Your Money, Your Wealth - podcast cover

Your Money, Your Wealth

Joe Anderson, CFP® & Alan Clopine, CPA of Pure Financial Advisorsyourmoneyyourwealth.com
Making fun of finance. 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 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
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Episodes

Asset Location: Where Should You Hold Retirement Investments? - 272

What types of investments you keep in your taxable, tax-deferred and tax-free accounts can play a big part in how much tax you pay over time. In this episode, Joe and Big Al break down asset location and answer some of your tax planning questions. As always, the fellas also talk strategy when it comes to Roth IRA contributions and Roth conversions. Sign up for the LIVE YMYW webinar on May 13, send in money questions, read the episode transcript and access free financial resources: https://bit.ly...

May 05, 202041 minEp. 272

4 Financial Strategies from the Stimulus Package - 271

In this jam-packed episode of the Your Money, Your Wealth® podcast, stimulus payments for self-employed, dependents, and those who message us on Facebook, plus, the paycheck protection program, round two of which started since this episode was recorded, coronavirus-related distributions, Roth and Backdoor Roth conversions, tax-loss harvesting, and the solo 401(k). Send in money questions, read the transcript & access free financial resources: http://bit.ly/YMYW-271...

Apr 28, 202049 minEp. 271

In Market Volatility, Beware of Annuity Pitches - 270

In these volatile markets, pitches for fixed indexed annuities will be on the upswing. Here's how to analyze them for yourself. Plus, CARES Act stimulus payments for kids, retirement account distributions, and rethinking your retirement savings strategy. Also, SECURE Act stretch IRA rules, evaluating long term care insurance options, and why thrift savings plan (TSP) to Roth conversions are so complicated. Send in money questions, read the transcript & access free financial resources: http:/...

Apr 21, 202046 minEp. 270

Revisiting Roth IRA Conversion Strategies - 269

Roth IRA conversion pro-rata rule considerations with RMDs on an inherited IRA, tax bracket planning to account for the loss of a spouse, and the state income tax impact on Roth conversions. Plus, earnings on a reversed excess IRA contribution, how dollar-cost averaging affects capital gains tax first in, first out (FIFO) rules, zero-coupon bonds, whether to use the brokerage option in your 401(k) and more. Send in money questions, read the transcript & access free financial resources: http:...

Apr 14, 202046 minEp. 269

CARES Act: What's in the Coronavirus Stimulus Package - 268

Recovery rebates, new rules for retirement account distributions, stimulus checks for those on Social Security & unemployment benefits. Plus, should a listener invest his forbearance, buy foreclosures, and capitalize on the financial crisis? We also get into the cash-on-cash math for rental real estate and potential property tax deduction changes for Californians under a revised Prop 13. Send in money questions, read the transcript & access free financial resources in the show notes: htt...

Apr 07, 202046 minEp. 268

Analyzing 5 Investing Strategies for Volatile Markets - 267

In these volatile financial markets, are you reconsidering your investing strategies? Joe and Big Al discuss cash, selling stocks in taxable accounts and repurchasing them in tax-deferred accounts, doing nothing and staying globally diversified, writing an investment policy statement, doing Roth conversions, and fixed indexed annuities (AKA equity-indexed annuities). Also: international and emerging market stocks, the Coronavirus stimulus package, inflation and much more. Send in money questions...

Mar 31, 202043 minEp. 267

Tax Brackets Explained: How Much Are You Really Paying in Taxes? - 266

If you’re in the 22% tax bracket, does 22% of what you make go to the IRS? How does capital gains tax work with ordinary income tax? Joe & Big Al explain how tax brackets work and answer your Roth contribution and Roth conversion questions: like what's the point of a Roth conversion if you're just leaving the money to your kids? Plus some Mega Backdoor Roth talk and spousal contributions. Send in money questions, read the transcript & access free financial resources in the show notes: ht...

