Spitballing Retirement for Fat Wallets - 470

Your Money, Your Wealth

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4.6 • 794 Ratings

🗓️ 27 February 2024

⏱️ 49 minutes

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Summary

Barney and Betty in Maryland hit the jackpot. How's Barney's strategy for net unrealized appreciation, retirement withdrawals, and asset location for his $5 million employee stock ownership plan? Nick in the PNW will have $8 million when he retires early at 53. Should he contribute to his 401(k) or do the good ol' mega backdoor Roth until then? Those are just a couple of the fat wallets Joe Anderson, CFP® and Big Al Clopine, CPA spitball on, today on Your Money, Your Wealth® podcast number 470. Plus, should Allen in New Braunfels' recently widowed sister contribute to her traditional IRA and do some Roth conversions? Should Alicia in Denver take Social Security early to pay off her rental property, and how can Vern in Wickenburg Arizona buy a new home before or during the sale of his current home? Finally, Bryan in Washington needs to know the best investment strategy for his thrift savings plan, and Lyse in Georgia wonders when in a market downturn you should start spending your cash. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-470

Timestamps:

01:06 - Retirement Spitball Analysis for My Widowed Sister (Allen, sunny New Braunfels, TX)
06:52 - $5M ESOP Strategy: Net Unrealized Appreciation, Retirement Withdrawals, and Tax Location (Barney & Betty, MD)
18:07 Why Asset Location Matters - free download
Are You Ready to Retire? Review Your Retirement Readiness - YMYW TV
19:00 - Should I Take Social Security Early to Pay Off My Rental Property? (Alicia, Denver, CO)
23:22 - How to Buy a Home Before or During the Sale of My Existing Home? (Vern, Wickenburg, AZ)
26:50 - Should I Buy a Qualified Longevity Annuity Contract as a Long Term Care Insurance Alternative? (Ron, IL)
31:08 - I'll Have $8M When I Retire at 53. Should I Contribute to 401(k) or Do the Mega Backdoor Roth Until Then? (Nick, PNW)
37:05 - EASIretirement.com - free retirement calculator
38:06 - What's the Best Thrift Savings Plan Investment Strategy? (Bryan, WA)
40:21 - When in a Market Downturn Should You Start Spending Cash? (Lyse, GA)
46:00 - The Derails

Transcript

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0:00.0	Barney and Betty in Maryland hit the jackpot. How is Barney's strategy for net
0:05.3	unrealized appreciation, retirement withdrawals, and asset location for his $5 million
0:11.1	employee stock ownership plan? Nick and the PNW will have $8 million when he retires early
0:16.8	at 53. Should he contribute to his 401k or do the good old mega backdoor Roth until then?
0:22.9	Those are just a couple of the fat wallets, Joan Big Al spitball on today on Your Money, Your
0:27.3	Wealth podcast number 470. Plus, should Alan in New Brunfell's recently widowed sister
0:33.0	contribute to her traditional IRA and do some Roth conversions? Should Alicia in Denver take Social
0:38.9	Security early to pay off her rental property? And how can Vern in Wickenburg, Arizona, buy a new home
0:44.4	before or during the sale of his current home? Finally, Brian in Washington needs to know the best
0:50.1	investment strategy for his thrift savings plan. And Lees in Georgia wonders when in a market downturn
0:56.0	you should start spending your cash. I'm producer Andy Last and here are the hosts of your money,
1:01.0	your wealth, Joe Anderson CFP and Big Al Clopine CPA. I got Alan writes in from sunny
1:09.0	New Bronfields, Texas. My sister's husband, 52 years young, recently passed away
1:15.0	from cancer earlier this year. No, hate to hear that. That's too bad. Sisters 51, they live in
1:21.5	Dallas, Texas, and have a daughter 16 years old. I've been helping her, getting her finances in order
1:26.3	in consolidation with her
1:28.2	account at Vanguard. Given that she will be able to file a qualified widow for tax years 23 and 24,
1:35.3	which is the tax equivalent of Mary finally jointly, and I wanted to get your spitball on things to do.
1:42.3	All right. Let's see. With the recent downturn in the stock market, we were
1:47.9	able to do some tax loss harvesting to the tune of $29,000 short-term capital gain loss,
1:53.5	3,000 of which will be used to reduce the family taxable income. Given the 20, how old is this
1:59.5	email? As the market, it's just like on fire?
	...

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