Your Money, Your Wealth

Joe Anderson, CFP® & Alan Clopine, CPA of Pure Financial Advisors
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Your Money, Your Wealth Podcast

A "Top 10 Personal Finance Podcast" and "Top 12 Retirement Podcast" (US News & World Report, 2023). One of the "10 Best Personal Finance YouTube Channels" (CardRates, 2023). “Best Retirement Podcast With Humor” (FIPhysician, 2020, 2021, 2022, 2023). Learn strategies that can help you retire successfully. Financial advisor Joe Anderson, CFP® and certified public accountant Big Al Clopine, CPA are making fun out of finance as they answer your money questions and spitball on your 401k, IRA, Roth conversions and backdoor Roth IRA, how to pay less taxes, asset allocation, stocks and bonds, real estate, and other investments, Social Security benefits, capital gains tax, 1031 exchange, early retirement, expenses and withdrawals, and more money and wealth management strategies. YMYW is retirement planning, investing, and tax reduction made fun, presented by Pure Financial Advisors - a fee-only financial planning firm. Pure Financial adheres to the fiduciary standard of care, in which we are required by law to act in the best interest of our clients at all times. Access free financial resources and episode transcripts, Ask Joe & Big Al On Air to get your Retirement Plan Spitball Analysis: http://YourMoneyYourWealth.com

  1. 3 Strategies to Pay Roth Conversion Taxes

    2 DAYS AGO

    3 Strategies to Pay Roth Conversion Taxes

    Today on Your Money, Your Wealth® podcast 495, Joe Anderson, CFP® and Big Al Clopine CPA spitball on three different listeners’ strategies for paying the tax on a Roth conversion now, to have lifetime tax-free growth on that money in the future. Should Neo in San Clemente, California convert to Roth at the beginning or end of the year in his plan to make quarterly estimated tax payments on his conversion? Is it a good strategy for Tim in Minnesota to use reimbursements from his health savings account to pay Roth conversion taxes? And what do Joe and Big Al think of Samantha in Northern California’s plan to convert to Roth and pay the tax with her IRA money? Plus, the fellas answer questions from our YouTube and Spotify followers on required minimum distributions from Roth accounts, reasons to put retirement withdrawals in a brokerage account instead of a Roth, choosing pension options, and the difference between commercial annuities and pension annuities. Plus, their thoughts on single premium immediate annuities (SPIA). Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-495 CALCULATE: A Financial Blueprint of your retirement readiness for free! DOWNLOAD: Complete Roth Papers Package  DOWNLOAD: Retirement Readiness Guide WATCH: What Happens to Your 401(k) & IRA at Retirement? YMYW TV REQUEST: Retirement Spitball Analysis SCHEDULE: free financial assessment SUBSCRIBE: YMYW on YouTube DOWNLOAD: more free guides READ: financial blogs WATCH: educational videos SUBSCRIBE: YMYW Newsletter Timestamps:  00:00 - Intro 01:02 - Timing of Roth Conversions - and Paying Quarterly Estimated Taxes (Neo, San Clemente) 06:37 - Is Using HSA Reimbursement to Pay Roth Conversion Taxes a Good Strategy? (Tim, MN) 08:44 - Complete Roth Papers Package - free download. Financial Blueprint - free retirement analysis 09:39 - How Is Our Plan to Convert to Roth and Pay the Tax With IRA Money? (Samantha, Northern California) 19:15 - What Happens to Your 401(k) & IRA at Retirement? Watch YMYW TV, download the Retirement Readiness Guide 20:01 - RMDs for Roth Accounts: Clarification for Solo 401k (Andy, YouTube) 21:43 - Joe and Al walk into a bar… (Tony, YouTube) 22:44 - Any Reason to Put Withdrawals in Brokerage Instead of Roth? (Globe Trotter, YouTube) 23:35 - How to Decide Between Pension Options? (Frank, YouTube) 25:40 - Is a Pension Annuity a Bad Thing? (Invictus, YouTube) 26:47 - Are SPIAs the Best Annuity for Lifetime Income? (1212482970, Spotify) 29:23 - Outro 30:58 - The Derails

    34 min
  2. How to Get Into the Stock Market: Dollar Cost Average or Go All In?

