18 Questions to Ask Yourself Before You Retire - 97

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 21 January 2017

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Asking yourself these important questions before retiring helps rule out any unwanted surprises. Joe Anderson, CFP® and Alan Clopine, CPA dig into the email bag to answer your questions. Original publish date January 21, 2017 (hour 1). Note that content may be outdated as rules and regulations have changed.

2:48 “When you use debt properly, it can actually be pretty effective.”

9:32 “Here are 18 questions to ask yourself before you retire…let’s start with the first one: what does being retired mean to you?”

13:02 “Absolutely make sure you communicate what your retirement vision looks like to your spouse.”

16:58 “What would you like to add to your life and eliminate from your life?”

20:19 “How do you feel about downsizing? A lot of our equity and net worth is pent up in our home.”

25:06 “Should I recharacterize my Traditional IRA contributions to a Roth IRA?”

26:12 “Virtually anyone that’s working and has earned income can do a regular IRA contribution as long as you’re under 70 ½, however here are a couple stipulations…”

27:31 “If you’re single and your income is in between $118,000 and $133,000 you can do a partial Roth contribution.”

28:48 “You can do a Roth conversion regardless of your income level and age, and you don’t have to be working.”

30:33 “Recharacterization means you’re undoing your contribution that you made.”

31:36 “Control is everything when it comes to your money in retirement, because in retirement you actually do have more control over how much you pay in taxes [according to] which accounts you take money out of, and each account may be taxed differently.”

Transcript

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0:00.0	Pure Financial Advisors, a registered investment advisor.
0:03.2	This show does not intend to provide personalized investment advice through this broadcast
0:07.3	and does not represent that the securities or services discussed are suitable for any investor.
0:12.5	Investors are advised not to rely on any information contained in the broadcast in the process of making a full informed investment decision.
0:19.0	This is your money, your wealth, on Talk Radio
0:22.3	760, KFMV. Now, here's Joe Anderson and Big Al Clopine. And welcome to the show, Joe Anderson here,
0:31.9	certified financial planner, Big Al, right next to me. A little lineup of the show. We got what,
0:37.2	Tom Anderson. You know,
0:39.0	debt is always like a bad word in retirement, but not Tom. Yeah, he actually is going to teach us
0:44.2	why there's certain value of debt in retirement. Got to hear that. Everything that you learn was wrong.
0:49.9	Everything about debt you heard is wrong. So yeah, that'll be interesting to kind of unpack
0:54.4	that and see what he's talking about. Yeah. Because everyone, you know, you talk about pay off
0:59.2	your mortgage, you want no credit card debt and everything else. And I agree with all of that,
1:02.6	but in some instances, hey, if you understand both sides of the balance sheet, then you might
1:09.1	have a little bit more leverage and success.
1:12.5	And this doesn't apply to everyone because there's discipline that needs to be involved here.
1:18.1	There is discipline and there's certainly, we've heard people talk about good debt versus
1:23.0	bad debt and generally bad debt is things like credit card debt high interest rate
1:27.6	debt where you're you typically using that kind of debt to fund a vacation or
1:32.8	buy a new TV something like that things that go down in value and good debt
1:37.7	might be like a home mortgage if you have a home that will hopefully go up in
1:42.9	value so you do get that distinction.
	...

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