Your Money, Your Wealth

Steven has got "one more year" syndrome. Can he retire at age 65? Today on Your Money, Your Wealth® podcast 438, Joe and Big Al spitball retirement for him, and for MB - can she and her husband live comfortably if she retires at age 59½? And for Johnny - does he have enough to fill the gap until retirement, and should his dad do Roth conversions before Johnny inherits his wealth? Is Austin maximizing his future gains by saving to his 401(k) at age 29, rather than his Roth IRA? But first, how can Mike and his wife leave their kids a lower tax bill when they pass? Timestamps: 00:45 - How to Leave the Kids a Lower Tax Bill When We Pass? (Mike, Boerne, TX - voice) 04:24 - I Have "One More Year" Syndrome. Can I Retire at 65? (Steven, Exton, PA) 08:30 - Can We Live Comfortably If I Retire at 59½? (MB, Louisville, KY) 12:49 - Do I Have Enough to Fill the Gap Until Retirement? Should Dad Convert My Inheritance to Roth? (Johnny, El Dorado, CA) 21:49 - Am I Maximizing Future Gains By Saving to Pre-Tax 401(k)? (Austin,

YMYW listener Alan feels that there are two unspoken assumptions that many different podcasters make when it comes to claiming Social Security benefits. Joe and Big Al spitball on those assumptions, along with safe retirement withdrawal rates before and after Social Security and pension for Rick and Jen, and a thrift savings plan (TSP) and Social Security retirement strategy for Theresa. Plus, Mark and his wife are semi-retired at 51 and 44. Are they going to run out of money? Where should Mary be saving for retirement, and how should she handle large Roth conversions before required minimum distributions (RMDs) kick in? Timestamps: 00:45 - Unspoken Assumptions About Collecting Social Security? (Alan, Daufuskie Island, SC) 09:38 - Safe Withdrawal Rates Before and After Social Security & Pension (Rick & Jen, Atwater, OH) 19:25 - Thrift Savings Plan and Social Security Retirement Strategy (“Theresa”) 29:28 - Retirement Spitball: Will We Run Out of Money? (Mark, St. George, UT) 37:37 - Where to Save for

It’s a common question: should you pay off your mortgage when you have extra cash, or invest for retirement? Joe and Big Al spitball on how Ms. Moneybags and her wife-to-be should use their upcoming windfall. Plus, what should Bob’s asset allocation be as he nears retirement? Should Harley and Harlene do Roth conversions after tax rates increase, and should they take advantage of net unrealized appreciation (NUA) on Harlene’s company stock? Pete needs a 13 year retirement plan sanity check, Lauren wants to know if she can retire early or at least go part time, and Michael and Carol want the fellas to spitball whether they’re on track for retirement.  Timestamps: 00:57 - Should We Pay Off the Mortgage or Invest Our Windfall On the Way? (Ms. Money Bags) 09:00 - What Should My Asset Allocation Be When Nearing Retirement? (Bob in New York) 17:21 - Should We Convert to Roth After Tax Rates Go Up? Should We Leverage NUA? (Harley) 29:04 - 10-13 Year Retirement Plan Spitball Sanity Check (Pete, AL) 38:15 - Can I Ret

A little ditty about Jack and Diane, who will eventually inherit about $4.5M from Diane’s parents. How do they manage the required minimum distributions? Which of three options should Matt take with his inherited IRA? Making the most of your inheritance today on YMYW 435. Plus, Clay wants to know if it’s a good idea to take money off the table and rebalance to safer or more aggressive investments, depending on your risk tolerance? Can Elizabeth offset pre-tax IRA losses with the gains from the sale of rental real estate? Is it true that you can make one time contributions from your IRA to your HSA that is, your health savings account? And finally, can Cory gift stock to his daughters and avoid paying the kiddie tax as a way to pay for college? And can Rich supercharge a 529 college savings plan with himself as beneficiary? Timestamps: 00:58 - How Do We Manage RMDs on a Pending Inheritance? (Jack & Diane) 11:31 - Which of 3 Options Should I Take With This Inherited IRA? (Matt, San Diego) 18:57 - Should I