    10 SEPT

    How to Get Into the Stock Market: Dollar Cost Average or Go All In?

    TJ in Louisiana has been sitting on the sidelines, but now it’s time to get into the market. Should he dollar cost average, or just go all in? Margaret in California has an idea of selling a stock at a loss and buying a put option on that stock that expires after the 30-day waiting period. Does this work as a tax loss harvesting strategy? When is it worth it for Brian in Charlotte, North Carolina to diversify beyond a basic three-fund portfolio? Should Christine in San Diego convert her variable annuity to a fixed indexed annuity? That’s all today on Your Money, Your Wealth® podcast 494 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, how should Dean in Columbus, Georgia invest inherited retirement money? Are Jen and John on track for retirement, and how should they fund their home remodel? Are there any negative consequences for Steve in Pennsylvania if he finds a new financial advisor just a few months after hiring his current advisor? The fellas also talk through how Chris can give money to charity from his required minimum distributions. And finally, Terry calls in with a follow-up question about whether a solo 401(k) is an option to avoid unrelated business income tax (UBIT).  Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-494 SCHEDULE: free financial assessment DOWNLOAD: Investing Basics Guide DOWNLOAD: 10 Steps to Improve Investing Success DOWNLOAD: Retirement Readiness Guide WATCH YMYW TV: How Your Home Can Create Retirement Income READ THE BLOG: Factor Investing: What Is It? Should You Be Doing It? SUBSCRIBE: YMYW on YouTube REQUEST: Retirement Spitball Analysis DOWNLOAD: more free guides READ: financial blogs WATCH: educational videos SUBSCRIBE: YMYW Newsletter Timestamps: 00:00 - Intro 01:13 - I Want to Get Into the Market. Dollar Cost Average or Go All In? (TJ, Louisiana) 07:08 - Does This Tax Loss Harvesting Strategy Work? (Margaret, CA) 07:45 - When Is It Worth Diversifying Beyond a Basic Three Fund Portfolio? (Brian, Charlotte, NC) 13:33 - Factor Investing: What Is It? Should You Be Doing It? - Read the blog, Download the Investing Basics Guide and 10 Steps to Improve Investing Success 14:00 - Should I Convert a Variable Annuity to Fixed Index Annuity? (Christine, San Diego) 18:21 - How to Invest Inherited Retirement Funds and Where to Save Extra Money? (Dean, Columbus, GA) 21:50 - How Should We Fund Our Home Remodel? Are We On Track for Retirement? (Jen and John, California) 29:43 - How Your Home Can Create Retirement Income: Watch YMYW TV, Download the Retirement Readiness Guide 30:15 - Solo 401(k) to Avoid Unrelated Business Income Tax (UBIT)? (Terry - voice) 32:31 - Switching to a Fee Only Advisor: Any Negative Consequences? (Steve, PA) 37:19 - Intelligent Charitable Giving Through Qualified Charitable Distributions (Chris) 41:05 - Outro

    43 min
  3. How Much Money Do You Need to Retire ASAP?

    3 SEPT

    How Much Money Do You Need to Retire ASAP?

