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...

As an owner of a business you have four options for funding a retirement plan. Brian Sauter CFP®, AIF® senior financial planner explains each one, the contribution limits and deadlines. 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 one of our experienced financial professionals, either online, or at one of our many financial planning offices around the country: Subscribe to our YouTube channel and stay tuned for the next episode of the Your Money, Your Wealth® TV show: Subscribe to the YourMoney, Your Wealth® podcast: IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor. • Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or atto...

On the Your Money, Your Wealth® podcast episode #211, Joe Anderson, CFP® and "Big Al" Clopine, CPA answer a phone message from Rob: "Joe was saying that the Roth is passed on to your kids tax-free. I was told by my tax accountant that no, it is not passed on to your kids tax-free, only to your spouse. See if they can clear that up for me, that’s a big question mark for me – alright, thanks. This is Rob and I live in Ohio, okay? Thanks." Read the transcript and show notes or listen to the full 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 an experienced financial professional: Office locations: Ask Joe & Big Al On Air: Subscribe to our YouTube channel: Subscribe to the Your Money, Your Wealth® podcast: IMPORTANT DISCLOSURES: • Investment Ad...

"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...

"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...

With the consumer price index at forty-year highs, Matt Balderston, Pure financial advisor, CFP®, AIF® will explore what types of investments might make sense in an inflationary environment. It is important to note that there are no foolproof methods to avoid short-term surprises. The bottom line is that if inflation readings come in higher than expected, most major asset classes are likely to suffer. However, as your time horizon stretches out, you can take steps to position your portfolio for optimal performance in an era of rising prices. 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 your personal finance questions: Subscribe to our channel: IMPORTANT DISCLOSURES: • Investment Advisory and Financial...

“If I contribute to my SEP IRA this year, it will bump me down a tax bracket. How do I weigh that against long-term benefits of contributing to my Roth instead?” - Glen, Mira Mesa, CA Download the Retirement Readiness Guide: Watch the full episode of Your Money, Your Wealth TV - Key Steps to Financial Freedom: How to Improve Your Retirement Readiness: 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 Financial Advisors LLC does no...

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...

Today on Your Money, Your Wealth® podcast #310, Joe Anderson, CFP® and Big Al Clopine, CPA are drilling down into the specifics of retirement distribution strategies: dollar cost averaging, pro-rata withdrawals, and buckets vs. the total return approach. Plus, a retirement withdrawal strategy with a side of pension and Social Security, another mortgage payoff question, the small business solo 401(k) trap, an LLC for a kayak side-hustle, and FIPhysician.com says nice things about YMYW. 00:00 - Intro 00:48 - Dollar-Cost Averaging, Pro-Rata, Buckets & Total Return: Retirement Withdrawal Specifics (Kristin, MA) 14:48 - What Can You Tell About Index Investments? (Richard) 15:46 - Retirement Withdrawal, Pension, and Social Security Strategy (Jeff, San Diego) 22:40 - Not Sure My Pension is Reliable. Should I Pay Off the Mortgage in 15 Years? (Richard) 26:41 - “Solo 401(k) Trap”: Qualified Business Income Deduction and the Solo 401(k - (Smitty, the Villages) 31:46 - Should I Cre...

Make the most out of your Social Security in retirement by understanding how Social Security benefits work and what Social Security collecting strategies are available. Allison Alley, CFP®, AIF®, Pure financial advisor outlines 5 ways to maximize your benefits: 1. Understand how your Social Security benefit is calculated. 2. Impact of collecting Social Security benefits early or late. 3. The importance of spousal benefits. 4. Applying for survivor benefits if applicable. 5. How much of your Social Security income is subject to federal taxation. Also: Withdrawing your Social Security Retirement application. Check your Social Security earnings record for accuracy. Download the Social Security Handbook: Watch Allison's full webinar on Maximizing Social Security Benefits Under the Latest Rules: Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to th...

Millions of people receive Social Security benefits, but many are unaware of exactly what benefits they are entitled to, as well as how much. Understanding what benefits are available to you can help reduce financial hardship and better plan for your future. Significant changes have been made to Social Security policies in the last couple of years. Joe Anderson, CFP® leads attendees through a webinar to show how to you can craft your Social Security strategy in light of the recent changes. Free download - The Social Security Handbook: Agenda: - Calculating your Social Security benefit - When to take your Social Security benefit - Spousal benefits - Survivor benefits - Children's benefits - Social Security claiming strategies - Social Security changes - The future of Social Security Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of peop...

Today on Your Money, Your Wealth® podcast 309, Joe Anderson, CFP® and Big Al Clopine, CPA are answering questions from across the personal finance spectrum: inherited IRAs and late RMDs, contributing to non-qualified deferred compensation plans, making Roth contributions for grandkids, how a Roth impacts student loans, taxation on ESPPs and RSUs, paying off the mortgage, and retirement plan spitball analysis for a clergyman and his wife, and for a couple with a profitable side hustle. Access the transcript and financial resources, ask your money questions: 00:56 - Options for Taking Late RMDs on an Inherited IRA? (Bryan) 06:42 - Should I Make Non-Qualified Deferred Compensation Plan Contributions? (Jeff, Dallas, TX) 11:49 - Can We Make Roth Contributions for our Granddaughter? (Therese) 14:16 - Clergyman Retirement Plan Spitball Analysis (Christine, PA) 23:45 - How Does a Roth Impact Student Loans? (Sheryllyn) 28:54 - Confirming Capital Gains vs Ordinary Income vs Roth (Ric...

As an owner of a business you have four options for funding a retirement plan. Brian Sauter CFP®, AIF® senior financial planner explains each one, the contribution limits and deadlines. 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 professionals, either online or at one of our financial planning offices in San Diego, Brea, Irvine, and Woodland Hills, California: Ask your personal finance questions: Subscribe to our channel: IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC a Registered Investment Advisor. • Pure Financial Advisors LLC does not offer tax or legal advice. Consult with their tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change...

Saving for retirement with a Roth IRA versus a traditional IRA can have an impact on how much money you have once you stop working. Financial experts Joe Anderson and Alan Clopine go over the differences and the impact it can have on your retirement savings. Broadcast Date: June 4, 2017 If you would like to schedule a free assessment with one of our CFP® professionals, click here: Make sure to subscribe to our channel for more helpful tips and stay tuned for the next episode of “Your Money, Your Wealth.” Channels & show times: IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor. • Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with a tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. • Investing ...

On the Your Money, Your Wealth® podcast episode #208, Joe Anderson, CFP® and "Big Al" Clopine, CPA answer this question from Tom: "My wife turns 62 in Feb of 2019. I turn 70 in July. I have been drawing SSI since 62, as it was necessary. We were wiped out in the housing crash of 2017-ish, so no saving or other income. My wife could take her SSI at about $700 per month, or I hear she could apply for half my $1990 that I receive. Question; Do I lose half my SSI if she claims half? Given the scenario above, should she take her SSI? Thank you." Listen to the full podcast and read the transcript and show notes: If you would like to schedule a free assessment with one of our CFP® professionals, click here: Make sure to subscribe to our channel for more helpful tips and stay tuned for the next episode of “Your Money, Your Wealth.” Channels & show times: IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through P...