Joe and Big Al spitball five different retirement plans: is Jaybird on track to retire with a decent nest egg? Should Ted and his wife use the retirement smile spending pattern and spend more early in retirement? Is it safe for Aaron to retire at age 59 and a half? How much can Karla convert to Roth for the most tax-efficient retirement withdrawal plan? LEO Jay has Roth TSP retirement strategy questions, and Lynn suggests a super-easy Roth conversion calculator - but Big Al’s got an even easier idea.  Timestamps: 00:44 - Are We On Track to Retire With a Decent Nest Egg? (Jaybird, Penciltucky - PA) 08:57 - Retirement “Smile”: Should We Spend More Early in Retirement? (Ted) 16:57 - Is it Safe to Retire at Age 59 and a Half? (Aaron, suburb of Philadelphia) 25:42 - Spitball My Tax-Efficient Withdrawal Plan: How Much Roth Conversion? ("Karla", New York City) 34:21 - Should I Max Roth TSP and Retire at 50? When Can I Withdraw from Roth TSP? (Jay, San Diego) 37:00 - Super Easy Roth IRA Conversion Calculator (Lynn)

How does bonus accelerated depreciation work when it comes to commercial real estate? Is real estate a good source of retirement income, and can it take the place of safe assets like bonds in your investment portfolio? Plus, can investments be transferred in-kind from an inherited trust to a brokerage account? And what tips do the fellas have for ace-ing the CFP exam and launching a career as a financial advisor?  Timestamps: 00:43 - Bonus Accelerated Depreciation on Commercial Real Estate Purchase (Papa Joe, Naples, FL) 07:04 - Is Real Estate a Good Investment for Retirement Income? (Doctor Jerry, Waco, TX - from episode 426) 13:00 - Is Real Estate a Substitute for Bonds in a Diversified Investment Portfolio? (Don, VA - from episode 416) 17:08 - Can I Move Investments In-Kind From Inherited Trust to Brokerage Account? (George, KS) 24:15 - Tips for Taking the CFP Exam and Building a Career as a Financial Advisor (Craig, St. Clairsville, OH) Access this week's free financial resources in the podcast show not

Can you retire early - before age 55 - simply by contributing to your 401(k) only up to the company match and then saving to a brokerage account? Joe and Big Al spitball on using this so-called tax "jailbreak" strategy to retire early. Plus, is Christine on track to have $150,000 present value to live on in retirement? Is John stuck just watching his money grow and turn into big required minimum distributions (RMDs)? Can Jackie contribute to a SEP IRA and convert it all to Roth? And what do the fellas think of Lee’s I-Bond emergency fund?  Timestamps: 00:49 - Is the Tax "Jailbreak" Early Retirement Strategy Nonsense? (William) 04:31 - Retirement Spitball: Can I Spend $150K Present Value in Retirement? (Christine, Seattle) 13:18 - Am I Stuck Watching My Money Grow and Being Saddled With Big RMDs? (John, TX - voice) 18:10 - Can I Contribute to SEP IRA and Convert it All to Roth, or Roll it to 401(k)? (Jackie, Bethesda, MD) 23:19 - How is My I-Bond Emergency Fund Strategy? (Lee, Jacksonville, FL) 28:12 - The De

How much will money will you need in retirement, adjusted for inflation? Joe and Big Al spitball on your future dollars, how to calculate the tax on Roth conversions, and the benefits of converting to Roth when financial markets are down. Plus, should retirement savings contributions be half pre-tax and half post-tax? And finally, saving to a 529 plan for your kids, or sending them to Hollywood stunt training camp - which would you do!?  Timestamps: 00:49 - How Much Will I Need to Retire in Future (Inflated) Dollars? (Jared, Clifton Park, NY) 05:51 - Can We Retire Early With $400K Savings and $80K Pensions? That Depends on the Inflation Factor (Marcus, Queens, NYC - from episode 373) 15:22 - How to Calculate Tax on Roth Conversions & the Benefits of Converting in Down Markets (Robin) 20:00 - Should I Save Half Pre-Tax and Half-Post Tax for Retirement? (John Brown, NV) 28:26 - Hollywood Stunt Training Camp vs. Saving to 529 Plan (Mike, Utica, NY) 33:40 - The Derails Access this week's free financial reso

