How to Calculate Your Retirement Needs in Future Dollars - 431

Your Money, Your Wealth

Business News, News, Business, Education, Investing

4.6 • 792 Ratings

🗓️ 30 May 2023

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

How much will money will you need in retirement, adjusted for inflation? Joe and Big Al spitball on your future dollars, how to calculate the tax on Roth conversions, and the benefits of converting to Roth when financial markets are down. Plus, should retirement savings contributions be half pre-tax and half post-tax? And finally, saving to a 529 plan for your kids, or sending them to Hollywood stunt training camp - which would you do!?

Timestamps:

00:49 - How Much Will I Need to Retire in Future (Inflated) Dollars? (Jared, Clifton Park, NY)
05:51 - Can We Retire Early With $400K Savings and $80K Pensions? That Depends on the Inflation Factor (Marcus, Queens, NYC - from episode 373)
15:22 - How to Calculate Tax on Roth Conversions & the Benefits of Converting in Down Markets (Robin)
20:00 - Should I Save Half Pre-Tax and Half-Post Tax for Retirement? (John Brown, NV)
28:26 - Hollywood Stunt Training Camp vs. Saving to 529 Plan (Mike, Utica, NY)
33:40 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-431

Big Al's Quick Retirement Calculation Guide
10 Steps to Improve Investing Success
Episode Transcript
Ask Joe & Big Al On Air

Transcript

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0:00.0	How much money will you need in retirement adjusted for inflation?
0:06.6	Today on Your Money, Your Wealth podcast number 431, Join Big Al spitball on your future dollars,
0:13.2	as well as how to calculate the tax on Roth conversions and the benefits of converting in down markets.
0:18.7	Plus, should retirement savings contributions be half
0:22.2	pre-tax and half post-tax? And finally, saving to a 529 plan for your kids or sending them
0:28.7	to Hollywood stunt training camp? Which would you do? If you've got money questions, comments,
0:33.9	suggestions, or stories, visit Your Money, Your Wealth.com and click Ask Joe and Al on air
0:39.2	to send them in. I'm producer Andy Last
0:41.4	and here are the hosts of Your Money, Your
0:43.5	Wealth, Joe Anderson, CFP
0:45.4	and Big Al Clopine CPA.
0:48.2	I got Jared
0:49.3	from Clifton Park, New York.
0:52.5	Hey gang, love the podcast.
0:54.0	Been listening for six months. All right, New York. Hey, gang, love the podcast. Been listening for six months.
0:56.7	All right.
0:57.5	New listener.
0:59.6	I estimate I need $40,000 per year to maintain my current lifestyle.
1:04.6	Would like to bag work in about 15 years.
1:08.4	But you'd like to bag work?
1:11.4	Yeah.
1:12.4	Yeah, that's a good one.
	...

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