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On this retirement investing podcast, financial planner Joe Anderson, CFP® and certified public accountant Big Al Clopine answer your money questions about investing, portfolio diversification, how to reduce taxes, creating retirement income, collecting Social Security benefits, how much you can spend in retirement, Roth conversions, and more. Retirees and pre-retirees listen to this irreverent and informative personal finance podcast to laugh as they learn strategies that can help them reti ...
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Your Money, Your Wealth
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Are These Three Investment Products Too Good To Be True? - 315
51:53
51:53
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Should you invest in a real estate investment trust (REIT)? What about a fixed indexed annuity or structured notes? What can be done about an indexed universal life insurance plan purchased by an employer to replace a defined benefit plan? Plus, understanding qualified small business stock gain exclusion. Joe and Big Al also discuss the value of hi…
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Your Money, Your Wealth
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Is the Backdoor Roth IRA a Good Strategy For You? - 314
43:43
43:43
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Are you eligible for a backdoor Roth IRA conversion? Is it taxed? How does a Roth 401k differ from a Roth IRA? Can you buy Mom’s condo for below market value & rent it back to her? Can you max out Dad's Roth? Can you file 2020 taxes before receiving IRS form 1098? How should you diversify your portfolio into international investments? Plus, capital…
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Your Money, Your Wealth
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Are You Financially Ready for Retirement? - 313
58:48
58:48
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A retirement plan spitball analysis for an engineer wondering if he can afford to retire, required minimum distribution questions answered, and discussion on when to stop contributing to tax-deferred accounts, when to start Roth conversions, and a conversion strategy for someone with no income. Plus, "conversation" - not advice - about Joe's possib…
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Your Money, Your Wealth
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"Super Roth": Should You Overfund Supplemental Executive Retirement Plan Insurance? -312
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45:01
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Whether you call it a SERP, an individual supplemental executive retirement plan, a private pension, or the "Super Roth," the strategy is overfunding life insurance, and the question is, is it a good idea for retirement planning? Also: a Social Security, pension, retirement withdrawal, and Roth conversion strategy, portfolio modeling scenarios, the…
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Your Money, Your Wealth
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Social Security, Medicare, HSA and Roth Conversions - 311
47:59
47:59
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Find out just how intertwined healthcare and retirement are, with answers to questions about Medicare as it relates to Social Security, Health Savings Accounts (HSA), and IRA required minimum distributions (RMDs). Also, strategies for Roth conversions and Social Security, saving for retirement in a brokerage account, and paying debt out of retireme…
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Your Money, Your Wealth
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[SPECIAL] GameStop: Stocks Gone Wild! Should You Join the Day Trading Craze? - 310a
16:56
16:56
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This week GameStop, AMC and Blackberry stocks went wild, with hedge funds shorting the stocks, and Redditors using the Robinhood investing app to put the squeeze on them - to the tune of billions of dollars. Is the stock market rigged? How do these investing plays affect you and your portfolio? Should you get in on the day-trading craze? Pure Finan…
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Your Money, Your Wealth
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What's the Best Way to Take Retirement Distributions? - 310
42:26
42:26
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Drilling down into the specifics of retirement distribution strategies: dollar cost averaging, pro-rata withdrawals, and buckets vs. the total return approach. Plus, a retirement withdrawal strategy with a side of pension and Social Security, another mortgage payoff question, the small business solo 401(k) trap, an LLC for a kayak side-hustle, and …
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Your Money, Your Wealth
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Retirement Plan Spitball Analyses for Side Hustles, Clergy & Grandkids - 309
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49:49
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Answering questions from across the personal finance spectrum: inherited IRAs and late RMDs, contributing to non-qualified deferred compensation plans, making Roth contributions for grandkids, how a Roth impacts student loans, taxation on ESPPs and RSUs, paying off the mortgage, and retirement plan spitball analysis for a clergyman and his wife, an…
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Your Money, Your Wealth
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How to Do the Mega Backdoor Roth IRA - 308
44:31
44:31
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Backdoor Roth IRA withdrawal rules and the mechanics of the mega backdoor (dump truck!) Roth. Can you still contribute to a Roth after a rollover? How do you calculate Roth conversion taxes due to the pro-rata rule? Also, calculating a long retirement number or by age, a radical portfolio rebalance, why basis, gains, and losses are tracked, and don…
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Your Money, Your Wealth
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How to Choose Your Pension Options and Retirement Withdrawal Strategy - 307
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48:44
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In this first YMYW episode of 2021, Joe and Big Al go over estate planning strategies for CFP® candidate/Redditor Nate in SC, they do a spitball analysis for John in TN who wants to retire early, a retirement withdrawal and 529 plan strategy for Ace in TX, and a breakdown of pension options for James in AZ - after Big Al figures out how to work his…
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Your Money, Your Wealth
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Social Security, Medicare and Real Estate - 306
41:33
41:33
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Wrapping up the longest year in history with means testing for Social Security, healthcare when one spouse is on Medicare, and how Roth IRA conversions affect Social Security & Medicare costs. Plus, can you avoid capital gains when selling rental real estate? Should you pay off the mortgage on your rental property or keep investing? Is it a good id…
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Your Money, Your Wealth
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What’s the Best Retirement Withdrawal Strategy? - 305
41:52
41:52
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’Twas the Tuesday before Christmas and all through YMYW, Joe and Big Al’s stockings were stuffed with your money questions: which strategy do they like best for retirement portfolio withdrawal? Plus, early retirement: calculating taxes correctly for it and dollar-cost averaging for it. Also, spreading SIPC risk, understanding the discrepancy in bas…
