Timothy Sumer

"Hello! I drive a 2004 Subaru, drink sour beers and have a mutt. Lucky to live in Colorado. Love the show. I have an existing Roth - opened in 2020 - I will be 59.5 in 2026 so 5 year rule and 59.5 rule will be satisfied whenever I get around to using the funds after that time. No need for them for the foreseeable future. I have heard you mention that each conversion has its own 5 year clock even if I am over 59.5. Does that mean that if I want to convert stock in this down market now that I need to open a new Roth and if I want to do more next year, I need a third Roth, and so on? Or can, I just convert all of it into the existing Roth? If the answer is the former (separate Roths), can I consolidate them as they each hit the five year mark? Thank you, Jason." Download the 5 Year Rules for Roth Withdrawals: Listen to the entire Your Money, Your Wealth® podcast: Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retir

Hi Andi, Big Al and Joe! Big fan of your podcast! I am hoping that you might be able to help brainstorm some ideas for my family. One of my stepsisters passed away a few years ago, and she left her IRA valued at 160k to my other stepsister's son. When she first set up her account, she only had one nephew. The family grew, and she ended up having another niece and nephew prior to her passing. My sister knows that she would have wanted to leave equal shares of the IRA to all three of the children. She passed away prior to the change that requires withdrawal in 10 years, so they are able to leave the money in until RMD age, which will be 2039. The kids ages are 24, 21, and 15. The oldest son is going to college for the next couple of years and working part-time. We are trying to figure out how to split the money between the kids. Since he isn't making much money now, would it be better to pull it out now and set up accounts for the other kids? I'm not certai

Greg, Temecula - "You asked for reference about inherited IRAs by a non-spouse having to take a RMD every year in the 10 year window. In Forbes, IRS notice 2022-53 will apply to 2023 distribution year. They are not going to penalize anyone who did not take distributions in 2021 or 2022. The IRS proposed the change in 2022 and said will finalize in 2023. Joe said he didn't know anything about this, and supply proof. Maybe someone in the office has heard and could give a little more clarity? David, Tega Cay- "I was listening to the most recent episode on my drive home last night. I believe Joe and Al were called out by a listener regarding inherited IRAs and the impact of the SECURE Act." Listen to the entire Your Money, Your Wealth® podcast: NOTE: Passage of the SECURE Act 2.0 on December 23, 2022 means there are substantial changes to required minimum distributions, retirement savings, and tax planning in place now, and more on the way! Make sure you'

Clark dives into something that may be a major stressor in your life right now: the stock market. How bad are things and should you change your strategy? Also, Clark explores something that we often see in times of economic distress: new businesses growing out of the rubble of layoffs. Maybe it’s time for YOU to think about starting your own business. Plus, Christa shares your #AskClark questions and Clark gives his take. All this and more on the January 30, 2023, episode of The Clark Howard Show. 00-00 - Intro 00:58 - Stock Market Strategy in 2023 07:37 - Ask Clark - Buying/Selling a Farm 09:33 - Ask Clark - Ordering Checks Cheaper 11:54 - Ask Clark - Trip Insurance 14:52 - Should You Start a New Business Now? 19:54 - Ask Clark - HSA Beneficiary 21:53 - Ask Clark - Credit Frozen Working 24:29 - Ask Clark - Bad Loyalty Program MORE CLARK.COM CONTENT YOU MAY LIKE: ► clark.com/personal-finance-credit/investing-retirement/stock-market-down-sell-stay/ ► clark.com/personal-fi

What will you actually need to spend in retirement? Today on Your Money, Your Wealth® podcast 406, Joe Anderson, CFP® and Big Al Clopine, CPA explain how to really think about and calculate your retirement expenses. Plus, does it make more sense to do Roth conversions or reinvest to reduce tax-deferred account balances? What about doing Roth conversions to a higher tax bracket than the one you’ll be in during retirement? The fellas also explain the alternative minimum tax, Social Security spousal benefits, and when in the year you turn 72 you must take required minimum distributions from retirement accounts. Finally, what should someone with no credit history, who hasn’t paid taxes, do with a $100,000 windfall? Show notes, free financial resources, transcript, Ask Joe & Big Al On Air: 00:00 - Intro 00:55 - How to Forecast Expenses in Retirement (David, Huntsville, AL) 08;52 - Download the Retirement Blind Spots Guide: Watch Retirement Blind Spots on YMYW TV: 09:45 - C

