Spitballing Retirement Planning in Your 40's & 50's - 397

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

🗓️ 27 September 2022

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

A compilation of some of Joe and Big Al's retirement plan spitballing specifically for those in their 40s and 50s - a critical time on the path to retirement. Is your financial plan set up so you pay as little tax as possible? Does it take volatile markets and potential future tax increases into account? Have you got a strategy nailed down for Roth conversions, or backdoor Roth, or pension options? Maybe you’re making big decisions about what to do with your money between now and when you retire, like buying a house vs. saving for retirement? Are you comfortable with the retirement lifestyle you’re creating? Do you know what you’ll do with your time once you’re permanently off the clock? Visit the podcast show notes to access free financial resources, transcript, and to Ask Joe & Big Al On Air: https://bit.ly/ymyw-397

Transcript

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0:00.0	Your 40s and 50s are a critical time on your path to retirement.
0:04.0	Is your financial plan set up so that you pay as little tax as possible?
0:08.0	Does it take volatile markets and potential future tax increases into account?
0:13.0	Have you got a strategy nailed down for Roth conversions or backdoor Roth or pension options?
0:18.0	Maybe you're making big decisions about what to do with your money between
0:21.7	now and when you retire. Like should you buy a house or should you be sucking that money away
0:25.8	into retirement accounts instead? Maybe the idea that one day you'll no longer be earning and
0:31.1	saving fills you with dread. Are you comfortable with the retirement lifestyle you're creating?
0:36.0	Do you know what you're going to do with your time once you're permanently off the clock? Today on Your Money, Your Wealth
0:40.8	Podcast number 397, we compile some of Joe and Big Al's retirement plan spitballing, specifically
0:46.6	for those in their 40s and 50s. Click the link in the description of today's episode in your
0:50.9	favorite podcast app to go to the podcast show notes, listen to the YMIW
0:55.1	episodes in which each question originally appeared, access free financial resources, read the episode
1:00.9	transcript, and ask Joe and Big Al on air to get your own retirement spitball analysis.
1:06.7	I'm producer Andy Last, and here are the hosts of your money, your wealth, Joy Anderson, CFP, and Big Alclopline CPA.
1:14.3	Laura from Los Angeles, I'm 40, you single, no kids, own a condo with $450, have no debt
1:23.3	aside from the $210,000 mortgage and make $150,000 a year.
1:29.3	I'm worried about retirement. I only have a 401k.
1:30.3	My question is, should I get a Roth?
1:33.3	Even though I get highly taxed right now or just stick with the traditional.
1:39.3	Okay, she's 40.
1:42.3	Makes $150,000 a year.
	...

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