth® podcast 552. Big Wallet Barbie and Ken from the Midwest have saved millions, but Barbie's still worried about retiring early, buying a new house, and converting to Roth. Is she second-guessing her plans? The fellas spitball for Dan from Florida, who's flying high in the 35% tax bracket and trying to decide between Roth 401(k) contributions and future Roth conversions. They also float a surprising idea - one that's rare on YMYW - for a listener from Chicago who is FIRE'd Up about Roth vs. pre-tax and making a tax-smart wealth transfer. We'll wrap up with a couple of your comments. Free Financial Resources in This Episode: https://bit.ly/ymyw-552 (full show notes & episode transcript) Emotionless Investing Guide The Truth About Your Love/Hate Relationship With Money - YMYW TV Financial Blueprint (self-guided) Financial Assessment (Meet with an experienced professional) REQUEST your Retirement Spitball Analysis DOWNLOAD more free guides READ financial blogs WATCH educational videos SUBSCRIBE to the YMYW Newsletter Connect With Us: YouTube: Subscribe and join the conversation in the comments Podcast apps: subscribe or follow YMYW in your favorite Apple Podcasts: leave your honest reviews and ratings Chapters: 00:00:00 - Intro: This Week on the YMYW Podcast 00:00:49 - Big Wallet Barbie and Ken's Roth Conversion, Retirement, and Home Purchase Strategy (Barbie Mattel, Midwest) 00:08:58 - Roth 401(k) Contributions or Roth Conversions? Flying High in the 35% Tax Bracket (Dan, FL) 00:17:23 - High-Earners Planning FIRE and Wealth Transfer: Roth, Pre-Tax… Life Insurance? (FIRE'd Up, Chicago) 00:29:56 - Correction on Spousal Social Security Benefits After the Fairness Act (Cindy) 00:33:37 - Follow Up: The Kids Are Pretty Alright (Lucas, MN) 00:34:44 - Outro: Next Week on the YMYW Podcast
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Where Should You Take Retirement Money First If You've Saved $2M? - 551
We're playing "which comes first" today on Your Money, Your Wealth® podcast number 551 with Joe Anderson, CFP® and Big Al Clopine, CPA. "Retired G-Man and Nurse Ratched" from Pennsylvania have saved $2 million. Should they withdraw money first from their IRA or their taxable accounts in retirement? "Mike and Carol in Florida" want to know when and how much to convert to Roth, but they're also sitting on a mountain of company stock. Should they deal with that first? Mackey in Florida is 55 and wonders if he can retire now with $2.6 million and some lingering debt - but there's an important first he's missing too! Plus, Mike in Utah asks Joe and Big Al to spitball on a plan for his 90-year-old mom's $1.9 million annuity, and Doc McMuffin in Minnesota asks for the fellas' take on her plan to gift appreciated assets to her parents. Free Financial Resources in This Episode: https://bit.ly/ymyw-551 (full show notes & episode transcript) YourMoneyYourWealth.com - all our financial resources! Ask Joe and Big Al, blogs, workshops, financial guides, and 11 seasons of YMYW TV! 10 Big Retirement Regrets to Avoid (Before It's Too Late) - YMYW TV Financial Blueprint (self-guided) Financial Assessment (Meet with an experienced professional) REQUEST your Retirement Spitball Analysis DOWNLOAD more free guides READ financial blogs WATCH educational videos SUBSCRIBE to the YMYW Newsletter Connect With Us: YouTube: Subscribe and join the conversation in the comments Podcast apps: subscribe or follow YMYW in your favorite Apple Podcasts: leave your honest reviews and ratings Chapters: 00:00:00 - Intro: This Week on the YMYW Podcast 00:00:53 - How to Retire at 55 With $2.6M and Debt? First, How to Write a Good Spitball Request (Mackey, FL) 00:03:46 - Sequence of Retirement Withdrawals: IRA First or Taxable First? (G-Man and Nurse Ratched, PA) 00:12:10 - Roth Conversions vs Concentrated Stock: Which Comes First? (Mike & Carol, FL) 00:29:27 - What to Do With 90-Year-Old Mom's $1.9M Annuity? (Mike, UT) 00:40:59 - Is Gifting Appreciated Assets to Parents Tax-Smart or Risky? (Doc McMuffin, MN) 00:48:27 - Outro: Next Week on the YMYW Podcast
