Should Edith and Archie live off their non-qualified accounts and pay Roth conversion taxes from their 401(k)? How can Johnny from Knoxville do Roth Conversions and stay in a low tax bracket Plus, at age 31, are Shad and his wife saving enough for retirement? What should Tech Chick do with her severance package after being laid off from her tech industry job? Finally, listener comments on retirement plan education, Roth conversions, and the 5-year Roth clocks.

Timestamps:

• 00:39 - Live Off Non-Qualified Accounts, Pay Roth Conversion Tax From 401(k)? (Edith & Archie, TX)
• 11:35 - How to Do Roth Conversions and Stay in a Low Tax Bracket + Estimating Taxes (John, Knoxville, TN)
• 19:11 - Retirement Spitball Analysis: Are We Saving Enough at Age 31? (Shad, Smith's Grove, KY)
• 27:11 - Laid Off From the Tech Industry. What Should I Do With My Severance Package? (Tech Chick, Mile High Rocky Mountains)
• 39:55 - Comment: No Financial People Ever Mentioned Roth Conversions to Me Before! (Donna, Valencia)
• 40:55 - Comment: Thanks for Letting Me Educate You on Retirement Plans (Debra, St Louis, MO)
• 42:41 - Comment: You Got the Roth 5 Year Clock Wrong (David, Michigan)
• 48:06 - The Derails

Access this week's free financial resources in the podcast show notes at https://bizlink.to/ymyw-421

• Register for our free 2023 pax planning webinar, March 29, 12pm PT
• 2023 Key Financial Data Guide
• Complete Roth Papers Package, Including: the Ultimate Guide to Roth IRAs, the Guide to the 5-Year Rules for Roth IRA Withdrawals, and the Roth IRA Basics Guide
• Episode Transcript
• Ask Joe & Big Al On Air

Are low-cost mutual funds or ETFs better investments in a tax-advantaged account? Also, more strategizing from that SECURE Act 2.0 529 plan provision, the pros and cons of selling a rental house now or holding it until you pass, and an easy-breezy self-employed retirement account that’s better than a SEP IRA. Plus, will municipal bond income bump you into a higher tax bracket? Can you avoid capital gains tax by investing less aggressively over time? 

Timestamps:

• 00:00 - Intro
• 00:46 - Mutual Funds vs. ETFs in a Tax-Advantaged Account? (Midwestfabs, St Paul, MN)
• 08:06 - SECURE Act 2.0 529 Plan Strategy (Chris, Atlanta)
• 14:51 - Will Municipal Bond Income Bump Me Into a Higher Tax Bracket? (Bobby, Philadelphia)
• 26:31 - Can I Avoid Capital Gains By Investing Less Aggressively Over Time? (Joe, Aston, PA)
• 33:12 - Pros and Cons of Selling a Rental House Right Now (Joe, Chula Vista)
• 34:48 - An Easy Breezy Self-Employed Retirement Account Better than the SEP IRA? (Steve, Las Vegas)
• 39:58 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-420

• The SECURE 2.0 Circus: brand new YMYW TV and companion guide
• Blog post: Self-Employed Tax Filing & Small Business Retirement Plans
• The Ultimate Guide to IRAs
• Episode Transcript
• Ask Joe & Big Al On Air
• (plus, cute dog photo alert! We’ve got Midwestfabs’ dog, “Jake-from-State-Farm”!)

In order to retire comfortably at age 60, what should you be doing with your finances when you’re in your 20s? A framework for getting started planning for retirement on today's episode of YMYW. Plus, if you’re a small business with a SIMPLE IRA plan, is it stupid to save for retirement in a brokerage account rather than a traditional IRA? If you inherited money and promised to donate to charity, should you do Roth conversions? What’s the most efficient way to pay financial advisor fees, and what’s a good strategy for making pre-tax and post-tax retirement contributions? 

