So you won the lottery - congratulations! After you celebrate, should you rip off the band-aid and convert the entire lump sum payment to a Roth IRA? That’s today on Your Money, Your Wealth® podcast 478 with Joe Anderson, CFP® and Big Al Clopine, CPA. Also, Bucky in WA is required to have the same asset allocation in his traditional and Roth 401(k). Joe and Big Al spitball on his options, along with the pros and cons of consolidating retirement accounts for Scott in NC, and they explain the spousal Roth IRA for Rock Rochester in Manistique, MI. Plus, should Scott in Jackson, MS sign up for the state public employees’ retirement system or a traditional retirement plan? Can Driving Fast, Loving Life in TX speed away in her Porsche from RSU capital gains? And should she and her hubbs retire abroad? Finally, can Sean in Reno, NV buy a million dollar vacation home in 10 years, and can Jennifer in La Mirada, CA afford to retire after being forced out of a 21-year career? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-478

Timestamps:

• 00:00 - Intro
• 01:06 - Should We Convert $1.75M Lottery Winnings To Roth?
• 09:31 - Free Financial Assessment - schedule now
• 10:38 - Asset Allocation Must Be the Same in 401(k) and Roth 401(k). What to Do? (Bucky, Washington state)
• 18:08 - Pros and Cons of Consolidating Retirement Accounts (Scott, NC)
• 23:28 - Spousal Roth IRA Explained (Rock Rochester, Manistique, MI)
• 27:07 - Traditional Retirement or PERS State Retirement? (Scott, Jackson, MS)
• 31:00 - Avoiding RSU Concentrated Position and Capital Gains and Retiring Abroad (Driving Fast, Loving Life in TX)
• 38:43 - Restricted Stock Units (RSU) - read the blog
• Employee Stock Purchase Plans (ESPP) - read the blog
• 39:19 - Should We Buy a $1M Vacation Home in 10 Years? We’ll Have $12M. (Sean, Reno, NV)
• 43:11 - Can I Afford to Retire After Being Forced Out of a 21-Year Career? (Jennifer, La Mirada, CA)
• 49:24 - The Derails

Are there ever times when going all Roth isn’t the best strategy? How do you determine the break-even point on doing Roth conversions? That’s today on Your Money, Your Wealth® podcast number 477, as Joe Anderson, CFP® and Big Al Clopine, CPA spitball on marginal vs. effective tax rates for Joseph Allen, saving to after-tax brokerage or pre-tax 403(b) for Gigi in Illinois, the arithmetic of Roth conversions for Carl Spackler in Florida, and the mega backdoor Roth for Jefe in Texas. For something completely different, we’ll wrap it up with a discussion of tax forms that need to be filed for your solo 401(k) depending on the account balance, for Smitty in The Villages. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-477

Timestamps:

• 00:44 - Marginal Vs. Effective Tax Rate: Going All Roth Isn’t the Best Strategy? (Joseph Allen, Wichita, KS)
• 14:32 - Free retirement calculator EASIretirement.com
• 15:37 - I’m 43 and Will Have $2.4M in Retirement. Should I Save to After Tax Brokerage or Pre-Tax 403(b)? (Gigi, IL)
• 23:17 - Is There a Break-Even Calculation for Roth Conversions? (Carl Spackler, FL)
• 29:30 - Retirement Income Strategies Guide - free download
• How to Create a Steady Stream of Retirement Income - YMYW TV
• 30:38 - Mega Backdoor Roth: Must I Convert Traditional IRA When I Roll After-Tax Money? (Jefe, TX)
• 36:29 - Must I File Form 5500-EZ If Solo 401(k) Had No Balance at Year-End? (Smitty, The Villages)
• 42:18 - The Derails

What is private credit and where does it fit in your investment portfolio? At age 60, Hope is tired of working and she’s hoping to retire in 2-3 years. Should she factor home equity into her retirement spending plan with a reverse mortgage? Which mortgage option for a Houston dream home is best for Nisa in San Jose’s early retirement goals? That’s today on Your Money, Your Wealth® podcast number 476 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Wayne in Phoenix needs to know how the section 121 tax exclusion works on a vacation home, and Jack and Jill in the UAE have questions about tax gain harvesting and the foreign earned income exclusion. Finally, are Joe and Big Al off their strategy game? A Spotify listener takes the fellas to task about the Affordable Care Act subsidy discussed in episode 472, and challenges their spitball for Duke and Daisy’s retirement spending plan in episode 475. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-476

