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A "Top 10 Personal Finance Podcast" and a "Top 12 Retirement Podcast" (US News & World Report, 2023). One of the "10 Best Personal Finance YouTube Channels" (CardRates, 2023). “Best Retirement Podcast With Humor” (FIPhysician, 2020, 2021, 2022, 2023). Learn strategies that can help you retire successfully. Financial advisor Joe Anderson, CFP® and certified public accountant Big Al Clopine, CPA are making fun out of finance as they answer your money questions and spitball on your 401k, IRA, Roth conversions and backdoor Roth IRA, how to pay less taxes, asset allocation, stocks and bonds, real estate, and other investments, Social Security benefits, capital gains tax, 1031 exchange, early retirement, expenses and withdrawals, and more money and wealth management strategies. YMYW is retirement planning, investing, and tax reduction made fun, presented by Pure Financial Advisors - a fee-only fiduciary. Access free financial resources and episode transcripts, Ask Joe & Big Al On Air to get your Retirement Plan Spitball Analysis: http://YourMoneyYourWealth.com

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  2. Advisor Touts 8% Returns, But Says I Can Only Withdraw 4%?! - 459

Advisor Touts 8% Returns, But Says I Can Only Withdraw 4%?! - 459

Dec 12, 2023

Do financial advisors have some secret blood handshake that they’ll all  claim they can get you 8 percent returns, but then tell their clients they can only withdraw 4 percent in retirement? That’s Mark in Minnesota’s question today on YMYW. Plus, should Matthew in Seattle quit the DIY approach to his finances and hire a fee-based financial planner? What do Joe and Big Al think about Steven in Connecticut’s “opposite of sequence of returns risk” strategy for retirement withdrawals and “bonuses”? Can listener Joe have an active and comfortable retirement at age 62? Elle in Los Angeles needs some spitballing on contributing to traditional or Roth 401k, student loans, and the potential tax benefits for paying mother in law for babysitting. The fellas also answer some more last-minute year-end tax questions for George, and for Chuck in Idaho. But first, Mike in CO gets priority with his voice message about tax loss harvesting.

Timestamps:

  • 01:08 - Any Reason Not to Do Tax Loss Harvesting? (Mike, Steamboat Springs, Colorado - voice)
  • 05:46 - Should I Switch from DIY to a Fee-Based Financial Planner? (Matthew, Seattle, WA)
  • 16:00 - If Advisor Touts 8% Returns, Why Can I Only Withdraw 4%? (Mark, MN)
  • 24:49 - 3% Retirement Withdrawals + Bonuses = Opposite of Sequence of Returns Risk? (Steven, CT)
  • 31:05 - Can I Have an Active and Comfortable Retirement at Age 62? (Joe)
  • 36:35 - 401k Vs Roth 401k Contributions, Student Loans, and Babysitting Tax Benefit (Elle, Los Angeles)
  • 41:16 - When to Pay Taxes on a 2023 Roth Conversion? (George)
  • 43:26 - Cost Basis: First In First Out to Minimize Taxes? (Chuck, ID)
  • 47:27 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-459 

  • EASI Retirement Spitball Analysis: YMYW TV
  • EASIretirement.com Free Retirement Calculator
  • 6 Secrets to Bigger Tax Savings from Your Nonprofit Donations: YMYW TV
  • Tax-Smart Charitable Giving Guide
  • Episode Transcript
  • Ask Joe & Big Al On Air for your Retirement Spitball Analysis