How to Talk to Mom & Dad About Their Money - 247

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

🗓️ 12 November 2019

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

Cameron Huddleston discusses her book, Mom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances. But first, let's get into glide path: should you invest more aggressively through retirement? Which assets should you spend before you take Social Security? What should your portfolio withdrawal strategy be if you don’t plan to retire? And when asked how to pay taxes on a Roth conversion, Joe and Big Al make a suggestion rarely heard on YMYW (hint, it involves debt and your primary residence). Ask your money questions, read the transcript, and access free financial resources at http://bit.ly/YMYW-247

Transcript

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0:00.0	Today on Your Money, your wealth, it's time to have the talk with your parents about their
0:04.8	money and their wealth. And if you're the parent, it's time to get real with your kids. I'm producer
0:09.7	Andy Last, and I'll find out more about that family conversation later in this episode when
0:14.2	award-winning personal finance journalist Cameron Huddleston tells us about her book,
0:18.6	Mom and Dad, We Need to Talk, how to have essential conversations
0:22.0	with your parents about their finances.
0:24.3	But first, Joe and Bigel answer your money questions.
0:27.1	Should you invest more aggressively through retirement?
0:30.3	Which parts of your portfolio should you spend before taking Social Security?
0:34.2	When and how should you withdraw money from your portfolio when you don't plan to retire?
0:39.0	And when asked how to pay taxes on a Roth conversion, the fellows make a suggestion I personally
0:44.1	never thought I'd hear from them. Stick around to find out what it is. Here they are now,
0:48.5	Joe Anderson CFP and Big Al Clopine CPA. Dale, he writes in from Denver, Colorado.
0:55.4	Okay, all right.
0:56.4	I love Denver.
0:57.2	Okay.
0:58.2	Thanks for your show.
0:59.4	I really enjoy it.
1:00.9	Thank you, Dale.
1:02.3	I've been consistently saving for retirement for 25 years and have always stayed on the
1:08.2	aggressive side of an equity bond allocation, which has served me well.
1:12.6	Currently, I'm five years from retirement, age 55.
	...

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