Timestamps:

    •    00:00 - Intro     •    01:03 - What Is Private Credit? (Janine, La Jolla, CA)     •    08:07 - Is a Reverse Mortgage Right for Me? (Hope)     •    14:21 - Using Reverse Mortgages To Secure Retirement with Dr. Wade Pfau - YMYW Podcast 117     •    How Your Home Can Create Retirement Income - YMYW TV     •    14:59 - Which Mortgage Option is Best for Me in Early Retirement? (Nisa, San Jose, CA)     •    24:04 - Section 121 Tax Exclusion on a Vacation Home? (Wayne, Phoenix, AZ)     •    26:48 - What You Need to Know Before Filing Your Taxes in 2024 webinar     •    2024 Tax Planning Guide     •    27:39 - Foreign Earned Income Exclusion: Can I Harvest Long-Term Capital Gains? (Jack & Jill, UAE)     •    37:06 - ACA Subsidy & Retirement Spitball: Are Joe and Big Al Off Their Strategy Game? (Spotify commenter)     •    45:02 - The Derails

Will Duke and Daisy’s retirement spending plan work? If you’re a fan of hearing Joe Anderson, CFP® and Big Al Clopine, CPA debate, you’re in luck today on Your Money, Your Wealth® podcast 475, as they disagree on assumptions when it comes to retirement planning. The EASIretirement.com calculator says Chuck in South Carolina could convert even more to Roth, and the fellas spitball on the pros and cons. Plus, what should Chuck’s asset allocation be for his daughters, and how should Scott in Kansas City’s parents allocate their assets? Can Rothaholic undo his Roth conversion? Brian Fantana and his wife are in their 30s and want to retire at 60. Are they on track? Ricky in Alabama wants to avoid Medicare’s IRMAA, or income related monthly adjustment amount. Should he spend from his IRA or from his Roth? Daniel in Whittier wants to know what exactly counts for IRMAA income, anyway? And finally, Elisa in Fremont wants to know, with the new SECURE Act 2.0 rules, when can you transfer 529 college savings funds to Roth? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-475

Timestamps:

• 00:00 - Intro
• 01:07 - Will Our Withdrawal Rate Be Too High If We Retire in 3 Years? (Duke and Daisy, Charlotte, NC)
• 10:50 - Withdrawal Strategy Guide
• Retirement calculator
• 11:28 - EASIretirement.com Says I Should Convert More to Roth. Asset Allocation for Daughters? (Chuck, SC)
• 22:13 - Can I Undo My Roth Conversion? (Roth Aholic)
• 27:55 - In Our 30s, Want to Retire at 60. How Are We Doing? (Brian Fantana, WA)
• 30:36 - What's the Right Asset Allocation for Aging Parents? (Scott, Kansas City, MO)
• 32:00 - Free financial resources:
  • Choosing a Financial Advisor blog
  • Small Business Tax Filing Guide
  • 2024 Tax Planning Webinar
  • Retirement Lifestyles Guide
• 32:51 - IRA vs. Roth for Living Expenses? (Ricky, Birmingham, AL)
• 35:50 - What Counts for Medicare IRMAA? (Daniel, Whittier, CA)
• 39:49 - SECURE Act 2.0: When Can We Transfer 529 College Savings to Roth? (Elisa, Fremont)
• 44:44 - The Derails

Jimmy in Wisconsin will have a pension, Social Security, and a seven year retirement shortfall. How should he cover it? Skipper in Texas has some unusual pension options, which makes the most sense for his retirement needs? That’s today on Your Money, Your Wealth® podcast 474 with Joe Anderson, CFP® and Big Al Clopine, CPA. Should Mike and Carol in Virginia wait to do Roth conversions if they’ll be in a lower tax bracket in retirement? Where should Duncan in Texas invest in the 10 years before he retires early? Would it be stupid for Jay Z in Minnesota to miss out on free Roth opportunities? Can Ben in San Francisco’s “friend”  use the rule of 55 on a rollover retirement plan? And finally, YMYW is fun, but of limited value, according to a recent review. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-474

