When to Pay Off Your Home, Retire, and Do Roth Conversions - 503
Your Money, Your Wealth
Your Money, Your Wealth
2.3 • 681 Ratings
🗓️ 12 November 2024
⏱️ 53 minutes
🧾️ Download transcript
Summary
When should Jack and Swan in Florida pay off their home, retire, and convert their savings to Roth for lifetime tax-free investment growth? Jennifer in Colorado wonders whether she should take taxes into account when calculating her expenses, and whether she should pay off her home to be debt-free in retirement? That’s today on Your Money, Your Wealth® podcast 503 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, should Kevin in Scottsdale collect Social Security in 2025, or postpone and do Roth conversions over the next two years? Should Skipper in Texas do Roth conversions to the top of the 24% tax bracket instead of the 22? And just how closely will Big Brother watch his state of residency if Skipper buys homes in Florida and another location for his retirement? Harry Tasker in Minnesota’s wife Helen says he needs to continue working. Is that a true lie? Harry asks Joe and Big Al to spitball on whether he and Helen can stay home during their go-go years. And can the Tomb Raiders afford to spend $120,000 a year in retirement? Access free financial resources and the episode transcript: https://bit.ly/ymyw-503
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Timestamps:
00:00 - Intro: This Week on the YMYW Podcast
01:16 - When to Pay Off the Home, Retire, and Do Roth Conversions? (Jack & Swan, FL - voice)
06:10 - Should We Include Taxes in Annual Expenses? (Jennifer, CO)
09:47 - Draw Social Security in 2025, or Postpone and Convert to Roth in 2025 and 2026? (Kevin, Scottsdale, AZ)
14:57 - Download the Social Security Handbook, Calculate Your Financial Blueprint
16:08 - Should We Pay Off the House to Be Debt Free in Retirement? (Jennifer, CO)
21:08 - State Tax Spitball: Should I Convert Even More to Roth? Does Big Brother Really Count the Days for State Residency? (Skipper, TX)
29:54 - Watch 6 Secrets to Bigger Tax Savings from Your Nonprofit Donations on YMYW TV, Download the Tax-Smart Charitable Giving Guide
30:39 - Can We Both Stay Home in the Go-Go Years? Wife Says I Have to Go Back to Work (Harry & Helen Tasker, MN)
43:40 - Can We Afford to Spend $120k/Year Inflation Adjusted in Retirement? (Tomb Raiders, Strawberry Plains, TN)
51:29 - Outro: Next Week on the YMYW Podcast
Transcript
Click on a timestamp to play from that location
| 0:00.0 | When should Jack and Swan in Florida pay off their home, retire, and convert their savings to Roth for lifetime tax-free investment growth? |
| 0:08.3 | Jennifer in Colorado wonders whether she should take taxes into account with calculating her expenses, and whether she should pay off her home to be debt-free in retirement. |
| 0:16.9 | That's today on Your Money, Your Wealth, podcast number 503. |
| 0:20.9 | Plus, should Kevin in Scottsdale collect Social Security in 2025 or postpone and do Roth conversions over the next two years? |
| 0:28.1 | Should Skipper in Texas do Roth conversions to the top of the 24% tax bracket instead of the 22? |
| 0:34.3 | And just how closely will Big Brother watch his state of residency if Skipper buys homes in |
| 0:38.9 | Florida and another location for his retirement? Harry Tasker in Minnesota's wife Helen says he needs |
| 0:44.5 | to continue working. Is that a true lie? Harry asks Joe and Big Al the spitball on whether he and Helen |
| 0:50.1 | can stay home during their go-go years. And can the Tomb Raiders afford to spend $120,000 a year in retirement? |
| 0:57.8 | I'm executive producer Andy Last with the hosts of Your Money, Your Wealth, |
| 1:01.8 | Joe Anderson, CFP, and Big Al Clopine CPA. |
| 1:05.1 | To ask a money question or get a retirement spitball analysis of your own, |
| 1:09.0 | click Ask Joe and Big Al on air in the episode description and send us an email or a priority |
| 1:13.8 | voice message like this one. |
| 1:16.2 | All righty then. |
| 1:17.3 | Speakball request from Jack 61 and Swan 57 in Florida. |
| 1:24.2 | We've listened to your show via podcast for over a year and checking out some |
| 1:30.5 | of your shows on YouTube. We like the show, educational and entertaining. Okay, she drinks |
| 1:38.0 | a sweet muskado every now and then, but mostly water. I regularly drink whiskeys and |
| 1:43.4 | dark rums, primarily. But why is all the rum gone? |
| 1:49.0 | She drives a 2009 Mercedes M.L. And I drive a 2014 Mercedes C-300, both have high miles. |
| 2:03.3 | We're going to drive them until they drop. |
... |
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