Timothy Sumer

"YMYW Gents - Steven again from steaming hot Texas. Thank you for covering my question in today's episode! I have a different perspective to offer which might influence your spitball. In your spitball today, you guys spoke a lot about how the tax I would pay doing a Roth Conversion is equal to the tax I've already paid on the dollars I would use for a Backdoor Roth. I understand that completely, but my motivation for pondering a Backdoor Roth is not about taxes. My motivation for doing a Backdoor Roth is to introduce new dollars into my retirement portfolio to see compounding growth until I reach retirement in 20+ years rather than those dollars sitting in my savings account. I think the notion that a Roth Conversion and a Backdoor Roth are "same same" makes sense from a tax perspective, but not from a long term growth perspective. After doing a Roth Conversion, there would be no increase to my overall retirement portfolio balance like there would be af

NAGDCA Fall Webinar - presented by Segal Group As a public sector DC plan sponsor, what keeps you up at night? If you are like many sponsors, operational risk, a broad and complex category of potential exposures, will be that demon – because, without adequate oversight and a well-thought-out set of preparations to implement, you might face a significant loss of reputation or worse due to the actions of others including your vendors. Failures of recordkeepers and investment managers, data security practices, transaction processing and other technology, and financial reporting could put your plan – and you as the fiduciary – in the crosshairs. For retirement plans, investment risk and longevity risk tend to receive the most attention from the media and stakeholders alike. However, as defined contribution (DC) plans continue to grow in size and complexity, sponsors need to strengthen their focus on operational risk. This webinar will examine the various operational risks in de

Many don’t realize how much health care will cost in retirement, let alone that the way in which you disperse your retirement funds could impact what kind of care you have access to later in life. Are you comfortable with risking not having enough money to cover these crucial costs? This is where the Retirement Success Plan comes in. In this video, Troy Sharpe discusses the fourth step we take in Oak Harvest’s signature Retirement Success Plan - Health Care and Long-Term Care Planning, where we use the information we’ve gathered in the first three steps and come up with a strategic plan to qualify for the greatest amount of subsidy possible for your unique situation, and to run scenarios to help you determine just how much money you should to set aside to cover as much of the future financial burden as possible. 00:30 The First Four Steps of the Retirement Success Plan 02:34 Time to Strategize How And When To Withdraw 06:08 How to Calculate your Modified Adjusted Gross Inc

Today on Your Money, Your Wealth® podcast 403 with Joe Anderson, CFP® and Big Al Clopine, CPA, following the Fed’s fourth consecutive interest rate hike last week, should you be changing your investing strategy to time this inflationary market, moving from bonds to 3-year annuity CDs? Plus, Joe and Big Al spitball on asset location and Roth conversions for the in-laws, and a net unrealized appreciation (NUA) strategy for company stock in a 401(k). They also discuss whether extra home mortgage payments are part of an investment portfolio, and what real estate expenses are tax deductible. Show notes, free financial resources, transcript, Ask Joe & Big Al On Air: 00:00 - Intro 00:48 - Inflation Investing Strategy: 3-Year Annuity CD Vs. Bonds 12:58 - How to Invest When Inflation is Raging - Read the Blog: Download Pursuing a Better Investment Experience Guide: 13:24 - Net Unrealized Appreciation NUA Strategy for Company Stock in My 401(k)? (Bob, Medina, OH) 20:24 - Should

How much will money will you need in retirement, adjusted for inflation? Today on Your Money, Your Wealth® podcast 431, Joe Anderson, CFP® and Big Al Clopine, CPA spitball on your future dollars, how to calculate the tax on Roth conversions, and the benefits of converting to Roth in down markets. 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!? 00:00 - Intro 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) 14:36 - Big Al’s Quick Retirement Calculator - download: 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? (

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, today on Your Money, Your Wealth® podcast 419 with Joe Anderson, CFP® and Big Al Clopine, CPA. 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? Podcast show notes, free financial resources, Ask Joe & Big Al On Air: 00:00 - Intro 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) 11:18 - Cracking the Code to Succeeding Financially at Any Age - Watch YMYW &