When should you take your pension, what types of things should you think about when it comes to deciding between a lump sum or a monthly annuity payment - risk protection, for example - and how do you work your pension into your overall retirement plan? Spitballing on retirement pension options, and saving to a taxable account when you’re concerned about required minimum distributions or RMDs, on today’s show. Timestamps: 00:42 - When to Collect My Pensions: Now, Early Retirement, or Age 70? (Rose, CA) 12:16 - I’m Concerned About RMDs. Should I Save to a Taxable Account for Retirement? (John Doe, Seattle, WA) 17:33 - Pension Retirement Spitball: Are We On Track to Retire in 2032 Without Saving Any More? (Jennifer & Zeke, NY State) 25:32 - Roth 457 vs. Roth IRA and Pension Options Retirement Spitball (Clay, Westerville, OH - from episode 377) 35:39 - COMMENT: Pension Vs. Lump Sum Risk Protection (Stephen) 38:53 - The Derails Access this week's free financial resources in the podcast show notes at https:/

Can you convert your health savings account (HSA) to Roth, and do the five-year Roth withdrawal clocks apply? What should you do with money you’d been putting to your student loan debt if you’re part of the student loan forgiveness program? What’s the best way to invest your RMDs, or required minimum distributions? How does IRMAA, the income-related monthly adjustment amount for Medicare, apply to zero-coupon municipal bonds? And finally, strategies for collecting survivor Social Security benefits.  Timestamps: 00:49 - Can I Convert a Health Savings Account HSA to Roth IRA and Do the 5-Year Rules Apply? (Philip) 07:49 - My Student Loans Were Forgiven. Now Should We Contribute to Roth 403(b)? (Pete, Winston-Salem, NC) 15:37 - How Should I Invest Required Minimum Distributions? (Judy, San Diego) 22:17 - How is IRMAA for Medicare Applied to Zero Coupon Municipal Bonds? (Jimmy) 26:40 - 62 and Widowed: Claim Survivor Social Security Benefits Until Age 67? (Mark, Burke, VA) 30:11 - Is Signing Up for Social Securit

So you’re about to receive a large inheritance - what should you do with it? Joe and Big Al spitball on suddenly becoming $85 million dollars richer. Plus, is it nuts to semi-retire early? Should retirement contributions be split between Roth and traditional accounts? Can you do conversions to your kids’ custodial Roth accounts? The fellas also spitball tax bracket-based Roth conversion strategies to help you pay the least amount of tax possible, long term, and they discuss required minimum distributions on inherited assets, and whether to pay off a 401(k) loan if it’s “paying” you 8% per year. Timestamps: 00:48 - I’m Inheriting Millions of Dollars. What Should I Do With It? (Michael, Binghamton, NY) 07:04 - Should I Split Retirement Contributions Between Roth and Traditional 457? (Kevin, Folsom, CA - voice) 11:34 - Should I Do 100% Roth TSP Contributions? Am I Nuts to Semi-Retire Early? (Derek, Seattle) 16:30 - Should We Do Roth Conversions to the Top of the 22% or 24% Tax Bracket? (Bill, Maryland) 23:53 -

If you knew exactly when you were gonna die, so many financial decisions would be simple. But generally, we don’t, so today Joe and Big Al spitball on death, taxes, and trust issues of the estate planning variety. Fair warning, it’s "the dark show" today on YMYW, as the fellas discuss cancer trust funds, making your trust the beneficiary on your retirement accounts, when and how to take Social Security benefits and pension options, Roth conversion strategies taking into account the 5-year rules for withdrawals, and potentially donating required minimum distributions to charity rather than doing conversions. Timestamps: 00:49 - Pension Plan Options Retirement Spitball: Lump Sum, Annuity, or Hybrid? (Dave, CO) 07:37 - Should We Have a Cancer Trust Fund? (Melinda, Milwaukee) 12:02 - Why Not Make Our Trust the Beneficiary on Retirement Accounts? (Ms. Merry, MD) 21:40 - Is There a 5-Year Rule on Taking Dividends from a Roth IRA After Age 59½? (Douglas, Bonita, CA) 23:34 - I’m 60, My Ex is 74. Am I Eligible for Sp

Gidget wants to find her very own Moon Doggie so she can get married and reap that sweet, sweet capital gain exclusion when she sells her house. What do Joe and Big Al think, and can they help her find a man? Plus, is real estate a good investment for retirement income? Is taking out a TSP (thrift savings plan) loan to pay off your mortgage a good idea? Also, the fellas spitball a tax and ACA (Affordable Care Act) strategy, a FIRE strategy - well, financial independence, but not necessarily retire early - and they discuss capital gains taxes on RSUs (restricted stock units.)  Timestamps: 00:45 - How’s My Marriage Strategy for Extra Capital Gain Exclusion on the Sale of My Primary Residence? (Gidget, San Diego) 10:46 - Is Real Estate a Good Investment for Retirement Income? (Doctor Jerry, Waco, TX) 16:14 - Should I Pay Off My Mortgage with a Thrift Savings Plan Loan? (Jake - voice message) 19:35 - Spitball Our Retirement, Tax Planning, and ACA Strategy? (John from LA - Lower Anderson, SC) 26:31 - Do I Need to

How do you protect your nest egg when you’re really risk-averse and want safe, low-risk investments - should you invest in annuities, CDs? When choosing a money market fund, should you just invest in the one with the highest post-tax return? How do you go about replenishing cash, or rebalancing your portfolio, when the stock market is up? Plus, the widow’s penalty in relation to Roth conversions, and switching from survivor Social Security benefits to your own. Also - withdrawing from your portfolio before RMD age? One listener says nobody should ever need to do it!  Timestamps: 00:51 - How to Safely Invest and Protect $400K When You’re Risk Averse (Tyler, OH - voice) 07:31 - Rebalancing: How to “Replenish Cash” When Stocks Are Up? (Elisa, Fremont, CA) 13:27 - Money Market Funds: Don’t I Want the Highest Post-Tax Return? (Michael, CO) 18:42 - The Widow’s Penalty and Roth IRA Conversions (KBH, San Antonio) 27:46 - Can I Switch from Survivor Social Security Benefits to My Own at Age 70? (Sara, Tucson, AZ) 30:4

Should retirement living expenses be drawn from your stable value fund, your CD or money market, brokerage account, or FDIC insured bank accounts? Can you even trust the banks after the recent bank failures? What about sequence of returns risk? Which investments are best for long-term retirement savings when you’re early in your career? Joe and Big Al explain why your strategy for retirement savings and withdrawals should be your first step - before you consider investments, asset classes, or sectors.  Timestamps: 00:49 - Stable Value Fund Vs. Brokerage Account for Living Expenses? (Sharon, Waukesha - voice) 09:08 - Sequence of Returns Risk: Should I Save for 5 Years in CD, Money Market or Brokerage Account? (Carlos, Tampa Bay) 15:46 - High Income and Tax-Deferred Savings, Low Tax Rate: Where Should I Save? (Josh, Boston, MA) 21:40 - Am I Overcomplicating My Investments at Age 35? (Mike, VA) 29:44 - I’m 28. Should I Max Out Pre-Tax or Post-Tax 457 Plan Retirement Savings? (Michael) 33:55 - How Does FDIC Insu

How can you reduce taxes, IRMAA, net investment income tax, and required minimum distributions when you’ve got too much money in your tax-deferred retirement account - and just how much Roth conversion should you do? Plus, can you contribute to a Roth by transferring stocks “in kind”? If the check you send off to pay your estimated taxes isn’t cashed before the deadline is it late? How does SECURE 2.0 impact 529 plans, and is 529 better than Roth IRA for college savings? Finally, the fellas spitball a 401(k) in-plan Roth conversion and retirement account consolidation strategy. Timestamps: 00:48 - We Have Too Much in Traditional IRA. How's Our Roth Conversion Plan? (Kelly, Idaho) 10:54 - Can I Make a Roth IRA Contribution by Transferring Stocks “In Kind”? (GDO, Delco) 14:36 - How to Pay Estimated Taxes: If My Check Isn’t Cashed Immediately, Is It Late? (Judi, San Diego) 16:51 - 529 Plan vs. Roth IRA: Does SECURE 2.0 Affect 529 College Savings? (George) 20:49 - 401(k) In-Plan Roth Conversion and Retirement Ac

Which investments should go in your traditional IRA vs your Roth IRA, and does that asset location depend on your age? Learn how to generate “tax alpha” to get better returns on your investments. Plus, Joe and Big Al spitball whether to roll a TIAA 403(b) to an IRA or take the annuity, and they spitball retirement and Roth conversion and Roth contribution strategies for an overseas officer with a military pension, and for Americans working abroad who qualify for the foreign earned income exclusion. Timestamps: 00:51 - Best Assets to Hold in Traditional IRA and Roth IRA? (Michael, Colorado - voice) 7:40 - Is Investment Asset Location Dependent on Age? (Glen)  11:35 - TIAA 403(b): Take the Annuity or Roll to an IRA? (Brad, Northeast TN) 19:34 - Military Pension Spitball: Overseas Officer with Fluctuating Income & Taxes (US Grant, Alexandria, VA... usually) 24:29 - Foreign Earned Income Exclusion & Roth 401(k) Rules (Jeff, Singapore via North Dakota) 31:32 - The Derails Access this week's free financia

Should Edith and Archie live off their non-qualified accounts and pay Roth conversion taxes from their 401(k)? How can Johnny from Knoxville do Roth Conversions and stay in a low tax bracket Plus, at age 31, are Shad and his wife saving enough for retirement? What should Tech Chick do with her severance package after being laid off from her tech industry job? Finally, listener comments on retirement plan education, Roth conversions, and the 5-year Roth clocks. Timestamps: 00:39 - Live Off Non-Qualified Accounts, Pay Roth Conversion Tax From 401(k)? (Edith & Archie, TX) 11:35 - How to Do Roth Conversions and Stay in a Low Tax Bracket + Estimating Taxes (John, Knoxville, TN) 19:11 - Retirement Spitball Analysis: Are We Saving Enough at Age 31? (Shad, Smith's Grove, KY) 27:11 - Laid Off From the Tech Industry. What Should I Do With My Severance Package? (Tech Chick, Mile High Rocky Mountains) 39:55 - Comment: No Financial People Ever Mentioned Roth Conversions to Me Before! (Donna, Valencia) 40:55 - Comment

Are low-cost mutual funds or ETFs better investments in a tax-advantaged account? Also, more strategizing from that SECURE Act 2.0 529 plan provision, the pros and cons of selling a rental house now or holding it until you pass, and an easy-breezy self-employed retirement account that’s better than a SEP IRA. Plus, will municipal bond income bump you into a higher tax bracket? Can you avoid capital gains tax by investing less aggressively over time?  Timestamps: 00:00 - Intro 00:46 - Mutual Funds vs. ETFs in a Tax-Advantaged Account? (Midwestfabs, St Paul, MN) 08:06 - SECURE Act 2.0 529 Plan Strategy (Chris, Atlanta) 14:51 - Will Municipal Bond Income Bump Me Into a Higher Tax Bracket? (Bobby, Philadelphia) 26:31 - Can I Avoid Capital Gains By Investing Less Aggressively Over Time? (Joe, Aston, PA) 33:12 - Pros and Cons of Selling a Rental House Right Now (Joe, Chula Vista) 34:48 - An Easy Breezy Self-Employed Retirement Account Better than the SEP IRA? (Steve, Las Vegas) 39:58 - The Derails Access this wee

In order to retire comfortably at age 60, what should you be doing with your finances when you’re in your 20s? A framework for getting started planning for retirement on today's episode of YMYW. Plus, if you’re a small business with a SIMPLE IRA plan, is it stupid to save for retirement in a brokerage account rather than a traditional IRA? If you inherited money and promised to donate to charity, should you do Roth conversions? What’s the most efficient way to pay financial advisor fees, and what’s a good strategy for making pre-tax and post-tax retirement contributions?  Timestamps: 00:51 - A Framework for Getting Started in Planning for Retirement (Anonymous) 05:36 - I’m 24. What Should I Do to Retire Comfortably at 60? Michael, 24 (Binghamton, NY) 12:14 - I’m 32. Opened a SIMPLE IRA. Is It Stupid to Fund Brokerage Instead of Traditional IRA? (Ron Burgundy) 17:42 - I Inherited $450K, Promised to Donate to Charity. Should I Do Roth Conversions? (Allison, Northern Virginia) 23:02 - What’s the Most Efficient