When Will You Be Able to Retire? - 438

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

🗓️ 18 July 2023

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Steven has got "one more year" syndrome. Can he retire at age 65? Today on Your Money, Your Wealth® podcast 438, Joe and Big Al spitball retirement for him, and for MB - can she and her husband live comfortably if she retires at age 59½? And for Johnny - does he have enough to fill the gap until retirement, and should his dad do Roth conversions before Johnny inherits his wealth? Is Austin maximizing his future gains by saving to his 401(k) at age 29, rather than his Roth IRA? But first, how can Mike and his wife leave their kids a lower tax bill when they pass?

Timestamps:

00:45 - How to Leave the Kids a Lower Tax Bill When We Pass? (Mike, Boerne, TX - voice)
04:24 - I Have "One More Year" Syndrome. Can I Retire at 65? (Steven, Exton, PA)
08:30 - Can We Live Comfortably If I Retire at 59½? (MB, Louisville, KY)
12:49 - Do I Have Enough to Fill the Gap Until Retirement? Should Dad Convert My Inheritance to Roth? (Johnny, El Dorado, CA)
21:49 - Am I Maximizing Future Gains By Saving to Pre-Tax 401(k)? (Austin, Naples, FL)
29:42 - The Derails

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Transcript

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0:00.0	Stephen has got one more year syndrome. Can he retire at age 65?
0:04.0	Today on your money, your wealth podcast number 438,
0:08.0	join Big Al Spitball Retirement for him and for M.B. Can she and her husband live
0:13.0	comfortably if she retires at age 59 and a half? And for Johnny, does he have enough to fill
0:18.0	the gap until retirement? And should his dad do Roth conversions before Johnny inherits his wealth?
0:23.8	Is Austin maximizing his future gains by saving to his 401k at age 29 rather than to his Roth IRA?
0:31.5	But first, how can Mike and his wife leave their kids a lower tax bill when they pass?
0:36.5	I'm producer Andy Last, and here are the hosts of
0:39.0	Your Money, Your Wealth, Joe Anderson, CFP and Big Al Clopine CPA. Go to Your Money or Walth.com,
0:46.5	click on the button. Ask Joe and Big Al. Yeah, that's the button. It actually works. It works.
0:53.2	It works. Great. You can leave a message or you can
0:56.7	write us an email. Hey, y'all. Coming to here from the great state of Texas, a little town called
1:02.0	Bernie, Texas, outside of San Antonio. Hey, listen, my wife and I are 63 and 69. She retired at full
1:09.2	Social Security benefits, and she has her own pension and so forth
1:12.1	and i'm going to collect mine here at 63 probably here in probably september we got about
1:18.9	one million in tax deferred IRAs got about 170,000 dollars in cash i guess that covers the
1:25.7	emergency fund i still have a 400k mortgage, which is
1:29.4	$1,730 a month. Come September, we'll have about $15,000 a month income coming in from our
1:37.0	pensions and in our annuities. It's about $180,000 a year, but only $45,000 is taxable because I'm disabled veteran and so forth like that.
1:47.8	But I drive a Subaru.
1:50.3	I drink a little eight-lager.
1:52.0	My question to you all is I'm concerned of leaving the kids a large tax bill after we pass in the sense of, you know, I think you've got to use it within 10
	...

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