Will Ron and Candy in Connecticut ever be able to retire, and are Bruce and Selina in Philly saving enough to retire? That’s today on Your Money, Your Wealth® podcast 454 with Joe Anderson, CFP®, and Big Al Clopine, CPA. Plus, are Pebbles and Bam Bam in Kentuckystone missing anything when it comes to using their brokerage account to pay Roth Conversion taxes? And Susan in San Diego is 55, spends about $36K a year, and has almost a million saved – can she retire yet? And finally, our buddy Will knows he shouldn’t time the market, but…. Podcast show notes, free financial resources, episode transcript:

00:00 – Intro
00:50 – Will We Ever Be Able to Retire? (Ron, CT)
09:09 – Download the Cruising Into Retirement Checklist – for a limited time only!
09:54 – Are We Saving Enough to Retire? (Bruce and Selina, Philadelphia)
17:36 – What Am I Missing? Brokerage Account Spitball (Pebbles & Bam Bam, Kentuckystone)
26:00 – Ask Joe & Big Al for your Retirement Spitball Analysis:
Try the free retirement calculator at EASIretirement.com!
27:05 – Nearly $1M at 55, Spending $36k/Year: Can I Retire Early? (Susan, San Diego)
31:36 – I Know We Shouldn’t Time the Market, But… (Will)
40:46 – The Derails

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CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
AIF® – Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period….(read more)

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Is Our Retirement Savings Enough to Ever Retire? – Your Money, Your Wealth® podcast 454

As we approach our retirement years, one of the biggest concerns for many of us is whether we have saved enough money to afford to retire. This is a common worry, and it’s one that is the subject of much discussion and debate in the financial world.

In a recent episode of the Your Money, Your Wealth® podcast, hosts Joe Anderson, CFP® and Big Al Clopine, CPA discuss this very issue. They question whether the conventional wisdom about retirement savings is still valid in today’s world, and they offer some insights into how to make sure that your retirement savings are enough for you to retire comfortably.

One of the first things that Anderson and Clopine address is the idea that you need to have a certain amount of money saved up in order to retire. They argue that this way of thinking is outdated, and that there are other factors to consider when it comes to planning for retirement. For example, they point out that the amount of money you need to have saved up for retirement can vary greatly depending on your individual circumstances, such as your lifestyle, your health, and the cost of living in the area where you plan to retire.

Another important point that Anderson and Clopine make is that it’s never too late to start saving for retirement. Even if you are getting close to retirement age and you haven’t saved much money yet, there are still steps that you can take to improve your financial situation. They suggest that you can increase your savings rate, reduce your expenses, and make smart investment choices in order to build up your retirement savings.

In addition, Anderson and Clopine stress the importance of having a solid retirement plan in place. This means understanding what your expenses will be in retirement, including healthcare costs, and having a strategy for how you will generate income in retirement, such as through Social Security, pensions, and investment income.

Overall, the message of the Your Money, Your Wealth® podcast episode is that it’s never too late to start planning for retirement, and that there are steps you can take to make sure that your retirement savings are enough for you to retire comfortably. By rethinking the conventional wisdom about retirement savings and taking proactive steps to improve your financial situation, you can set yourself up for a successful and fulfilling retirement.