Timestamps:

• 00:51 - Pension & Social Security: How Should We Cover Our 7 Year Retirement Shortfall? (Jimmy, WI)
• 08:17 - 2:1 Matched Company Money vs. My Contribution: What to Do With My Pension? (Skipper, TX)
• 15:46 - EASIretirement.com free retirement calculator
• 16:47 - Should We Wait on Conversions If We’ll Be in a Lower Bracket in Retirement? (Mike & Carol, Falls Church, VA)
• 24:22 - Where Should I Invest My Early Retirement Savings for the Next 10 Years? (Duncan, TX)
• 30:18 - Is It Stupid to Miss Free Roth Opportunities? (Jay Z, MN)
• 37:46 - Complete Roth Papers Package - free download
• 38:33 - Rule of 55 on a Rollover Retirement Plan? (Ben, San Francisco)
• 44:34 - Comment: Fun but limited value (Wemby2024)
• 50:41 - The Derails

Why would a financial advisor suggest that Frank in Lake Wobegon sell a piece of inherited property, pay 25% tax, and invest the lump sum? Mark in Florida is 72 and invested in CDs. Should he go back to his financial advisor, or just buy more CDs? That’s today on Your Money, Your Wealth® podcast 473 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Adam in Tennessee will have deferred income in 5 years. Should his asset allocation be more conservative? And in order to retire early at age 55, should Lewis in Arkansas delay starting Roth conversions? But first, if Mike’s wife outlives him, how can he keep her in a similar tax bracket? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-473

Timestamps:

• 00:00 - Intro
• 00:48 - If My Wife Outlives Me, How Do We Keep Her in a Similar Tax Bracket? (Mike)
• 06:49 - Long Term Capital Gains: Retirement and Real Estate Spitball (Frank, Lake Wobegon)
• 15:58 - 10 Tax-Cutting Moves to Make Now - YMYW TV
• Top 10 Tax Tips - free download (for a limited time only!)
• 2024 Tax Planning webinar
• 17:04 - I’m 72. Should I Go Back to an Advisor or Just Buy More CDs? (Mark, FL)
• 21:32 - Should My Deferred Income Asset Allocation Be More Conservative? (Adam, Franklin, TN)
• 30:16 - Investing Basics Guide - free download
• 31:13 - Should We Delay Starting Roth Conversions to Retire Early by Age 55? (Lewis, AR)
• 41:11 - The Derails

Rob and his wife in North Carolina are 51 and 44 and would like to retire in the next 3-5 years. Are they on track, and what should they consider as far as Roth conversions are concerned once the tax brackets go back up, which they’re slated to do when that provision in the Tax Cuts and Jobs Act sunsets at the end of 2025? Is Mark in West Virginia on track to retire at 59 and a half, and do Joe and Big Al have any pointers on how he can find the love of his life? Mike and Gina in Rhode Island are optimistic about retiring early at 61 and 58, but is their optimism delusional? Jake in rural Michigan is self employed. Can he do Roth conversions to retire at age 60 and hang with Big Al in Hawaii? Retirement readiness and Roth conversions, today on Your Money, Your Wealth® podcast 472 with Joe Anderson, CFP® and Big Al Clopine, CPA. But first, the fellas spitball on a retirement and real estate strategy for (50 Shades of) Grey and Elena in Massachusetts. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-472

Timestamps: 

• 01:04 - Real Estate Puts Us in High Bracket. Max Retirement & Roth, Save to Brokerage? (Grey & Elena, MA)
• 11:57 - Social Security Basics You Need to Know: Common Questions Answered - YMYW TV
• Social Security Handbook - free download
• 12:48 - Roth Conversions After 2025? Are We on Track for Our Retirement Goals in 3-5 Years? (Rob, NC)
• 19:34 - On Track for Retirement at 59.5? How to Find the Love of My Life? (Mark, West Virginia)
• 24:24 - Is Our Early Retirement Optimism Delusional? (Mike, RI)
• 31:16 - EASIretirement.com - free retirement calculator
• 32:19 - Self-Employed: Roth Conversions to Retire Early and Hang with Big Al in Hawaii at 60? (Jake, rural Michigan)
• 45:19 - The Derails

