Schedule a Free Financial Assessment with an experienced professional:

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Joe Anderson, CFP® and Big Al Clopine, CPA spitball for three people planning for early retirement and wondering, can I really pull this off? How much risk can you take, and how much do you really need to? That’s today on Your Money, Your Wealth® podcast 588. Dr. Kickass Seabass and his wife are both 41 and they got a late start on savings. Can they still hit FIRE - that is, financial independence, retire early - by 55? Get your salt shakers ready. Aang and Katara have military pensions and a big thrift savings plan. Should they invest it aggressively or play it safe over the next decade? Finally, Steph has a mandatory retirement at 56 but wants out even sooner, at age 50… if his wife Ayesha doesn't kill him first for quitting seven years before her.

Free Financial Resources in This Episode:

https://bit.ly/ymyw-588 (full show notes & episode transcript)

Retirement Income Strategies Guide - free download:

https://purefinancial.com/white-papers/retirement-income-strategies/?utm_source=captivate&utm_medium=podcast&utm_campaign=whitepaper-retirement-income-strategies&utm_content=ymyw-pod-ep588-description-whitepaper

Financial Planning at Every Age: Retirement Planning for Millennials, Gen-X & Baby Boomers - YMYW TV:

https://purefinancial.com/ymyw/episodes/financial-planning-at-every-age-retirement-planning-millennials-gen-x-baby-boomers/?utm_source=captivate&utm_medium=podcast&utm_campaign=ymyw-tv&utm_content=ymyw-pod-ep588-description-tv-s10e7

Retirement Readiness Guide - free download:

https://purefinancial.com/white-papers/retirement-readiness-guide/?utm_source=captivate&utm_medium=podcast&utm_campaign=whitepaper-retirement-readiness-guide&utm_content=ymyw-pod-ep588-description-whitepaper

Financial Blueprint (free, self-guided):

https://bit.ly/YMYWblueprintC

REQUEST your Retirement Spitball Analysis:

https://bit.ly/YMYWaskC

DOWNLOAD more free guides:

https://bit.ly/YMYWguidesC

READ financial blogs:

https://bit.ly/YMYWblogC

WATCH educational videos:

https://bit.ly/YMYWvidsC

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Leave your honest reviews and ratings in Apple Podcasts:

https://podcasts.apple.com/us/podcast/your-money-your-wealth/id312900254

Chapters:

00:00 - Intro: This Week on the YMYW Podcast

01:00 - High-Earning Doc With a Late Start: Can I Actually FIRE at 55? (Kickass Seabass, NJ)

13:39 - Military Pension + TSP: How Aggressive Should We Stay for the Next Decade? (Aang & Katara, VA)

25:10 - Mandatory Retirement at 56, But Can I Punch at 50? (Steph & Ayesha, SF Bay Area)

46:54 - Outro: Next Week on the YMYW Podcast

Financial Assessment (Meet with an experienced professional):

https://bit.ly/YMYWassessC

11 rapid-fire spitballs today from Joe Anderson, CFP®, and Big Al Clopine, CPA, on Your Money, Your Wealth® podcast number 587, on everything from Roth conversions and RMDs to whether a guy named Wayne can finally treat himself to a seventy-five-thousand-dollar Audi. Aaron in Syracuse just hit a million bucks in his 401(k) and realizes he needs a spitball on keeping his RMDs low. Do new Roth conversions restart the 5-year clock? 72-year-old Mike in Texas wants to know. Marion inherited a not-yet-five-year-old Roth, and an IRMAA problem along with it. Lu and Stephen each argue that the fellas’ conversion and retirement spitball math might be misleading. Teachers Tony and his wife have pensions that cover everything, so should they even keep saving? John and Peggy need a retirement spitball, Rajesh wonders if he should pay off his mortgage or convert to Roth, and Mike in San Marcos asks about funding a Roth with pension money.

Free Financial Resources in This Episode:

https://bit.ly/ymyw-587 (full show notes & episode transcript)

Retirement Accounts Guide - free download:

https://purefinancial.com/white-papers/retirement-accounts-guide/?utm_source=captivate&utm_medium=podcast&utm_campaign=whitepaper-retirement-accounts-guide&utm_content=ymyw-pod-ep587-description-whitepaper

401(k) vs. IRA vs. Equity Compensation: The Real Math - YMYW TV:

https://purefinancial.com/ymyw/episodes/recipe-for-retirement-retirement-plans-explained/?utm_source=captivate&utm_medium=podcast&utm_campaign=ymyw-tv&utm_content=ymyw-pod-ep587-description-tv-s10e12

Financial Blueprint (free, self-guided):

https://purefinancial.com/financialblueprint/?utm_source=captivate&utm_medium=podcast&utm_campaign=financial-blueprint&utm_content=ymyw-pod-ep587-description-blueprint

REQUEST your Retirement Spitball Analysis:

https://bit.ly/YMYWaskC

DOWNLOAD more free guides:

https://bit.ly/YMYWguidesC

READ financial blogs:

https://bit.ly/YMYWblogC

WATCH educational videos:

https://bit.ly/YMYWvidsC

SUBSCRIBE to the YMYW Newsletter:

https://bit.ly/YMYWnewsletterC

Connect With Us:

