Slopes Vs. Suits: How Couples Bridge the Retirement Gap - 483

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

🗓️ 28 May 2024

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

Are women better investors and financial planners? Today on Your Money, Your Wealth® podcast 483 with Joe Anderson, CFP® and Big Al Clopine, CPA, three different husbands want to retire, while their wives feel they need to work longer. Can Jack and Diane, Mark and Belle, and Mike and his wife hit the slopes now, or do they need to keep wearing their suits? Joe and Big Al spitball on who’s right. Plus, should Ellie take her pension in a lump sum or in monthly annuity payments? The fellas also consider a solo 401(k) strategy for self-employed types from our buddy Will. Free financial resources and transcript: https://bit.ly/ymyw-483

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Timestamps:

00:00 - Intro

00:40 - Can We Retire Now or Do We Need to Wait a Few Years? (Jack & Diane, Houston - voice)

09:35 - How to Bridge the Gap in Early Retirement? (Mark & Belle, VA)

19:44 - Help Me Convince My Wife to Retire This Summer! (Michael, MN)

26:28 - Should I Take the Pension Lump Sum or Monthly Annuity Payments? (Ellie, PA)

31:52 - How’s My Solo 401(k) Contribution Strategy? (Will)

36:51 - The Derails

Transcript

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0:00.0	Are women better investors and financial planners? Today on Your Money, Your Wealth podcast number
0:05.2	483, three different husbands want to retire while their wives feel they need to work longer.
0:11.1	Can Jack and Diane, Mark and Bell, and Mike and his wife hit the slopes now, or do they need
0:16.5	to keep wearing their suits? Joe and Big Al spitball on who's right? Plus, should Ellie take her pension in a lump sum or in monthly payments?
0:24.6	The fellows also consider a solo 401k strategy for self-employed types from our buddy Will.
0:30.2	I'm producer Andy Last with the hosts of Your Money Your Wealth, Joe Anderson, CFP, and Big Al Clopine CPA.
0:36.2	And we're kicking things off today with a priority voice message.
0:39.6	Hey Joe and Big Al. This is Jack from Houston. I've been enjoying your show for years and figured it was my time to call in to get a little retirement spitball from you. I'm 52 and my wife, Diane, is 49. I drive a Honda CRV, and the wife enjoys driving a 2016 Honda Civic.
1:00.5	My beverage of choice is a lone pint yellow rose IPA, and the wife likes a little Belgian triple every now and then.
1:07.9	I have a 401k with $1.9 million. My wife has a 403b with 20,000. We have
1:16.4	after-tax brokerage accounts of around 2 million. Roth accounts with 140,000. We have 20,000 in
1:24.8	ETSA and around 120,000 in cash.
1:29.3	Our house is worth 550,000 and we have a small mortgage of 150,000 left on the house.
1:36.3	We do have two boys that will be starting college in the next one to two years,
1:40.3	but we have 529 accounts that should cover their expenses in full.
1:45.7	We currently have combined annual income of 280,000 and annual expenses of 120,000.
1:55.8	I plan to take Social Security at age 70 and expect $48,000 per year. And the wife will take Social Security at the
2:04.5	same time and we'll get 24,000 spousal benefit. I would like to retire now, but the wife is convinced
2:12.4	that we need to work a few more years. So I would really appreciate your spitball to help us settle our little dilemma.
2:20.2	Love the show. Keep doing what you're doing. Look forward to hearing from you. Thanks.
2:25.3	Well, Jack from Houston. How about that? Yeah. Yeah. Like it. You've been there. I know.
2:32.0	Wife wants to move there. Really?
	...

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