Your Money, Your Wealth

This Early Retirement Strategy Could Be a Huge Mistake

Joe Anderson, CFP® and Big Al Clopine, CPA spitball on whether a popular early retirement strategy could actually blow up your financial plan, today on Your Money, Your Wealth® podcast number 577. Red and Kitty from Wisconsin are burned out at 40 and wonder if retiring at 45 using the 72(t) tax election to take substantially equal periodic payments, or SEPP, is a smart bridge strategy. Jiminy Billy Bob in North Carolina is also considering a 72(t). How should he structure his withdrawal order, and does he need to shift into bonds before downshifting his career? Plus, Steve and Sharon in Minnesota have 8 million bucks. Steve is getting laid off at age 56. What should they do with their 401(k), stock options, incentives, and benefits before and after the layoff? Free Financial Resources in This Episode:  https://bit.ly/ymyw-577 (full show notes & episode transcript) Recession Protection Guide - free download Retirement Readiness Guide - free download 6 Ways Americans Accidentally Sabotage Their Retirement - YMYW TV Financial Blueprint (self-guided): https://bit.ly/PureFinancialBlueprint  Financial Assessment (Meet with an experienced professional): https://bit.ly/PureFreeAssessment  REQUEST your Retirement Spitball Analysis: https://bit.ly/AskJoeAndAl  DOWNLOAD more free guides: https://bit.ly/PureGuides  READ financial blogs: https://bit.ly/PureFinBlog  WATCH educational videos: https://bit.ly/PureEdVideos  SUBSCRIBE to the YMYW Newsletter: https://bit.ly/YMYWNewsletter  Connect With Us: Subscribe on YouTube and join the conversation in the comments: https://bit.ly/YMYW-YT  Subscribe or follow YMYW in your favorite podcast app: https://lnk.to/ymyw  Leave your honest reviews and ratings in Apple Podcasts: https://podcasts.apple.com/us/podcast/your-money-your-wealth/id312900254    Chapters: 00:00 - Intro: This week on the YMYW Podcast 01:06 - Why Retiring at 45 Using 72(t) SEPP Withdrawals is Risky (Red & Kitty, WI) 13:28 - Early Retirement Strategy: Withdrawal Order, Bonds, and 72(t) (Jiminy Billy Bob, NC) 22:49 - Laid Off at 56 With $7.9M: How to Handle Your Exit Strategy (Steve & Sharon, St. Paul, MN) 43:51 - Outro: Next Week on the YMYW Podcast

When Roth Conversions Don't Make Sense (And When They're a No-Brainer) - 576

Are Roth conversions worth it? We'll find out, today on Your Money, Your Wealth® podcast number 576.  TJ in PA is gonna have huge capital gains. Joe and Big Al spitball on whether it's worth it for him to convert. Rebels Without a Gauze in New England are over 70. Is it too late for them to convert? How much should Biking Barnsey convert from his tax-deferred accounts to Roth each year, and are there any single ladies in the YMYW audience that would like to help him spend his retirement money? Finally, the fellas spitball on whether Zisi and his wife are being too aggressive with their conversion strategy. Free Financial Resources in This Episode: https://bit.ly/ymyw-576 (full show notes & episode transcript) Complete Roth Papers Package - free download: https://purefinancial.com/white-papers/the-complete-roth-papers-package/?utm_source=libsyn&utm_medium=podcast&utm_campaign=whitepaper-the-complete-roth-papers-package&utm_content=ymyw-pod-ep576-description-whitepaper  Financial Assessment (Meet with an experienced professional): https://bit.ly/PureFreeAssessment  Financial Blueprint (self-guided): https://bit.ly/PureFinancialBlueprint  REQUEST your Retirement Spitball Analysis: https://bit.ly/AskJoeAndAl  DOWNLOAD more free guides: https://bit.ly/PureGuides  READ financial blogs: https://bit.ly/PureFinBlog  WATCH educational videos: https://bit.ly/PureEdVideos  SUBSCRIBE to the YMYW Newsletter: https://bit.ly/YMYWNewsletter    Connect With Us: Subscribe on YouTube and join the conversation in the comments: https://bit.ly/YMYW-YT  Subscribe or follow YMYW in your favorite podcast app: https://lnk.to/ymyw  Leave your honest reviews and ratings in Apple Podcasts: https://podcasts.apple.com/us/podcast/your-money-your-wealth/id312900254      Chapters: 00:00 - Intro: This Week on the YMYW Podcast 00:55 - We Have Over $7M. Capital Gains are Huge. Are Roth Conversions Worth It? (TJ in PA) 12:37 - Too Late for Roth Conversions at Age 70+? (Rebels Without a Gauze, CT) 23:19 - Am I Spending Too Much or Not Enough in Retirement? How Much Should I Convert? (Biking Barnsey, Arkansas) 33:37 - We have $18M. Are We Doing Too Many Roth Conversions Before Age 75? (Zisi) 41:14 - Outro: Next Week on the YMYW Podcast 42:16 - The Derails: Big Al's New Jacket

