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Your Money, Your Wealth

Happily Ever After in Retirement? | YMYW Extra - 3

Your Money, Your Wealth

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3681 Ratings

🗓️ 18 June 2024

⏱️ 18 minutes

🧾️ Download transcript

Summary

Cinderella and her Prince Charming have a nest egg of $2.3 million and are hoping for retirement income of up to $150K/year. When can they afford to retire? How should they coordinate paying for some big purchases, paying off debt, and collecting Social Security benefits as they plan for retirement?

While Joe Anderson, CFP® and Big Al Clopine, CPA each take some much-needed vacation time, YMYW producer Andi Last enlists the help of senior financial advisor Jack Dugan, CFP®, from Joe and Big Al's team of experienced professionals at Pure Financial Advisors in San Diego, to spitball on whether Cindi and her prince can live "happily ever after" on YMYW Extra number 3. Free financial resources and transcript: https://bit.ly/ymywe-3

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Timestamps:

00:00 - Intro

02:28 - Cinderella and Prince Charming's Cars, Drinks & Pets

03:38 - How Much Retirement Income Can They Realistically Expect?

14:05 - How to Pay Off Major Purchases?

15:35 - Other Retirement Savings Strategies

Transcript

Click on a timestamp to play from that location

0:00.0

Cinderella and her Prince Charming have a nest egg of $2.3 million and are hoping for retirement

0:05.3

income of up to $150,000 a year. How should they coordinate paying for some big purchases,

0:11.6

paying off debt, and collecting Social Security benefits so they can live happily ever after?

0:17.1

That's up next on this bonus episode of Your Money, Your Wealth, or YMIW Extra.

0:22.7

I'm producer Andy Last, and you, the YMIW listeners, have sent us so many excellent retirement spitball

0:28.5

requests that Your Money, Your Wealth hosts Joe Anderson CFP and Big AlcoP Co-Pin CPA can't even

0:34.9

handle them all. So, I've enlisted the help of senior financial advisor,

0:39.2

Jack Dugan, CFP, from pure financial advisors in San Diego to help out. It's important to note

0:45.2

that this is just a spitball for educational purposes only. So even though you've given us a lot of

0:50.6

details, we don't know everything about your financial situation, so don't take this to

0:55.0

the bank. Here's Jack Spittball. Jack, thank you so much for taking the time today. I really appreciate it.

1:00.3

Oh, my pleasure, Andy. Good to be here. So tell me your status right now. Are you doing kind of the

1:06.5

Big Al thing where he was hoping to retire at 47 and here now 20 years later he's still working?

1:11.6

Yeah, pretty much, pretty much the same. I just kind of, I've gotten rid of the majority

1:17.6

of my clients and I'm just kind of hanging on to a, to see where I can help out as needed. So,

1:24.6

I still feel like I, I've got enough in the game that I'd like to stay interested in it.

1:30.7

But on the other hand, I do like my free time. There you go. And kind of like Al, he enjoys doing

1:36.7

the podcast. So here you are. Thank you very much for volunteering your expertise in this case.

1:41.6

Oh, my pleasure. All right. So let's see what Cinderella has to say.

1:45.6

So this email comes to us from back in January. That just goes to show how behind the guys are.

1:50.7

So here she goes. She says, love your goofiness, guys. I am Cinderella because I married my Prince Charming 38 years ago.

1:56.8

We now live in Washington State, moved from California to keep a little more money in our

...

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