Social Security Timing and When Family Wrecks Retirement - 564
Your Money, Your Wealth
Your Money, Your Wealth
4.6 • 790 Ratings
🗓️ 13 January 2026
⏱️ 43 minutes
🧾️ Download transcript
Summary
Hana's mom is 92. Mom's husband is 74, and after years of trying to help a family member, nearly a million dollars is gone. How do they stop the bleeding before it's too late, and how much can they spend each year from what's left? That's today on Your Money, Your Wealth® podcast number 564 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, "Peter and Gwen" from Virginia have a pension, Roths, and a shrinking IRA. With the new tax law, IRMAA, and Social Security decisions all colliding, should they keep converting to Roth, and when should they actually collect Social Security? Also, does it make sense for "Mr. and Mrs. Scarecrow" to claim Social Security early and invest it? Finally, "Rosie and Astro" from Pennsylvania ask if they can retire in just three years with $1.3 million, and whether it's time to hire an advisor to help them get there.
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https://bit.ly/ymyw-564 (full show notes & episode transcript)
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Chapters:
00:00 - Intro: This Week on the YMYW Podcast
02:21 - Family Wrecking Retirement: How Much Can Benevolent Retirees Afford to Spend? (Hana)
10:30 - We Have a Pension. Should We Do Roth Conversions After the OBBBA? When to Claim Social Security? (Peter Parker & Gwen Stacy)
23:29 - Should We Claim Social Security Early and Invest It? (Mr & Mrs Scarecrow)
29:56 - We're 60 and 57 with $1.3M. Can We Retire in 3 Years? Should We Hire an Advisor? (Rosie & Astro, PA)
41:04 - Outro: Next Week on the YMYW Podcast
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Hannah's mom is 92. Mom's husband is 74. And after years of trying to help a family member, |
| 0:06.3 | nearly a million dollars is gone. How did they stop the bleeding before it's too late? And how much |
| 0:12.0 | can they spend each year from what's left? That's today on your money, your wealth podcast number |
| 0:16.6 | 564. Plus, Peter and Gwen from Virginia have a pension, Roth's, and a shrinking IRA. With the new |
| 0:23.5 | tax law, Irma, and Social Security decisions all colliding, should they keep converting to Roth? And when |
| 0:29.3 | should they actually collect Social Security? Also, does it make sense for Mr. and Mrs. Scarecrow |
| 0:34.6 | to claim Social Security early and invest it. |
| 0:43.6 | Finally, Rosie and Astro from Pennsylvania ask if they can retire in just three years with $1.3 million, |
| 0:47.4 | and whether it's time to hire an advisor to help them get there. |
| 0:51.6 | I'm executive producer Andy Last, and here are the hosts of Your Money, Your Wealth, |
| 0:55.0 | Joe Anderson, CFP, and Big Al Clopine CPA. Been a while, Happy New Year. |
| 0:57.0 | Yes, Happy New Year to you. |
| 0:58.0 | Yeah, Big Al, Joey Anderson, Andy Last, we're hanging out. |
| 1:01.0 | Andy, how was your holidays? |
| 1:03.0 | To be honest, it really kind of sucked. |
| 1:06.0 | I mentioned in the last couple of podcast episodes towards the end of the year |
| 1:10.0 | that I was out for kidney surgery having my right kidney removed and that I was waiting on the diagnosis for what that was. |
| 1:16.6 | And it does turn out that I have metastatic breast cancer. |
| 1:19.6 | But I'm now on a treatment plan that hopefully should keep me alive for a good long time. |
| 1:24.6 | And that means that nothing is going to change with the podcast. So at least there's that. There's that good news. You look great. How do you feel? So far I feel fine. Treatment just started about two days ago as of the time that we're recording this and I don't have any symptoms yet. So hopefully that'll stay that way. We'll see. All right. Yeah. If I start getting a little bit of weird brain, brain fog or anything like that, |
| 1:46.6 | just blame it on the treatment. |
| 1:48.6 | Yeah, you're allowed. |
... |
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