Roth Conversions vs. IRMAA, Using Retirement Funds to Pay the Mortgage, Retirement Spending Plan - 534

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

🗓️ 17 June 2025

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

Ralph and Alice in Monument, Colorado have $4.6 million dollars saved at ages 63 and 58. Should they do Roth conversions? How do they avoid IRMAA? Mary Jo in Escondido, California wonders if she should use her 403(b) money to pay off her mortgage. And Lucas plans to spend from his brokerage, then his 401(k), then his Social Security and pension when he retires in 20 years. What do Joe and Big Al think of his strategy? Find out today on Your Money, Your Wealth® podcast 534.

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Timestamps:

00:00 - Intro: This Week on the YMYW Podcast

00:55 - We're 63 and 58 With $4.6M Saved. Should We Do Roth Conversions? Can We Avoid IRMAA? (Ralph & Alice, Monument, CO - voice)

11:51 - Watch Is There a Formula for Retirement? on YMYW TV, Download The Retirement Readiness Guide for free

12:59 - Should I Use My 403(b) Pay Off My Mortgage? (Mary Jo, Escondido)

16:48 - Brokerage to 401(k) to Social Security and Pension: Good Income Strategy for Retirement in 20 Years? (Lucas)

26:33 - YMYW Podcast Outro

Transcript

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0:00.0	Ralph and Alice in Monument, Colorado, have $4.6 million saved at ages 63 and 58.
0:06.0	Should they do Roth conversions?
0:08.0	Mary Jo in Escondito, California, wonders if she should use her 403B money to pay off her mortgage.
0:13.0	And Lucas has a plan to spend from his brokerage, then his 401k, then his Social Security and pension when he retires in 20 years.
0:20.0	What do Joe and Big Al think of his strategy?
0:22.9	We'll find out today on Your Money, Your Wealth podcast number 534.
0:27.1	I'm executive producer Andy Last, traveling in a fried out combi as you listen or watch this,
0:31.9	with the hosts of Your Money, Your Wealth, Joe Anderson CFP, who is actually visiting
0:36.4	fame in Minnesota at the moment, and
0:38.3	currently in the home of Abba, Big Al Clopine's CPA. To ask your money questions or to get a
0:43.1	retirement spitball analysis of your own, click or tap Ask Joe and Big Al in the episode description,
0:48.2	watch my how to video to find out how to make it a good one, then send it on in as an email
0:52.9	or a voice message like this one.
0:55.2	Hey guys, this is Ralph and Alice calling from Monument, Colorado.
0:59.9	I love your show.
1:01.6	I stumbled upon it just by browsing through my financial podcast, and you guys came as one of the better ones.
1:08.1	I've been listening to you ever since, and I love it.
1:10.6	Anyway, I would love to hear your retirement spitball analysis from me. I'm mostly concerned at a
1:18.1	strategy for Roth conversions. I've only been doing about 20,000 a year, but before I get to that,
1:24.4	let me give you all the numbers. Number one, I've been a diligent saver most of my life. I have 2 million in tax-deferred IRAs. Of that 2 million, 1 million is mine, and about a million is my wife.
1:40.1	I have a taxable account of 1.5 million, and then I also have a tax-free Roth of $1 million,
1:49.0	and an HSA of $100,000.
	...

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