    Can "Alanis" retire early at age 60? With "Barney and Betty’s" spending patterns, can they retire ASAP? "Daisy and Donald" need retirement income for 40 years. Can they retire now? That’s today on Your Money, Your Wealth® podcast 493 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, we review the results of the 7th Annual YMYW Podcast Survey (congratulations to jemart for winning the Amazon e-gift card!) and Joe and Big Al take on some critical YouTube comments from Keith, following their interview with Ed Slott, CPA.  Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-493 WATCH: Retirement Pop Quiz on YMYW TV DOWNLOAD: Retirement Readiness Guide REQUEST: Retirement Spitball Analysis SCHEDULE: free financial assessment SUBSCRIBE: YMYW on YouTube DOWNLOAD: more free guides READ: financial blogs WATCH: educational videos SUBSCRIBE: YMYW Newsletter Timestamps:  00:00 - Intro 00:57 - Are My Estimates Solid for Early Retirement at Age 60? ("Alanis", WA) 10:39 - Watch Retirement Pop Quiz on YMYW TV and Download the Retirement Readiness Guide 11:20 - How Much Money Do We Need to Retire ASAP? ("Barney and Betty", NE New Jersey) 24:36 - Can We Retire Now? ("Daisy Duck", Emerald City) 30:48 - Subscribe to the YMYW YouTube Channel 31:15 - 7th Annual YMYW Podcast Survey Results 38:54 - Comment: Keith Doesn't Like Ed Slott or Roth Conversions 47:45 - Outro 48:58 - The Derails

    50 min
  4. Exchange Funds Explained, Roth Conversion Timing

    27 AUG

    Exchange Funds Explained, Roth Conversion Timing

    What is an exchange fund and is it a good thing if you have a lot of capital gains like Bryan in New York? That's today on Your Money, Your Wealth® podcast 492 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, what should be the timing and ordering of Billy Joe and Bobby Sue’s Roth conversion strategy to help them achieve 33 years of retirement income? Is Boston overspending or underspending in retirement? Should Andy keep life insurance policies for her kids with ADHD?  How does the 5-year rule for Roth withdrawals apply to inherited Roth IRAs for Karen? Visit the show notes for the YMYW Podcast Survey and secret password (only for the next three days!), plus access the free financial resources listed below, and the episode transcript: https://bit.ly/ymyw-492 SCHEDULE A FREE FINANCIAL ASSESSMENT FREE DOWNLOAD: 10 Steps to Improve Investing Success FREE DOWNLOAD:  Social Security Handbook WATCH YMYW TV: Social Security Basics You Need to Know: Common Social Security Questions Answered REQUEST: Retirement Spitball Analysis SUBSCRIBE: YMYW on YouTube DOWNLOAD: more free guides READ: financial blogs WATCH: educational videos SUBSCRIBE: YMYW Newsletter YMYW Podcast Survey: Visit the show notes to access the survey and secret password   Timestamps: 00:00 - Intro 00:37 - Roth Conversion Timing, Order, and 33 Years of Income? (Billy Joe & Bobby Sue, Indiana) 12:32 - Watch Social Security Basics You Need to Know: Common Social Security Questions Answered on YMYW TV, Download the Social Security Handbook 13:17 - I Have $1.2M Capital Gains. Pros and Cons of an Exchange Fund? (Bryan, NY) 23:28 - Download 10 Steps to Improve Investing Success, last chance to complete the 7th Annual YMYW Podcast Survey for your chance at a $100 Amazon e-gift card! (type in ymyw) 24:15 - We’ll Have $7M. Are We Underspending or Overspending in Retirement? (Boston) 35:13 - Should We Keep Life Insurance Policies for Adult Kids with ADHD? (Andrea, Seattle) 41:50 - How Does the 5-Year Rule for Roth Withdrawals Apply to Inherited Roth IRAs? (Karen, TX) 45:15 - Outro 46:22 - The Derails