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Is Your Roth Conversion Timing All Wrong? (Financial Blunders) - 550
Joe and Big Al spitball on how to avoid screwing up the timing of your Roth conversions, today on Your Money, Your Wealth® podcast number 550. Barrie from New York is 62 and single, and she's been diligently converting pre-tax money each year for lifetime tax-free Roth growth. Should she continue after she retires next year? "Jerry and Elaine" want to retire in the next six years and still leave the kids an inheritance. When should they start Roth conversions? Alex in Pennsylvania is a 31-year-old software engineer. Should he convert his IRA to Roth all at once? Plus, how can he transition into a career as a financial planner? A clarification on the age plus 20 rule of thumb for retirement contributions from one of our YouTube viewers is very un-clarified for Joe, and the fellas let Lisa in San Diego know whether she can use her rental real estate income to fund a Roth 401(k). Free Financial Resources in This Episode: https://bit.ly/ymyw-550 (full show notes & episode transcript) Ultimate Guide to Roth IRAs 6 Signs You Truly Have "Enough" for Retirement - YMYW TV Financial Blueprint (self-guided) Financial Assessment (Meet with an experienced professional) REQUEST your Retirement Spitball Analysis DOWNLOAD more free guides READ financial blogs WATCH educational videos SUBSCRIBE to the YMYW Newsletter Connect With Us: YouTube: Subscribe and join the conversation in the comments Podcast apps: subscribe or follow YMYW in your favorite Apple Podcasts: leave your honest reviews and ratings Chapters: 00:00:00 - Intro: This Week on the YMYW Podcast 00:00:55 - Should I Keep Converting $20K a Year in Retirement? (Barrie, NY) 00:07:17 - Can We Retire at 62 and Still Leave an Inheritance? Roth Conversion Strategies for Big Accounts (Jerry & Elaine, KS) 00:17:05 - I'm 31. Should I Convert $57K Now or Spread It Out? (Alex, PA) 00:29:12 - Roth Conversion Timing Before Retirement (Mike, Philly Suburbs) 00:36:49 - Confused About Roth Withdrawal Rules at 60 (Lisa, Omaha NE) 00:40:05 - Clarification on the Age + 20 Rule of Thumb for Contributions (Matt, YouTube) 00:45:40 - Can Rental Property Income Fund a Roth 401(k)? (Lisa, San Diego) 00:47:24 - Outro: Next Week on the YMYW Podcast
Making fun of finance. A "Top 10 Personal Finance Podcast" and "Top 12 Retirement Podcast" (US News & World Report, 2023). One of the "10 Best Personal Finance YouTube Channels" (CardRates, 2023). "Best Retirement Podcast With Humor" (FIPhysician, 2020, 2021, 2022, 2023). Learn strategies that can help you retire successfully. Financial advisor Joe Anderson, CFP® and certified public accountant Big Al Clopine, CPA answer your money questions and spitball on your 401k, IRA, Roth conversions and backdoor Roth IRA, how to pay less taxes, asset allocation, stocks and bonds, real estate, and other investments, Social Security benefits, capital gains tax, 1031 exchange, early retirement, expenses and withdrawals, and more money and wealth management strategies. YMYW is retirement planning, investing, and tax reduction made fun, presented by Pure Financial Advisors - a fee-only financial planning firm. Pure Financial adheres to the fiduciary standard of care, in which we are required by law to act in the best interest of our clients at all times. Access free financial resources and episode transcripts, Ask Joe & Big Al On Air to get your Retirement Plan Spitball Analysis: http://YourMoneyYourWealth.com
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