When Will You Be Able to Retire? - 438

07/18/23 • 31 min

3 Listeners

Steven has got "one more year" syndrome. Can he retire at age 65? Today on Your Money, Your Wealth® podcast 438, Joe and Big Al spitball retirement for him, and for MB - can she and her husband live comfortably if she retires at age 591⁄2? And for Johnny - does he have enough to fill the gap until retirement, and should his dad do Roth conversions before Johnny inherits his wealth? Is Austin maximizing his future gains by saving to his 401(k) at age 29, rather than his Roth IRA? But first, how can Mike and his wife leave their kids a lower tax bill when they pass?

Timestamps:

00:45 - How to Leave the Kids a Lower Tax Bill When We Pass? (Mike, Boerne, TX - voice)
04:24 - I Have "One More Year" Syndrome. Can I Retire at 65? (Steven, Exton, PA)
08:30 - Can We Live Comfortably If I Retire at 591⁄2? (MB, Louisville, KY)
12:49 - Do I Have Enough to Fill the Gap Until Retirement? Should Dad Convert My Inheritance to Roth? (Johnny, El Dorado, CA)
21:49 - Am I Maximizing Future Gains By Saving to Pre-Tax 401(k)? (Austin, Naples, FL)
29:42 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-438

Retirement Lifestyles Guide
Register for the Q3 Financial Markets Outlook live webinar, July 26, 2023, 12pm PT / 3pm ET
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Timestamps:

00:45 - How to Leave the Kids a Lower Tax Bill When We Pass? (Mike, Boerne, TX - voice)
04:24 - I Have "One More Year" Syndrome. Can I Retire at 65? (Steven, Exton, PA)
08:30 - Can We Live Comfortably If I Retire at 591⁄2? (MB, Louisville, KY)
12:49 - Do I Have Enough to Fill the Gap Until Retirement? Should Dad Convert My Inheritance to Roth? (Johnny, El Dorado, CA)
21:49 - Am I Maximizing Future Gains By Saving to Pre-Tax 401(k)? (Austin, Naples, FL)
29:42 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-438

Retirement Lifestyles Guide
Register for the Q3 Financial Markets Outlook live webinar, July 26, 2023, 12pm PT / 3pm ET
Episode Transcript
Ask Joe & Big Al On Air

Previous Episode

Two Unspoken Assumptions About Collecting Social Security - 437

YMYW listener Alan feels that there are two unspoken assumptions that many different podcasters make when it comes to claiming Social Security benefits. Joe and Big Al spitball on those assumptions, along with safe retirement withdrawal rates before and after Social Security and pension for Rick and Jen, and a thrift savings plan (TSP) and Social Security retirement strategy for Theresa. Plus, Mark and his wife are semi-retired at 51 and 44. Are they going to run out of money? Where should Mary be saving for retirement, and how should she handle large Roth conversions before required minimum distributions (RMDs) kick in?

Timestamps:

00:45 - Unspoken Assumptions About Collecting Social Security? (Alan, Daufuskie Island, SC)
09:38 - Safe Withdrawal Rates Before and After Social Security & Pension (Rick & Jen, Atwater, OH)
19:25 - Thrift Savings Plan and Social Security Retirement Strategy (“Theresa”)
29:28 - Retirement Spitball: Will We Run Out of Money? (Mark, St. George, UT)
37:37 - Where to Save for Retirement and Roth Conversions Prior to RMDs? (Mary, small town Indiana)
47:54 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-437

Social Security Handbook
Episode Transcript
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Next Episode

$7M Tax-Free or $10M Retirement? Backdoor Roth or Lower Fees? - 439

Should Carl Spackler stick with his backdoor Roth strategy, or go for lower fees? Should Kevin go all Roth, or stick with his current three tax-diversified buckets strategy? (That depends - would he rather have $7 million tax-free, or $10 million in tax-deferred retirement accounts?) Can Lily claim all the extra allowances she can, to jam as much money as possible into her Roth? Can Dave retire now and ride his motorcycle into the Bavarian Alpine sunset, and does Peggy Lee need to be feverish about the tax underpayment penalty with her Roth strategy?

Timestamps:

00:53 - Do I Need to Worry About a Tax Underpayment Penalty with My Roth Strategy? (Peggy Lee, North Dakota)
07:17 - What Am I Doing Wrong? Can I Retire Now? What About Taxes? (Dave, Germany)
15:28 - Back Door Roth vs. Lower Fees: Which Would You Choose? (Carl Spackler, FL)
21:40 - Should We Go All Roth or Three Tax-Diversified Buckets? (Kevin, NJ )
28:53 - Can I Claim Extra Allowances to Contribute More to Roth IRA? (Lily, San Diego)
33:46 - Should I Split Money Between Multiple Brokerage Firms to Avoid Hacking? (Wesley from Unincorporated Gwinnett County, GA)
40:18 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-439

Register for the Q3 Financial Market Outlook live webinar, July 26, 2023, 12pm PT / 3pm ET
The Ultimate Guide to Roth IRAs
YMYW in US News and World Report’s Best Personal Finance Podcasts to Listen to in 2023
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