Roth & Retirement Spitball, Insurance, and the Origins of YMYW - 461

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

🗓️ 26 December 2023

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

Spitballing on early retirement and Roth conversions to finish 2023. How can Jack and Diane (no, the other, other Jack and Diane, these are the ones in Rochester, MN) bridge the gap to retirement at age 61? Can Michael in San Diego do a Roth conversion without it impacting his taxes? Plus, what should "the Flintstones" do with their whole life insurance policies? What spitballs of wisdom do the fellas have for Michael, who is “benefit-less” in Kansas City, MO? Then, we wrap up the final episode of the year with the YMYW origin story.

Timestamps:

00:48 - How to Bridge the Gap to Retirement at Age 61? (Jack & Diane, Rochester, MN)
06:04 - Can I Convert to Roth Without Impacting My Taxes? (Michael, San Diego)
10:22 - What to Do with Whole Life Insurance Policies? (Wilma & Fred Flintstone)
16:55 - Financial Strategies for the “Benefitless” (Michael, Kansas City, MO)
23:46 - The Origins of YMYW
36:14 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-461

The Complete Roth Papers Package
Financial New Year’s Resolutions: Tips for Getting Your Finances in Order
The Economy, Currencies, Stocks, and 2024: End of Year Market Update webinar
Episode Transcript
Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Transcript

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0:00.0	Happy Boxing Day, friends. Today on Your Money, Your Wealth Podcast number 461, Joe and Bigel are
0:06.5	spitballing on, of course, early retirement and Roth conversions. How can Jack and Diane, no, the
0:12.5	other, other Jack and Diane, these are the ones in Rochester, Minnesota. How can they bridge
0:16.7	the gap to retirement at age 61? Can Michael in San Diego do a Roth conversion without it impacting
0:23.0	his taxes? Plus, what should the Flintstones do with their whole life insurance policies?
0:28.7	And what spitballs of wisdom do the fellows have for Michael who is benefitless in Kansas City?
0:34.4	Then we'll wrap up the final episode of the year with a little story time,
0:38.3	the YMIW origin story. I'm producer Andy Last, and here are the hosts of your money,
0:43.5	your wealth, Joe Anderson, CFP, and Big Al Clopine CPA.
0:48.1	Got another little Jack and Diane, little ditty.
0:50.7	Okay, let's do it. Rochester, Minnesota. We've been listening to the podcast for two years and
0:56.0	love it. We're seeking a spitball to see if Jack can retire at 61, but I'm unsure of the gap years
1:03.3	and downsizing before Social Security and Jack's pension kicks in. So bridging the gap, it's called.
1:10.6	Yes. Yeah, right. Jack is currently 59. I'm
1:13.5	58. I retired at age 56. Jack has reduced his hours, but would like to retire as well. We are
1:20.9	able to cover annual expenses of $120,000 a year on his salary, but no longer contribute to any retirement accounts.
1:29.1	We have made Roth conversions since my retirement.
1:32.9	That was very well written, very succinct.
1:36.2	It was. I like it.
1:37.1	I was able to follow that.
1:38.8	I can see where they want to go with this.
1:42.0	Yes.
	...

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