Timothy Sumer

On Your Money, Your Wealth® podcast #295 with Joe Anderson, CFP® and Big Al Clopine, CPA: whether you call it the barn door, the garage door, or the Roth two-step, you asked for more about the tax saving Backdoor Roth IRA conversion strategy, and Big Al and, reluctantly, Joe, are here to serve. For now at least! Should you wait until retirement to do a backdoor Roth IRA conversion? Plus, the pro-rata rule, self-employed modified adjusted gross income (MAGI) 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 $25K in cash, and listener comments on the show and the FIRE movement. 00:50 - Should We Wait Until Retirement to Do a Backdoor Roth Conversion? 08:31 - Capital Gains “Sit On Top” of Income? What About When Doing Roth Conversions? 15:44 - The Pro-Rata Rule: Are There Times When a Backdoor Roth Conversion Isn’t Worth It

Today on Your Money, Your Wealth® podcast 372 with Joe Anderson CFP® and Big Al Clopine, CPA: Spitballing retirement for a police officer turning teacher, a self-employed small business owner, an early retiree with an employee stock ownership plan (ESOP) wanting to do Roth conversions and withdraw 5 or 6% in retirement, and a pension and Social Security analysis. Plus, how many months of expenses should you save in your emergency fund? Also, you may know where Ric Edelman and Dave Ramsey stand on 15 vs. 30 year mortgages and using cash vs. credit, but what does YMYW think? Kyle Stacey, CFP® fills in with Big Al Clopine while Joe Anderson is on vacation.Show notes, free financial resources, Ask Joe & Al On Air: 00:00 - Intro 00:53 - Police Retirement Spitball Analysis (Tim, Holliston, MA) 09:42 - ESOP to Roth Conversion and 5% Withdrawals in Early Retirement? (Mike) 19:09 - Download Cracking the Financial Code at Any Age for Financial Literacy Month: 20:18 - Self-Employ

Today on Your Money, Your Wealth® podcast 400 with Joe Anderson, CFP®, and Big Al Clopine, CPA, are there any holes in a 5-year plan to retire from the Air Force, buy a house and a plane, and become a commercial pilot? Can you claim an unpaid loan to a start-up as a tax loss, do a Roth conversion, and pay no tax? Are Roth conversions a good idea in a low-earnings year? Does it matter if you convert to Roth before or after changing custodians? What retirement savings options do independent contractors have besides the Solo 401(k)? Does it make sense to cash out a 529 college savings plan that’s losing money? Plus, Joe and Big Al spitball a real estate strategy, and they discuss a state retirement account held at an insurance company. Show notes, free financial resources, transcript, Ask Joe & Big Al On Air: 00:00 - Intro 01:00 - 5-Year Plan on Track to Retire From the Air Force and Become a Commercial Pilot? (Mike, Germany) 08:15 - Claim an Unpaid Loan as a Tax Loss, Do

Today on Your Money, Your Wealth® podcast 340 with Joe Anderson, CFP® and Big Al Clopine, CPA, asset location: how to position assets to pay less tax without sacrificing investment growth? Should young folks contribute all of their retirement savings to Roth accounts? Also, conversations (not advice) on a self-employed defined benefit plan vs. pass-through profits, gifting tuition for education, Roth conversions with a special needs child in mind, a correction on inherited Roth IRAs, and listener comments. Podcast survey, free financial resources, ask Joe & Al On Air: 00:00 - Intro 01:33 - Can I Fund a Roth TSP and a Separate Roth IRA? (Cass, MS) 03:21 - How to Position Tax-Deferred Assets for Tax Efficiency Without Compromising Growth? (D, Irvine) 08:50 - Asset Location: Should My Kids Contribute All to Roth? (Mike, Texas) 13:32 - Should We Open a Defined Benefit Plan or Take Pass-Through Profits? (Ken, San Diego) 19:26 - How to Pay for Son's Grad School and Minimi

"1) Will we have a RMD/tax issue as the advisor/insurance agent states based on their Monte Carlo simulation. 2) Is insurance a good option despite the cost? 3) Considering our situation, what is a good spend down strategy? 4) I always figured we were going to be ok with what we’ve saved but inflation, taxes and uncertain returns now have me questioning that. My wife will be 66 this year and currently draws social security and I’ll be 64, planning to work until 65 (longer or part time as needed) and wait until 70 for social security. At 70, I expect to earn 40k/year gross or 35k net (roughly 2900/mo for me) from social security. I currently earn 75k/year gross and my wife, 26k/year gross (social security). Of that we average 78k/year take home or 6500/month. Unfortunately, our expenses typically exceed that amount on average by 1500/month due to home improvements etc. making our annual needs 96k/year. Our total investments include, tax deferred (401k & IRA) $2.7 mil

