In this month’s Smart Planning segment, a financial advisor discusses how to transfer retirement funds penalty-free and how to adopt a “work optional” mindset.

How can you check in on your financial progress halfway through the year? What steps do you need to follow to move your Roth IRA from a robo-advisor to a self-directed platform without paying taxes? Before welcoming listener Dan to the show to answer his financial questions, hosts Sean Pyles and Elizabeth Ayoola break down how you can do a mid-year money check-in, including how to audit your budget, spot and cancel unused subscriptions, increase retirement contributions, and curb emotional spending to stay on track for year-end goals. They offer a detailed checklist to assess credit, spending habits, and financial planning priorities for the remainder of the year.

Then, Elizabeth welcomes Taylor Schulte, a CFP® and CEO of Define Financial, to dive into Dan’s questions, starting with how to reallocate investments when transferring a Roth IRA between platforms. They discuss avoiding taxes using the 60-day rollover rule, how to minimize market exposure during the transition, and why custodians like Fidelity or Schwab may be better suited than Robinhood in certain situations. They also help Dan evaluate whether he’s saving enough for a “work-optional” retirement, offer guidance on budgeting for life now vs. later, and explain what to consider when deciding on insurance coverage like disability or term life.

Inspired to navigate your finances with an advisor? Use NerdWallet Advisors Match to find vetted professionals today at https://www.nerdwalletadvisors.com/match

A rollover IRA can be a great option for money in old retirement accounts. To avoid a tax hit, know the steps involved: https://www.nerdwallet.com/article/investing/how-to-rollover-401k-roth-traditional-ira

Want us to review your budget? Fill out this form — completely anonymously if you want — and we might feature your budget in a future segment! https://docs.google.com/forms/d/e/1FAIpQLScK53yAufsc4v5UpghhVfxtk2MoyooHzlSIRBnRxUPl3hKBig/viewform?usp=header

In their conversation, the Nerds discuss: midyear financial check-in, how to track your spending, canceling unused subscriptions, Roth IRA transfer steps, rollover IRA rules, robo advisor vs self-directed investing, avoiding taxes on Roth IRA rollover, rebalancing Roth IRA, saving for retirement in your 20s, financial goals 2025, budgeting after emotional spending, how to increase 529 contributions, setting beneficiaries, updating estate plan, disability insurance basics, work-optional retirement, how much to save for retirement, starting a financial planning firm, emergency fund tips, automating savings, avoiding subscription traps, midyear credit check, reallocating investments, understanding investment fees, budgeting as a single person, how to set financial boundaries, pay yourself first strategy, how to start budgeting weekly, tracking financial progress, saving vs spending balance, transferring mutual funds, how to do a 60-day rollover, and Roth IRA transfer tax implications.

To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.

Like what you hear? Please leave us a review and tell a friend.

Learn more about your ad choices. Visit megaphone.fm/adchoices

Ep. 32: Rajiv Jain