Timothy Sumer

Clark has recommended using Vanguard, Fidelity and Charles Schwab for years. But recent issues at Vanguard have really soured his opinion on the brokerage. Is it time to move your money? Clark shares his answer. Subscribe on Apple Podcast or wherever you listen to get the latest episode of The Clark Howard Podcast. *** Relevant Links: ► Clark.com: Advice You Can Trust: SUBSCRIBE ► ★ FOLLOW US BELOW: ★ Twitter ► Clark Howard Facebook ► Clark Deals Facebook ► Clark Howard Instagram ► Clark Deals Instagram ► Podcast ► ★ Need Consumer Advice? ★ Consumer Action Center: Call 636-492-5275 for Free Help for Your Money Questions Need advice? The Consumer Action Center is a free community resource for advice on money and consumer issues. Call 636-49C-LARK (636-492-5275) and a member of Team Clark will assist you as soon as possible. The Consumer Action Center is available Monday-Friday from 10 a.m. to 4 p.m. ET. .... ( read more ) LEARN MORE ABOUT: IRA...

FEDLIFE Podcast (Ep. 99): Understanding the New RMD Rules for Inherited IRAs: Your Essential Guide - Part I Summary: In celebration of episode 100, we're excited to bring you a brand new conversation that delves into a topic many federal employees overlook — the inheritance of an IRA from someone other than a spouse. Discover the intricacies and rules of non-spousal IRA inheritors while enhancing your understanding of IRA inheritance, its tax implications, and crucial considerations for beneficiaries in this week’s release of the FEDLIFE Podcast with Ed Zurndorfer and Dan Sipe. Ed and Dan discuss: • The evolution of IRA inheritance: Learn the modifications introduced by the Secure Act 1.0 in December 2019 and how these alterations transformed the IRA inheritance landscape • The modified rules surrounding RMDs for non-spousal beneficiaries, including the time frame within which distributions must be made • Year-of-death distribution and its significance for individuals w...

FEDLIFE Podcast (Ep. 100): Understanding the New RMD Rules for Inherited IRAs: Your Essential Guide — Part II Summary: In the first part of this two-parter miniseries, Ed Zurndorfer and Dan Sipe covered the intricacies and rules of non-spousal IRA inheritors while exploring all things IRA inheritance, its tax implications, and crucial considerations for beneficiaries. This week, Ed and Dan explore the annual RMD requirements for inherited Roth IRAs. They unravel the complexities of the new RMD rules and detail how these changes impact non-spousal beneficiaries of inherited IRAs. Ed and Dan discuss: • The key differences between RMDs for non-Eligible Designated Beneficiaries (NEDBs) of traditional and Roth IRAs • How Eligible Designated Beneficiaries (EDBs) can leverage the lifetime "stretch" option for inherited Roth IRAs • Consequences of a beneficiary’s failure to take an annual RMD applicable to some beneficiaries subject to the 10-year rule • And more! Resou...

Jack and Diane will inherit about $4.5M from Diane’s parents. How do they manage the required minimum distributions? Which of three options should Matt take with his inherited IRA? Making the most of your inheritance, today on Your Money, Your Wealth® podcast 435 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Clay wants to know if it’s a good idea to take money off the table and rebalance to safer or more aggressive investments, depending on your risk tolerance? Can Elizabeth offset pre-tax IRA losses with the gains from the sale of rental real estate? Is it true that you can make one-time contributions from your IRA to your HSA that is, your health savings account? And finally, can Cory gift stock to his daughters and avoid paying the kiddie tax as a way to pay for college? And can Rich supercharge a 529 college savings plan with himself as beneficiary? Podcast show notes, free financial resources, episode transcript: - 00:00 - Intro - 00:58 - How Do We Manage RMDs...

"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...

A GREAT development with 529 plans may change your decisions on how to save for college. MORE CLARK.COM CONTENT YOU MAY LIKE: ► clark.com/personal-finance-credit/investing-retirement/529-plan/ ► clark.com/employment-military/high-paying-jobs-no-degree/ ► clark.com/education/9-ways-to-pay-for-college-without-student-loans/ Clark.com: Advice You Can Trust: SUBSCRIBE ► NEWSLETTER ► Follow Us for More Money Tips: Website ► Podcast ► Twitter ► Clark Howard Instagram ► Clark Howard Facebook ► Clark Deals Facebook ► Clark Deals Instagram ► For the very best deals and money-saving shopping tips ► www.clarkdeals.com Need Consumer Advice? Need advice? The Consumer Action Center is a free community resource for advice on money and consumer issues. Call 636-49C-LARK (636-492-5275) and a member of Team Clark will assist you as soon as possible. The Consumer Action Center is available Monday-Friday from 10 a.m. to 4 p.m. ET. If you found this video valuable, give it a like. I...

Learn about the lawsuit stemming from last year’s messy transition to a new recordkeeper last year. From log-in issues to not receiving death benefits, the problems that feds faced were numerous and frustrating. Also, more fast facts about your benefits! This week, Dan and Katelyn review social security benefits for federal employees and annuitants. Do you know when you should think about filing for social security. ***DISCLAIMER – THIS IS NOT FINANCIAL ADVICE*** The Fed15 podcast is presented by Serving Those Who Serve, a fiduciary, fee-based financial planning firm based serving federal government employees and retirees all over the country. This podcast is presented for information and entertainment only and is not intended to be taken as financial advice. All listeners should consult their personal advisors before taking any action. The opinions expressed therein are not the opinions of Raymond James or Serving Those Who Serve.... ( read more ) LEARN MORE AB...

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 & ...

Clark highlights recent and upcoming changes to retirement accounts involving tax law changes with potential benefits you should know about. MORE CLARK.COM CONTENT YOU MAY LIKE: ► clark.com/credit-cards/best-no-annual-fee-credit-cards/ ► clark.com/streaming-tv/t-mobile-netflix-account-sharing/ ► clark.com/credit/credit-score-needed-to-buy-car/ Clark.com: Advice You Can Trust: SUBSCRIBE ► NEWSLETTER ► Follow Us for More Money Tips: Website ► Podcast ► Twitter ► Clark Howard Instagram ► Clark Howard Facebook ► Clark Deals Facebook ► Clark Deals Instagram ► For the very best deals and money-saving shopping tips ► www.clarkdeals.com Need Consumer Advice? Need advice? The Consumer Action Center is a free community resource for advice on money and consumer issues. Call 636-49C-LARK (636-492-5275) and a member of Team Clark will assist you as soon as possible. The Consumer Action Center is available Monday-Friday from 10 a.m. to 4 p.m. ET. If you found this video val...

"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...