Deferred Comp, Roth Strategies, Asset Protection (and Gold) - 514
Your Money, Your Wealth
Your Money, Your Wealth
2.3 • 681 Ratings
🗓️ 28 January 2025
⏱️ 31 minutes
🧾️ Download transcript
Summary
Mike and his wife in Tampa are 39 and 36, they’ve got nearly a million bucks saved. Are they on track for retirement? Kate in California is 55 and hopes to retire in the next couple of years. How should she manage deferred compensation and retirement withdrawals? That’s today on Your Money, Your Wealth® podcast number 514 with Joe Anderson, CFP®, and Big Al Clopine, CPA. Plus, Joe and Big Al answer questions from our YouTube viewers on considering IRMAA when making Roth conversions, paying Roth conversion taxes quarterly or in December or in January, protecting a gifted house from a child’s ex, and the tax impact of rebuilding on an inherited property. Finally, 8 years ago, Joe and Big Al said you shouldn’t have more than 2% of your portfolio in gold and one YouTube viewer said that did not age too well. What do the fellas think today? We’ll find out.
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Timestamps:
00:00 - Intro: This Week on the YMYW Podcast
00:56 - 39 & 36 With Nearly $1M. How Are We Doing? (Mike, Tampa, FL)
07:30 - Watch How to Cruise Into Your Retirement on YMYW TV, Download the Cruising Into Retirement Checklist and Guide by Friday, Jan. 31, 2025!
08:14 - Hoping to Retire in the Next Couple of Years. How Should I Manage Deferred Comp and Withdrawals? (Kate, CA, 55)
16:23 - Download the Withdrawal Strategy Guide for free
16:56 - Roth Conversions Prior to IRMAA for Alex in podcast 510? (Thomas, YouTube)
18:54 - How to Pay Roth Conversion Taxes Before Filing 2024 Taxes? (PoolMileThirty, YouTube)
21:39 - Paying Roth Conversion Tax in December vs. January (TacticalTruth, YouTube)
22:53 - How To Avoid Child's Ex Taking Half of Gifted House? (Emjay, YouTube)
23:53 - Will Kids Keep Stepped Up Basis If They Build New House on the Property? (Thaigera, YouTube)
27:53 - Gold Doesn't Grow? That Didn't Age Well (Eldon, YouTube comment)
29:39 - Outro: Next Week on the YMYW Podcast
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Mike and his wife in Tampa are 39 and 36. |
| 0:03.3 | They've got nearly a million bucks saved. |
| 0:05.5 | Are they on track for retirement? |
| 0:07.6 | Kate in California is 55 and hoping to retire in the next couple of years. |
| 0:11.9 | How should she manage deferred compensation and retirement withdrawals? |
| 0:15.9 | That's today on your money, your wealth podcast number 514. |
| 0:19.5 | Plus, Joan Bigel answer questions from our YouTube viewers on considering Irma when making |
| 0:24.2 | Roth conversions, paying Roth conversion taxes quarterly or in December or in January, protecting |
| 0:30.2 | a gifted house from a child's ex and the tax impact of rebuilding on an inherited property. |
| 0:36.4 | Finally, eight years ago, Joe and Big Al said you |
| 0:38.8 | shouldn't have more than 2% of your portfolio in gold. And one YouTube viewer said that that did not |
| 0:44.4 | age too well. What did the fellows think today? We'll find out. I'm executive producer Andy Last, |
| 0:49.6 | and here are the hosts of your money, your wealth, Joe Anderson, CFP, and Big Al Clopline CPA. |
| 0:56.2 | All right, we got Mike from Tampa, Florida. |
| 1:01.5 | Big fan of the show, and thanks for taking my question. |
| 1:05.3 | I know you mentioned getting some younger callers, and I recently found your podcast. |
| 1:09.6 | Oh, that's why, Big Al, you put a calling out there. |
| 1:12.6 | I did. Yeah. You need some younger callers. And then now we got the fire movement. She's blowing us up. |
| 1:20.0 | You know what? We also need my cousin who loves our show. She was telling me over Christmas. |
| 1:25.6 | She said, she said, I feel intimidated to ask a question |
| 1:28.9 | because they don't have millions. And I said, well, send it in because we'd like to answer |
| 1:34.8 | everybody's questions. So we'll see. Yeah. Let's see if this guy's got millions. |
... |
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