What's a Safe Withdrawal Rate in Retirement? (So You Won't Run Out of Money) - 519
Your Money, Your Wealth
Your Money, Your Wealth
2.3 • 681 Ratings
🗓️ 4 March 2025
⏱️ 46 minutes
🧾️ Download transcript
Summary
How much do Nick and Nora in Pittsburgh, and Doc Mc Muffin and her Mr. in Minnesota, need to have saved, and how much can they afford to spend in retirement? What are the disadvantages to Fred and Ethel in Virginia if Ethel collects her Social Security early? Are the Moonshiner and the City Girl in Florida so obsessed with avoiding RMDs and IRMAA that they're wasting too much savings on Roth conversions? That’s today on Your Money, Your Wealth® podcast 519 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, will the tax benefits on a rental property offset the negative cash flow for Lily's 29-year-old son, who has started his professional career with a $750K salary?
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Timestamps:
00:00 - Intro: This Week on the YMYW Podcast
00:51 - How Much Should We Have Saved Before Retirement? (Nick & Nora, Pittsburgh, PA)
12:01 - Download the Withdrawal Strategy Guide for free
12:38 - We're 40 with $2.7M Saved. Spitball on What We're Missing. (Doc McMuffin, MN)
18:40 - Any Disadvantages to Claiming Social Security Early? (Fred & Ethel, VA)
26:11 - Am I Overly Obsessed with Reducing RMDs and IRMAA, Wasting too Much on Roth Conversions? (The Moonshiner and the City Girl, Orange Park, FL)
34:52 - LIMITED TIME OFFER: Download the Money Makeover Guide by this Friday, March 7! Watch Complete Money Makeover: How to Do a Financial Facelift on YMYW TV
35:36 - Son Makes $750K. Will Rental Property Tax Benefits Offset Negative Cash Flow? (Lily, CA)
40:32 - Joe and Big Al's Very First Jobs
44:18 - YMYW Accolades on Feedspot and Goodpods
Transcript
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| 0:00.0 | How much do Nick and Nora in Pittsburgh need to have saved for retirement and how much can they afford to spend? |
| 0:06.3 | When can Doc and Mr. McMuffin in Minnesota retire? |
| 0:09.7 | What are the disadvantages to Fred and Ethel in Virginia if Ethel collects her Social Security early? |
| 0:15.4 | Join Big Al's pitball on these topics today on Your Money, Your Wealth podcast number 519. |
| 0:20.6 | Plus are the Moonshiner and the City Girl in Florida so obsessed with avoiding RMDs in Irma |
| 0:26.1 | that they're wasting too much savings on Roth conversions? |
| 0:29.9 | And finally, will the tax benefits on a rental property offset the negative cash flow |
| 0:34.2 | for Lily's 29-year-old son, who has just started his professional career |
| 0:39.1 | and is making $750,000. |
| 0:42.1 | We'll find out. |
| 0:43.3 | I'm executive producer Andy Last, and here are the hosts of Your Money, Your Wealth, |
| 0:47.7 | Joe Anderson, CFP, and Big Al Clopine CPA. |
| 0:51.3 | Sounds like a good show, Big Al. |
| 0:52.6 | I can't wait. |
| 0:53.7 | Let's go. |
| 0:54.4 | Let's get right to it. |
| 0:55.2 | We got Nick and Nora from Pittsburgh, PA. |
| 0:57.6 | He goes, hey, Joe, Bigal, Andy. |
| 0:59.8 | Thanks for producing such a great show in making retirement fun. |
| 1:05.6 | That's what we do. |
| 1:07.0 | I'll bet you guys. |
| 1:07.7 | Making it fun. |
... |
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