Mar 04 2025 45 mins 111
How much do Nick and Nora in Pittsburgh, and Doc Mc Muffin and her Mr. in Minnesota, need to have saved, and how much can they afford to spend in retirement? What are the disadvantages to Fred and Ethel in Virginia if Ethel collects her Social Security early? Are the Moonshiner and the City Girl in Florida so obsessed with avoiding RMDs and IRMAA that they're wasting too much savings on Roth conversions? That’s today on Your Money, Your Wealth® podcast 519 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, will the tax benefits on a rental property offset the negative cash flow for Lily's 29-year-old son, who has started his professional career with a $750K salary?
Free financial resources & episode transcript: https://bit.ly/ymyw-519
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Timestamps:
00:00 - Intro: This Week on the YMYW Podcast
00:51 - How Much Should We Have Saved Before Retirement? (Nick & Nora, Pittsburgh, PA)
12:01 - Download the Withdrawal Strategy Guide for free
12:38 - We're 40 with $2.7M Saved. Spitball on What We're Missing. (Doc McMuffin, MN)
18:40 - Any Disadvantages to Claiming Social Security Early? (Fred & Ethel, VA)
26:11 - Am I Overly Obsessed with Reducing RMDs and IRMAA, Wasting too Much on Roth Conversions? (The Moonshiner and the City Girl, Orange Park, FL)
34:52 - LIMITED TIME OFFER: Download the Money Makeover Guide by this Friday, March 7! Watch Complete Money Makeover: How to Do a Financial Facelift on YMYW TV
35:36 - Son Makes $750K. Will Rental Property Tax Benefits Offset Negative Cash Flow? (Lily, CA)
40:32 - Joe and Big Al's Very First Jobs
44:18 - YMYW Accolades on Feedspot and Goodpods
