Age Plus 20 Rule for Retirement Contributions - 496
Your Money, Your Wealth
Your Money, Your Wealth
2.3 • 681 Ratings
🗓️ 24 September 2024
⏱️ 37 minutes
🧾️ Download transcript
Summary
How much should you save in pre-tax accounts vs. post-tax accounts? Joe Anderson, CFP® and Big Al Clopine, CPA spitball on the "age plus 20" rule for retirement savings, Roth 401(k) contributions and distributions, and a Social Security claiming strategy for Ralph and Marie in Wilmington, Delaware. Shawn wonders if YMYW listeners are ignoring the WEP and GPO when it comes to Social Security, that is, the Windfall Elimination Provision and the Government Pension Offset. Plus, can Jake and Amy in Iowa retire in 5 years, or do they need to work beyond age 60? Should Edwin stop making Roth contributions and start doing Roth conversions instead? And finally, how can Jeff in North Dakota’s son qualify for the American Opportunity Tax Credit? Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-496
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Timestamps:
00:00 - Intro
01:09 - Roth 401(k) Contributions and Distributions, Age Plus 20 Rule, and Social Security Claiming Strategy (Ralph and Marie, Wilmington, DE)
12:35 - Download the Social Security Handbook, Download the Medicare Check-Up Guide, Watch Medicare Check-Up: How to Keep Your Retirement Plan Off Life Support on YMYW TV, Register for the Medicare Basics webinar Wed. Sept 25, 12P/3E
13:37 - Are Listeners Ignoring Government Pension Offset and Windfall Elimination Provision for Social Security? (Shawn)
17:30 - Can We Retire in 5 Years Or Do We Need to Work After Age 60? (Jake & Amy, Iowa)
26.36 - Financial Blueprint - get your complementary retirement analysis
27:45 - Should I Stop Roth Contributions and Do Roth Conversions instead? (Edwin)
31:24 - American Opportunity Tax Credit for College Age Son (Jeff, ND)
35:58 - Outro
Transcript
Click on a timestamp to play from that location
| 0:00.0 | What is the age plus 20 rule for retirement savings and what do Joe and Big Al think about it? |
| 0:05.5 | That's today on your money, Your Wealth podcast number 496, as the fellas spitball on Roth 401K |
| 0:11.3 | contributions and distributions and a social security claiming strategy for Ralph and Marie in |
| 0:17.2 | Wilmington, Delaware. Sean wonders if YMIW listeners are ignoring the web and GPO when it comes to Social Security. |
| 0:24.3 | That is, the windfall elimination provision and the government pension offset. |
| 0:28.5 | Plus, can Jake and Amy in Iowa retire in five years, or do they need to work beyond age 60? |
| 0:34.0 | Should Edwin stop making Roth contributions and start doing Roth conversions instead? |
| 0:38.8 | And finally, how can Jeff and North Dakota's son qualify for the American Opportunity Tax Credit? |
| 0:44.6 | To get your money questions answered or for a retirement spitball analysis of your own, |
| 0:49.1 | click the Ask Joe and Big Al link in the episode description and check out my new video that walks you through how to get a good spitball. I'm producer Andy Last and here are the hosts of your money, |
| 0:59.3 | your wealth, Joe Anderson, CFP and Big Al Clopine CPA. All right. Hey Joe Bigel, Andy. Hope you're |
| 1:06.4 | all well. Ralph and Marie here from Willington, Delaware. |
| 1:12.4 | All right, love the show. |
| 1:13.7 | Look forward to the podcast. |
| 1:15.3 | Drop every Tuesday. |
| 1:16.4 | I usually listen or catch up on older episodes when working out in the evening. |
| 1:21.4 | You're still my favorite financial podcast. |
| 1:23.9 | I've been listening regularly since episode 320. It's two and a half years, |
| 1:30.0 | big out. That's pretty good. All right. According to Spotify, I've worked through some of the |
| 1:35.2 | back episodes and amused by Joe's fixation on all Roth all the time. It amuses me too. |
| 1:43.7 | Yeah, because I'm hooked. |
| 1:46.9 | An addict on Roth. |
... |
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