Timothy Sumer

On the Your Money, Your Wealth® podcast episode 216, Joe Anderson, CFP® and "Big Al" Clopine, CPA answer this question from Nick in Moreno Valley, CA: "I am 54 and plan to retire to the Philippines in January 2020. Total monthly income needed to start is $4000. We will have no mortgage when I retire – current home will be sold with a gain of $80,000 to pay off home in the Philippines and money left to purchase car and build a vacation home. My pension starts at 55 - $1900/mo with 50% survivor. Will start withdrawing 3% from 401k with 3% inflation or wait 2 more years and get $2400/mo pension and withdraw $4000/year from the 401k for two years. Will claim Social Security at 65 - $3,000/mo for me and wife combined. We have $550,000 in 401k, $120,000 in Roth, $12,000 in IRA, $120,000 brokerage acct., $8,000 savings bond, $14,000 Philippine mutual fund, $75,000 emergency fund money market at 2% interest. Allocation of assets invested is 40% stocks 60% bonds.

Question: (Bobbi, NYC) Hey guys, my drink of choice is Coke..... with splash of Dr. Pepper. I drive...my wife crazy. As in big city, drive shopping cart- no car. I am 66 (tell by AOL account?), working and making "good change." I have IRA's 401K's and Roth 401K's but no ROTH IRA. I plan to work F/T few more years & do not plan to start RMD's til 70++. In regard to starting the 5 year rule for future withdrawl's from a Roth IRA (ultimately may consolidate all ROTH 401K's to Roth IRA's) since I cannot contribute and establish my first ROTH IRA (income limits) can I just do a small, nominal IRA to ROTH back door conversion to get account opened? Listen to the entire Your Money, Your Wealth® podcast: Download the 5 Year Rules for Roth Withdrawals 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

Congress passed the largest retirement savings reform in more than a decade when they passed the Secure Act also known as the Setting Every Community Up For Retirement Act. Do you know what the Secure Act means for you and your retirement? Financial professionals Joe Anderson and Alan Clopine help you to become Secure Act Savvy by breaking down the changes in the rules and regulations to enable you to make the most of your financial plan moving forward. Important Points: (00:45) – The SECURE Act  (01:16) – Retirement Savings (02:43) – SECURE Act Savvy -Required Minimum Distribution Changes -Repeal of Age Limit on IRA Contributions -Repeal of the Stretch IRA -Notable 401(k) Changes (03:46) – Key Ages to Remember For retirement planning (05:08) – Required Minimum Distribution (RMD) Changed to Age 72 (06:49) – Calculating your Required Minimum Distribution (10:26) – The 10-year rule on Beneficiary IRAs (12:39) – Stretch Exemptions (13:25) – Tax Rates (19:23) – Change