Spousal Social Security, Retirement Expenses and Roth Conversions | YMYW Extra - 4

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

🗓️ 25 June 2024

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

How much do retirees really spend in retirement? Does the Social Security Primary Insurance Amount (PIA) continue to rise with inflation? Is all the talk about higher future tax brackets just fear-mongering? Can "Johnny Mercer" afford to leave money for his heirs, and what should his strategy be for converting his retirement savings to Roth IRA for tax-free growth on his money? While Joe Anderson, CFP® and Big Al Clopine, CPA each take some much-needed vacation time, Your Money, Your Wealth® producer Andi Last enlists the help of senior financial advisor Rachel Fuss, CFP®, MPH from Joe and Big Al's team of experienced professionals at Pure Financial Advisors in Mercer Island, WA, to see if they can "Ac-cent-tchu-ate the Positive" for Johnny in YMYW Extra number 4. Free financial resources and transcript: https://bit.ly/ymywe-4

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Timestamps:

00:00 - Intro

01:17 - Johnny Mercer's Cars, Drinks and Pets

02:19 - Will Social Security Primary Insurance Amount Continue to Rise With Inflation?

05:20 - Retirement Spending: What's Reality?

06:40 - Are Future Higher Tax Brackets Just Fear-Mongering?

08:21 - How Much Can We Afford to Spend and Still Leave Money for Heirs?

11:07 - Final Considerations & Roth Conversion Strategy

Transcript

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0:00.0	Johnny Mercer in Savannah, Georgia, writes us back for a spitball on Social Security and
0:04.2	inflation, tax bracket changes, and retirement spending strategies. Can we accentuate the
0:09.8	positive for him? That's up next on this bonus episode of Your Money, Your Wealth, aka YMIW Extra.
0:16.9	I'm producer Andy Last, and you, the YMYW listeners, have sent us so many excellent and detailed retirement spitball requests that your money, your wealth, hosts Joe Anderson, CFP, and Big AlcoFind CPA can't even handle them all.
0:30.7	So, I've enlisted the help of senior financial advisor Rachel Fuse, CFP, from Pure Financial Advisors Office in Mercer Island, Washington,
0:38.8	to help me out.
0:40.0	Now, it's important to note that this is just a spitball for educational purposes only.
0:44.1	Even if you've given us a lot of details, we don't know everything about your financial situation,
0:48.7	so please don't take this to the bank.
0:50.8	Here's Rachel Spitball.
0:51.8	Rachel, thank you so much for taking the time today.
0:53.8	I really appreciate it. Absolutely. Rachel Spickball. Rachel, thank you so much for taking the time today. I really appreciate it.
0:55.4	Absolutely. Happy to be here. Excellent. So you've had a chance to listen to the podcast before.
1:00.8	You know how this works, right? Yeah. So this is going to be a little different because for once,
1:04.9	I'm going to read the question instead of Joe. So let's get started. It says,
1:09.7	Andy Joe and Al, it's Johnny Mercer again from Savannah.
1:12.6	Your podcasts remain entertaining and informative. To me, you are the car talk guys of retirement planning.
1:18.7	Please keep up the good work. Thank you. Johnny Mercer, we shall. Johnny is 68 and plans to work until 71.
1:24.6	He still finds his work challenging and engaging. He wouldn't mind boxing
1:29.2	with his boots on, which the last time that Johnny wrote into us, he said something about boxing,
1:35.3	and we determined that that meant when he goes out in a pine box. Yes, I remember that episode.
1:41.7	He says, but his lovely and wise wife, who is 65 and retired, has other plans.
	...

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