FedLife Podcast 60. Understanding Reemployed Annuity Compared to Phased Retirement with Ed Zurndorfer Summary: When it comes to retiring, especially as a federal employee, understanding how to manage your retirement can be overwhelming, and the options for your planning can be convoluted and confusing. The goal of Serving Those Who Serve is to make your retirement less stressful and help you get the most out of your money. In this episode, Dan Sipe and Ed Zurndorfer speak about what it means to be a reemployed annuitant, and compare the difference between phased retirement focusing on FERS, CSRS, and CSRS offset. Dan and Ed discuss: Differences between CSRS, CSRS offset and FERS annuitants How working part-time can change your retirement Why a CSRS retiree might want to switch into FERS as part of reemployment Some examples to make more sense of some of the more complicated plans And more Resources: Fedzone: Fedzone Article: Reemployed CSRS Annuitants: Fedzone

Today on Your Money, Your Wealth® podcast 412, Joe Anderson, CFP® and Big Al Clopine, CPA are back with a SECURE Act 2.0 recap and a proposed backdoor 529 plan strategy from the new law. Plus, is there a scenario where it makes sense to not max retirement accounts, to avoid being retirement rich and cash poor? Also, the fellas’ thoughts on a break-even point for Social Security, required minimum distributions (RMD) from inherited IRAs, and Roth IRA strategies: the 5-year rules for Roth withdrawals, preserving Roth money and avoiding early withdrawal penalties, and Roth conversions to offset brokerage account losses. Show notes, transcript, free financial resources, Ask Joe & Big Al On Air for your Retirement Spitball Analysis: 00:00 - Intro 01:17 - SECURE Act 2.0 Post-Retirement 529 Backdoor Roth IRA Strategy? (Eric, Sacramento) 06:22 - High Level SECURE 2.0 Recap 09:12: SECURE Act 2.0 Guide - free download: 09:51 - What’s the Break-Even Point to Claim Social Security

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

On episode 57 of Portfolio Rescue, Ben Carlson and Duncan Hill are joined by Portfolio Rescue veteran and tax expert, Bill Sweet, to discuss why higher inflation should be good for stocks, offsetting capital gains, what to look for in a CPA/tax planner, and much more! Submit your Portfolio Rescue questions to askthecompoundshow@gmail.com! ►00:00 - Intro ►01:25 - Stock Market predictions for 2023. ►04:52 - Why higher inflation should be good for stocks. ►09:54 - offsetting capital gains. ►13:55 - Mutual funds to ETFs. ►17:25 - Changing asset allocation with increasing net worth. ►21:55 - Roth contributions. ►25:58 - What to look for in a CPA/Tax planner. This episode is sponsored by KraneShares. Visit to learn more. 👕 Check out The Compound shop: 🎙️ Listen to our podcasts: The Compound and Friends: Animal Spirits: Portfolio Rescue: Talk with us about your portfolio or financial plan here: Check out Ritholtz Wealth's automated investing platform,

With the beginning of a new year, comes new #legislation that once again changes the rules of your #retirement. #secureact #genwealth #genwealthfinancial #scottinman #fastestfourminutesinfinance #finance #marketcommentary #marketupdate #financialadvisor #financialadvisors #financialeducation #financialliteracy #financialfreedom ************ Want more content like this (plus bonus content you won't get anywhere else) delivered straight to your inbox? 📥 Visit fastest4.com! FINANCIALLY SMARTER FOUR MINUTES AT A TIME financial insights and updates delivered to your inbox weekly WHAT TO EXPECT: One four-minute video with relevant financial information. Three things you should know from the past week in finance. Two informative or inspirational quotes. One question to ask yourself to make sure you are staying on track with your personal finances. WHAT NOT TO EXPECT: Overly "sales-y" material More emails than you signed up for (we hate spam too) Unicorns. You d

