Episodes

  • 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

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

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    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
  • How to Reduce the Widow’s Tax Penalty - 501

    How to Reduce the Widow’s Tax Penalty - 501
    Oct 29 2024

    Should Suzanne in Michigan do Roth conversions in 2025 and 2026 since she’s widowed and won’t be married filing jointly? How should she pay the tax on her conversions? Jennifer in Washington state is 55 and her husband is 70. Should she retire now and do aggressive Roth conversions before her husband passes? We’re talking about the widow’s tax, today on Your Money, Your Wealth® podcast number 501 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, answers to questions from our YouTube viewers: what’s a brokerage account? What’s a good way to pay required minimum distirbution taxes? How does the 10 year rule work on inherited IRAs? What are extended market index funds? The fellas also spitball on the 4% rule for retirement withdrawals. Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-501

    DOWNLOAD: 2024 Key Financial Data Guide for free

    WATCH: Harris Vs. Trump - Cancel the Noise: Economic and Market Impact of the 2024 Election webinar

    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
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    36 mins
  • Top Funniest Moments From the Your Money, Your Wealth Podcast, Vol. 2 - Ep. 500

    Top Funniest Moments From the Your Money, Your Wealth Podcast, Vol. 2 - Ep. 500
    Oct 22 2024

    For 499 episodes of YMYW, Joe Anderson, CFP® and Big Al Clopine, CPA have been making fun of finance. On episode 500, we’re celebrating The Top Funniest Moments From the Your Money, Your Wealth® Podcast, Vol. 2. (Check out episode 300 from way back in November of 2020 for Vol. 1.) For this episode, Executive Producer Andi Last compiled some rare, never before seen, can’t-miss Derails, jokes, stories, screw-ups, and outtakes... from two talking heads sitting at a desk. We appreciate you following, watching, laughing, and commenting on YouTube or Spotify, but if you’re listening in Apple Podcasts or another podcast app you’ll laugh just as much. Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-500

    CALCULATE: A Financial Blueprint of your retirement readiness for free

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    WATCH: Recipe for Retirement | Retirement Plans Explained on YMYW TV

    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

    00:00 - Intro
    00:51 - How to Ask Joe and Big Al On Air
    01:20 - More Funnier
    03:06 - Making Fun of Finance
    08:06 - Don't Change a Thing
    09:13 - Spitballing, Not Advice
    09:41 - Watch Recipe for Retirement on YMYW TV
    10:32 - Story Time: Al's Mid-life Crisis, Al's VW Rabbit, Joe's Travel Experiences, Hans' Paintings, Joe the Player, Joe the Dancer, Color Me Badd, Ricky Runs Fast, You're a 1099, FIRE, Retirement Planning Dinners, Movie Talk, RVO, Joe vs. the Holidays, Ice Skating
    35:10 - Joe and Big Al... Are Human
    39:56 - Calculate Your Financial Blueprint, Schedule a Free Financial Assessment
    41:22 - More Joe and Big Al... Are Human
    46:32 - Outro
    47:05 - The YMYW Family
    48:24 - The Biggest Derail Ever
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    51 mins
  • How to Get Into Real Estate Investing, Spitballing Retirement - 499

