Retirement Plan Spitball Analyses for Side Hustles, Clergy & Grandkids - 309

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

🗓️ 19 January 2021

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

Answering questions from across the personal finance spectrum: inherited IRAs and late RMDs, contributing to non-qualified deferred compensation plans, making Roth contributions for grandkids, how a Roth impacts student loans, taxation on ESPPs and RSUs, paying off the mortgage, and retirement plan spitball analysis for a clergyman and his wife, and for a couple with a profitable side hustle. Access the transcript and financial resources, ask your money questions: https://bit.ly/YMYW-309

Transcript

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0:00.0	Today on Your Money, Your Wealth podcast number 309, Joe and Big Al are answering questions from across the personal finance spectrum.
0:07.8	We've got inherited IRAs and late RMDs, contributing to non-qualified deferred compensation plans, making Roth contributions for grandkids and how a Roth impact student loans, taxation on ESPPs and RSUs, as well as what those are,
0:24.3	more discussion of paying off the mortgage, a retirement plan spitball analysis for Christine
0:28.8	and her clergyman husband, and for Schmitty and his bread distribution business.
0:33.6	No, not that Smitty, this is a different one.
0:36.0	Ask the fellas your money questions.
0:37.6	Click the link in the description of today's episode in your podcast app to go to the podcast show notes, then click Ask Joe and Al on air.
0:44.7	But don't all of you go changing your names to Smitty now, please?
0:47.9	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, Joe Anderson, CFP, and Big Al Clopine CPA.
0:56.0	So we got Brian Wrights in.
0:58.4	Hello, just started listening to your show.
1:01.0	And you all do a fantastic job.
1:02.5	They have a unique question.
1:04.6	So he just started listening to the show, but he's got a unique question.
1:08.8	Right.
1:09.3	Did he binge?
1:10.2	How does he know? How does he know it? How does he listen to 100 show, but he's got a unique question. Right. Did he binge? How does he know?
1:10.9	How does he know? T. Guarantee it's going to be a Roth IRA question. 13 years ago, my wife
1:17.7	received a small inherited IRA that the advisor managing at the time explained nothing. The first
1:23.7	brokerage firm sold it to Merrill, and we paid little attention to it and didn't take any distributions.
1:30.8	I have drastically enhanced my personal financial knowledge during COVID and would value your insight and options.
1:39.0	The inherited IRA was around $10,000 and then cratered during the financial and is financial now, and is now
	...

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