9 Ways to Build Your Wealth in Your 50’s - 29

If you’re in your 50’s, retirement is probably right around the corner. During this time it’s critical to make the right financial decisions to achieve your retirement goals. In episode 29 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA break down 9 financial tips to help you enjoy a rich retirement, whether you’re a late bloomer or you’ve been saving up money for years. Find out how to build wealth now and for the future. Original publish date May 14, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

05:27 - “When you turn 70 ½ and you have retirement accounts, there’s a mandate that you have to take a certain percentage out of the account per year, and each year as you age that percent increases…when you have multiple accounts you have to be careful”

08:55 - “A Roth IRA does not have a required distribution; but if you have a Roth 401(k), the Roth 401(k) does have a required distribution”

11:28 - “There is no age limit for a Roth IRA contribution”

13:30 - “Income limits could prevent you from contributing so here are the new rules for 2016” 20:01 “What’s happening now, especially with a lot of Baby Boomers is a lot of them are working longer than they want to work…in other cases people are having to reduce their lifestyle”

22:19 - “Here are some quick steps to build wealth in your 50’s”

28:38 - “22 percent are very confident they will have enough money in retirement according to the Employee Benefit Research Institute’s annual retirement confidence survey”