Today on Your Money, Your Wealth® podcast #313 with Joe Anderson, CFP® and Big Al Clopine, CPA, 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 possible wallet syndrome, and a limerick and music from Paul Lemire. Access the transcript and financial resources, ask your money questions:  Free Download: Cracking the Financial Code at Any Age: 00:00 - Intro 00:53 - Am I Financially Ready for Retirement? Retirement Plan Spitball Analysis (David, Sacramento) 13:48 - Coronavirus Related Distribution Repayment and Roth Contribution Withdrawals into SIMPLE IRA (Johnny No Dough) 22:16 - Roth Conversion Strategy with No Income? (Jeremy, Cookeville, TN) 26:17 - Required Minimum Di

Today on Your Money, Your Wealth® podcast 309, Joe Anderson, CFP® and Big Al Clopine, CPA are 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, and for a couple with a profitable side hustle. Access the transcript and financial resources, ask your money questions: 00:56 - Options for Taking Late RMDs on an Inherited IRA? (Bryan) 06:42 - Should I Make Non-Qualified Deferred Compensation Plan Contributions? (Jeff, Dallas, TX) 11:49 - Can We Make Roth Contributions for our Granddaughter? (Therese) 14:16 - Clergyman Retirement Plan Spitball Analysis (Christine, PA) 23:45 - How Does a Roth Impact Student Loans? (Sheryllyn) 28:54 - Confirming Capital Gains vs Ordinary Income vs Roth (Ric

Saving for retirement with a Roth IRA versus a traditional IRA can have an impact on how much money you have once you stop working. Financial experts Joe Anderson and Alan Clopine go over the differences and the impact it can have on your retirement savings. Broadcast Date: June 4, 2017 If you would like to schedule a free assessment with one of our CFP® professionals, click here: Make sure to subscribe to our channel for more helpful tips and stay tuned for the next episode of “Your Money, Your Wealth.” Channels & show times: IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor. • Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with a tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. • Investing

Today on Your Money, Your Wealth® podcast #286 with Joe Anderson, CFP® and Big Al Clopine, CPA: Investing strategies for dividend-paying stocks and how the pro-rata rule for Roth conversions work with dividends. Plus, Wealthfront, M1, Paul Merriman? Should young investors use a robo-advisor or pay for financial advice? Also, thoughts on a Vanguard retirement portfolio and ideas for self-employed small business owners to save money in retirement plans like SEP IRA, SIMPLE IRA, and Solo 401(k). Send in money questions and access the episode transcript and free financial resources: 00:51 - How Does the Pro-Rata Roth Conversion Rule Apply to Dividends? 07:03 - Do I Lose the Dividends if I Sell Dividend-Paying Stocks Before the Dividends are Distributed? 17:48 - Investing Advice for Under Age 30: Should I Switch from My Robo-Advisor and Pay a Fee for a Financial Advisor? 27:41 - What Do You Think About This Vanguard Portfolio for Retirement? 34:42 - SEP-IRA, SIMPLE IRA, Solo 401

Today on Your Money, Your Wealth® podcast 371 with Joe Anderson, CFP® and Big Al Clopine, CPA, when do you have to pay the taxes on a Roth IRA conversion to avoid any IRS penalties? Was it a mistake to convert to Roth IRA? What percentage of your assets should be in tax-free, tax-deferred, and taxable accounts to give maximum flexibility in retirement? And finally, do Roth conversions count as income toward your eligibility to contribute to a Roth, and how will a pension be taxed? Podcast show notes, episode transcript, free financial resources, Ask Joe & Al On Air: 00:00 - Intro 00:50 - When Do You Have to Pay Roth Conversion Taxes Without Penalty (John, Atlanta voice message) 05:05 - When to Pay Roth Conversion Taxes? (Luis, Plant City, FL) 09:59 - Schedule a free financial assessment: 10:38 - What Percentage in Tax-Free, Tax-Deferred and Taxable Accounts Gives Max Flexibility? (Benjamin, Fargo, ND) 18:28 - Was Our Roth Conversion a Mistake? (David, California) 25:3