Subscribe on YouTube and join the conversation in the comments:

https://bit.ly/YMYW-YT

Subscribe or follow YMYW in your favorite podcast app:

https://lnk.to/ymyw

Leave your honest reviews and ratings in Apple Podcasts:

https://podcasts.apple.com/us/podcast/your-money-your-wealth/id312900254

Chapters:

00:00 - Intro: This Week on the YMYW Podcast

01:32 - $1.1 Million in My 401(k) at 56: Should I Do Roth Conversions Before RMDs Hit? (Aaron, Syracuse, NY

04:51 - Can You Fund a Roth IRA With Pension Money? (Mike, San Marcos, CA)

06:14 - Can You Roll an UTMA Into a 529 for Tax-Free Education Savings? (Bob the Builder, Westchester, NY)

10:29 - I'm 72 With a 25-Year-Old Roth. Do New Conversions Trigger the 5-Year Clock for Roth Withdrawals? (Mike, TX)

11:43 - Inherited a Roth Less Than 5 Years Old: Are the Earnings Taxable? Can IRMAA Be Avoided? (Marion)

15:59 - You Ignore Future Income! How to Spitball Spending When a Pension and Social Security Are Coming (Stephen)

21:02 - Are Your Roth Conversion Calculations Misleading? Why Future RMDs Need an Inflation Check (Lu)

24:57 - We're Teachers With Pensions That Cover Everything. Should We Stop Saving and Fund the 529s? (Tony, NY

28:23 - $4 Million and Ready to Exit the Rat Race at 61. Do the Numbers Work? (John and Peggy, San Jose, CA

34:37 - $4 Million 401(k) and a 6.5% Rental Mortgage: Pay It Off or Convert to Roth? (Rajesh)

38:42 - We're 62 With $1 Million. Can I Finally Buy the $75K Audi, or Should I Lease? (Wayne, Long Beach, NY)

43:17 - Outro: Next Week on the YMYW Podcast

Schedule a free financial assessment with an experienced professional at Pure Financial Advsiors: https://purefinancial.com/lp/free-assessment/?utm_source=captivate&utm_medium=podcast&utm_campaign=free-assessment&utm_content=ymyw-pod-ep586-description-free-assessment

“Walter and Skyler” in Iowa ask if they’re on track to retire early, or if they’re just "cooking up overconfidence?" And how aggressively should they convert their retirement savings to tax-free Roth money before the pension and Social Security kick in? California Dreamin’ has it down to one decision: convert to the top of the 22 percent tax bracket, or push into the 24? “Mike and Carol” in Florida ask, when you're weighing a conversion, should you be looking at your tax bracket, or your actual effective tax rate? Finally, is it worth the cost for “Westley and Buttercup” to use the brand new option to turn a big employer contribution into Roth money? Joe Anderson, CFP® and Big Al Clopine, CPA from Pure Financial Advisors spitball on all of these questions, today on YMYW podcast 586.

Free Financial Resources in This Episode:

https://bit.ly/ymyw-586 (full show notes & episode transcript)

10 Common Roth IRA Mistakes That Can Cost You $50,000 (or More!) - YMYW TV:

https://purefinancial.com/white-papers/roth-ira-white-paper/?utm_source=captivate&utm_medium=podcast&utm_campaign=whitepaper-ultimate-guide-to-roth-iras&utm_content=ymyw-pod-ep586-description-whitepaper

The Ultimate Guide to Roth IRAs - free download:

https://purefinancial.com/ymyw/episodes/10-common-roth-ira-mistakes-that-can-cost-you-50000-or-more/?utm_source=captivate&utm_medium=podcast&utm_campaign=ymyw-tv&utm_content=ymyw-pod-ep586-description-tv-s12e04

Financial Blueprint (free, self-guided):

https://bit.ly/YMYWblueprintC

REQUEST your Retirement Spitball Analysis:

https://bit.ly/YMYWaskC

DOWNLOAD more free guides:

https://bit.ly/YMYWguidesC

READ financial blogs:

https://bit.ly/YMYWblogC

WATCH educational videos:

https://bit.ly/YMYWvidsC

SUBSCRIBE to the YMYW Newsletter:

https://bit.ly/YMYWnewsletterC

Connect With Us:

Subscribe on YouTube and join the conversation in the comments:

https://bit.ly/YMYW-YT

Subscribe or follow YMYW in your favorite podcast app:

https://lnk.to/ymyw

Leave your honest reviews and ratings in Apple Podcasts:

https://podcasts.apple.com/us/podcast/your-money-your-wealth/id312900254

Chapters:

00:00 - Intro: This Week on the YMYW Podcast

01:10 - Early Retirement Overconfidence? Aggressive Roth Conversions? (Walter & Skyler, Iowa)

13:25 - Roth Conversion Bracket Call: 22% or 24%? (CA Dreamin', Central Coast)

22:27 - Tax Bracket vs. Effective Rate: The Roth Math Most People Get Wrong (Mike & Carol, FL)

32:16 - Should the NEC Go to the Roth? The 401(k) Decision (Westley & Buttercup, TX)

42:28 - Outro: Next Week on the YMYW Podcast