How to Plan for 35 Years of Retirement Spending With Smart Roth Conversions - 506
Your Money, Your Wealth
Your Money, Your Wealth
2.3 • 681 Ratings
🗓️ 3 December 2024
⏱️ 51 minutes
🧾️ Download transcript
Summary
What’s a safe withdrawal rate for Wine Guy and Wine Gal in Sonoma California to have 35 years of “guaranteed” retirement spending? How aggressively should they convert their retirement savings to Roth IRA? Should the Bond family move from Silicon Valley to a no-income-tax state in retirement? Can Doc in San Francisco quit work in 8 years when his daughter starts college? Rob in Kansas City and his wife are in their late 30s and have 2 million saved. Can they retire early? Plus, Elisa in Fremont has more than the capital gains exclusion for a married couple of $500,000 worth of home equity. How much will this cost her, and will it kill her IRMAA for Medicare premiums? Should Happy Camper and Jolly Pumpkin take their pension’s monthly annuity or the lump sum payout? And finally, Lloyd in South Dakota isn’t a fan of retirement accounts and wants Joe and Big Al to talk some sense into him. Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-506
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Timestamps:
00:00 - Intro: This Week on the YMYW Podcast
01:05 - What’s Our Guaranteed Safe Withdrawal Rate for 35 Years of Retirement? How Aggressive Should We Convert to Roth? (Wine Guy/Gal, Sonoma, CA)
12:09 - Calculate your Financial Blueprint, schedule a Free Financial Assessment
13:45 - Should We Move to a No Income Tax State in Retirement? (James Bond, Silicon Valley, CA - voice)
20:50 - Can I Stop Working in 8 Years When Daughter Starts College? (Doc, San Francisco, CA)
26:10 - Late 30s With $2M. Are We Really on Track for Early Retirement? (Rob, Kansas City)
31:20 - Watch Financial Planning at Every Age on YMYW TV, download the Retirement Readiness Guide
32:25 - Our Home Equity is Over the $500K Exclusion. How Much Will We Be Charged? Will This Kill My IRMAA? (Elisa, Fremont, CA)
35:44 - Should We Take the Monthly Pension or Lump Sum Payout? (Happy Camper & Jolly Pumpkin, WI)
43:03 - I'm Not a Fan of Retirement Accounts. Talk Some Sense Into Me. (Lloyd Christmas, SD)
49:04 - Outro: Read the blogs, It's Not Too Late! Year-End Financial Moves to Make Right Now and US National Debt and the Impact on Long-Term Investing
Transcript
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| 0:00.0 | What's an SWR, or safe withdrawal rate for Wine Guy and Wine Gall in Sonoma, California, |
| 0:05.6 | to have 35 years of guaranteed retirement spending? How aggressively should they convert their |
| 0:10.9 | retirement savings to Roth IRA? Should the Bond family move from Silicon Valley to a no-income |
| 0:16.0 | tax state in retirement? Can Doc and San Francisco quit work in eight years when his daughter |
| 0:20.6 | starts college? Robin, Kansas City and his wife are in their late Can Doc and San Francisco quit work in eight years when his daughter starts |
| 0:20.9 | college? Robin, Kansas City, and his wife are in their late 30s and have $2 million saved. |
| 0:27.0 | Can they retire early? Join Big Al's football for all of them. Today on Your Money, Your Wealth |
| 0:32.1 | podcast number 506. Plus, we've got home equity. Elisa and Fremmont has more than the capital gains exclusion for a married |
| 0:38.9 | couple of five hundred thousand dollars worth of it how much will this cost her and will it kill her |
| 0:44.1 | irma should happy camper and jolly pumpkin take their pensions monthly annuity or the lump sum payout |
| 0:50.0 | and finally lloyd in south dakota is not a fan of accounts, and he wants the fellas to talk some sense into him. |
| 0:57.3 | I'm executive producer Andy Last, and here are the hosts of Your Money, Your Wealth, Joe Anderson, CFP, and Big Al-Clofine CPA. |
| 1:05.2 | We got, hello, it's wine guy and gulf in Norkel, Sonoma County. |
| 1:13.7 | You might imagine our drinking choice is a nice pino or chardonnay, but also like to make a paloma on the warm days. We drive a 27 camera |
| 1:20.6 | hybrid, Camry. A 2007 Camry hybrid. A 2007 Camry hybrid. |
| 1:28.8 | I drive a company car and not excited about buying a new car in retirement. |
| 1:33.1 | I'm 58, my wife, it's 56. |
| 1:35.8 | New to the show, but absolutely love it. |
| 1:38.4 | Enjoy the numbers and good humor. |
| 1:41.5 | All right. |
| 1:42.7 | You get both on this podcast. That's damn that's damn sure. Here's the details, |
| 1:47.7 | Big Al. Get your calculator ready. All right. I make $350,000 to $400,000 a year. Wife does |
... |
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