In order to retire comfortably at age 60, what should you be doing with your finances when you’re in your 20s? A framework for getting started planning for retirement, today on Your Money, Your Wealth® podcast 419 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, if you’re a small business with a SIMPLE IRA plan, is it stupid to save for retirement in a brokerage account rather than a traditional IRA? If you inherited money and promised to donate to charity, should you do Roth conversions? What’s the most efficient way to pay financial advisor fees, and what’s a good strategy for making pre-tax and post-tax retirement contributions? Podcast show notes, free financial resources, Ask Joe & Big Al On Air:

00:00 – Intro
00:51 – A Framework for Getting Started in Planning for Retirement (Anonymous)
05:36 – I’m 24. What Should I Do to Retire Comfortably at 60? Michael, 24 (Binghamton, NY)
11:18 – Cracking the Code to Succeeding Financially at Any Age – Watch YMYW & download the companion guide:

12:14 – I’m 32. Opened a SIMPLE IRA. Is It Stupid to Fund Brokerage Instead of Traditional IRA? (Ron Burgundy)
17:42 – I Inherited $450K, Promised to Donate to Charity. Should I Do Roth Conversions? (Allison, Northern Virginia)
21:59 – Schedule a free financial assessment:

23:02 – What’s the Most Efficient Way to Pay Advisor Fees? (Nick, OH)
26:06 – Strategy for Pre-Tax and Post-Tax Retirement Contributions? (Dave)
29:56 – The Derails

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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….(read more)

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How to Start Planning for Retirement – Your Money, Your Wealth® podcast 419

It goes without saying that planning for retirement is crucial. As you reach the later stages of your working years, ensuring that you have enough funds to maintain your lifestyle and live comfortably becomes a top priority. However, figuring out where to start can be overwhelming. In this episode of the Your Money, Your Wealth® podcast, the hosts dive deep into the topic and provide valuable insights on how you can begin planning for retirement.

The first step in any retirement plan is understanding your current financial situation. Take a comprehensive look at your income, expenses, savings, and investments. Knowing where you stand will not only give you a clear picture of your financial health, but it will also help you set realistic goals for your retirement.

Next, it’s important to estimate how much you will need for retirement. Consider factors such as your desired lifestyle, healthcare expenses, and potential longevity. Remember, retirement can last several decades, so it’s crucial to plan for the long term. This estimate will serve as a benchmark from which you can develop your retirement savings plan.

Once you have a clear idea of your retirement savings goal, you can start developing a strategy to achieve it. One popular method is the 4% rule. This rule suggests that if you withdraw 4% of your savings annually during retirement, your money should last for at least 30 years. However, it’s important to note that everyone’s situation is unique, and this rule may not be suitable for everyone. Consulting with a financial advisor can help you determine the most appropriate savings strategy for your specific circumstances.

Speaking of advisors, seeking professional help is a wise choice when it comes to retirement planning. Financial advisors have the knowledge and expertise to guide you through the complicated world of investments, tax implications, and other retirement-related matters. They can tailor a plan to your individual needs and ensure that you stay on track.

Alongside seeking professional help, educating yourself about retirement planning is crucial. There are numerous resources available, including books, podcasts, and online courses, that can offer valuable insights and strategies. Taking the time to understand various retirement savings options, such as Individual Retirement Accounts (IRAs) or employer-sponsored retirement plans, will empower you to make informed decisions.

Lastly, it’s important to regularly review and adjust your retirement plan as needed. Life circumstances change, and so will your financial goals. A retirement plan is not a set-it-and-forget-it strategy. Make it a habit to revisit your plan at least once a year, and reassess your savings, investments, and long-term goals. This regular evaluation will ensure that you are on track and that your retirement savings are aligned with your evolving needs.

In conclusion, starting to plan for retirement may seem overwhelming, but taking the first steps can significantly impact your financial future. Understanding your current financial situation, estimating your retirement needs, developing a savings strategy, seeking professional advice, educating yourself, and regularly reviewing your plan will put you on the right path towards a secure and comfortable retirement. Listening to informative podcasts like Your Money, Your Wealth® can further enhance your knowledge and help you make sound financial decisions. So don’t delay any longer, start planning for your retirement today!