Retirement Spitball: Social Security, Pension, and Self-Employed - 372

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

🗓️ 5 April 2022

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

Spitballing retirement for a police officer turning teacher, a self-employed small business owner, an early retiree with an employee stock ownership plan (ESOP) wanting to do Roth conversions and withdraw 5 or 6% in retirement, and a pension and Social Security analysis. Plus, how many months of expenses should you save in your emergency fund? Also, you may know where Ric Edelman and Dave Ramsey stand on 15 vs. 30 year mortgages and using cash vs. credit, but what does YMYW think? Show notes, free financial resources, Ask Joe & Al On Air: https://bit.ly/ymyw-372

Transcript

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0:00.0	Retirement spitball analyses today on Your Money, Your Wealth podcast number 372 with a spitball for a police officer turning teacher, a self-employed small business owner, an early retiree with an employee stock ownership plan who wants to do rock conversions and withdraw five or six percent in retirement, and a pension and social security spitball analysis. Plus, how many months of
0:22.7	expenses should you save in your emergency fund? Also, you may know where Rick Edelman and
0:27.7	Dave Ramsey stand on 15 versus 30-year mortgages and using cash versus credit, but what does
0:33.3	YMIW think? Visit Your Money, Your Wealth.com and click Ask Joe and Big Al on air to send in your money
0:39.8	questions as an email or a priority voice message.
0:43.1	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, filling in for
0:47.8	Joe Anderson, Kyle Stacey, CFP, and Big Al Clopine CPA.
0:53.0	So, Andy, we have Tim from Holliston, Massachusetts.
0:56.7	You got it.
0:57.4	He says hello again, Joe, Big Al, and Andy.
0:59.6	First, thank you for answering my question back in the show, 324, regarding a taxable
1:04.2	brokerage account versus a 457B deferred comp plan.
1:07.9	A brief summary about us.
1:09.2	I'm a police officer, 38, my wife, who is 30,
1:12.1	works in finance and investing as a data steward. Our gross annual income is roughly $240,000 a
1:18.2	year between our two incomes and non-taxable VA disability. He's an Iraq war veteran. Thank you very
1:24.0	much, Tim. Our previously mentioned tax-free gift from my in-laws is now going into an
1:28.8	eyelet rather than an annual gift directly to us. My wife is maxing out her Roth 401k through her
1:35.3	employer and we backdoor the maximum into each of our Roth IRAs. I have a pension through the
1:40.5	police department that will pay 50% at age 55, which is when I plan on stepping away
1:44.4	from policing, but not retiring entirely. I have a master's in education and was previously a high
1:49.8	school teacher, looking to combine both teaching and experience in law enforcement to teach at a
	...

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