Should We Hold Off on Retiring Until the Markets Recover? - 386

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

🗓️ 12 July 2022

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

When the financial markets are down, should you postpone retirement? When inflation is up, should you change your investments and pile into things like value and commodities? Plus, the ever-popular retirement spitball analysis: an early retirement plan, Medicare, Social Security, TSP, and Roth conversions, and when and how business owners should convert $5.5M to Roth IRA. Also, if excess 2021 Roth contributions were returned, can you file last year’s taxes now without penalty? Finally, what’s the difference between a collective investment trust and regular mutual funds? Show notes, free financial resources, Ask Joe & Big Al On Air: https://bit.ly/ymyw-386

Transcript

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0:00.0	Today on Your Money, Your Wealth podcast number 386, when the financial markets are down,
0:05.9	should you postpone retirement? When inflation is up, should you change your investments and
0:11.4	pile into things like value and commodities? Plus, the ever popular retirement spitball analysis,
0:17.2	looking this week at an early retirement plan, Medicare, Social Security, TSP, and Roth conversions,
0:23.0	and when and how should business owners convert $5.5 million to Roth IRA? Also, if excess
0:30.0	2021 Roth contributions were returned, can you file last year's taxes now without penalty? And finally,
0:36.6	what's the difference between a collective
0:38.3	investment trust and regular mutual funds? Go to Your Money, Your Wealth.com, and click on Ask
0:43.9	Joe and Al on air to send in Your Money questions as an email or as a priority voice message
0:49.2	like the one coming up. I'm producer Andy Last with the hosts of Your Money, Your Wealth, Joe Anderson, CFP, and Big Al Clopine, CPA.
0:58.3	Hey Joe, Big Al and Andy. I'm a new listener to this year and I love the show. I recommend it all
1:04.1	the time. It's the most fun financial podcast to listen to you. I'm Janie from St. Louis. I'm divorced,
1:13.2	age 65 and was going to retire at the end of this year. I plan to take Social Security at age 70. My Monte Carlo numbers were solid for covering
1:19.2	my needs and travel with a 60-40 index fund portfolio. But with my stock and bond funds both down,
1:27.0	I feel like I have no choice but to postpone
1:29.3	retirement.
1:30.3	I always thought I would pull from bonds during a market downturn, but I didn't expect bonds
1:34.3	to be down like this.
1:35.3	What do you guys tell people in this circumstance?
1:38.3	I have a year's worth of needs and travel in the bank.
1:41.3	If I postpone until the end of 2023 and I don't save in any retirement
1:46.5	vehicles, I could have two years' worth of needs and travel saved. I don't have pets. I rarely drink
	...

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