Anything Stupid or Overlooked in Your Retirement Plan Spitball? - 400

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

🗓️ 18 October 2022

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Are there any holes in a 5-year plan to retire from the Air Force, buy a house and a plane, and become a commercial pilot? Can you claim an unpaid loan to a start-up as a tax loss, do a Roth conversion, and pay no tax? Are Roth conversions a good idea in a low-earnings year? Does it matter if you convert to Roth before or after changing custodians? What retirement savings options do independent contractors have besides the Solo 401(k)? Does it make sense to cash out a 529 college savings plan that’s losing money? Plus, Joe and Big Al spitball a real estate strategy, and they discuss a state retirement account held at an insurance company. Show notes, free financial resources, transcript, Ask Joe & Big Al On Air: https://bit.ly/ymyw-400

Transcript

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0:00.0	Today on Your Money, Your Wealth, Joe and Big Al are celebrating YMIW podcast episode number 400
0:06.8	by doing what they always do, answering your money questions. Are there any holes in a five-year
0:12.4	plan to retire from the Air Force, buy a house and plane, and become a commercial pilot? Can you
0:17.6	claim an unpaid loan to a startup as a tax loss? Do a Roth conversion and pay no tax? Are
0:23.4	Roth conversions a good idea in a low earnings year? Does it matter if you convert to Roth before
0:28.0	or after changing custodians? What retirement savings options do independent contractors have
0:33.4	besides the solo 401k? Does it make sense to cash out a 529 college savings plan that's losing money?
0:40.0	Plus, the fellow spitfall real estate strategy, and they discuss a state retirement account held at an insurance company.
0:46.5	Visit Your Money, Your Wealth.com, and click Ask Joe and Al on air to get your money questions answered.
0:51.7	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth,
0:56.0	Joey Anderson, CFP, and Big Al Clopine CPA.
1:00.4	Okay, we got Mike Wrightson from Germany.
1:05.0	Hey, Big Al, Joe, Andy.
1:06.8	Found your show a couple months ago, and I'm burning through older episodes quickly
1:10.7	and look forward to every new episode on Tuesday.
1:13.5	I drive a 2013 Tacoma and my wife drives a 2017 Subaru Legacy both paid off.
1:19.2	My favorite drink is an old-fashioned and she is falling in love with Heffavisen beer recently.
1:26.4	Old fashions.
1:30.2	I was just thinking about your drink machine. Yeah, the drink machine. That thing is a... That's not happening anymore. The drink machine just got,
1:36.3	my wife and I are both in the Air Force, orthopedics, and we currently stationed near Ramstein,
1:45.7	Ramstein air base in Germany. My wife will retire in two years. I'll retire in a year after
1:52.6	her. We will both be 40 years old when we hang up the uniform. Oh, wow,
	...

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