    47 min
  5. Alternative Investments, Annuities, and Real Estate Syndications

    20 AUG

    Alternative Investments, Annuities, and Real Estate Syndications

    What do Joe Anderson, CFP® and Big Al Clopine, CPA think about alternative investments? Andrew in Ohio wants to know. Are real estate syndication deals for real, and a YMYW listener just chose poorly? And Stewart in Serra Mesa is curious whether Joe has changed his position on annuities lately, as rates have “normalized” in the past couple of years? That’s today on Your Money, Your Wealth® podcast number 491. Plus, when should Steve in Las Vegas’ friend quit her casino job and collect Social Security and child benefits? And how is D in the Midwest’s plan for creating income in retirement? Visit the show notes to access the YMYW Podcast Survey and secret password, free financial resources, and episode transcript: https://bit.ly/ymyw-491 SCHEDULE A FREE FINANCIAL ASSESSMENT FREE DOWNLOAD: Investing Basics Guide READ THE BLOG: Benefits of Systematic Rebalancing REQUEST: Retirement Spitball Analysis SUBSCRIBE: YMYW on YouTube DOWNLOAD: more free guides READ: financial blogs WATCH: educational videos SUBSCRIBE: YMYW Newsletter YMYW Podcast Survey: Visit the show notes to access the survey and secret password Timestamps: 00:00 - Intro 00:457 - Real Estate Syndication Deals: Did We Just Make Bad Decisions? (Anonymous) 07:57 - Thoughts on Alternative Investments? (Andrew, OH) 12:54 - Read The Benefits of Systematic Portfolio Rebalancing and Download the Investing Basics Guide 13:31 - Has Joe Modified His Position on Annuities Lately? (Stewart, Serra Mesa, CA) 24:42 - Principal Protected Investing Options for Structured Settlement for a Minor: Annuity? (Speedy Gonzalez, Western NY) 29:52 - 7th Annual YMYW Podcast Survey: your chance at a $100 Amazon e-gift card! 30:35 - When to Stop Work and Claim Social Security and Child Benefits? (Steve, Las Vegas - voice) 34:58 - How’s Our Plan for Retirement Income? (D, Midwest) 44:40 - Outro 45:53 - The Derails

    48 min
  6. Can You Retire? Here’s How to Calculate How Much You Need

    13 AUG

    Can You Retire? Here’s How to Calculate How Much You Need

    Can Claire and her husband retire early at age 60? Today on Your Money, Your Wealth® podcast number 490, Joe Anderson, CFP® and Big Al Clopine, CPA spitball for them and explain how to calculate how much you’ll need in retirement. Plus, should Jeff invest his pension money more aggressively, and should he save to his thrift savings plan or his Roth? Should Paula save to her brokerage account or her 401(k)? When and how much should Ken and Fume Guzzler each convert to Roth? The IRS charged Lex late fees for not paying estimated taxes throughout the year on her Roth conversion - find out how to avoid that yourself. Finally, how can Ken get out of an annuity? And is it harmful for Sarah to advise co-workers with little financial experience? Visit the show notes to access the YMYW Podcast Survey and secret password, all of the following free financial resources, and the episode transcript: https://bit.ly/ymyw-490 SCHEDULE A FREE FINANCIAL ASSESSMENT FREE DOWNLOAD: Retirement Readiness Guide WATCH: Is There a Formula For Retirement? - YMYW TV REQUEST: Retirement Spitball Analysis SUBSCRIBE: YMYW on YouTube DOWNLOAD: more free guides READ: financial blogs WATCH: educational videos SUBSCRIBE: YMYW Newsletter YMYW Podcast Survey: Visit the show notes to access the survey and secret password Timestamps: 00:00 - 7th Annual YMYW Podcast Survey: your chance at a $100 Amazon e-gift card! 00:46 - Show Intro 01:36 - Retirement Spitball: Do You Agree We Can Both Retire at Age 60? (Claire, OR) 10:03 - Retirement Spitball: More Aggressive With Pension? TSP Instead of Roth? (Jeff, South Carolina) 15:09 - Retirement Spitball: TSP + Rollover IRA = $3M. Convert to Roth? (Fume Guzzler, NYC) 20:33 - Is There a Formula for Retirement? Watch YMYW TV, Download the Retirement Readiness Guide 21:42 - Is It Harmful to Give Advice to Coworkers With Little Financial Experience? (Sarah, Phoenix, AZ) 26:17 - How to Get Out of an Annuity (Ken - voice) 29:03 - Tax-Efficient Retirement Distributions: How’s Our Roth Conversion Strategy? (Ken, Southern California - voice) 33:49 - How to Request a Retirement Spitball Analysis 34:40 - IRS is Charging Me Late Fees for Not Paying Estimated Taxes on Roth Conversion! (Lex Martin, Maryland) 38:43 - Should I Save to the Left Pocket (Brokerage) Instead of the Right (401(k)? (Paula, TX) 46:26 - Show Outro 48:02 - The Derails

