Use This Quick Calculation to See If You're on Track for Retirement - 176

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

🗓️ 4 July 2018

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

Are you on track for retirement? Big Al Clopine, CPA created a quick retirement calculation to help you find out. If you’re a little behind in your savings, Big Al also has 3 ways to get caught up. Wondering if Joe contributed anything to this episode?? That would be a yes! We’ve got questions and Joe’s got answers on the differences between the 403(b), 457(b) and 401(a), he clears up the whole Roth IRA 5-year clock thing, and producer Andi gets an answer to her question on doing a Roth conversion from her current 401(k) plan. Transcript and show notes at http://bit.ly/YMYW-176

Transcript

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0:00.0	Have you subscribed to Your Money Your Wealth yet?
0:02.6	You can on Google Podcasts, Apple Podcasts, Spotify, Stitcher, Overcast, Player FM, IHeartRadio, and tune in.
0:10.2	Or you can just visit Your Money Your Wealth.com and click subscribe to our podcast.
0:14.5	Enter your email address and you'll receive our weekly podcast newsletter.
0:18.2	Today on Your Money Your Wealth, are you on track for retirement? Big Al has
0:22.1	his very own retirement calculator to help you find out. If it turns out you're a little behind
0:26.4	and you're saving for retirement, Al also has three ways to get caught up. Now, if you're wondering
0:30.5	if Joe has contributed anything to this episode, that would be a yes. We've got questions and
0:35.2	Joe's got answers on the differences between 403Bs, 457s, and 401A's.
0:40.4	He clears up the whole Roth five-year clock thing, and he answers my question about doing a Roth
0:46.0	conversion from my current 401K. Now, with more financial information than should possibly be able
0:51.4	to fit in two brains, here are Joe Anderson CFP and Big Al Clopine
0:55.4	CPA. I got a surprise for you. Yeah, I heard you got a new retirement calculator. Yeah,
1:02.1	this is original content by Al and Clopine. All right. Let's see it. So because, Joe, we're
1:08.3	about to start up our new TV show season, so I'm trying to come up with some new thoughts because this is season five.
1:13.6	And it's like, how many ways can you have a show to say, here's how you figure out you're on track for retirement?
1:18.6	Right.
1:19.6	So I guess the formula, and people have heard us say this before, but I will repeat it.
1:24.6	Like let's just say, you know, you want to spend $75,000 in retirement.
1:30.6	So and most people don't even know what they're spending.
1:33.8	So take a start, take a look at your net pay.
1:36.3	You know, your net pay and your net paycheck, you know, maybe it's whatever, whatever,
	...

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