Spitballing Early Retirement for the One Percenters - 502

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

🗓️ 5 November 2024

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

Can Bauer in Illinois retire at age 57, and when should he collect Social Security? More importantly, can he afford a $300,000 motor home? Can Brad in Michigan coast for the next 10 years and still reach the promised land of retirement somewhere around age 53? Joe Anderson, CFP® and Big Al Clopine, CPA spitball early retirement, today on Your Money, Your Wealth® podcast 502. Plus, it seems weird to Elizabeth in Connecticut that nearly all of her $5M is in taxable accounts. Is that good or bad? N&N in San Francisco Bay Area have $10 million liquid. Should they make Roth contributions and Roth conversions now, or wait until they retire? Access free financial resources and the episode transcript: https://bit.ly/ymyw-502

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Timestamps:

00:00 - Intro: This Week on the YMYW Podcast

00:58 - Can I Retire at 57? When to Collect Social Security? Can I Afford a Motorhome? (Bauer & Laney, Mundelein, IL - voice)

07:47 - Can We Coast and Still Reach the Retirement Promised Land in Ten Years? (Brad, MI)

14:20 - Watch How to Avoid Wealth Busters on YMYW TV, download the Wealth Busters to Avoid Guide

15:00 - We've Got $10M Liquid: Roth Contributions & Conversions Now or Wait Until Retirement? (N&N, SF Bay area)

24:58 - Calculate Your Free Financial Blueprint

25:36 - Seems Weird That Our Money is in Taxable Accounts. Is That Good or Bad? (Elizabeth, CT)

31:57 - Outro: Next Week on the YMYW Podcast

Transcript

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0:00.0	Can Bauer in Illinois retire at age 57 and when should he collect social security?
0:05.7	More importantly, can he afford a $300,000 motor home?
0:09.2	Can Brad and Michigan coast for the next 10 years and still reach the promised land of retirement somewhere around age 53?
0:16.1	Joe and Big Al spitball early retirement today on Your Money, Your Wealth podcast number 502.
0:21.6	Plus, it seems weird to Elizabeth in Connecticut that all her money is in taxable accounts.
0:26.4	Is that a good thing or a bad thing?
0:28.3	And N&N in San Francisco Bay Area have $10 million liquid.
0:32.6	Should they make Roth contributions and conversions now or wait until they retire?
0:36.6	You can listen in your favorite
0:38.2	podcast app or watch us right now on YouTube or Spotify. I'm executive producer Andy Last with the hosts
0:44.1	of Your Money Your Wealth, Joe Anderson CFP, and Big Al Clopline CPA. To get a retirement's fitball
0:49.8	analysis of your own, click Ask Joe and Big Al on air in the episode description and send
0:54.5	us an email or a priority voice message like this one.
0:58.5	Hello, Andy, Joe, and Big Al.
1:01.0	Tuning in from Munderline, Illinois.
1:03.0	I'm Bauer, 54, yo.
1:05.0	My wife, Lainey, 59, yo.
1:08.0	My drink is an old-fashioned on a drive of 2018 GMC Sierra. Lainey drives a 2016 infinity.
1:14.9	I work for the federal government with a gross pay of about 192K.
1:19.6	Lainey's a Sam and collects city government pension of 16,000 per year, no cola.
1:25.1	TSP balance is $1.375 million, all traditional 457, Roth IRA of 210K, traditional IRA,
1:35.0	8K. Kids college is paid for. Our spend is about 9K per month. I have a mandatory retirement in June of 2027. I'll be 57. Lainey 61. My spitball request is,
	...

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