Can You Retire? Here’s How to Calculate How Much You Need - 490
Your Money, Your Wealth
Your Money, Your Wealth
2.3 • 681 Ratings
🗓️ 13 August 2024
⏱️ 51 minutes
🧾️ Download transcript
Summary
Can Claire and her husband retire early at age 60? Today on Your Money, Your Wealth® podcast number 490, Joe Anderson, CFP® and Big Al Clopine, CPA spitball for them and explain how to calculate how much you’ll need in retirement. Plus, should Jeff invest his pension money more aggressively, and should he save to his thrift savings plan or his Roth? Should Paula save to her brokerage account or her 401(k)? When and how much should Ken and Fume Guzzler each convert to Roth? The IRS charged Lex late fees for not paying estimated taxes throughout the year on her Roth conversion - find out how to avoid that yourself. Finally, how can Ken get out of an annuity? And is it harmful for Sarah to advise co-workers with little financial experience?
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Timestamps:
00:00 - 7th Annual YMYW Podcast Survey: your chance at a $100 Amazon e-gift card!
00:46 - Show Intro
01:36 - Retirement Spitball: Do You Agree We Can Both Retire at Age 60? (Claire, OR)
10:03 - Retirement Spitball: More Aggressive With Pension? TSP Instead of Roth? (Jeff, South Carolina)
15:09 - Retirement Spitball: TSP + Rollover IRA = $3M. Convert to Roth? (Fume Guzzler, NYC)
20:33 - Is There a Formula for Retirement? Watch YMYW TV, Download the Retirement Readiness Guide
21:42 - Is It Harmful to Give Advice to Coworkers With Little Financial Experience? (Sarah, Phoenix, AZ)
26:17 - How to Get Out of an Annuity (Ken - voice)
29:03 - Tax-Efficient Retirement Distributions: How’s Our Roth Conversion Strategy? (Ken, Southern California - voice)
33:49 - How to Request a Retirement Spitball Analysis
34:40 - IRS is Charging Me Late Fees for Not Paying Estimated Taxes on Roth Conversion! (Lex Martin, Maryland)
38:43 - Should I Save to the Left Pocket (Brokerage) Instead of the Right (401(k)? (Paula, TX)
46:26 - Show Outro
48:02 - The Derails
Transcript
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| 0:00.0 | Which financial topics are of the most importance to you today? What are your favorite and least |
| 0:04.9 | favorite things about the Your Money Your Wealth podcast? And what would make YMIW even better for you? |
| 0:11.0 | You've got until August 30th to answer these and 14 other questions for your chance to win a $100 |
| 0:17.1 | Amazon E gift card. See all those links to free financial resources in the description of today's |
| 0:22.7 | episode in your favorite podcast app? Click the one to go to the show notes and you can access the |
| 0:27.7 | seventh annual YMIW podcast survey and get the secret password to it. Help us make your money, |
| 0:34.2 | your wealth, your favorite retirement and personal finance podcast. U.S. |
| 0:38.1 | residents only, no purchase necessary. Survey and giveaway clothes and winner chosen at 12 p.m. Pacific |
| 0:43.7 | time on August 30th, 2024. Can Claire and her husband retire early at age 60? Today on Your |
| 0:50.4 | Mona, Your Wealth podcast number 490, Joan Big Al spitball for them and explain how to |
| 0:55.3 | calculate how much you'll need in retirement. Plus, should Jeff invest his pension money more |
| 1:00.4 | aggressively and should he save to his thrift savings plan or his Roth? Should Paula save to her |
| 1:05.5 | brokerage account or her 401k? When and how much should Ken and Fume Guzzler each convert to Roth? The IRS charged Lex |
| 1:14.3 | late fees for not paying estimated taxes throughout the year on her Roth conversion. Find out how to |
| 1:19.4 | avoid that yourself. Finally, how can Ken get out of an annuity? And is it harmful for Sarah to give |
| 1:25.2 | advice to coworkers who have little financial experience? |
| 1:28.7 | I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, |
| 1:32.4 | Joe Anderson, CFP, and Big Al Clopine CPA. |
| 1:36.1 | Got Claire from Oregon writes in, goes, hello, I want to see if you agree, |
| 1:41.0 | we can both retire at 60. Why is that in red? |
| 1:43.7 | That's the title. |
| 1:45.7 | Go. |
... |
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