How to Start Planning for Retirement - 419

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

🗓️ 7 March 2023

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

In order to retire comfortably at age 60, what should you be doing with your finances when you’re in your 20s? A framework for getting started planning for retirement on today's episode of YMYW. Plus, if you’re a small business with a SIMPLE IRA plan, is it stupid to save for retirement in a brokerage account rather than a traditional IRA? If you inherited money and promised to donate to charity, should you do Roth conversions? What’s the most efficient way to pay financial advisor fees, and what’s a good strategy for making pre-tax and post-tax retirement contributions?

Timestamps:

00:51 - A Framework for Getting Started in Planning for Retirement (Anonymous)
05:36 - I’m 24. What Should I Do to Retire Comfortably at 60? Michael, 24 (Binghamton, NY)
12:14 - I’m 32. Opened a SIMPLE IRA. Is It Stupid to Fund Brokerage Instead of Traditional IRA? (Ron Burgundy)
17:42 - I Inherited $450K, Promised to Donate to Charity. Should I Do Roth Conversions? (Allison, Northern Virginia)
23:02 - What’s the Most Efficient Way to Pay Advisor Fees? (Nick, OH)
26:06 - Strategy for Pre-Tax and Post-Tax Retirement Contributions? (Dave)
29:56 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-419

Cracking the Code - Succeeding Financially at Every Age: YMYW TV & Companion Guide
Spitballing Retirement Planning in Your 30's (and even in your 20's!) - YMYW podcast 391
Top 10 Most Popular Your Money Your Wealth Podcast Episodes - Spotify playlist
Schedule a free financial assessment with Pure Financial Advisors
Episode Transcript
Ask Joe & Big Al On Air
(plus a photo of YMYW listener Nick's cute dogs!)

Transcript

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0:00.0	In order to retire comfortably at age 60, what should you be doing with your finances when
0:05.1	you're in your 20s? A framework for getting started planning for retirement. That's today on
0:10.1	your money, your wealth podcast number 419. Plus, if you're a small business with a simple IRA plan,
0:16.5	is it stupid to save for retirement in a brokerage account rather than a traditional IRA?
0:21.5	If you inherit money and promise to donate to charity, should you do rough conversions?
0:26.5	What is the most efficient way to pay financial advisor fees?
0:30.1	And what's a good strategy for making pre-tax and post-tax retirement contributions?
0:34.5	Visit Your Money, Your Wealth.com and click Ask Joe and Big Al on air to send in your
0:39.0	money questions or to get a retirement spitball analysis. I'm producer Andy Last, and here are the hosts
0:45.0	of Your Money, Your Wealth, Joe Anderson, CFP, and Big Al Clopine CPA. Would you guys devote an
0:52.7	episode or two to get started in retirement? In other words, what advice or basic plan framework would you give folks just starting out? Advice, I would give my 26-year-old college grad kid is something like this. Contribute to your 401K, get your employer match. Contribute to a Roth annual match.
1:14.0	Both invest in low-fee mutual funds.
1:16.7	Say 15% for retirement.
1:19.6	Spend only 25% on housing.
1:21.6	Stuff like this.
1:23.8	You already did it.
1:25.7	There you go.
1:26.9	So this is an email to Andy.
1:28.5	This is probably not an email we should read.
1:30.3	We should probably come up with a show, talk about the things that he wants.
1:34.6	Well, here's his be just reading it cold and saying, oh, here's what I'm going to say.
1:38.9	I actually like the concept, Mr. Anonymous.
	...

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