Die With Zero: Are You Giving Your Kids Too Much? - 575

Joe Anderson, CFP® and Big Al Clopine, CPA spitball on how to build your own retirement AND support your kids financially, today on Your Money, Your Wealth® podcast number 575. "Lloyd and Diane" in Montgomery County are 50 with $8.4 million. Can they retire early and still be generous with their kids? E and T in Missouri are 34 and 31 with $255K, and hopefully some big inheritances in the future. Can they fund the kids' college, and help them buy their first homes, AND retire early? Kent in Kansas City is 73 with 12 million bucks and $2 million in life insurance. Do Joe and Big Al back up his plan to buy an annuity, gift money to his kids now, and still spend freely in retirement, Die With Zero style? Finally, should John in the San Francisco Bay Area sell the family home and move to Nevada, or hold the house for his autistic daughters to inherit later? Free Financial Resources in This Episode: https://bit.ly/ymyw-575 (full show notes & episode transcript) Estate Plan Organizer - free download: https://purefinancial.com/white-papers/estate-plan-organizer/?utm_source=LibsynDestinations&utm_medium=podcast&utm_campaign=YMYW-575  Retirement Readiness Guide - free download: https://purefinancial.com/white-papers/retirement-readiness-guide/?utm_source=LibsynDestinations&utm_medium=podcast&utm_campaign=YMYW-575  Four Hard Truths About Retirement You Need to Face - YMYW TV: https://purefinancial.com/ymyw/episodes/4-hard-retirement-truths-about-retirement-you-need-to-face/?utm_source=LibsynDestinations&utm_medium=podcast&utm_campaign=YMYW-575  Financial Blueprint (self-guided): https://bit.ly/PureFinancialBlueprint  Financial Assessment (Meet with an experienced professional): https://bit.ly/PureFreeAssessment  REQUEST your Retirement Spitball Analysis: https://bit.ly/AskJoeAndAl  DOWNLOAD more free guides: https://bit.ly/PureGuides  READ financial blogs: https://bit.ly/PureFinBlog  WATCH educational videos: https://bit.ly/PureEdVideos  SUBSCRIBE to the YMYW Newsletter: https://bit.ly/YMYWNewsletter    Connect With Us: Subscribe on YouTube and join the conversation in the comments: https://bit.ly/YMYW-YT  Subscribe or follow YMYW in your favorite podcast app: https://lnk.to/ymyw  Leave your honest reviews and ratings in Apple Podcasts: https://podcasts.apple.com/us/podcast/your-money-your-wealth/id312900254    Chapters: 00:00 - Intro: This Week on the YMYW Podcast 01:10 - 50 with $8.4M. Can We Retire Early and Still Give to Our Kids? (Lloyd Dobler and Diane, Montgomery County, MD) 11:41 - Die With Zero: Spend My $12M or Buy an Annuity? (Kent, 73 & 70, Kansas City) 25:08 - Can We Afford Kids' College AND Houses AND Our Own Early Retirement? (E & T, 34 & 31, Missouri) 34:17 - Should We Move to Save Money or Keep the House for Our Autistic Kids? (John, 68 & 66, San Francisco Bay Area) 42:29 - Outro: Next Week on the YMYW Podcast

