Can You Retire? Here’s How to Calculate How Much You Need - 490

Your Money, Your Wealth

Can Claire and her husband retire early at age 60? Today on Your Money, Your Wealth® podcast number 490, Joe Anderson, CFP® and Big Al Clopine, CPA spitball for them and explain how to calculate how much you’ll need in retirement. Plus, should Jeff invest his pension money more aggressively, and should he save to his thrift savings plan or his Roth? Should Paula save to her brokerage account or her 401(k)? When and how much should Ken and Fume Guzzler each convert to Roth? The IRS charged Lex late fees for not paying estimated taxes throughout the year on her Roth conversion - find out how to avoid that yourself. Finally, how can Ken get out of an annuity? And is it harmful for Sarah to advise co-workers with little financial experience?

Visit the show notes to access the YMYW Podcast Survey and secret password, all of the following free financial resources, and the episode transcript: https://bit.ly/ymyw-490

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Timestamps:

00:00 - 7th Annual YMYW Podcast Survey: your chance at a $100 Amazon e-gift card!

00:46 - Show Intro

01:36 - Retirement Spitball: Do You Agree We Can Both Retire at Age 60? (Claire, OR)

10:03 - Retirement Spitball: More Aggressive With Pension? TSP Instead of Roth? (Jeff, South Carolina)

15:09 - Retirement Spitball: TSP + Rollover IRA = $3M. Convert to Roth? (Fume Guzzler, NYC)

20:33 - Is There a Formula for Retirement? Watch YMYW TV, Download the Retirement Readiness Guide

21:42 - Is It Harmful to Give Advice to Coworkers With Little Financial Experience? (Sarah, Phoenix, AZ)

26:17 - How to Get Out of an Annuity (Ken - voice)

29:03 - Tax-Efficient Retirement Distributions: How’s Our Roth Conversion Strategy? (Ken, Southern California - voice)

33:49 - How to Request a Retirement Spitball Analysis

34:40 - IRS is Charging Me Late Fees for Not Paying Estimated Taxes on Roth Conversion! (Lex Martin, Maryland)

38:43 - Should I Save to the Left Pocket (Brokerage) Instead of the Right (401(k)? (Paula, TX)

46:26 - Show Outro

48:02 - The Derails