Timothy Sumer

"Hello, love the show! My wife and I are 41, have 4 kids, I drive a 2020 Nissan Altima and we have a cat. I have a rollover IRA worth about $315k, Roth IRA of about $100k and a 401k at work of about $125k. My wife has a $18k Rollover IRA and a $75k Roth IRA. We also have a taxable brokerage account worth $125k. We make too much to do a Roth contribution. We plan to convert her rollover IRA to her Roth and pay the taxes from our brokerage account. My question is, can we convert my wife's rollover IRA to her Roth IRA and also contribute to a non-deductible IRA and convert that to a Roth (backdoor style) in the same year or do we have to wait until next year to do the backdoor? Thanks again Ben, Fargo ND" 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

Should investors worry about regional banks? Will the Federal Reserve tame inflation? Is a recession looming? What's next for stocks and bonds? Pure Financial Advisors' Executive Vice President and Chief Investment Officer Brian Perry, CFP®, CFA® charter, AIF® addresses these questions as he discusses Q1 market volatility and the outlook for Q2 and beyond. Download the 2023 Key Financial Data Guide: Schedule a free assessment with any one of our experienced financial professionals: 00:00 - Intro 00:26 - Banks and Recession: What is a Recession? 05:17 - Inflation remains high. When will it moderate? 100-year and 12-month inflation rates 09:32 - Is the dollar going to be replaced as the reserve currency? 11:42 - Stock Market Volatility, Performance, Bull and Bear Markets, Consumer Confidence, Inflation 17:23 - Should I still own international stocks? Global Stock Market Summary Performance, Values, Returns, Revenue 24:05 - Pessimism, Prices, Good Time to Invest? 25

How can you reduce taxes, IRMAA, net investment income tax, and required minimum distributions when you’ve got too much money in your tax-deferred retirement account (traditional IRA) - and just how much Roth conversion should you do? That’s today on Your Money, Your Wealth® podcast 423 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, can you contribute to a Roth by transferring stocks “in kind”? If the check you send off to pay your estimated taxes isn’t cashed before the deadline is it late? How does SECURE 2.0 impact 529 plans, and is 529 better than Roth IRA for college savings? Finally, the fellas spitball a 401(k) in-plan Roth conversion and retirement account consolidation strategy. Podcast show notes, free financial resources, episode transcript: 00:00 - Intro 00:48 - We Have Too Much in Traditional IRA. How's Our Roth Conversion Plan? (Kelly, Idaho) 10:17 - Download the Tax Takedown Guide: Watch YMYW TV: Tax Takedown: 10:54 - Can I Make a Roth IRA Con

Saving for retirement can be a bit of a three-ringed circus but Joe Anderson, CFP®, and Big Al Clopine, CPA have your ticket to the show! Whether you’re retired, saving for retirement, in the military, or paying off student loans, SECURE 2.0 is a massive shift in investment policy, designed to motivate and enable people to save more for retirement to the tune of $40 billion in new savings plans over the next decade – not to mention reshaping 401(k)s and RMDs. What does the SECURE Act 2.0 mean for you? It's all under the big top in today's show! Download the free guide to the SECURE 2.0 Circus: Secure 2.0 Circus • Big Top Benefits • Inheritance Gymnastics • Show Time 0:00 - Intro 1:16 - Secure 2.0 Circus 2:50 - 401(k) Changes 5:07 - RMD Changes 6:43 - Emergency Savings Plan 7:00 - Qualified Charitable Distributions 7:43 - 529 Plans 9:14 - Student Loan Match Program 9:43 - Download Guide: SECURE 2.0 Circus 10:30 - True/False: If you inherit an IRA from your fathe

"Hey, Joe and Big Al this is Kyle from Georgia. My question is regarding some money that I have from an old employer 401k. So it's about $200,000 and it's all pre-tax. And when I left that employer, I moved it to my personal IRA. So my question is twofold. One, I can do Roth conversions on that money? We did it for the first time this year, and we were able to withstand the tax burden and we're in a high tax bracket and above the income limit to do regular Roth contributions. My other option is to take all that $200,000 and now I have access to my new employers 401k. If I should roll it there? And the reason being is I guess that the 200,000 is now sitting in a pre-tax account in my IRA, I can no longer make backdoor contributions, so no longer can put the 6,000 in and, and do a backdoor. So I'm wondering what you think is best. If I should just leave it there and continue to, I guess, Chunk at it till it's down to zero in, in all Roth, cuz that's

"Team, thank you again for the great show and the humor in how you answer these questions. I have a question about my Roth IRA and Roth TSP…. and it has nothing to do with the Megatron or back door! I’ve had my Roth IRA for about 15 years and began funding the Roth side of my TSP 5 years ago. I intend to transfer the Roth portion of my TSP to my Roth IRA whenever I decide to retire from the military. With that in mind: Will all the contributions I’ve made to my Roth TSP over the years be counted as contributions in my Roth IRA? Or would the entire value of the Roth TSP count as the contribution when it is transferred to my Roth IRA? Is there some other rule that I am missing? I understand that Roth IRA contributions can always be accessed without penalty and that contributions are considered to be the first portion withdrawn from the account. What I don’t understand is how or if that would change once another retirement plan such as my Roth TSP is brought over. I’m

"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'

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

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