Big Tex, Paul in Maryland, and Nick in Alabama all need to know how much money they should convert to Roth to pay as little tax as possible, today on Your Money, Your Wealth® podcast 471 with Joe Anderson, CFP® and Big Al Clopine, CPA. Johnny and June forgot to convert their backdoor Roth money - are they in trouble? Darren in Nevada has no plans at all to do Roth conversions, but surprisingly still listens to YMYW, and still wants a spitball on his retirement and real estate investment strategies. Plus, can Lolly Pop in New Jersey be less miserly and back off on saving for retirement? Can John in South Carolina use this year’s lower income to reduce his Medicare premiums? And finally, if Ordinary Guy in Boston meets an untimely demise, should that change his plans to retire early? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-471

Timestamps:

• 00:00 - Intro
• 00:58 - Can I Use This Year’s Lower Income to Reduce My Medicare Premiums? (John, South Carolina - voice)
• 04:39 - Forgot to Convert our Backdoor Roths. Are We in Trouble? (Johnny and June, Oakland, CA - voice)
• 07:47 - Is Retiring This Year Doable? Should We Convert to Roth? $1.8M Saved, Spend $140K/Year (Big Tex - voice)
• 13:55 - DIY Retirement Guide - limited time offer - download by Friday, March 8, 2024!
• 15:05 - Should I Convert My Entire SEP-IRA If I’m Staying in the Highest Tax Bracket? (Paul, Baltimore, MD)
• 20:51 - $11M+ at Age 46. How Much Roth Conversion and When to Retire? (Nick, AL)
• 24:42 - Can I Back Off on Retirement Saving So I Can Be Less Miserly? (Lolly Pop, NJ)
• 30:43 - Financial Markets Master Class webinar - watch on demand
• 31:24 - Spitball on My Retirement and Real Estate Investment Strategies (Darren, NV)
• 38:28 - Should My Untimely Demise Change Our Early Retirement Plans? (Ordinary Guy, Boston, MA)
• 48:10 - The Derails

Barney and Betty in Maryland hit the jackpot. How’s Barney’s strategy for net unrealized appreciation, retirement withdrawals, and asset location for his $5 million employee stock ownership plan? Nick in the PNW will have $8 million when he retires early at 53. Should he contribute to his 401(k) or do the good ol’ mega backdoor Roth until then? Those are just a couple of the fat wallets Joe Anderson, CFP® and Big Al Clopine, CPA spitball on, today on Your Money, Your Wealth® podcast number 470. Plus, should Allen in New Braunfels’ recently widowed sister contribute to her traditional IRA and do some Roth conversions? Should Alicia in Denver take Social Security early to pay off her rental property, and how can Vern in Wickenburg Arizona buy a new home before or during the sale of his current home? Finally, Bryan in Washington needs to know the best investment strategy for his thrift savings plan, and Lyse in Georgia wonders when in a market downturn you should start spending your cash. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-470

Timestamps:

• 01:06 - Retirement Spitball Analysis for My Widowed Sister (Allen, sunny New Braunfels, TX)
• 06:52 - $5M ESOP Strategy: Net Unrealized Appreciation, Retirement Withdrawals, and Tax Location (Barney & Betty, MD)
• 18:07 Why Asset Location Matters - free download
• Are You Ready to Retire? Review Your Retirement Readiness - YMYW TV
• 19:00 - Should I Take Social Security Early to Pay Off My Rental Property? (Alicia, Denver, CO)
• 23:22 - How to Buy a Home Before or During the Sale of My Existing Home? (Vern, Wickenburg, AZ)
• 26:50 - Should I Buy a Qualified Longevity Annuity Contract as a Long Term Care Insurance Alternative? (Ron, IL)
• 31:08 - I’ll Have $8M When I Retire at 53. Should I Contribute to 401(k) or Do the Mega Backdoor Roth Until Then? (Nick, PNW)
• 37:05 - EASIretirement.com - free retirement calculator
• 38:06 - What’s the Best Thrift Savings Plan Investment Strategy? (Bryan, WA)
• 40:21 - When in a Market Downturn Should You Start Spending Cash? (Lyse, GA)
• 46:00 - The Derails

