Timothy Sumer

Today on Your Money, Your Wealth® podcast 397, a compilation of some of the retirement plan spitballing from Joe Anderson, CFP®, and Big Al Clopine, CPA specifically for those in their 40s and 50s - a critical time on the path to retirement. Is your financial plan set up so you pay as little tax as possible? Does it take volatile markets and potential future tax increases into account? Have you got a strategy nailed down for Roth conversions, or backdoor Roth, or pension options? Maybe you’re making big decisions about what to do with your money between now and when you retire, like buying a house vs. saving for retirement? Are you comfortable with the retirement lifestyle you’re creating? Do you know what you’ll do with your time once you’re permanently off the clock? Visit the podcast show notes to access free financial resources and transcript, and to Ask Joe & Big Al On Air: 00:00 - Intro 01:13 - Should I Get a Roth IRA Even Though I'm Highly Taxed? (Laura, Los

How do you build your financial future when you're single? In this webinar, Senior Financial Planner, Allison Alley, CFP® explains how to map out your retirement journey, create a budget, and manage debt, with specific strategies for every generation. Whether you're a millennial, a Gen-Xer, or a baby boomer, Allison offers tips and strategies around emergency savings, Social Security, saving for retirement (including catch-up contributions), and managing your investment portfolio during market downturns. Throughout the webinar, Allison also answers viewer questions about retirement as a single person. Download the guide to Going Solo: How to Navigate Your Financial Future Single: 00:00 - Intro 02:19 - Retirement Savings by Generation 04:12 - Millennials' Solo Retirement 09:51 - Generation X Solo Retirement 20:15 - For the percentage of salary to save, are you referring to gross or net income after taxes and retirement contributions? 20:30 - How does the death

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

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 &

"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

Do you know what the most important steps are that you can take today to grow your wealth? Regardless of your age or where you are in life with saving for retirement, today’s show is for you. Joe Anderson, CFP®, and Big Al Clopine, CPA give you the steps to success to grow your wealth at any age! Download the Guide to Growing Your Wealth: 0:00 - Intro 1:52 - Steps to Success 3:16 - Asset Allocation 5:15 - Account for Inflation 6:21 - Download: Grow Your Wealth Guide 7:11 - True/False: Most retirees surveyed say they saved more money than they needed in retirement 7:41 - Investing Early 8:37 - Missteps and Catch-ups 9:43 - $1 Million at Retirement 11:15 - Retirement Income and Spending 13:49 - Download: Grow Your Wealth Guide 14:25 - True/False: If I make too much money I can’t invest in a Roth account. 15:32 - Roth Income Limits and Contribution Limits 17:57 - IRA Income Limits and Contribution Limits 18:40 - Tax-Smart Strategies 20:00 - Ask the Experts: My financial

"Hi Joe, Al and the Great and Powerful Andi! Regarding Podcast 391 at 23:54, 32-year-old Mike said he made his Roth $6000 "contribution" through a back door "conversion". Maybe I am off-base here, but I wonder if there is some confusion related to the conversion and contribution terms. His income for a "contribution" was too high for a direct Roth contribution. However; if he is converting to a ROTH IRA, that's a different story and he should NOT mark it on his taxes as a "contribution" because it is a conversion. The $6000 limit is also for a contribution but not a conversion. For Mike's sake, in case there is confusion on the terminology, can you explain the differences between ROTH contributions and their limits (income/contribution) compared to a ROTH conversion with limits (income/conversion NOT "contribution")? Thanks, Nancy" Listen to the entire Your Money, Your Wealth® podcast: Download the Comple