How to Spitball Retirement Taxes and the 4% Rule - 392

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

🗓️ 23 August 2022

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

How do you determine how much you need in retirement when you factor in taxes, and how does the 4% rule apply? Has one YMYW listener spitballed retirement well enough to convince his wife that they can afford a new luxury truck? Can another YMYW listener take advantage of what seems to be a big opportunity to sell company stock, pay no capital gains tax, and do Roth conversions? Can Big Al’s high school friend do a 1031 exchange to buy a rental property, make it his primary residence in 5 or 10 years, and pay no tax when selling? Is earned income from stock trading still taxable for Social Security if your LLC is in a trust? Finally, a compliment comes in, and Joe and Big Al assume it’s for them. Show notes, free financial resources, the YMYW podcast survey, and Ask Joe & Big Al On Air: https://bit.ly/ymyw-392

Transcript

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0:00.0	You've only got eight days left to fill out the fifth annual YMIW podcast survey for your chance at a $100 Amazon E gift card.
0:09.6	Click the link in the description of today's episode in your podcast app to go to the show notes and access the survey and the secret password.
0:17.2	Answer just 17 questions and help us make your money, youralth, your favorite, funniest, top best personal finance podcast.
0:25.2	U.S. residents only, no purchase necessary survey and giveaway clothes and winner chosen at 4 p.m. Pacific Time on August 31st, 2022.
0:34.0	Today on Your Money, Your Wealth podcast number 392, how do you determine how much you need in retirement when you factor in taxes?
0:41.8	And how does the 4% rule apply?
0:44.1	Has one YMIW listener spitballed retirement well enough to convince his wife that they can afford a new luxury truck?
0:51.9	Can another YMYW listener take advantage of what seems to be a big
0:56.1	opportunity to sell company stock, pay no capital gains tax, and do Roth conversions?
1:01.9	Can Big Al's high school friend do a 1031 exchange to buy a rental property, make it his
1:07.0	primary residence in five or ten years, and pay no tax fund selling. Is earned income
1:12.1	from stock trading still taxable for Social Security if your LLC is in a trust? Finally, a compliment
1:18.9	comes in and Joe and Big Al assume it's for them. Visit Your Money, Your Wealth.com and click
1:24.1	Ask Joe and Big Al on air to send in your money questions and comments. I'm producer
1:28.6	Andy Last and here are the hosts of your money, your wealth, Joey Anderson, CFP, and Big Al
1:34.1	Clopine CPA. All right. We got Dale from Atlanta right, Sammy goes, hello, I've been listening to
1:39.7	your retirement spitball scenarios and I'm learning a lot from them. I have a question about how to figure out what I need in retirement when I factor in taxes.
1:48.1	A 55 single will retire in seven years.
1:51.4	I have a pension of $30,000 per year.
1:55.6	We'll take Social Security at age 62 at another call at $30,000,
2:00.5	and I'll have around $1.2 million in traditional
2:04.4	IRAs at age 62 and 500 can or off. I have estimated that I will need $75,000 per year
	...

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