Erik in MN is divorced, and the OC Birdman of South OC is getting divorced. Should Erik contribute to pre-tax retirement accounts or Roth? How should the Birdman and his soon-be-ex time the sale of their house and the filing of their taxes? That’s today on Your Money, Your Wealth® podcast 469 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Don has questions about the 401(k) rule of 55 and excess 529 plan college savings. Valerie in Portland wants to know what to do with her old 401(k), and how to invest her new retirement accounts. An advisor tells K-Dog in IN to save cash or open a Roth, then live on those funds and get free ACA "Obamacare" healthcare in early retirement. Is that really possible? Also, what should be Laura in WA’s sequence of retirement withdrawals, and is there any benefit to her doing Roth conversions? Should RJ in CA convert his or his wife’s rollover IRA to the top of the giant 24% tax bracket? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-469

Timestamps:

• 00:00 - Intro
• 01:06 - 401(k) Rule of 55 and Excess 529 Plan Funds (Don, Everywhere, USA)
• 06:03 - What to Do With Old 401(k) and How to Invest New Retirement Accounts? (Valerie, Portland, OR)
• 10:33 - 10 Steps to Improve Investing Success - free download
• Protecting Your Retirement Income - YMYW TV
• 11:39 - Is My Early Retirement Spending & Free Healthcare Plan Really Possible? (K-dog, Northern IN)
• 22:13 - Should I Contribute to Pre-Tax or Roth Post-Divorce? (Erik, Minneapolis)
• 28:27 - How to Sell House and File Taxes While Finalizing Divorce (OC Birdman in South OC)
• 32:27 - Q1 2024 Financial Markets Update Webinar, Feb 28, 2024, 12pm Pacific - register now
• 33:07 - What’s the Sequence of Retirement Withdrawals? I Don’t See the Benefit of Roth Conversions (Laura, Seattle - Olympic Peninsula)
• 40:42 - Roth Conversion to the Top of the Giant 24% Bracket? Which Rollover to Convert First? (RJ, Anaheim)
• 49:09 - The Derails

Are there general guidelines on what percentages of your investment portfolio should be in tax-free accounts like your Roth, tax-deferred accounts like your 401(k), and taxable accounts like your brokerage? Joe Anderson, CFP® and Big Al Clopine, CPA spitball on tax diversification today on Your Money, Your Wealth® podcast 468 for Brian in Naperville, IL. William in NH also wants to be tax-diversified. Is his Roth conversion strategy a mistake? Should he be converting much more to Roth? The fellas also do a retirement spitball analysis for Tom in Spokane, WA, and for Claire in CO, who wants to retire next year. Plus, how does Matthew in CT calculate excess Roth contributions, and how should Thomas in IA reallocate assets he over-contributed to his brokerage account? But first a couple of voice messages: Now that Sean in FL no longer has a traditional IRA, can he use the backdoor Roth strategy? We kick things off with a question from Joe in Dallas on how to account for taxes on the money you’ll be spending in retirement. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-468

Timestamps:

• 01:06 - How to Account for Taxes on What I’ll Spend in Retirement? (Joe, Dallas, TX (voice)
• 06:13 - Now That I Don’t Have a Traditional IRA, Can I Do a Backdoor Roth? (Sean, FL - voice)
• 10:29 - 2024 Key Financial Data Guide - free download
• 11:35 - Spitball Our Financial Status and How to Reach Our Retirement Goals (Tom, Spokane, WA)
• 17:42 - Tax Diversification General Guidelines? (Brian, Naperville, IL)
• 23:23 - Goal: Tax Diversification. Is My Roth Conversion Strategy a Mistake? Should I Convert Much More? (William, NH)
• 29:12 - Retirement Pop Quiz and Free Financial Assessment
• 30:04 - Spitball If I Can Retire in 2025 (Claire, CO)
• 34:39 - How to Calculate Excess Roth Contributions? (Matthew, CT
• 38:23 - Over-contributed to Brokerage. How Should I Reallocate Assets? (Thomas, Iowa)
• 42:55 - The Derails