    How to Get Into Real Estate Investing, Spitballing Retirement - 499
    Oct 15 2024
    Are real estate investment trust (REIT) ETFs a good way for Leon to begin investing in real estate? Can AI Seth stay retired at age 52, and should he do Roth conversions? Jenn in Ohio wants the fellas to be brutally honest about whether she should move with work, take a break, or retire now. And "George and Weezy" are in their mid-50s - can they "move on up" to a deluxe retirement lifestyle in 2026, or even earlier? That’s all today on Your Money, Your Wealth® podcast 499 with Joe Anderson, CFP® and Big Al Clopine, CPA. Access free financial resources and the episode transcript: https://bit.ly/ymyw-499 DOWNLOAD | Growing Your Wealth Guide WATCH | Steps to Financial Success: Grow Your Wealth at Any Age on YMYW TV CALCULATE: A Financial Blueprint of your retirement readiness for free REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis SCHEDULE: free financial assessment LISTEN | Top Funniest Moments From the YMYW Podcast (Vol. 1) - ep. 300 LISTEN | The YMYW AI song SUBSCRIBE: YMYW on YouTube DOWNLOAD: more free guides READ: financial blogs WATCH: educational videos SUBSCRIBE: YMYW Newsletter 00:00 - Intro: This Week on the YMYW Podcast 00:47 - Are REIT ETFs a Good Way to Get Into Real Estate Investing? (Leon, Chicago - voice) 09:15 - Watch Steps to Financial Success: Grow Your Wealth at Any Age on YMYW TV, Download the Guide to Growing Your Wealth 09:49 - Can AI Seth Stay Retired at Age 52? Should He Do Roth Conversions? (Montana, voice) 16:41 - Move With Work, Take a Break, or Retire Now? Be Brutally Honest (Jenn, OH) 21:23 - Calculate Your Financial Blueprint, Schedule a Financial Assessment - both free! 22:02 - Deferred Comp: Can “George and Weezy” Retire in 2026 or Earlier? (IL) 33:18 - Outro: Next Week on the YMYW Podcast
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    34 mins
  • Spend RMDs, or Reduce Reduce Distributions and Taxes With Roth Conversions? - 498

    Spend RMDs, or Reduce Reduce Distributions and Taxes With Roth Conversions? - 498
    Oct 8 2024

    Hawkeye and Elle are age 61 and in the 32% tax bracket. How should they get money into their Roth accounts for tax-free retirement income? Clark and Ellen are 69 and 68, expenses will pretty much be covered by their fixed income, but they’d like to leave Roth money to their kids. Should they keep converting to Roth, or use required minimum distributions for their living expenses? Tom and his wife are 73, and fixed income will cover their retirement spending too. Is it advantageous to them to make three huge Roth conversions beyond their marginal tax bracket to reduce future RMDs? Should they keep things simple by leaving their money in an S&P 500 Index Fund? That’s today on Your Money, Your Wealth® podcast 498 with Joe Anderson, CFP® and Big Al Clopine, CPA. Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-498

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    LIMITED TIME SPECIAL OFFER | Download The DIY Retirement Guide before Friday, October 11, 2024! Once the Special Offer changes on Friday, the DIY Guide will be unavailable for several months!

    CALCULATE: A Financial Blueprint of your retirement readiness for free

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

    SCHEDULE: Free Financial Assessment

    LISTEN | Top Funniest Moments From the YMYW Podcast (Vol. 1) - ep. 300

    SUBSCRIBE: YMYW on YouTube

    DOWNLOAD: more free guides

    READ: financial blogs

    WATCH: educational videos

    SUBSCRIBE: YMYW Newsletter

    00:00 - Intro: This Week on the YMYW Podcast
    01:05 - Tax-Free Roth Strategy When in the 32% Tax Bracket? (Hawkeye & Elle Woods, Atlanta)
    12:28 - Limited Time Special Offer: Download the DIY Retirement Guide before the Special Offer changes on Friday, Oct 11
    13:31 - Spitball on Roth Conversions vs. RMDs, And Should We Buy More Bonds? (Clark & Ellen Griswold, State College, PA)
    27:16 - Calculate a Free Financial Blueprint, Learn About Pure's Financial Assessment
    28:36 - Should We Do 3 Huge Roth Conversions to Reduce Future RMDs? (Tom, Las Vegas)
    37:59 - Outro: Next Week on the YMYW Podcast
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    39 mins
  • Tax-Savvy In-Plan Roth Conversions and Inherited IRA Withdrawals - 497

    Tax-Savvy In-Plan Roth Conversions and Inherited IRA Withdrawals - 497
    Oct 1 2024

    Should David in Ohio use 457 funds to do an in-plan Roth conversion in his 403(b) plan, and should he hire a financial advisor? Chris in DC needs a retirement and Roth conversion spitball analysis, and he needs help getting out of a variable annuity. Kim is anxious that she made a mess of her finances and she wonders how much she should convert to Roth, today on Your Money, Your Wealth® podcast number 497 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, what’s the best way for Alissa in Cedar Rapids, Iowa to make tax-efficient withdrawals from an inherited IRA? Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-497

    CALCULATE: A Financial Blueprint of your retirement readiness for free!