Timestamps:

• 00:51 - A Framework for Getting Started in Planning for Retirement (Anonymous)
• 05:36 - I’m 24. What Should I Do to Retire Comfortably at 60? Michael, 24 (Binghamton, NY)
• 12:14 - I’m 32. Opened a SIMPLE IRA. Is It Stupid to Fund Brokerage Instead of Traditional IRA? (Ron Burgundy)
• 17:42 - I Inherited $450K, Promised to Donate to Charity. Should I Do Roth Conversions? (Allison, Northern Virginia)
• 23:02 - What’s the Most Efficient Way to Pay Advisor Fees? (Nick, OH)
• 26:06 - Strategy for Pre-Tax and Post-Tax Retirement Contributions? (Dave)
• 29:56 - The Derails

Access this week's free financial resources in the podcast show notes at https://bizlink.to/ymyw-419 

• Cracking the Code - Succeeding Financially at Every Age: YMYW TV & Companion Guide
• Spitballing Retirement Planning in Your 30's (and even in your 20's!) - YMYW podcast 391
• Top 10 Most Popular Your Money Your Wealth Podcast Episodes - Spotify playlist
• Schedule a free financial assessment with Pure Financial Advisors
• Episode Transcript
• Ask Joe & Big Al On Air
• (plus a photo of YMYW listener Nick's cute dogs!)

If you’ve got some retirement savings but can’t contribute any more, will you ever be able to retire? Joe and Big Al have three simple strategies to help you get there. Plus, how long does it take to get off of Medicare’s income-related monthly adjustment amount, or IRMAA, after your income decreases at retirement, and how do you take unknown future IRMAA income limits into account when setting up your financial plan? Can you “re-do” Social Security and stop taking benefits after claiming Social Security early? Do spousal benefits change after one spouse files for Social Security? And finally, the fellas address a few corrections they’ve received recently regarding Medicare and safe harbor 401(k) plans. What exactly is “top-heavy” anyway?

Timestamps:

• 00:00 - Intro
• 01:02 - Will I Ever Be Able to Retire? I Have Some Savings But Can’t Contribute More (Patty, NY)
• 06:38 - Retired, Income Dropped, Enrolled in Medicare. How Long to Get Off IRMAA? (Randy, Hb, Ca)
• 08:05 - How to Plan for Unknown Future Medicare IRMAA Income Limits?
• 10:53 - “Re-Doing” Social Security: Can You Stop Taking Benefits After Claiming Early? (Lauris, Volcano, Hawaii)
• 12:39 - Will Spousal Social Security Benefit Amounts Change When One Spouse Files? (Philip, Los Angeles)
• 15:09 - SECURE 2.0: When Must You Pay Taxes on Company Match Retirement Contributions? (Jim, Dallas, TX)
• 19:47 - CORRECTION: ACP Test for Safe Harbor 401(k) Plans, After-Tax Contributions (Debra, St Louis)
• 25:08 - CORRECTION - Medicare Test: Creditable Drug Coverage (Steve, Las Vegas)
• 28:56 - DUKE’s Medicare Enrollment Experience (DUKE (John Wayne), Knoxville, TN)
• 32:54 - The Derails

Access this week's free financial resources in the podcast show notes at https://bizlink.to/ymyw-418: 

• Retirement Readiness Guide
• NAPA-net: 401(k) After-Tax Contributions Are ‘Testy’
• Turbocharge Your Wealth! YMYW TV & Companion Guide
• Episode Transcript
• Ask Joe & Big Al On Air
• (Plus, YMYW Producer Andi Last video interview on the Audience Growth Podcast)

How should your financial strategy change when your income increases dramatically? We’re talking like $450K one year to a million and a quarter the next? (If you guessed Roth conversions might be in the answer you’d be correct!) Joe and Big Al also spitball strategies for when your income is too high to make Roth contributions, and can you use capital gains to contribute to Roth? Can “Alligator Joe” afford to retire early, or does he need to keep gutting it out at his current job wrestling alligators? Should Catherine contribute to her 401(k) or buy company stock before she quits her day job to start a business? The fellas also spitball retirement planning involving structured settlements, inherited assets, and ACA credits, and they discuss transferring annuities to a CD vs. deferring the interest into another annuity. 

Timestamps:

• 00:58 -  Income Increased Dramatically. Should Our Retirement Tax Strategies Change? (Cookie Baron, Texas)
• 08:59 - Can I Use Capital Gains to Make Roth Contributions? (Aaron)
• 12:12 - Early Retirement Spitball: Should I Keep Gutting it Out at My Current Job? ("Alligator Joe Frazier", The Sunshine State FL)
• 18:11 - Contribute to 401(k) or Buy Company Stock Before Quitting to Start a Business? (Catherine, TX)
• 20:32 - Retirement Spitball: Income is Too High for Roth Contributions (Kelly, Owensboro, KY)
• 25:10 - Retirement Spitball: Structured Settlement, ACA Credits, & Inherited Assets (Kara from PA)
• 29:42 - Should We Transfer Annuities to CD, or Defer Interest Into Another Annuity? (Norma, Chula Vista)
• 34:00 - The Derails