When Should You Take Social Security? (Don't Screw This Up) - 574

Joe Anderson, CFP® and Big Al Clopine, CPA focus on Social Security claiming strategies as part of the retirement spitballs, today on Your Money, Your Wealth® podcast number 574. Bijou Plutus and her husband in Massachusetts are 62 and 64 with about a million dollars. Can she retire at 65, and should he claim Social Security early? Dr. Jekyll and Mrs. Hyde in the Twin Cities have about the same at 51 and 49, plus big pensions and high spending. Can they afford to retire early, and when should they claim Social Security? Diggler and Roller Girl in Tennessee are 57 and 58 with about $600K, and Diggler estimates his Social Security break-even is at age 77. Can he collect Social Security early and simply work recreationally? Free Financial Resources in This Episode: https://bit.ly/ymyw-574 (full show notes & episode transcript) Social Security Handbook - free download: https://purefinancial.com/white-papers/social-security-handbook/?utm_source=LibsynDestinations&utm_medium=podcast&utm_campaign=YMYW-574  Tax-Free Retirement Guide - free download: https://purefinancial.com/white-papers/tax-free-retirement-guide/?utm_source=LibsynDestinations&utm_medium=podcast&utm_campaign=YMYW-574  How To Retire Tax-Free With A Smart Income Plan - YMYW TV: https://purefinancial.com/ymyw/episodes/how-to-retire-tax-free-smart-income-plan/?utm_source=LibsynDestinations&utm_medium=podcast&utm_campaign=YMYW-574  Financial Blueprint (self-guided): https://bit.ly/PureFinancialBlueprint  Financial Assessment (Meet with an experienced professional): https://bit.ly/PureFreeAssessment  REQUEST your Retirement Spitball Analysis: https://bit.ly/AskJoeAndAl  DOWNLOAD more free guides: https://bit.ly/PureGuides  READ financial blogs: https://bit.ly/PureFinBlog  WATCH educational videos: https://bit.ly/PureEdVideos  SUBSCRIBE to the YMYW Newsletter: https://bit.ly/YMYWNewsletter  Connect With Us: Subscribe on YouTube and join the conversation in the comments: https://bit.ly/YMYW-YT  Subscribe or follow YMYW in your favorite podcast app: https://lnk.to/ymyw  Leave your honest reviews and ratings in Apple Podcasts: https://podcasts.apple.com/us/podcast/your-money-your-wealth/id312900254  Chapters: 00:00 - Intro: This week on the YMYW Podcast 01:07 - 62 and 64 with About $1M. Can I Retire at 65? Should Hubby Claim Social Security Early? (Bijou Plutus, MA) 11:52 - Can We Retire in Our 50s With Pensions and High Spending? (Dr. Jekyll & Mrs. Hyde, Twin Cities, MN) 29:53 - Social Security Break-Even at 77. Claim Early and Work Recreationally? (Diggler & Rollergirl, 57 & 58, Tennessee) 42:52 - Outro: Next Week on the YMYY Podcast

Could You Retire Tomorrow If You Had To? - 573

Juan and Mary in Brooklyn are 49 and 48 with $2.2 million saved. Can Juan afford to retire early, or just walk away if he gets fired? And if they get divorced, yikes - but does the math still work? That's today on Your Money, Your Wealth® podcast number 573. But first, "Reuben Sailing Shoes" is 68, single, retired, and has $1.6 million saved, but he's never had a budget in his life. How much can he actually spend? "Leslie and Ben" are federal retirees in their seventies with great pensions and a mix of pre-tax and Roth savings, and "Mork and Mindy" in Delaware are retired with an annuity, a pension, Social Security, and $1.3 million in an IRA. Joe Anderson, CFP® and Big Al Clopine, CPA spitball on how Roth conversions and RMD timing can help both couples minimize taxes and make the most of what they've got. Free Financial Resources in This Episode: https://bit.ly/ymyw-573 (full show notes & episode transcript) Complete Roth Papers Package - free download: https://purefinancial.com/white-papers/the-complete-roth-papers-package/?utm_source=LibsynDestinations&utm_medium=podcast&utm_campaign=YMYW-573  Retirement Course: Can You Hit a Hole in One? With PGA Pro Chris Riley - YMYW TV: https://purefinancial.com/ymyw/episodes/retirement-course-hole-in-one-pga-pro-chris-riley/?utm_source=LibsynDestinations&utm_medium=podcast&utm_campaign=YMYW-573  Financial Blueprint (self-guided): https://bit.ly/PureFinancialBlueprint  Financial Assessment (Meet with an experienced professional): https://bit.ly/PureFreeAssessment  REQUEST your Retirement Spitball Analysis: https://bit.ly/AskJoeAndAl  DOWNLOAD more free guides: https://bit.ly/PureGuides  READ financial blogs: https://bit.ly/PureFinBlog  WATCH educational videos: https://bit.ly/PureEdVideos  SUBSCRIBE to the YMYW Newsletter: https://bit.ly/YMYWNewsletter    Connect With Us: Subscribe on YouTube and join the conversation in the comments: https://bit.ly/YMYW-YT  Subscribe or follow YMYW in your favorite podcast app: https://lnk.to/ymyw  Leave your honest reviews and ratings in Apple Podcasts: https://podcasts.apple.com/us/podcast/your-money-your-wealth/id312900254  Chapters: 00:00 - Intro: This week on the YMYW Podcast 01:04 - How Much Can a Single 68-Year-Old Retiree With $1.6M(?) Spend Without Running Out of Money? (Reuben Sailing Shoes, Wyoming) 08:38 - 72 and 76 With $1.4M. Should We Keep Doing Roth Conversions After RMDs Start? (Leslie and Ben, Ohio) 17:12 - 71 and 73 With $1.73M. How to Balance Roth Conversions, RMDs, Widow Taxes, and Inheritance Goals? (Mork and Mindy, Delaware) 28:28 - 49 and 48 with $2.2M. If I Get Fired, Quit, or Get Divorced Tomorrow, Will We Be Fine? (Juan & Mary, Brooklyn, NY) 39:20 - Outro: Next Week on YMYW Podcast