Today on Your Money, Your Wealth® podcast 397, a compilation of some of the retirement plan spitballing from Joe Anderson, CFP®, and Big Al Clopine, CPA specifically for those in their 40s and 50s – a critical time on the path to retirement. Is your financial plan set up so you pay as little tax as possible? Does it take volatile markets and potential future tax increases into account? Have you got a strategy nailed down for Roth conversions, or backdoor Roth, or pension options? Maybe you’re making big decisions about what to do with your money between now and when you retire, like buying a house vs. saving for retirement? Are you comfortable with the retirement lifestyle you’re creating? Do you know what you’ll do with your time once you’re permanently off the clock? Visit the podcast show notes to access free financial resources and transcript, and to Ask Joe & Big Al On Air:

00:00 – Intro
01:13 – Should I Get a Roth IRA Even Though I’m Highly Taxed? (Laura, Los Angeles – from ep. 335)
03:40 – Roth Conversion, Roth Contribution, AND Backdoor Roth All in the Same Year? (Ben, Fargo, ND – new!)
05:31 – How to Strategize for Future Tax Increases? (Susan, Atlanta – new!)
09:27 – When the Market Tanks, Is It Smart To Do Roth Conversions to Higher Brackets? (Mike – from ep. 375)
17:39 – Schedule a free assessment with any one of our experienced financial professionals:
18:38 – Save for a Home or Save for Retirement? (Abigail Scott Duniway – from ep. 389)
26:20 – Psychology of Retirement: I’m Paralyzed By Not Earning and Saving (Jim, IL – from ep. 361)
34:55 – Download the Retirement Lifestyles Guide:
35:44 – Roth 457 vs. Roth IRA and Pension Options #RetirementSpitball (Clay, Westerville, OH – from ep. 377)

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IMPORTANT DISCLOSURES:
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
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.

#RetirementSpitball #BackdoorRoth #RetirementPodcast…(read more)

LEARN MORE ABOUT: Qualified Retirement Plans

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Spitballing retirement planning in Your 40’s & 50’s – Your Money, Your Wealth® podcast 397

Planning for retirement is a crucial step in securing your financial future and ensuring a comfortable post-work life. However, the older you get, the more challenges and uncertainties come into play. In episode 397 of the Your Money, Your Wealth® podcast, the hosts delve into the topic of retirement planning in your 40’s and 50’s – a stage where many individuals begin to seriously contemplate their retirement goals.

Titled “Spitballing retirement planning in Your 40’s & 50’s,” this episode focuses on strategies and considerations to help you make informed decisions about your financial future. Hosts Joe Anderson, CFP®, and Big Al Clopine, CPA, examine the various aspects to address and questions to answer as you approach retirement.

One key aspect discussed in this podcast is defining your retirement goals. Anderson and Clopine emphasize the importance of visualizing how you want your retirement years to look like. What kind of lifestyle do you want to lead? Would you like to travel, take up hobbies, or start a small business? Having a clear understanding of your goals can influence the savings and investment decisions you make.

The hosts also touch upon the concept of retirement readiness. As you move through your 40’s and 50’s, it becomes crucial to assess your progress towards retirement. Are you on track to meet your financial goals? What steps can you take to catch up if you’re falling behind? These questions may necessitate adjustments in your savings rates, investment allocations, or even your career choices.

Additionally, the podcast addresses the importance of revisiting asset allocation in your portfolio. As you approach retirement age, it becomes crucial to strike a balance between growth and preservation. The hosts encourage listeners to consider diversifying their investments and preparing for potential market fluctuations that could affect their retirement savings.

Another significant topic discussed is the impact of healthcare expenses in retirement. Anderson and Clopine discuss strategies to deal with rising healthcare costs, such as exploring long-term care options and considering the need for long-term care insurance. They also emphasize the importance of maximizing contributions to retirement accounts, particularly Health Savings Accounts (HSAs).

Lastly, the hosts tackle the complex issue of Social Security and when it’s the right time to claim benefits. With various claiming strategies available, it is essential to understand how each option can impact your retirement income. The episode provides insights into when to claim Social Security benefits to maximize payouts while considering factors such as life expectancy, spouse’s benefit, and the potential for additional income sources.

retirement planning in your 40’s and 50’s is an opportune time to fine-tune your financial strategy, assess your readiness, and make any necessary adjustments to ensure a comfortable retirement. The Your Money, Your Wealth® podcast episode 397 serves as a valuable resource in guiding individuals through this crucial life stage, addressing various topics and answering common retirement planning questions.

As you navigate the challenges that come with preparing for retirement, it’s essential to seek advice from financial professionals who can provide personalized guidance based on your unique circumstances. The podcast offers a starting point for individuals to gain insights and understanding, providing a foundation for informed decision-making and a more secure retirement future.