Mar 24, 202054 minEp. 266

Bear Market Investing Strategies and Revisiting the 5-Year Roth IRA Withdrawal Rules - 265

Tax loss harvesting, Roth conversions and more: Joe and Big Al explain how bear markets like the one we're in now are the time to utilize these investing strategies in your retirement portfolio. And the fellas go over those Roth IRA 5-year withdrawal rules again. They’ll cover some Roth withdrawal mistakes and Roth rollover consequences, and they have a mea culpa for one of their peers. Send in money questions, read the transcript & access free financial resources: http://bit.ly/YMYW-265...

Mar 17, 202050 minEp. 265

How Much of Your Net Worth Should Be in Cash? - 264

How much of your money should you keep in cash? Should you buy VBK, the Vanguard Small-Cap Growth ETF? Plus, asset allocation and asset location, the pros and cons of the Roth 401(k), Medicare, spousal and survivor Social Security benefits, tax-saving charitable giving, small business strategies, who qualifies to be called Joe Anderson’s “peer,” and whether you’d rather hang out with a James or a Jimbo. Send in money questions, read the transcript & access free financial resources: http://bi...

Mar 10, 202049 minEp. 264

7 Roth Conversion Strategies - 263

When to do a Roth IRA conversion, the pro-rata and aggregation rules, spousal conversions, Roth contributions and more. Send in money questions, read the transcript & access free financial resources: http://bit.ly/YMYW-263

Mar 03, 202034 minEp. 263

What's the Right Retirement Asset Allocation for You? - 262

With volatility, should you time the market and change the asset allocation of your investment portfolio, your pension, or your Thrift Savings Plan (TSP)? Plus, asset location: should equities be in a brokerage account, Roth IRA or traditional IRA? And diversification vs. concentration, calculating how much you’ll have in retirement, how to get there from here, and Joe’s favorite, negative listener feedback. Ask money questions, read the transcript & access free financial resources: http://b...

Feb 25, 202047 minEp. 262

Real Estate Investing: How to Find Bread & Butter Rental Properties - 261

How do you run the numbers to find a good, profitable rental property? Should you pay off the mortgage, buy more real estate, or save for retirement? Should you buy a home all cash? Can a property be considered a rental for tax purposes? Should you refinance your home to pay student loans? What can you do with unused education savings? And what do we have against 72(t) SEPP for early retirement withdrawals? Ask money questions, read the transcript and access free financial resources: http://bit....

Feb 18, 202048 minEp. 261

When is the Tax Deadline for a Roth Conversion? - 260

As Tax Day approaches, you've got taxes on your mind. When do you have to pay the tax on your Roth IRA conversion? Is converting beyond the current tax bracket ever recommended? Plus, answers to more of your SECURE Act retirement questions on IRA contributions and inherited IRAs and other assets, and Roth conversion and Backdoor Roth strategies for self-employed small business owners with Solo 401(k)s and SIMPLE-IRAs. Ask money questions, read the transcript & access free financial resources...

Feb 11, 202042 minEp. 260

"Collect Social Security at Age 70" is Common Advice. Why? - 259

We address a challenge to the advice to wait until age 70 to take Social Security and we tackle your questions on making the most of your benefits, what happened to annual projections for those on restricted applications, using a revocable trust to protect assets from Medicaid, converting from 403(b) to Roth IRA, rolling Roth 401(k) to Roth IRA, and whether to contribute to a Roth 401(k) or Traditional 401(k). Ask money questions, read the transcript & access free financial resources: http:/...

Feb 04, 202043 minEp. 259

International Funds, Safe Investments, 1031 Exchange: Email Round-Up - 258

How to choose international funds in a diversified portfolio, a momentum investing strategy called The 12% Solution , and safe retirement investments like CDs and bonds. Plus Joe and Big Al touch on real estate investing with 1031 exchanges and qualified opportunity zones, and they answer your questions on the SECURE Act, IRA contributions, and calculating Social Security in this wide-ranging email round-up. Ask money questions, read the transcript & access free financial resources: http://b...