Most people are unaware the IRS has changed RMD rules again! If you have a tax-deferred account like an IRA make sure you know the new rules. 1. Under the Secure Act, the Required Minimum Distribution (RMD) starting age was pushed back to 72. 2. Another change is now applicable in 2022. This change lowers RMD amounts to accommodate for people living longer. 3. In this post we breakdown what you should know and walk through an example of how this will impact retirees. For More Details and Transcript: Posts mentioned: - New RMD Table: - Qualified Charitable Distribution Strategy: Talk with us about your portfolio or financial plan here: New to investing? Check out our Ignite platform: Twitter: Facebook: This does not constitute an investment recommendation. Investing involves risk. Past performance is no guarantee of future results. Consult your financial advisor for what is appropriate for you. Disclosures: 0:00 RMD changes to know about. 0:37 New RMD c

Consider This Program with Joe Clark, CFP and Aaron Rheaume, CKA®. In this segment we will cover: A gold IRA is one way to save for retirement. As its name suggests, instead of stocks or bonds, it holds gold in the form of bars, coins, and bullion. It can also contain other precious metals like platinum and silver. Typically, people who have a gold IRA are looking to diversify their assets and hedge against inflation. Schedule your complimentary Next Steps meeting today! www.yourlifeafterwork.com 800-928-4001... ( read more ) LEARN MORE ABOUT: Precious Metals IRAs HOW TO INVEST IN GOLD: Gold IRA Investing HOW TO INVEST IN SILVER: Silver IRA Investing REVEALED: Best Investment During Inflation What Is A Gold IRA & Do You Need It In Your Portfolio? In today's uncertain economic climate, it is wise to diversify one's investment portfolio to protect against potential losses. One option that has gained popularity in recent years is a Gold Indi

#finance #retirement #tax When it comes to Roth Conversions, many investors like you may have misconceptions. Chris Heerlein of REAP Financial out of Austin, Texas is here to discuss those misconceptions and have you on top of the latest Roth IRA Conversion strategies. He covers information around the 5 year rule, required minimum distributions, how to have control of when you take your money out, how to get into the Roth IRA game, and much more.  Visit us at to set up a consultation with our retirement planning  specialists to discuss your current state and what options you have to live the fulfilling retirement life you've always dreamed of.... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA 6 Misconceptions around ROTH IRA Conversions ROTH IRA conversions have gained popularity in recent years as a way to maximize retirement savings

Financial Legacy Associates (636) 777-4200 If you’re changing jobs or retiring, it’s important to know the rules regarding moving funds from your employer sponsored retirement plan. The wrong move could cost you in income taxes and early withdrawal penalties. There are two basic ways to move retirement plan assets from one retirement plan into another with no tax consequence. With a direct rollover your financial institution or plan directly transfers the payment to another plan or IRA; no taxes are withheld and your account continues to grow tax-deferred. With an indirect rollover, a check is made payable to you. You have 60 days to deposit it into a Rollover IRA - but indirect rollovers are subject to 20% withholding. For example, if you had $10,000 eligible to rollover, your employer would withhold $2000 and you’d get a check for $8,000. You’ll get the $2000 that was withheld back when you file a tax return, either as a refund or a credit toward any tax owed.

Financial Legacy Associates (636) 777-4200 If you’re changing jobs or retiring, it’s important to know the rules regarding moving funds from your employer sponsored retirement plan. The wrong move could cost you in income taxes and early withdrawal penalties. There are two basic ways to move retirement plan assets from one retirement plan into another with no tax consequence. With a direct rollover your financial institution or plan directly transfers the payment to another plan or IRA; no taxes are withheld and your account continues to grow tax-deferred. With an indirect rollover, a check is made payable to you. You have 60 days to deposit it into a Rollover IRA - but indirect rollovers are subject to 20% withholding. For example, if you had $10,000 eligible to rollover, your employer would withhold $2000 and you’d get a check for $8,000. You’ll get the $2000 that was withheld back when you file a tax return, either as a refund or a credit toward any tax owed.

"I have a difference of opinion with our financial advisor as it relates to Roth conversions that I would like to get your perspective on. Our retirement assets include $1.7M in traditional IRAs, $220K in a Roth IRA, $81K in an HSA and $865K in taxable brokerage accounts and cash. Our investments are mostly balanced between stock and bond index funds, with a cash reserve to cover 2-3 years living expenses. I collect a pension from my former employer of $62K/year. We are deferring our Social Security until age 70 at which time we expect to get around $78K/year. That plus a deferred fixed annuity should give us around $150K/year of lifetime income by age 70. I want to draw down the traditional IRAs during our “gap” years and pay the taxes now at the current historically low rates, maxing out the 22% bracket each year (no state income tax in Florida). This amounts to about $150K of traditional IRA distributions each year. I am allocating $50K of the $150K of IRA withdrawals