    DOWNLOAD: Retirement Income Strategies Guide

    WATCH YMYW TV: Retirement Rebound: 5 Plays to Help You Score a Comeback

    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 YMYW

    00:50 - In-Plan Roth Conversions From 457 to 403(b): Do I Need a Financial Advisor? (David, OH)

    10:54 - Get a Free Financial Blueprint, Learn About Pure's Financial Assessment

    12:13 - Retirement and Roth Conversion Spitball + How to Get Out of Variable Annuity (Chris, DC)

    20:05 - Anxious I Made a Mess of My Finances. How Much Should I Convert to Roth? (Kim)

    28:13 - Watch Retirement Rebound: 4 Plays to Score a Comeback on YMYW TV, Download the Retirement Income Strategies Guide

    29:08 - Inherited Assets: Best Strategy for Tax-Efficient Retirement Withdrawals? (Alissa, Cedar Rapids, IA)

    42:10 - Outro
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    43 mins
  • Age Plus 20 Rule for Retirement Contributions - 496

    Age Plus 20 Rule for Retirement Contributions - 496
    Sep 24 2024
    How much should you save in pre-tax accounts vs. post-tax accounts? Joe Anderson, CFP® and Big Al Clopine, CPA spitball on the "age plus 20" rule for retirement savings, Roth 401(k) contributions and distributions, and a Social Security claiming strategy for Ralph and Marie in Wilmington, Delaware. Shawn wonders if YMYW listeners are ignoring the WEP and GPO when it comes to Social Security, that is, the Windfall Elimination Provision and the Government Pension Offset. Plus, can Jake and Amy in Iowa retire in 5 years, or do they need to work beyond age 60? Should Edwin stop making Roth contributions and start doing Roth conversions instead? And finally, how can Jeff in North Dakota’s son qualify for the American Opportunity Tax Credit? Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-496 REGISTER NOW: Medicare Basics webinar - TOMORROW, Wednesday Sept. 25, 2024, 12pm Pacific, 3pm Eastern, with Robert Dow and Lisa Velasco, Medicare specialists from the Dow Agency CALCULATE: A Financial Blueprint of your retirement readiness for free! DOWNLOAD: Social Security Handbook DOWNLOAD: Medicare Check-Up Guide WATCH YMYW TV: Medicare Check-Up: How to Keep Your Retirement Plan Off Life Support REQUEST: 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 01:09 - Roth 401(k) Contributions and Distributions, Age Plus 20 Rule, and Social Security Claiming Strategy (Ralph and Marie, Wilmington, DE) 12:35 - Download the Social Security Handbook, Download the Medicare Check-Up Guide, Watch Medicare Check-Up: How to Keep Your Retirement Plan Off Life Support on YMYW TV, Register for the Medicare Basics webinar Wed. Sept 25, 12P/3E 13:37 - Are Listeners Ignoring Government Pension Offset and Windfall Elimination Provision for Social Security? (Shawn) 17:30 - Can We Retire in 5 Years Or Do We Need to Work After Age 60? (Jake & Amy, Iowa) 26.36 - Financial Blueprint - get your complementary retirement analysis 27:45 - Should I Stop Roth Contributions and Do Roth Conversions instead? (Edwin) 31:24 - American Opportunity Tax Credit for College Age Son (Jeff, ND) 35:58 - Outro
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    37 mins