DIY Early Retirement Planning - 446

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

🗓️ 12 September 2023

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

Should Jackson and Elsa from Wyoming fire their financial advisors and shop for lower fees, or switch to do-it-yourself financial planning? Can 34-year-old Bob in Texas retire early at 50, and what’s the best way for him to put an extra $30K to work? How much should 35-year-old Matthew in the middle of nowhere Wisconsin be saving for retirement in pre-tax accounts vs. post-tax accounts? And finally, should Michelle in Minnesota leave excess education savings in a 529 plan or move it to a Roth IRA?

Timestamps:

00:58 - Should We Fire Our Advisors and Go DIY or Shop for Lower Fees? (Jackson & Elsa, WY)
11:51 - Can We Retire at Age 50? Best Way to Put Extra $30K to Work? (Bob, TX)
19:51 - How Much Should We Save for Retirement Pre-Tax vs. Post-Tax? (Matthew, Middle of Nowhere, WI)
28:27 - Excess 529 Plan College Savings: Leave it or Move it to Roth? (Michelle, MN)
35:34 - The Derails

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Episode Transcript
Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Transcript

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0:00.0	Should Jackson Pollock and Elsa Speer Byron from Wyoming fire their advisors, shop for lower fees, or switch to do-it-yourself financial planning?
0:08.6	That's today on Your Money, Your Wealth podcast number 446.
0:12.5	Plus, the fellow spitball on whether 34-year-old Bob Wills in Texas can retire early at 50, and what's the best way for him to put an extra 30K to work?
0:21.4	How much should 35-year-old Matthew in the middle of nowhere, Wisconsin, be saving for retirement
0:26.0	in pre-tax accounts versus post-tax accounts?
0:28.9	And finally, should Michelle in Minnesota leave excess education savings in a 529 plan or
0:35.4	move it to a rough IRA?
0:37.2	Yes, we do use some fake names here on YMIW, and you can too.
0:41.4	To get a retirement spitball analysis of your own or to ask your money questions,
0:45.7	go to Your Money, Your Wealth.com, and click Ask Joe and Big Al on air.
0:50.0	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth,
0:53.7	Joe Anderson, CFP, and Big Al Clopline CPA.
0:57.4	Hello, Geriatric Joe, Big Al, and of course, wonderful Andy.
1:01.6	First, I would like to say I've enjoyed discovering YMIW.
1:05.7	Have made listening to your entertaining interactions a priority in Tuesday mornings.
1:10.1	Next, I feel compelled to explain why I referred to Joe as geriatric.
1:14.9	Yeah, I'm curious about that.
1:17.9	I don't know.
1:18.6	I'd be called worse.
1:19.7	I'd be called Marblemouth.
1:21.9	That is worse.
1:23.3	This is just old.
	...

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