Retirement Planning With a Large Age Difference: A Case Study | YMYW Extra - 6

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

🗓️ 9 July 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

He's 56, she's 32. How does this 24-year age difference impact retirement plans for "Bonnie and Clyde", and what strategies should they implement now for the most tax-efficient retirement possible in the future? While Joe Anderson, CFP® and Big Al Clopine, CPA are on vacation, Your Money, Your Wealth® podcast producer Andi Last enlists the help of Pure Financial Advisors' Managing Director Jake Greenberg, CFP®, ChFC® for a video case study (complete with visual aids!) on YMYW Extra number 6. Into which types of accounts should Bonnie and Clyde save for retirement? How much of their savings should they convert to Roth and when? Free financial resources and transcript: https://bit.ly/ymywe-6

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Watch the video spitball: https://youtu.be/YwG3pZ3U8IU

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01:19 - Bonnie & Clyde's Financial Situation
06:56 - Health Savings Accounts Explained
08:16 - Real Estate Plans
09:42 - Contribute to Brokerage Account or Roth 401(k)?
11:01 - Bonnie & Clyde's Pre-Financial Assessment: A Video Case Study
23:28 - Tax Diversification Visualized
30:02 - Roth Conversions: When and How Much? Current and Future Tax Brackets Visualized
35:53 - Age Difference and Retirement Date Differences
27:15 - Bonnie and Clyde's Cars, Drinks and Pets
39:57 - Final Thoughts

Transcript

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0:00.0	Today's spitball has lots of visual aids, so click the link in the show notes to watch it on YouTube.
0:05.5	Clyde is 56 and his fiancé Bonnie is 32.
0:09.6	How does this 24-year age difference impact their retirement plans?
0:13.8	And what strategies should they implement now for the most tax-efficient retirement possible in the future?
0:20.1	I'm producer Andy Last from the Your Money,
0:22.1	Your Wealth podcast with Joe Anderson CFP and Big AlcoPompine CPA presented by pure financial advisors.
0:28.7	In this YMIW extra, Jake Greenberg joins me to provide Bonnie and Clyde with a retirement spitball
0:35.0	analysis. Jake is a CFP professional and a chartered financial consultant,
0:40.2	and he's managing director for multiple pure financial advisors branch offices.
0:44.8	Jake, I really appreciate you taking the time out of your very hectic schedule to help me today.
0:49.1	You're managing a lot with Brea and Woodland Hills.
0:52.1	Yeah, Chicago, yeah, Sacramento. It's a growing list. So.
0:58.1	Incredible. Well, like I said, I really appreciate you carving out some time for this today.
1:02.6	This email has been sitting around since March, and we didn't even realize it until
1:06.8	Clyde wrote in again at the beginning of June and said, hey, there's an update to my
1:11.1	situation. And I realized we never even got his original email. So I've tried to expedite this
1:15.9	process so we can finally get an answer for them. So they are from Columbus, Ohio. And the email says,
1:21.4	Greetings, Joe, Al, and Andy. I'm a relatively short time listener, but I've been listening since I discovered your show a couple of months ago. I have a fairly
1:29.1	long work commute. I enjoy the hell out of it
1:31.4	and have an interesting spitball for you guys.
1:33.9	I'm 56, and my
1:35.5	fiancee is 32. We're both
	...

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