Should Young People Save for Retirement? - 401

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

🗓️ 25 October 2022

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

New research says some young people shouldn’t save for retirement. Find out what Joe and Big Al think about that. Plus, is it tax fraud if you re-file taxes to take advantage of new student loan forgiveness? Should you invest in CDs instead of bonds, since both stocks and bonds are getting crushed right now? How can you consolidate your stock portfolio to minimize capital gains tax? Also, charitably inclined YMYW listeners want to know how to use donor-advised funds when spitballing tax planning around an IPO, and whether to do more Roth conversions or more qualified charitable distributions. Show notes, free financial resources, transcript, Ask Joe & Big Al On Air: https://bit.ly/ymyw-401

Transcript

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0:00.0	The Journal of Retirement recently published new research that says that some young people should not save for retirement.
0:08.0	Find out what Joan Big Al think about that today on your money, Your Wealth podcast number 401.
0:13.0	Plus, is it tax fraud if you refile your taxes to take advantage of the new student loan forgiveness?
0:20.0	Should you invest in CDs instead
0:22.3	of bonds since both bonds and stocks are getting crushed right now? How can you consolidate your
0:27.4	stock portfolio to minimize capital gains tax? Also, charitably inclined YMIW listeners want to know
0:33.8	how to use donor advised funds when spitballing tax planning around an IPO
0:38.4	and whether to do more Roth conversions or more qualified charitable distributions.
0:44.0	I'm producer Andy Last and here are the hosts of Your Money, Your Wealth, Joe Anderson,
0:48.6	CFP and Big Al Clopine CPA.
0:53.0	Josie writes in from Atlanta, Big Al.
0:56.0	Okay.
0:57.0	Joe, Bigel, and Andy, first time, long time.
1:00.0	New research on the life cycle model says young people shouldn't save for retirement.
1:05.0	Should be auto-enrolled in retirement plans at work.
1:08.0	It should buy a house instead.
1:10.0	Based on everything I've heard from Y and YW and
1:12.4	well, common sense. This sounds ridiculous to me. I'd love to hear what you think on the reasoning of this article.
1:19.4	P.S. 2004 Toyota Tacoma. No pets drink an occasional glass of red. All right. Listen to Y and YW in the shower.
1:28.6	That might be a first.
1:29.8	While getting ready for work.
1:31.4	Thank you.
	...

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