Timothy Sumer

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

"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 408 with Joe Anderson, CFP® and Big Al Clopine, CPA: asset location strategies, liquidity, and building up tax-free Roth IRA money when retiring early, how growth is taxed in taxable accounts, pros and cons of rolling an employer retirement plan into a traditional IRA, how stock futures are determined and why stock price matters, and buying 8-week treasuries. And, if you’re planning to make a killing on eBay or at your next garage sale, the fellas get into the weeds on how to maximize your tax savings. Show notes, free financial resources, transcript, Ask Joe & Big Al On Air: 00:00 - Intro 00:56 - Comment: Finished Binge-ing Every Episode! (Mark) 02:39 - How Are Stock Futures Determined? Why Does Stock Price Matter? (Michael) 08:05 - Asset Location: Should We Save $70K/Year to Roth IRA Before Early Retirement? (Renee, Nashville) 18:25 - Why Asset Location Matters: 20:29 - Pros and Cons of Employer Retirement Plan to IRA Rollo

I discovered your podcast and it has taught me so much. I would like to get both of your opinions on the hypothetical outcome of the bill headed for Senate which will move the age for RMDs back to age 75 starting in 2033. I am 45 years old and I currently have $120 k in my roth, and $400 k in a tax deferred 401 k. If this bill passes, will this be a game changer for those like me retiring after this time?! If I don't have until age 75 to pay rmd, will I need to worry less about a growing tax deferred traditional ira? Will this change your recommendations on converting or contributing to Roth accounts? Or is this a small detail in the overall life of the portfolio. Thanks, Sam, Los Angles Download the 2022 Key Financial Data Guide: Listen to the entire Your Money, Your Wealth® podcast: Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of

At what age can I start Roth IRA for my daughter and what type (aggressive, mod, ect) do you suggest? She is 12. I’m a much older parent and want to start her in the right direction. College is provided already since I am retired military and 100% disabled. Thank you. Dave, Olympia, WA Download the Roth IRA Basics Guide: Listen to the entire Your Money, Your Wealth® podcast: 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 assessment with any one of our experienced financial professionals: Office locations: Ask Joe & Big Al On Air: Subscribe to our YouTube channel: Subscribe to the Your Money, Your Wealth® podcast: IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor. • Pure Financ

"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

"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-