Ask Paula: How Should We Invest to Retire By Our Mid-40’s?

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.6 • 3.4K Ratings

🗓️ 9 November 2021

⏱️ 75 minutes

🔗️ Recording | iTunes | RSS

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Summary

#348: Aja’s mom is 75 and has to take required minimum distributions from her IRA. She doesn’t need the money. Where should she put it? Anonymous from MA is flummoxed by HSA-compatible health plans. His copay and deductible are awful, and even bronze plans seem better. Are HSA plans overrated, or does the math work out? Julia and her husband, both 27, want to retire by their early to mid-40s. Is there a point at which they should stop contributing to tax advantaged accounts and only contribute to taxable accounts? Ileana and her family like their home, but it needs to be bigger. A cash-out refi didn’t give them enough funds for their dream renovation. Should they put their money into the market in the hopes that it will grow large enough to fund a future renovation? Or should they move into a bigger house, rent out their house, and fix it up years down the road? Nick has a seasonal business. Can a sweep account help stabilize him? My friend and former financial planner, Joe Saul-Sehy, joins me to answer these questions on today’s show. Enjoy! Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode. For more information, visit the show notes at https://affordanything.com/episode348 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	You're down with RMD. Yeah, you know me.
0:11.0	You can afford anything but not everything.
0:14.0	Every choice that you make is a trade-off against something else and that doesn't just apply to your money.
0:18.0	That applies to your time, your focus, your energy, your attention.
0:23.0	It applies to any limited resource that you need to manage.
0:26.0	And that opens up two questions. First, what matters most?
0:30.0	Second, how do you align your daily decision-making around that which matters most?
0:36.0	Answering those two questions is a lifetime practice.
0:39.0	And that's what this podcast is here to explore and facilitate.
0:42.0	My name is Paula Pant. I am the host of the Afford Anything Podcast.
0:46.0	Every other episode we answer questions from you, the community.
0:49.0	And my buddy, former financial planner Joe Salcihi, joins me to answer these questions.
0:55.0	What's up, Joe?
0:56.0	I'm here to, what are the two things to something and facilitate?
1:00.0	Explore and facilitate. Explore. Yes.
1:02.0	I'm excited to explore and to watch you facilitate.
1:06.0	Well, let's see if I can facilitate a good episode.
1:10.0	So here are the five questions that we're going to answer today.
1:13.0	Julia and her husband are both 27.
1:15.0	They want to retire by their early mid-40s.
1:18.0	When should they stop contributing to tax-advanced accounts like a 401k or IRA
1:23.0	and switch over to contributing to taxable accounts?
	...

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