Access this week's free financial resources in the podcast show notes at https://bizlink.to/ymyw-417:

• The Complete Roth Papers Package
• 10 Ways the SECURE Act 2.0 Changes Your Taxes and Retirement Planning (webinar)
• Episode Transcript
• Ask Joe & Big Al On Air

Joe and Big Al spitball on set-and-forget brokerage investments for 30-something investors, real estate as a substitute for bonds in a diversified portfolio, and options for taking a state pension with or without sick time pay. The fellas also discuss how to bridge the retirement gap until collecting Social Security, strategies for claiming spousal Social Security benefits, and whether you need to sign up for Medicare if you’d rather keep the healthcare you already have.

Timestamps:

• 00:49 - Set-It-and-Forget-It Brokerage Investments for a 30-Something Investor? (Chris, Scottsdale)
• 07:56 - Is Real Estate a Substitute for Bonds in a Diversified Investment Portfolio? (Don, VA)
• 12:42 - State Pension Options: $21K at Age 55 Plus $13K Sick Time, or $30K at Age 62? (Rich, NY/NC - voice message)
• 19:35 - Which Funds Should We Use to Bridge the Gap Until Collecting Social Security? (Jeff, San Diego)
• 25:29 - When Will I Receive Spousal Social Security Benefits? (Sharon)
• 28:37 - Spitballing a Spousal Social Security Claiming Strategy (G, Philly)
• 33:50 - Do We Have to Register for Medicare If We Aren’t Going to Use it? (Jim Santa Cruz)
• 39:03 - The Derails

Access this week's free financial resources in the podcast show notes at https://bizlink.to/ymyw-416: 

• 10 Ways the SECURE Act 2.0 Changes Your Taxes and Retirement Planning
• Portfolio Tracker: How to Manage Your Assets at Any Age
• Social Security Handbook
• Medicare Checkup Guide
• Episode Transcript
• Ask Joe & Big Al On Air

With the new SECURE Act 2.0 rules regarding retirement savings contributions, should your company match go into the traditional or Roth 401(k)? Joe and Big Al also discuss whether you can or should do Roth conversions when your company fails non-discrimination testing for highly compensated employees (HCEs), the mega backdoor Roth vs. the employee stock purchase plan, and they spitball a tax arbitrage strategy. Plus, a retirement spitball for a 37-year-old couple wanting to retire in their 60s, and another couple wanting to FIRE (financial independence/ retire early) - but are they screwing up and creating a huge future tax bill? Show notes, free financial resources, transcript, Ask Joe & Big Al On Air: https://bizlink.to/ymyw-415

Modified adjusted income for Medicare and IRMAA and the pro-rata and aggregation rules for Roth conversions explained... clearly? Will a combat zone TSP transfer be subject to those rules? Plus, joint tenants with rights of survivorship vs. transfer on death for a brokerage account, reducing taxes on the sale of a timeshare, how much to spend on home improvements, and using a reverse mortgage instead of long-term care insurance. And wait ’til you hear Joe and Big Al's thoughts on the best way to pay the least amount of tax when you cash out your retirement savings to buy gold and silver. Show notes, many new free financial resources, transcript, Ask Joe & Big Al On Air: https://bizlink.to/ymyw-414

How should young savers invest pensions and estimate their retirement income needs? Is going into your employee stock purchase plan a good portfolio diversification strategy? What do Joe and Big Al think of multi-year guaranteed annuities (MYGA), and dividend-paying stocks vs. ETFs? Plus, a $10.6M retirement spitball analysis, making extra mortgage payments vs. saving to a brokerage account, and contributing to Roth 401(k) vs. traditional 401(k). Also, will a 403(b) held by an insurance company be subject to separation costs or surrender fees when rolled to an IRA? And the specifics on when to file tax form 5500. Show notes, Why Asset Location Matters Guide and other free financial resources, transcript, Ask Joe & Big Al On Air: https://bizlink.to/ymyw-413

Joe and Big Al 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 of course, Roth IRA strategies: as in, 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 - including the free guide to the SECURE 2.0 Act - and to Ask Joe & Big Al On Air for your Retirement Spitball Analysis: https://bizlink.to/ymyw-412