Today on Your Money, Your Wealth® podcast 410 with Joe Anderson, CFP® and Big Al Clopine, CPA, is it better to choose low-cost index funds or to diversify investments, even if it means paying higher fees? What causes mutual fund price fluctuation? Are mid-cap funds necessary in a balanced portfolio? The fellas also talk about real estate funds vs. real estate investment trusts (REITs), and TIAA annuities vs. bonds in a retirement portfolio. Finally, we revisit some investing strategy questions that are still relevant in today’s volatile markets on moving to cash in tough times, analyzing your asset allocation, and rebalancing your retirement portfolio. Show notes, free financial resources, transcript, Ask Joe & Big Al On Air: 00:00 - Intro 00:55 - What’s More Important, Diversification or Low Fees? (Matt, VA - voice) 06:20 - What Causes Mutual Fund Price Fluctuation? (Brent, Bennington) 10:07 - Download the Guide to Growing Your Wealth: 10:45 - Are Midcap Funds Necessa

"I am in my 70s. Social Security and pension pay all my bills with a bit left over with an income of ~$55K. I own my home, car, golf cart, and have no debt. $500K + in IRA, $20K + in Roth, $20K + in Brokerage. Most will go to charity upon my death. RMDs are split between QCDs and transfer to brokerage. I'm at the 22% tax bracket. SO-- Bottom line: My life is great as it is. I am healthy. I am not a good spender, even now. I have done my traveling. I don't mind paying my taxes, but would prefer not to pay more than necessary. I've been doing Roth conversions every year (~$12,000, paying the tax from my IRA) as tax rates will increase in 2025. But now I am unsure and would like your thoughts. Is it prudent for me to continue to do conversions in the down market? I'm tending towards yes, as I will have to pay tax in the future anyhow with RMDs, but I have friends who say no, as I won't make the costs back. Does it matter when I pay taxes -- now

"I have been helped and entertained by your podcasts thank you so much. I would like you to spitball my situation. I have no debt at this time. yearly income approx. $100K. I plan to do some traveling overseas between 60 and 65. I am a US veteran. possible life expectancy up to 87. I am 58 and single. planning to retire mid-year 2023. Minimum basic living expenses to get in retirement is $33,000 or less. INCOME: PENSION - $24,000 yearly starts at age 60 old. DIVIDENDS -$5,000 comes from my brokerage account. SOCIAL SECURITY - $19,000 yearly at age 62. RENTAL INCOME - $8,000 a year ASSETS: BROKERAGE ACCOUNT - $350,000. 401K - $774,000 before tax ($65,000 is cash). ROTH 401k - $86,000. ROTH IRA - $61,000 ($2,000 is cash). HSA - $31,000 ($27,000 is cash). MONEY MARKET - $60,000. I-BONDS - $10,000. RENTAL PROPERTY - $50,000. HOME VALUE - $160,000. I would like to keep my Taxable income about $34,000 in order for me to be eligible for VA health benefits and/or to be able to u

"Greetings Andi, Joe, and Roll Tide Big AL! I really enjoy your show and appreciate the information you bring to the listeners every week. A lot of the material I read very often has made me aware that I'm a bit behind compared to others in retirement savings. I would appreciate it if you could give me a spitball on if I'm on track for retirement. I'll try to keep it as brief as possible for Joe. Personal details: I'm 44, and my wife is 46. I drive a 2017 Honda CRV, and my personal beverage of choice is a mojito. My wife and I plan to retire at ages 62 & 64. Financial details: Our household income is $160,000. I've estimated our annual expenses in retirement to be $50,000 in today's dollars. (not adjusted for inflation) We have $300,000 saved in a combination of rollover IRA (200k), Roth IRA (50k), and Roth TSP (50k). I will have the benefit of carrying health insurance benefits into retirement, and after healthcare expenses and taxes my pensi

Can you trust the opinion of just one advisor when planning for your entire financial future? Today on Your Money, Your Wealth® podcast 409, Joe Anderson, CFP® and Big Al Clopine, CPA spitball their second opinions for some retirement plan and Roth conversion strategies, they illustrate one way some financial advisors may be acting in their own best interests, and they explain how to determine if you’re on track for a successful retirement. Plus, can you take penalty-free withdrawals from a Roth TSP to Roth IRA rollover in order to bridge the gap until age 59 and a half? Will paying for a home remodel with Roth conversion funds avoid tax? And, should you use Roth conversion money for these purposes? Show notes, free financial resources, transcript, Ask Joe & Big Al On Air: 00:00 - Intro 00:56 - Are We Missing Anything or Can We Trust the Analysis and Retire? (Ken, Fremont, CA) 07:02 - Download the Quick Retirement Calculator Guide: 07:49 - Roth TSP to Roth IRA Rollover