    51 min
  7. Good Tax Planning Can Save You HOW Much?! Find Out From IRA Guru Ed Slott, CPA

    6 AUG

    Good Tax Planning Can Save You HOW Much?! Find Out From IRA Guru Ed Slott, CPA

    The single biggest retirement planning mistake to avoid, the problem with tax professionals, and answers to some of the most frequently asked retirement questions we get on YMYW: should you name a trust as beneficiary on your retirement accounts? What’s the break-even point on a Roth conversion? What if you don’t have the money to pay the tax when you convert to Roth? Plus, find out the eye-opening amount of money good tax planning can save you! Someone has to be very knowledgeable, entertaining, and special to make it as a guest on YMYW these days, and today on Your Money, Your Wealth® podcast 489, “the IRA guru” Ed Slott, CPA from IRAHelp.com joins Joe Anderson, CFP® and Big Al Clopine, CPA to discuss all of these topics, along with changes to stretch IRAs and required minimum distributions from the SECURE Act and SECURE 2.0 Act. Free financial resources and transcript: https://bit.ly/ymyw-489 50 people will receive a free copy of Ed Slott’s new book, The Retirement Savings Time Bomb Ticks Louder, just for having a free financial assessment with Pure Financial Advisors. (10 of those 50 will be randomly selected to receive a copy of the book, signed by Ed Slott!) Schedule your assessment ASAP! WATCH the video of this interview! https://youtu.be/bgY2ky8XtS0 YMYW Podcast Survey: Visit the show notes to access the survey and secret password REQUEST: Retirement Spitball Analysis SUBSCRIBE: YMYW on YouTube DOWNLOAD: free guides READ: financial blogs WATCH: educational videos SUBSCRIBE: YMYW Newsletter Final Regulations for Required Minimum Distributions Timestamps:  00:00 - Introducing Ed Slott, CPA from IRAHelp.com 01:28 - SECURE Act: Clarity on RMD Rules? 04:31 - How Golf and Football Are Like Retirement 06:25 - The Biggest Retirement Planning Mistake 09:37 - The Value of Ed Slott's Books 14:14 - The Problem With Tax Professionals: Short-Term Tax Planning 17:36 - "I Love Roths Because I Love Tax-Free" 20:50 - What's the Break-Even Point on a Roth Conversion? 21:45 - Can We Trust That Roth IRAs Will Always Be Tax-Free? 24:11 - Your Chance at a $100 Amazon e-Gift Card: Complete the YMYW Podcast Survey 25:04 - SECURE 2.0 Act: Stretch IRA Changes 27:03 - Naming a Trust as Beneficiary of Your Retirement Account: Good Idea? 32:13 - Unnecessary and Excessive Taxes: Why Ed Slott Became the IRA Expert 38:22 - How Much Money Can You Save in Taxes With Good Tax Planning? 43:16 - What About People Who Don't Have the Money to Pay the Tax on a Roth Conversion? 43:50 - Ed Slott's PBS Specials on Retirement 46:28 - How to Get a Free Copy of the Latest Ed Slott Book, The Retirement Savings Time-Bomb Ticks Louder

