Timothy Sumer

Gid Pool took a standup comedy class 13 years ago at age 61 on a lark. He shares the story of his retirement hustle, traveling the US and 50+ countries as a standup comic, inspirational speaker, and the author of Act II and Beyond: Making the Rest of Your Life Spectacular. Plus, Joe and Big Al follow-up on ERISA protection for SEP IRAs, they discuss the Qualified Business Income Deduction for owners of rental real estate, and they offer financial tips and investing ideas for high school grads and college students. Transcript & show notes: Subscribe to the podcast & share: 00:51 - Standup Comedy is Gid Pool's Retirement Hustle 18:53 - Follow-up: ERISA Protection for a SEP IRA 24:48 - Can Rental Real Estate Owners Use the Qualified Business Income Deduction? 35:06 - 8 Financial Tips For High School Graduates 41:12 - Where Should a College Student Begin Investing? If you would like to schedule a free assessment with one of our CFP® professionals, click here

Today on Your Money, Your Wealth® podcast 371 with Joe Anderson, CFP® and Big Al Clopine, CPA, when do you have to pay the taxes on a Roth IRA conversion to avoid any IRS penalties? Was it a mistake to convert to Roth IRA? What percentage of your assets should be in tax-free, tax-deferred, and taxable accounts to give maximum flexibility in retirement? And finally, do Roth conversions count as income toward your eligibility to contribute to a Roth, and how will a pension be taxed? Podcast show notes, episode transcript, free financial resources, Ask Joe & Al On Air: 00:00 - Intro 00:50 - When Do You Have to Pay Roth Conversion Taxes Without Penalty (John, Atlanta voice message) 05:05 - When to Pay Roth Conversion Taxes? (Luis, Plant City, FL) 09:59 - Schedule a free financial assessment: 10:38 - What Percentage in Tax-Free, Tax-Deferred and Taxable Accounts Gives Max Flexibility? (Benjamin, Fargo, ND) 18:28 - Was Our Roth Conversion a Mistake? (David, California) 25:3

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.

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

"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-