FDIC vs. SIPC, Annuities, SSDI & Early Retirement Strategies - 482

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

🗓️ 21 May 2024

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Will building a new home delay Janelle's early retirement? Can Mike and his wife retire early at ages 50 and 55, and how much should they convert to Roth? Maria and her partner keep their finances separate - can Maria cover her own expenses in early retirement? That’s today on Your Money, Your Wealth® podcast 482 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, the fellas explain the difference between FDIC insurance and SIPC insurance for Edward, who wonders if he should spread his assets between banks for protection. Fajita Willy needs a spitball on his MYGA retirement strategy, that is, multi-year guaranteed annuities. Nancy wants to know if mandatory seismic retrofit expenses are tax-deductible. And how should Lee manage Roth contributions and IRMAA now that his Social Security disability has finally been approved and he’s received 5 years of back pay? Free financial resources and transcript: https://bit.ly/ymyw-482

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Timestamps:

00:00 - Intro

01:02 - Will Building a New Home Delay My Early Retirement? (Janelle, CO - voice)

07:35 - Should I Spread Assets Between Banks for FDIC Insurance? (Edward, IL)

13:16 - Multi-Year Guaranteed Annuity (MYGA) Retirement Spitball (Fajita Willy, TX)

21:09 - Is the Mandatory Seismic Retrofit Expense Tax-Deductible? (Nancy, Tarzana, CA)

22:47 - My SSDI Was Approved and I’ve Received 5 Years of Back Pay. How to Manage Roth IRA Contributions and Medicare IRMAA? (Lee, Jacksonville, FL)

28:33 - Can We Retire Early Next Year at Ages 55 and 50? How Much Should We Convert to Roth? (Mike, NY)

34:57 - My Partner and I Maintain Separate Finances. Can I Cover My Own Expenses in Early Retirement? (Maria, Chicago suburbs, IL)

42:06 - The Derails

Transcript

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0:00.0	Can Mike and his wife retire early at ages 50 and 55 and how much should they convert to Roth?
0:06.4	Maria and her partner keep their finances separate.
0:09.2	Can Maria cover her own expenses and early retirement?
0:12.4	That's today on Your Money, Your Wealth podcast number 482.
0:16.4	Plus, Joe and Big Al explain the difference between FDIC and SIPC for Edward, who wonders if he should
0:23.1	spread his assets between banks for the insurance protection.
0:26.7	Fahita Willie needs a spitball on his MIGA retirement strategy that is multi-year guaranteed
0:32.1	annuities.
0:33.1	Nancy wants to know if mandatory seismic retrofit expenses are tax deductible, and how
0:38.4	should Lee manage Roth contributions and Irma now that his Social Security disability has
0:43.5	finally been approved and he's received five years of back pay.
0:47.8	I'm producer Andy Last with the hosts of Your Money, Your Wealth, Joe Anderson CFP, and Big Al
0:53.1	Clopine CPA. We'll kick things off today with
0:55.9	Janelle's priority voice message. We'll building a new home delay her early retirement.
1:01.8	Hey, Andy, Joe and Al. My husband and I are both retired military and we live in Colorado. I enjoy
1:09.3	whiskey or bourbon meat or dry red wine. He likes
1:12.7	most beer styles, but his daily drinker is course. We have two standard Labradigles ages
1:18.2	one and four and two daughters ages 11 and 14. I drive a 2012 Honda Odyssey to be
1:25.4	replaced hopefully within the next two years.
1:28.2	And he drives a 2008 Toyota FJ Cruiser with a big lift for navigating Colorado's
1:33.2	mountain roads.
1:34.7	Our details are, we're both 47 years old.
	...

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