Market declines just before you retire, or early in your retirement, can really screw up your retirement income strategy. If you’re in the middle of the expensive kid years, how do you avoid this sequence of returns risk when making your retirement plans? That’s “Jaclyn Smith’s” question, today on Your Money, Your Wealth® podcast 485 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, can Vern’s wife collect Social Security at age 63, then switch to spousal benefits at age 70? Matt wants to know if 2026 catch-up Roth contributions will be subject to the pro-rata rule, and Tom and Amy are trying to figure out how to avoid Medicare’s monthly income-related adjustment amount, or IRMAA, in their plan for Roth conversions. Free financial resources and transcript: https://bit.ly/ymyw-485

How to Build a Recession-Proof Portfolio - YMYW TV

Recession Protection Guide - free download

The Election is Coming: Should You Sell? - read the blog

Investment Vehicle Selection: SMA vs. ETF vs. Mutual Fund – Which One Best Fits You? - read the blog

Is Roth IRA Money Taxed Twice? Watch the latest YMYW Extra

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Ask Joe & Big Al for your Retirement Spitball Analysis

Timestamps:

00:00 - Intro

00:49 - How to Minimize Sequence of Returns Risk When Spitballing Retirement in the Expensive Kid Years? (Jaclyn Smith)

17:18 - Collect Social Security Early at Age 63, Then Switch to Spousal Benefits at Age 70? (Vern, Beautiful Portland Oregon)

23:30 - Will 2026 Catch-Up Contributions to Roth Be Subject to Pro-Rata Rule? (Matt, TX)

23:47 - Should We Do Roth Conversions? What About Medicare IRMAA? (Tom & Amy, Northern MN)

31:51 - The Derails

Should Mike in Virginia keep using his IRA money to pay the tax on his Roth conversions? How do you do a Roth conversion when you don’t have the money to pay the tax? That’s PeterLemonJello’s question, but is it the question he should be asking? Spitballing Roth IRA conversion strategies to reduce your taxable required minimum distributions (RMD) in retirement - that’s today on Your Money, Your Wealth® podcast 484 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Susan and Mike in Ohio are retired, in the 24% tax bracket, and considering converting $50k or $75k to Roth - should they do it? How is D-Rock and Matilda’s strategy for selling rental properties and doing Roth conversions as they bridge the gap to early retirement? And finally, how do required minimum distributions work on inherited Roth accounts? Free financial resources and transcript: https://bit.ly/ymyw-484

Navigating Your Financial Future Single - YMYW TV

Going Solo Guide - free download

Asset Location & Roth Conversion Retirement Spitball - YMYW Extra Ep. 1

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Timestamps:

00:00 - Intro

00:54 - How to Pay the Tax on a Roth Conversion: Are You Asking the Right Question? (Peter LemonJello, FL)

05:45 - Should I Keep Doing Roth Conversions and Paying Tax from the IRA? (Mike, VA)

14:24 - Retired, in the 24% Tax Bracket. Should We Convert $50-$75K to Roth in 2024? (Susan, OH)

18:28 - Roth Conversions and Selling Rental Property to Bridge to Early Retirement (D-Rock & Matilda, New York)

28:11 - Required Minimum Distributions for Inherited Roth IRAs Explained (Elisa, Fremont)

34:12 - The Derails

Sunshine in Orange County has been waiting patiently since January for a full Retirement Spitball Analysis: how are her assumptions for rates of return and inflation, her plans for Roth conversions, her asset allocation and asset location, her tax planning, her retirement income and retirement spending plans, and so much more? What missed opportunities is she overlooking?

So many excellent Retirement Spitball requests have come in that Your Money, Your Wealth® hosts, Joe Anderson CFP®, and Big Al Clopine CPA can't handle them all.

On these bonus episodes, called YMYW Extra, producer Andi Last enlists the help of the experienced professionals on Joe and Big Al's team at Pure Financial Advisors. In today's YMYW Extra number 1, thanks to David Cook, CFP® from Pure Financial's San Diego headquarters, Sunshine finally gets her Retirement Spitball Analysis. Free financial resources and transcript: https://bit.ly/ymywe-1

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EASIretirement.com - free retirement calculator

Why Asset Location Matters - download the free guide

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Timestamps:

00:00 - Intro

02:35 - Rate Assumptions

05:58 - Retirement Spending

06:54 - Retirement Income Strategy

12:08 - Retirement Planning: Asset Allocation vs. Asset Location

15:50 - Sequence of Returns Risk

17:53 - Social Security Tax Torpedo

20:01 - Goals & Questions

22:50 - Other Strategies: Qualified Charitable Distributions

24:23 - IRMAA & Tax Optimization

26:37 - Likelihood of Success & DIY Tools