    49 min
  8. Market Timing Retirement Withdrawals and Roth Conversions

    30 JUL

    Market Timing Retirement Withdrawals and Roth Conversions

    Is timing the market when you withdraw money from your retirement accounts or do Roth conversions an effective strategy to minimize tax and maximize returns for YMYW listener Robert? That’s today on Your Money, Your Wealth® podcast 488 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, should Doug change his 60/40 asset allocation, and should he start a solo 401(k)? Jefe plans to withdraw from his retirement accounts beyond the top of the 24% tax bracket for the first few years of retirement. Is there any reason to put it in a brokerage account rather than converting it to Roth? The fellas also spitball on Roth conversion methods and strategies for Srinivas, Todd, and Debbie, and JZ in California, and they spitball on JZ in New York’s “bucketing” strategy for early retirement withdrawals. Free financial resources and transcript: https://bit.ly/ymyw-488 YMYW Podcast Survey: Visit the show notes to access the survey and secret password DOWNLOAD: Money Makeover Guide - limited-time special offer! Download by Friday, August 2, 2024! WATCH: Complete Money Makeover - YMYW TV  REQUEST: Retirement Spitball Analysis SCHEDULE: Free Financial Assessment SUBSCRIBE: YMYW on YouTube DOWNLOAD: more free guides READ: financial blogs WATCH: educational videos SUBSCRIBE: YMYW Newsletter Timestamps: 00:00 - Intro 01:42 - Is This the Correct Way to Convert to Roth and Avoid IRS Penalty? (Srinivas, Chicago) 06:51 - Deposit Withdrawals Above Our Tax Bracket in Taxable Account or Do Roth Conversions? (Jefe, TX) 10:12 - Should I Change My Asset Allocation? Should I Start a Solo 401(k)? (Doug, Cave Creek, AZ) 16:22 - Should I Convert $1M IRA to Roth Up to 22% Tax Bracket? (Todd, Flagstaff, AZ) 19:39 - Market Timing Retirement Withdrawals and Roth Conversions (Robert, Southern Maine) 25:28 - My Son Says I Should Do Roth Conversions. Is He Right? (Debbie, Rural Wisconsin) 32:39 - Spitball on Our “Bucketing” Strategy for Early Retirement Withdrawals (JZ, upstate NY) 39:50 - Roll IRA to 401(k) for Backdoor Roth With No Additional Tax? (JZ, California) 43:04 - Hawk Tuah Spitball 45:39 - The Derails

    49 min
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About

A "Top 10 Personal Finance Podcast" and "Top 12 Retirement Podcast" (US News & World Report, 2023). One of the "10 Best Personal Finance YouTube Channels" (CardRates, 2023). “Best Retirement Podcast With Humor” (FIPhysician, 2020, 2021, 2022, 2023). Learn strategies that can help you retire successfully. Financial advisor Joe Anderson, CFP® and certified public accountant Big Al Clopine, CPA are making fun out of finance as they answer your money questions and spitball on your 401k, IRA, Roth conversions and backdoor Roth IRA, how to pay less taxes, asset allocation, stocks and bonds, real estate, and other investments, Social Security benefits, capital gains tax, 1031 exchange, early retirement, expenses and withdrawals, and more money and wealth management strategies. YMYW is retirement planning, investing, and tax reduction made fun, presented by Pure Financial Advisors - a fee-only financial planning firm. Pure Financial adheres to the fiduciary standard of care, in which we are required by law to act in the best interest of our clients at all times. Access free financial resources and episode transcripts, Ask Joe & Big Al On Air to get your Retirement Plan Spitball Analysis: http://YourMoneyYourWealth.com

Information

  • Creator
    Joe Anderson, CFP® & Alan Clopine, CPA of Pure Financial Advisors
  • Years Active
    2009 - 2024
  • Episodes
    492
  • Rating
    Clean
  • Copyright
    © Pure Financial Advisors, LLC
  • Show Website
    Your Money, Your Wealth

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