No Retirement Advice or Recommendations, Just Spitballing - 453

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

🗓️ 31 October 2023

⏱️ 42 minutes

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Summary

Can Jessie and Becky in Iowa retire now at age 52? Should Robert and his wife file their taxes separately, to pay less tax on their required minimum distributions? Can Joe and Al validate Mike in Minnesota’s retirement plan, and does a backdoor Roth make sense for him? How in the world will Mike in New York be able to retire at a reasonable age? And what will retirement income look like for Marty in San Diego? Just spitballs here, no retirement advice!

Timestamps:

00:49 - Can We Retire Now at Age 52? (Jessie and Becky, IA)
10:09 - Should We File Taxes Separately to Minimize Taxes on RMDs? (Robert)
19:56 - Validate Our Retirement Plan: Does a Backdoor Roth Make Sense? (Mike, MN)
25:11 - How in the World Am I Going to Retire at a Reasonable Age? (Mike, Utica, NY)
29:19 - What Will Our Retirement Income Look Like? (Marty, San Diego)
35:06 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-453

Retirement Readiness Guide - free download
Retirement Pop Quiz - how well do you know retirement?
EASIRetirement.com - free retirement calculator
Episode Transcript
Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Transcript

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0:00.0	Today on Your Money, Your Wealth podcast number 453, can Jesse and Becky in Iowa retire now at age 52?
0:08.1	Should Robert and his wife file their taxes separately to pay less tax on their required minimum distributions?
0:14.2	Can Joe and Big Al validate Mike in Minnesota's retirement plan and does a backdoor Roth make sense for him?
0:20.1	How in the world will Mike in
0:21.6	New York be able to retire at a reasonable age? And what will retirement income look like from
0:26.5	Marty in San Diego? If you've got money questions or want a retirement spitball analysis of your own,
0:32.7	visit Your Money, Your Wealth.com and click Ask Joe and Big Al on air. I'm producer Andy Last and here to
0:38.5	spitball on all of these questions, not to give recommendations or advice, mind you.
0:43.3	Are the hosts of Your Money, Your Wealth, Joe Anderson, CFP and Big Al Clopine CPA.
0:49.1	Hey Andy, Joe, Big Al. Thank you for the fantastic looking for Spitball, my retirement readiness using fake names.
0:56.7	We got Jesse and Becky from Iowa.
1:00.3	Any, you picked those names?
1:01.6	No, they did.
1:02.5	And the funny thing is halfway through the email, they switched back to their real names.
1:05.7	So I had to change them back to Jesse and Becky.
1:08.0	Well, good thing you read it.
1:10.0	All right.
1:10.8	Here, yeah, at least one of us did.
1:15.3	So we are both 52, y'all.
1:17.8	All right.
1:18.9	We are recently empty nesters with three daughters.
1:21.8	Our youngest just went off to college, which is fully funded through a 529.
	...

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