Advisor Touts 8% Returns, But Says I Can Only Withdraw 4%?! - 459

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

🗓️ 12 December 2023

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

Do financial advisors have some secret blood handshake that they’ll all claim they can get you 8 percent returns, but then tell their clients they can only withdraw 4 percent in retirement? That’s Mark in Minnesota’s question today on YMYW. Plus, should Matthew in Seattle quit the DIY approach to his finances and hire a fee-based financial planner? What do Joe and Big Al think about Steven in Connecticut’s “opposite of sequence of returns risk” strategy for retirement withdrawals and “bonuses”? Can listener Joe have an active and comfortable retirement at age 62? Elle in Los Angeles needs some spitballing on contributing to traditional or Roth 401k, student loans, and the potential tax benefits for paying mother in law for babysitting. The fellas also answer some more last-minute year-end tax questions for George, and for Chuck in Idaho. But first, Mike in CO gets priority with his voice message about tax loss harvesting.

Timestamps:

01:08 - Any Reason Not to Do Tax Loss Harvesting? (Mike, Steamboat Springs, Colorado - voice)
05:46 - Should I Switch from DIY to a Fee-Based Financial Planner? (Matthew, Seattle, WA)
16:00 - If Advisor Touts 8% Returns, Why Can I Only Withdraw 4%? (Mark, MN)
24:49 - 3% Retirement Withdrawals + Bonuses = Opposite of Sequence of Returns Risk? (Steven, CT)
31:05 - Can I Have an Active and Comfortable Retirement at Age 62? (Joe)
36:35 - 401k Vs Roth 401k Contributions, Student Loans, and Babysitting Tax Benefit (Elle, Los Angeles)
41:16 - When to Pay Taxes on a 2023 Roth Conversion? (George)
43:26 - Cost Basis: First In First Out to Minimize Taxes? (Chuck, ID)
47:27 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-459

EASI Retirement Spitball Analysis: YMYW TV
EASIretirement.com Free Retirement Calculator
6 Secrets to Bigger Tax Savings from Your Nonprofit Donations: YMYW TV
Tax-Smart Charitable Giving Guide
Episode Transcript
Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Transcript

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0:00.0	Do financial advisors have some secret blood handshake that they'll all claim 8% returns,
0:05.7	but then tell their clients they can only withdraw 4% in retirement?
0:09.6	That's Mark and Minnesota's question today on Your Money, Your Wealth podcast number 459.
0:14.9	Plus, should Matthew in Seattle quit the DIY approach to his finances and hire a fee-based
0:19.8	financial planner?
0:20.5	What do Joe and Big
0:21.8	Al think about Stephen in Connecticut's opposite of sequence of returns risk strategy for retirement
0:27.4	withdrawals and bonuses? Can listener Joe have an active and comfortable retirement at age 62?
0:34.1	Elle in Los Angeles needs some spitballing on contributing to traditional or Roth 401k, student loans,
0:40.4	and the potential tax benefits for paying mother-in-law for babysitting. The fellows also answer some more
0:45.9	last-minute year-end tax questions for George and for Chuck in Idaho. If you've got money questions,
0:51.6	go to Your Money, Your Wealth.com, and click Ask Joe and Big Al on air.
0:55.6	Remember, voice messages get priority like this one coming up on tax loss harvesting from Mike in Colorado.
1:01.5	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, Joe Anderson, CFP, and Big Al Clopine CPA.
1:09.1	Tis the seasons. Yeah.
1:11.2	We're going to give some little holiday joy here by answering some of these questions, Bigel.
1:15.7	Wow.
1:16.4	It seems like we do that year round.
1:17.7	Yeah.
1:17.9	That's what I was going to say.
1:19.3	Hello, Joe and Big Al.
1:20.7	This is Mike from Steamboat Springs, Colorado.
	...

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