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5 Last Minute Ways to Cut Your 2020 Taxes - 304
40:43
40:43
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A final look at the CARES Act COVID-19 stimulus package, Coronavirus related distributions, and whether they affect your 2020 taxes. Plus, action items to pay less tax in 2020, like Roth conversions, tax gain and tax-loss harvesting, and charitable giving strategies. Also, when to do Roth contributions, how much of your portfolio should be in Roth …
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Your Money, Your Wealth
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How to Use Tax Diversification in Your Retirement Portfolio - 303
42:41
42:41
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There are taxable, tax-deferred, and tax-free accounts, and the proper balance of investments in each is called tax diversification. Are you tax diversified enough? Plus, how do capital gains and ordinary income work again? Should you contribute to traditional 401(k) or IRA, or to Roth? What can you do about excess contributions to your Roth IRA? A…
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Should You Pay Off the Mortgage? First Consider Your Tax Strategy - 302
45:28
45:28
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Paying off your mortgage? First, think of your investing and tax strategy. And, if you max out retirement and health savings accounts and own real estate, how else can you save? (Hint: brokerage account.) Should self-employed small business owners contribute to a Solo 401(k) or Traditional IRA? Solo Roth 401(k), or Solo 401(k) to Roth conversion? F…
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Your Money, Your Wealth
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Borrow Money to Pay Tax on a Roth IRA Conversion? - 301
47:18
47:18
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Should you borrow money to pay the tax on a Roth IRA conversion? Should you do a Roth conversion or capture non-qualified long term capital gains? How will Social Security benefits affect taxes after a backdoor Roth IRA conversion? Should a highly compensated employee use the mega backdoor Roth strategy? Are the tax savings on a conversion worth it…
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Your Money, Your Wealth
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Top Funniest Moments From the Your Money Your Wealth Podcast - 300
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41:17
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Joe and Big Al have been making retirement planning, investing, and tax reduction fun for years on the YMYW podcast. We're celebrating 300 episodes with just the funny stuff: great email intros, some of our funniest Derails, a couple never-before-heard outtakes, hilarious moments from our interviews with Dr. Daniel Crosby and Professor Jamie Hopkin…
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Your Money, Your Wealth
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Rental Real Estate Property: How to Calculate Cap Rates and Depreciation - 299
47:27
47:27
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When does the real estate depreciation 121 exclusion happen and how do you account for rental property equity, or cap rates, to calculate retirement income? Plus, estate planning beneficiaries and charitable donations, stock market investing in an LLC, understanding the national debt, the differences between Roth 40(k) and traditional 401(k), and o…
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Your Money, Your Wealth
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Retirement Portfolio Strategies and Making Sense of Fees - 298
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35:45
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Should retirement savings go in the older spouse’s accounts first? Does Marion have a good VTSAX to VTWAX tax-loss harvesting and portfolio rebalancing strategy? Plus, making sense of fees from your financial advisor and on exchange-traded funds, or ETFs. Big Al provides pointers on selecting a good certified public accountant - other than him, of …
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Your Money, Your Wealth
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The Barn Door, Garage Door, Mega Backdoor Roth IRA Conversion - 297
35:25
35:25
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What is the MEGA backdoor Roth IRA conversion and should you do one? How do you create retirement income for the gap between retiring at 66 and taking Social Security at 70 and RMDs at 72? Joe and Big Al also answer a question on the taxation of an overseas inheritance, and they discuss your comments. Access the episode transcript and financial res…
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Your Money, Your Wealth
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YMYW Spitball Analysis 3: Tax Diversification and Asset Allocation - 296
40:41
40:41
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On round 3 of the YMYW Retirement Plan Spitball Analysis, Joe and Big Al focus on your tax diversification and asset allocation questions: should more money be going into Christy’s pre-tax Roth accounts? Has Roger set up a good portfolio for his elderly relative? Plus, the Rule of 100 or 120 for investing in stocks and bonds, as touted by Jack Bogl…
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Your Money, Your Wealth
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All About the Backdoor Roth IRA Strategy - 295
46:19
46:19
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Should you wait until retirement to do a backdoor Roth IRA conversion? Plus, the pro-rata rule, self-employed modified adjusted gross income vs. AGI, and how capital gains work with Roth conversions. Also, strategizing for if and when the estate planning step up in basis tax laws change, whether a high yield savings account is good for investing $2…
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Your Money, Your Wealth
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Rebalancing Your Retirement Portfolio in Market Downturns - 294
47:42
47:42
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Retirement portfolio rebalancing when the market goes down, accumulation, de-accumulation, dollar cost averaging, and IRR, ROR, and CAGR (not "kegger") as ways of calculating rates of return on investments. Plus step-up in basis, required minimum distributions or RMDs, capital accumulation life insurance plans, tax planning for new homebuyers, spou…
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Your Money, Your Wealth
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Backdoor Roth Conversions and Investing for Kids - 293
45:19
45:19
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Are you screwing up your Backdoor Roth IRA conversion? Find out. Plus, tax on mega-Backdoor Roth conversions, Medicaid spend-down rules and your Roth IRA, and Joe and Big Al take a burning confession about Roth conversions and IRS form 8606. Also, more on Vanguard’s VTSAX and dividend yield, and various options for investing for minor kids includin…
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Your Money, Your Wealth
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Will Estate Tax Law Changes Affect Your Family Financial Plan? - 292
52:49
52:49
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How might Joe Biden's or Donald Trump’s changes to the lifetime estate tax exemption impact your estate plan? Plus, is there any reason to have pre-tax retirement accounts? How long does money have to be in a traditional IRA before a backdoor Roth conversion? Can annuities be converted to Roth? And more on dividends, long term capital gains, Vangua…
