Is Your Retirement Withdrawal Rate Too High? - 475

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

🗓️ 2 April 2024

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

Will Duke and Daisy’s retirement spending plan work? If you’re a fan of hearing Joe Anderson, CFP® and Big Al Clopine, CPA debate, you’re in luck today on Your Money, Your Wealth® podcast 475, as they disagree on assumptions when it comes to retirement planning. The EASIretirement.com calculator says Chuck in South Carolina could convert even more to Roth, and the fellas spitball on the pros and cons. Plus, what should Chuck’s asset allocation be for his daughters, and how should Scott in Kansas City’s parents allocate their assets? Can Rothaholic undo his Roth conversion? Brian Fantana and his wife are in their 30s and want to retire at 60. Are they on track? Ricky in Alabama wants to avoid Medicare’s IRMAA, or income related monthly adjustment amount. Should he spend from his IRA or from his Roth? Daniel in Whittier wants to know what exactly counts for IRMAA income, anyway? And finally, Elisa in Fremont wants to know, with the new SECURE Act 2.0 rules, when can you transfer 529 college savings funds to Roth? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-475

Timestamps:

00:00 - Intro
01:07 - Will Our Withdrawal Rate Be Too High If We Retire in 3 Years? (Duke and Daisy, Charlotte, NC)
10:50 - Withdrawal Strategy Guide
Retirement calculator
11:28 - EASIretirement.com Says I Should Convert More to Roth. Asset Allocation for Daughters? (Chuck, SC)
22:13 - Can I Undo My Roth Conversion? (Roth Aholic)
27:55 - In Our 30s, Want to Retire at 60. How Are We Doing? (Brian Fantana, WA)
30:36 - What's the Right Asset Allocation for Aging Parents? (Scott, Kansas City, MO)
32:00 - Free financial resources:
32:51 - IRA vs. Roth for Living Expenses? (Ricky, Birmingham, AL)
35:50 - What Counts for Medicare IRMAA? (Daniel, Whittier, CA)
39:49 - SECURE Act 2.0: When Can We Transfer 529 College Savings to Roth? (Elisa, Fremont)
44:44 - The Derails

Transcript

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0:00.0	Will Duke and Daisy's retirement spending plan work? If you're a fan of hearing Joe and Big Al debate,
0:06.2	you're in luck today on your money, your wealth podcast number 475, as they disagree on assumptions
0:11.9	when it comes to retirement planning. The easyretirement.com calculator says Chuck in South Carolina
0:17.7	could convert even more to Roth and the fellow spitball on the pros and
0:21.8	cons. Plus, what should Chuck's asset allocation be for his daughters? And how should Scott
0:27.1	in Kansas City's parents allocate their assets? Can Rothaholic undo his Roth conversion?
0:34.0	Brian Fantana and his wife are in their 30s and want to retire at 60. Are they on track?
0:39.0	Ricky in Alabama wants to avoid Medicare's Irma or income-related monthly adjustment amount.
0:44.6	Should he spend from his IRA or from his Roth?
0:47.7	Daniel and Whittier wants to know what exactly counts for Irma income anyway.
0:51.7	And finally, Elisa in Fremont wants to know with the new Secure Act 2.0 rules, when can you
0:56.9	transfer 529 college savings funds to Roth?
1:00.3	I'm producer Andy Last, and here are the hosts of your money, your wealth, Joe Anderson,
1:04.8	CFP, and Big Al Clopine CPA.
1:08.0	All right.
1:08.8	We've got a lot of questions here today.
1:15.6	And some of them are really long. So I'm just going to do what's FYI or announcement. Okay. To our listeners. Announcement. Yeah. PSA. PSA. There you go. Thank you,
1:22.3	yeah. Yes. Can we cut them down a little bit? I'm reading for like pages on pages.
1:29.9	And I've tried to listen to this show and it's absolutely terrible.
1:32.9	So we're going to abbreviate some of the stuff.
1:36.2	So if we kind of edit your email, that is the reason.
1:36.4	Yeah.
	...

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