Your Money, Your Wealth

Joe and Big Al spitball two sides of the retirement equation, today on Your Money, Your Wealth® podcast number 570. Daniel in Texas is 40 and worrying about how to support Mom and Dad if their money runs out. Can he build some kind of financial safety net for them without ruining his own retirement? Jemma's 82-year-old mom is drawing down her portfolio. Is locking in guaranteed income with an annuity a smart move, or could that create new problems down the road? Plus, "Cookie and Gerry" want to walk away from work before 50 with a big brokerage account and a pension. Are they positioned correctly? How can they avoid pulling the wrong levers at the wrong time? And "Fred and Wilma" are staring at a potential multi-million-dollar ESOP payout. What levers do they need to pull so they can retire at 46 and shout "Yabba Dabba Doo"?
Free Financial Resources in This Episode:
https://bit.ly/ymyw-570 (full show notes & episode transcript)
10 Steps to Improve Investing Success - free download
What to Do When the Stock Market Gets Crazy - 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:
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Apple Podcasts: leave your honest reviews and ratings
 
Chapters:
00:00 - Intro: This Week on the YMYW Podcast
00:57 - Can I Afford to Be My Parents' Retirement Plan? (Daniel, Texas)
07:07 - Will an Annuity Really Save Mom From Running Out of Money? (Jemma)
15:07 - Can We Retire in Our Early 50s With a Pension and a $190K Spend? (Cookie and Gerry)
30:39 - Can We Retire Early at 46 With a $4M ESOP and a $210K Spend? (Fred and Wilma, CA)
44:23 - Outro: Next Week on the YMYW Podcast

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
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 - 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

John Q. Taxpayer is in the home stretch of his career, looking for the best way to catch-up and build his tax-free bucket. Meanwhile, a pair of young financial nerds in Omaha are already strong savers, but they're wondering whether a simple "VOO for life" strategy is enough to help them reach multimillionaire status in retirement. Also, Janine retired unexpectedly. Can her remaining savings support a European retirement lifestyle? From Jonas Grumby's "glitch in the matrix" tax strategy to the potential tax nightmare of Dolly's literal sack of inherited gold coins, today on Your Money, Your Wealth® podcast 568, Joe Anderson, CFP® and Big Al Clopine, CPA. spitball on how folks from different generations with different situations can reach the same ultimate goal: positioning assets today to ensure the most tax-free wealth tomorrow. Plus, the fellas spitball on the "double taxation" trap of retirement plan loans for Pete in North Carolina, and the affordability of 50-year mortgages for Semper Fi in Michigan.
Free Financial Resources in This Episode:
https://bit.ly/ymyw-568 (full show notes & episode transcript)
Why Asset Location Matters - free guide
All About Asset Location - more free resources
15 Maneuvers to Duck an Unplanned Early Retirement Knockout - 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 - Intro: This Week on the YMYW Podcast
01:05 - After-Tax 401(k) Catch-Ups vs Taxable Investing (John Q Taxpayer)
06:16 - Forced Early Retirement: Social Security and Roth Conversion Timing? (Janine, Bothell, WA)
11:30 - Are 50-Year Mortgages Actually Affordable? (Semper Fi, Stevensville, MI)
17:59 - 401(k) Loan vs Mortgage Payoff (Pete, NC)
21:27 - Can You Manufacture a Step-Up in Basis? (Jonas Grumby, The Colony, TX)
25:03 - Inherited Gold Coins and Capital Gains Taxes (Dolly, 63, TN)
29:35 - Spitball for Young Investors Who Don't Have Millions (Young Financial Nerds, Omaha, NE)
42:13 - Outro: Next Week on the YMYW Podcast

Should Al and Peggy in Illinois keep hammering pre-tax retirement savings or should they pivot to post-tax Roth for better tax diversification? Which pension option is best for their early retirement plans? Long-term care insurance premiums are going up endlessly for Eloise in Connecticut. Is she walking into an insurance industry trap? How do Eric and Tami in Baton Rouge help their kids with college without blowing up their own retirement, and when do student loans make sense? Finally, should Lana and Sterling harvest capital gains or prioritize Roth conversions before moving to a much higher-tax state? The basic question in all of these is the same: how do you protect your future from rising costs and unknowns that are out of your control? We'll find out what it takes, today on Your Money, Your Wealth podcast number 567.
Free Financial Resources in This Episode:
https://bit.ly/ymyw-567 (full show notes & episode transcript)
Key Financial Data Guide - free download
Retirement Panic Button: 7 Ways to Avoid Hitting It - 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 - Intro: This Week on the YMYW Podcast
00:55 - Pre-Tax vs. Late Roth Savings? Pension Lump Sum vs. Lifetime Income in Early Retirement? (Al & Peggy, Illinois)
14:14 - Should I Drop Long-Term Care Insurance Now at Age 70? (Eloise, Connecticut)
20:41 - College Costs vs Retirement Security for Parents (Tami & Eric, Baton Rouge, LA)
35:59 - Roth Conversions or Capital Gains Before Moving to a High Tax State? (Lana & Sterling, Nebraska)
48:14 - Next Week on the YMYW Podcast

"Mr and Mrs Smith" have nearly $850,000 saved at age 43, but they're very concerned about retirement. "Lucy and Desi" are 58 and 64 with nearly $7 million saved, but they still lie awake wondering if it's enough for their high-expense life. "Tony and Carmela" are in a similar boat with millions saved at 61 and 59, but they're worried their asset allocation won't get them through their retirement. No matter the numbers, the fears sound exactly the same: will you run out of money in retirement? Turns out overcoming that fear is not about hitting a magic number. We'll find out what it's all about today on Your Money, Your Wealth podcast number 566 with Joe Anderson, CFP®, and Big Al Clopine, CPA. The fellas also spitball Roth conversions, long/short direct indexing capital gains tax strategies for "Juicy Squeeze", working after retirement for Wendi, and how one confusing word can completely change a retirement timing decision for "Jacques and Johana."
Free Financial Resources in This Episode:
https://bit.ly/ymyw-566 (full show notes & episode transcript)
Withdrawal Strategy Guide - free download
Financial Blueprint (self-guided)
Financial Assessment (Meet with an experienced professional)
WATCH 6 Signs You Truly Have "Enough" For Retirement on YMYW TV
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 - Intro: This Week on the YMYW Podcast
01:01 - 43 With $850K. Am I Too Late to Build Enough Roth Money? (Mr & Mrs Smith, Dallas, TX)
11:29 - Nearly $7M Saved at 58 and 64. Do We Have Enough for a High-Spend Retirement? (Lucy & Desi, Jersey Shore, NJ)
23:38 - 61 and 59 With $4.5M Saved. Can I Retire Now With a 50/50 Portfolio? (Tony & Carmela, San Ramon, CA)
32:09 - Mid-50s with $685K Saved. Can One Spouse Retire While the Other Works? (Jacques & Johana, Florida)
38:53 - Are Long-Short Direct Indexing Tax Strategies Worth the Fees? (Juicy Squeeze)
47:04 - Should I Work as an Employee or Contractor After 70 on Social Security? (Wendi)
52:04 - Outro: Next Week on the YMYW Podcast