Are These Millennials Saving Enough to Retire Before 60? - 541
Your Money, Your Wealth
Your Money, Your Wealth
2.3 • 681 Ratings
🗓️ 5 August 2025
⏱️ 49 minutes
🧾️ Download transcript
Summary
Pam and Jim in Phoenix are 38 and 41 and want to retire at 59 and 62. Matt and his wife in Pennsylvania are both 39 and want to retire at 57. Are these millennials on the right financial path, or have they brunched and YOLO’d away their retirement dreams? That’s today on Your Money, Your Wealth® podcast number 541 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, do Roth conversions make sense for Will and Jane in New York, given their high income and high tax bracket? Which pension option is best for their circumstances? Finally, the fellas spitball for Juan’s mother in Florida on how long-term capital gains on the installment sale of her company will be taxed.
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Timestamps:
00:00 - Intro: This Week on the YMYW Podcast
00:44 - We’re Millennials. Have We Brunched and YOLO'd Away Our Retirement Dreams? (Pam & Jim, Phoenix, AZ)
12:10 - We're 39 With $840K. Can We Retire at Age 57? (Matt, PA)
22:57 - Complete the 8th Annual YMYW Podcast Survey for your chance at a $100 Amazon e-gift card!
23:53 - Do Roth Conversions Make Sense Given Our High Income and Tax Bracket? What Pension Option is Best? (Will and Jane, NY - voice)
37:04 - Watch Complete Money Makeover on YMYW TV, Download the Complete Money Makeover Guide before Friday, August 8, 2025!
37:46 - How Will Long Term Capital Gains on the Installment Sale of My Company Be Taxed? (Juan's Mother, FL)
47:50 - YMYW Podcast Outro
Transcript
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| 0:00.0 | Pam and Jim and Phoenix are 38 and 41 and want to retire at 59 and 62. |
| 0:05.0 | Matt and his wife in Pennsylvania are both 39 and want to retire at 57. |
| 0:10.0 | Are these millennials on the right financial path or have they brunched and yolored away their retirement dreams? |
| 0:16.0 | That's today on your money, your wealth podcast number 541. |
| 0:20.0 | Plus do Roth conversions make sense for Will and Jane in New York, given their high |
| 0:24.7 | income and high tax bracket? |
| 0:26.6 | Which pension option is best for their circumstances? |
| 0:29.4 | Finally, the fellas' fitball on how capital gains will be taxed for Juan's mother in Florida. |
| 0:34.9 | Who's Juan? |
| 0:35.7 | Who knows? |
| 0:36.7 | I'm executive producer Andy Last, and here are the hosts of |
| 0:39.4 | your money, your wealth, Joe Anderson's CFP, and Big Al Clopine CPA. We've got Pam and Jim in Phoenix, Arizona. |
| 0:47.5 | Damn. Again from the office. Oh, Pam and Jim. Oh, yeah, yeah, from the office. You're right. |
| 0:53.6 | It is. All right. As yeah, yeah, from the office. You're right. It is. |
| 0:54.8 | All right. |
| 0:58.0 | As millennials, we have Yolode. |
| 1:01.6 | You only live once. |
| 1:04.0 | You only live once. |
| 1:05.2 | Okay. |
| 1:06.8 | So another would spend the money now. |
| 1:08.7 | That's what they're implying. |
| 1:09.8 | Yolode. I haven't heard it as a verb before, an action verb. We yoload. Why not there? I've heard of like FOMO? What's FOMO? Like fear of missing out. Yeah. Yeah. Never, no, I haven't used the YOLode. Yeah. But you only live once, we go. Yeah, my, I have a friend, Wendy, that says ammo. She doesn't have a FOMO. She has ammo. Afraid of missing out. Oh, afraid of it. Everyone else says FOMO, but she has ammo. Got it. All right. And brunched our way out of our retirement dreams. So they're wondering if they've done that. |
... |
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