Jimmy in Wisconsin will have a pension, Social Security, and a seven-year retirement shortfall. How should he cover it? Skipper in Texas has some unusual pension options, which one makes the most sense for his retirement needs? That’s today on Your Money, Your Wealth® podcast 474 with Joe Anderson, CFP® and Big Al Clopine, CPA. Should Mike and Carol in Virginia wait to do Roth conversions if they’ll be in a lower tax bracket in retirement? Where should Duncan in Texas invest in the 10 years before he retires early? Would it be stupid for Jay Z in Minnesota to miss out on free Roth opportunities? Can Ben in San Francisco’s “friend” use the rule of 55 on a rollover retirement plan? And finally, YMYW is fun, but of limited value, according to a recent review. Access this week’s free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at 

00:00 – Intro
00:51 – Pension & Social Security: How Should We Cover Our 7-Year Retirement Shortfall? (Jimmy, WI)
08:17 – 2:1 Matched Company Money vs. My Contribution: What to Do With My Pension? (Skipper, TX)
15:46 – Free retirement calculator: EASIretirement.com/?tum_source=youtube.com&utm_medium=podcast&utm_campaign=YMYW-474
16:47 – Should We Wait on Conversions If We’ll Be in a Lower Bracket in Retirement? (Mike & Carol, Falls Church, VA)
24:22 – Where Should I Invest My Early Retirement Savings for the Next 10 Years? (Duncan, TX)
30:18 – Is It Stupid to Miss Free Roth Opportunities? (Jay Z, MN)
37:46 – Complete Roth Papers Package – free download:
38:33 – Rule of 55 on a Rollover Retirement Plan? (Ben, San Francisco)
44:34 – Comment: Fun but limited value (Wemby2024)
50:41 – 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.
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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As the saying goes, the only things certain in life are death and taxes. However, when it comes to taxes, there is often a great deal of uncertainty surrounding how much you will owe and how to best plan for your financial future. For retirees, this uncertainty can be even more daunting as they navigate fixed incomes and changing tax laws.

Luckily, there are steps you can take to minimize the uncertainty of taxes and ensure that you are prepared for any tax-related surprises that may come your way. Here are some tips for taking the uncertainty of taxes off the table:

1. Understand Your Tax Situation: The first step in taking the uncertainty out of taxes is to have a clear understanding of your financial situation and how it relates to taxes. This includes knowing your income sources, deductions, credits, and any potential tax liabilities. By staying organized and informed about your tax situation, you can better plan for the future and avoid any unexpected tax bills.

2. Work with a Tax Professional: One of the best ways to minimize tax uncertainty is to work with a tax professional who can help you navigate the complexities of the tax code and ensure that you are taking advantage of all available tax benefits. A tax professional can help you develop a tax planning strategy that is tailored to your individual needs and goals.

3. Review Your Retirement Accounts: If you are nearing retirement or already retired, it is important to review your retirement accounts and consider the tax implications of withdrawals. By carefully planning when and how you withdraw funds from your retirement accounts, you can minimize your tax liabilities and ensure that you are making the most of your retirement savings.

4. Take Advantage of Tax-Advantaged Accounts: One way to reduce the uncertainty of taxes in retirement is to take advantage of tax-advantaged accounts such as IRAs, 401(k)s, and Roth IRAs. These accounts offer tax benefits that can help you save on taxes both now and in the future. By contributing to these accounts and strategically withdrawing funds, you can better manage your tax situation and reduce the uncertainty of taxes in retirement.

5. Stay Informed: Tax laws are constantly changing, so it is important to stay informed about the latest developments and how they may impact your tax situation. By staying up-to-date on tax laws and regulations, you can proactively plan for any changes that may affect your financial future.

Taking the uncertainty of taxes off the table can help you better plan for your retirement and ensure that you are prepared for any tax-related surprises that may come your way. By understanding your tax situation, working with a tax professional, reviewing your retirement accounts, taking advantage of tax-advantaged accounts, and staying informed about tax laws, you can minimize the uncertainty of taxes and set yourself up for a more secure financial future.