Jan 28, 202047 minEp. 258

Why Not Just Go All in On VTSAX, Vanguard’s Total Stock Market Index Fund? - 257

The Vanguard Total Stock Market Index Fund (VTSAX) comes very highly recommended by JL Collins in his book, The Simple Path to Wealth . So why not put all your money into it? Plus, Joe & Big Al answer your questions on the 4% rule for retirement withdrawals, what to do before and after age 59 and a half, whether to invest in the Roth or traditional thrift savings plan (TSP), and of course, Roth IRA conversions. Ask money questions, read the transcript & access free financial resources: h...

Jan 21, 202049 minEp. 257

Your SECURE Act Retirement Questions Answered - 256

Joe and Big Al tackle your SECURE Act retirement planning questions: how minors can distribute inherited IRAs, whether a trust should be your IRA beneficiary, and what effect the new law has on required minimum distributions, or RMDs, and qualified charitable distributions, or QCDs. Plus, the fellas get schooled by YMYW listeners on their Thrift Savings Plan miss in episode 254. Ask money questions, read the transcript & access free financial resources: http://bit.ly/YMYW-256...

Jan 14, 202036 minEp. 256

Breaking Down the Confusing 5-Year Roth Clock Rules - 255

Joe & Big Al explain, once and for all, the 5-year clocks for Roth conversions and Roth contributions and pro-rata rules. (Well, hopefully it’ll all make more sense to you by the time they get through it. If not, let us know.) We’ll also find out what the fellas think about holding cash until the inevitable economic downturn, lump-sum investing versus dollar-cost averaging, and the Total World Stock Index Fund. Ask money questions, read the transcript & access free financial resources: h...

Jan 07, 202056 minEp. 255

Roth Conversions from a Thrift Savings Plan TSP? - 254

The thrift savings plan (TSP) explained, and the rules around Roth conversions from TSPs. Plus, Joe and Big Al answer your questions about, what else, Roth conversions and contributions: age limits on making conversions, backdoor Roth conversions, Roth contribution phase-outs and recharacterizations, and the pro-rata rules. Plus, Joe explains, again, his distaste for fixed index annuities, and we find out why Big Al is called “Big”. Ask money questions, read the transcript & access free fina...

Dec 31, 201950 minEp. 254

Rules for Your Retirement Savings and Distributions Are Changing - 253

Just in time for the holidays, the Setting Every Community Up for Retirement Enhancement Act, or SECURE Act, has been made law, effective January 1, 2020. Joe and Big Al explain what it means for your stretch IRAs, required minimum distributions, retirement savings and more. Plus the fellas answer your questions on self-employed small business retirement plans and paying off the mortgage. Ask money questions, read the transcript & access free financial resources: http://bit.ly/YMYW-253...

Dec 24, 201941 minEp. 253

Strategies for Social Security, Annuities, and Inherited Assets - 252

Joe and Big Al answer questions about coordinating Social Security benefits with Roth contributions and required minimum distributions, weighing the Social Security restricted application against survivor benefits, the Windfall Elimination provision for teachers, whether to take RMDs from a brokerage IRA or an annuity - and of course, Joe will explain why that annuity is a terrible idea - and the fellas get into how to split an inherited annuity four ways and how to split a house eight ways! Ask...

Dec 17, 201946 minEp. 252

Should You Convert to Roth IRA All at Once or Over Time? - 251

How much of a Roth conversion should you do and when? Does it make sense to convert to a Roth IRA all in one year, or to do it over time, based on your age? Joe and Big Al explain the reasoning behind their answer to this common retirement investing question. Plus, they answer your questions about converting from a thrift savings plan (TSP) to a Roth, limits when contributing to retirement accounts and a traditional IRA, and doing the tax math to decide if a Roth conversion is right for you. Ask...