"Seeing as this is the Backdoor Roth Show, I thought I'd just ask you my question instead of doing my own research... If I were to do a Backdoor Roth conversion early in the year then change jobs later in the year and roll my pre-tax 401K into a traditional Roth, would this blowup the backdoor from a tax perspective given it's all in the same tax year, or do balances (or lack of tax-deferred IRA balances) at the time of the conversion matter? Thanks for your answer and this great show. Keep it up! Jarrod, Houston, TX" Listen to the entire Your Money, Your Wealth® podcast: Download the Complete Roth Papers Package, including the Ultimate Guide to Roth IRAs, the 5 Year Rules for Roth IRA Withdrawals, and the Roth IRA Basics Guide: Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of people across the nation. Schedule a free

Do you know what your income will be in retirement? Having a good estimate of your retirement income is needed to help you set goals for saving and knowing when you can quit your day job. A pension can be a big part of that formula. Financial professionals Joe Anderson and Alan Clopine discuss how to determine if you can reliably count on your pension plan. Visit our website for the full transcript: If you would like to schedule a free assessment with one of our CFP® professionals, click here: Make sure to subscribe to our channel for more helpful tips and stay tuned for the next episode of “Your Money, Your Wealth.” Channels & show times: IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor. • Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with a tax advisor or attorney regarding specific situations. • Opinions expressed are subje

Question: (Bobbi, NYC) Hey guys, my drink of choice is Coke..... with splash of Dr. Pepper. I drive...my wife crazy. As in big city, drive shopping cart- no car. I am 66 (tell by AOL account?), working and making "good change." I have IRA's 401K's and Roth 401K's but no ROTH IRA. I plan to work F/T few more years & do not plan to start RMD's til 70++. In regard to starting the 5 year rule for future withdrawl's from a Roth IRA (ultimately may consolidate all ROTH 401K's to Roth IRA's) since I cannot contribute and establish my first ROTH IRA (income limits) can I just do a small, nominal IRA to ROTH back door conversion to get account opened? Listen to the entire Your Money, Your Wealth® podcast: Download the 5 Year Rules for Roth Withdrawals Guide: Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of

Congress passed the largest retirement savings reform in more than a decade when they passed the Secure Act also known as the Setting Every Community Up For Retirement Act. Do you know what the Secure Act means for you and your retirement? Financial professionals Joe Anderson and Alan Clopine help you to become Secure Act Savvy by breaking down the changes in the rules and regulations to enable you to make the most of your financial plan moving forward. Important Points: (00:45) – The SECURE Act  (01:16) – Retirement Savings (02:43) – SECURE Act Savvy -Required Minimum Distribution Changes -Repeal of Age Limit on IRA Contributions -Repeal of the Stretch IRA -Notable 401(k) Changes (03:46) – Key Ages to Remember For retirement planning (05:08) – Required Minimum Distribution (RMD) Changed to Age 72 (06:49) – Calculating your Required Minimum Distribution (10:26) – The 10-year rule on Beneficiary IRAs (12:39) – Stretch Exemptions (13:25) – Tax Rates (19:23) – Change

"Hi Big Al, my wife is on Social Security Disability Insurance, she will be full retirement age 66 & 4months on 3/26/2023. Her SSDI will convert to full retirement benefits in March. Question: Does she have to withdraw her FRB in order to receive delayed retirement credits? Will she be able to claim spousal benefits at her FRA and then claim her benefits at age 70? I am currently 60 & 4 months old. Question: Does my wife have to wait until I apply for SSRB at 62 for her to apply for spousal benefits or can she apply at her FRA? If I take my SSRB at 62, will I be able to suspend them at FRA 67 and apply for spousal benefits while receiving DRC’s until age 70? Will I have to apply for my Retirement benefits or will they start automatically at 70? Thank you for your guidance on these questions. Thank you, Gil & Linda." Listen to the entire Your Money, Your Wealth® podcast: Download the Social Security Handbook: Pure Financial Advisors, LLC is a fee-

Question: (Fish Sean Woo, Winter Springs, FL) Hey, Andi, Joe, and Big Al. Thanks for taking my call. This is Fish Sean Woo from Winter Springs, Florida, and I had a question about traditional IRAs, Roth IRAs, and 401Ks, and why it is not a good idea to leave your trust as a beneficiary. I recently set up a trust, and before listening to you guys, I had the trust as the beneficiary. I was hoping you guys could explain why this is a bad idea. Now, for the important part, I drive a 2013 Toyota Tundra pickup truck that has never met a gas station it does not like. I don't have any four-legged friends, or three legged for that matter, but I do have 25 African cichlids in a 75-gallon fish tank. Thanks for taking my call. Great show! Listen to the full episode: Download the Estate Planning Organizer: Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousa