Social Security Timing and When Family Wrecks Retirement - 564

Hana's mom is 92. Mom's husband is 74, and after years of trying to help a family member, nearly a million dollars is gone. How do they stop the bleeding before it's too late, and how much can they spend each year from what's left? That's today on Your Money, Your Wealth® podcast number 564 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, "Peter and Gwen" from Virginia have a pension, Roths, and a shrinking IRA. With the new tax law, IRMAA, and Social Security decisions all colliding, should they keep converting to Roth, and when should they actually collect Social Security? Also, does it make sense for "Mr. and Mrs. Scarecrow" to claim Social Security early and invest it? Finally, "Rosie and Astro" from Pennsylvania ask if they can retire in just three years with $1.3 million, and whether it's time to hire an advisor to help them get there.

Free Financial Resources in This Episode:

https://bit.ly/ymyw-564 (full show notes & episode transcript)

Social Security Handbook

Retirement Readiness Guide

6 Biggest Financial Pitfalls in America (Avoid These Traps!) - YMYW TV

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Financial Assessment (Meet with an experienced professional)

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Chapters:

00:00 - Intro: This Week on the YMYW Podcast

02:21 - Family Wrecking Retirement: How Much Can Benevolent Retirees Afford to Spend? (Hana)

10:30 - We Have a Pension. Should We Do Roth Conversions After the OBBBA? When to Claim Social Security? (Peter Parker & Gwen Stacy)

23:29 - Should We Claim Social Security Early and Invest It? (Mr & Mrs Scarecrow)

29:56 - We're 60 and 57 with $1.3M. Can We Retire in 3 Years? Should We Hire an Advisor? (Rosie & Astro, PA)

41:04 - Outro: Next Week on the YMYW Podcast