Dec 10, 201937 minEp. 251

Tanja Hester on the Flexibility of Financial Independence - 250

Tanja Hester (called the Matriarch of the women’s FIRE movement by the New York Times) returns to YMYW to discuss the value of our time, how it’s connected to our money, and the options financial independence provides for a life well-lived. Plus, Joe and Big Al answer questions about the balanced asset allocation strategy, taking a pension and another job AND Social Security, and what to do when your company changes 401(k) custodians. Ask money questions, read the transcript & access free fi...

Dec 03, 201946 minEp. 250

What’s the Break-Even on a Retirement Roth IRA Conversion? - 249

How do you figure out the break-even point on a Roth IRA conversion? Joe and Big Al discuss whether to convert, how much to convert, and when. Plus, the step-up in basis on a primary residence, self-employed small business retirement plan options, the difference between a financial advisor and financial planner, and defining a registered investment advisor and broker-dealer. Ask money questions, read the transcript & access free financial resources: http://bit.ly/YMYW-249...

Nov 26, 201949 minEp. 249

Is a Roth Conversion Affected By Social Security? - 248

Will a Roth IRA conversion be impacted by your Social Security benefit or vice versa? Plus, today we're talking Social Security spousal and survivor benefits, Roth IRA conversions, earned income, ordinary income, modified adjusted gross income, and taxable income. We’re also talking about taking this job, shoving it, and doing Roth conversions all the way to Tennessee! Ask money questions, read the transcript & access free financial resources: http://bit.ly/YMYW-248...

Nov 19, 201944 minEp. 248

How to Talk to Mom & Dad About Their Money - 247

Cameron Huddleston discusses her book, Mom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances. But first, let's get into glide path: should you invest more aggressively through retirement? Which assets should you spend before you take Social Security? What should your portfolio withdrawal strategy be if you don’t plan to retire? And when asked how to pay taxes on a Roth conversion, Joe and Big Al make a suggestion rarely heard on YMYW (hint, it i...

Nov 12, 201950 minEp. 247

Why This Life Insurance Is for the Most Part a Scam - 246

We tackle Indexed Universal Life Insurance one more time. And you may have heard that millionaires "buy term and invest the rest" to pay estate taxes, but is it a good idea? When you have appreciated company stock, how much should you "NUA" and when, and how do you deal with the taxes? Plus, can you convert an inherited 401(k) to a Roth? When is your required beginning date for RMDs? Ask your money questions, read the transcript, and access free financial resources at http://bit.ly/YMYW-246...

Nov 05, 201947 minEp. 246

Is It Time to Fire Your Financial Advisor? - 245

Should you stay or should you go? Joe and Big Al weigh in on whether a couple of listeners who are dissatisfied with their financial advisors should ditch or keep the advisors. Plus, how should you choose investments in your 401(k)? Is it a good idea to make Roth contributions for your kids? How do you manage taxes and penalties because of Roth conversions? Ask your money questions, read the transcript, and access more free financial resources at http://bit.ly/YMYW-245...

Oct 29, 201947 minEp. 245

5 Unique Social Security Questions Answered - 244

Social Security strategies if you are married to a younger spouse and have a minor child, affected by the windfall elimination provision, considering divorce for a better benefit, or unsure of the restricted application. And should you spend 401(k) money before taking Social Security? Next up, real estate: should you gift property now to reduce taxes later? Should you pay off your home? And the section 121 exclusion of gain from the sale of a principal residence on a split property. Transcript, ...

Oct 22, 201951 minEp. 244

The Truth About Indexed Universal Life Insurance - 243

Is indexed universal life insurance good for estate planning, investing or as a tax shelter for high-income earners? Should you pay down debt or save if you only have $100K saved for retirement at age 66? Should extra money be invested in your 457 or brokerage account? ETFs or mutual funds? And with the new tax laws scheduled to sunset in 2026, does it make sense to do a giant Roth conversion in 2025? Transcript, free resources, and show notes: http://bit.ly/YMYW-243...

Oct 15, 201943 minEp. 243
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