Best & Worst Boomers’ Retirement Plans - 64

Joe Anderson, CFP® and Big Al Clopine, CPA discuss the good, the bad and the ugly of baby boomers’ retirement plans in episode 64 of the YMYW podcast. Plus, Big Al quizzes Joe on retirement and investing questions. Original publish date September 10, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 

00:00 - Intro

03:30 - “There is talk about how to fix Social Security. I personally think what they’ll do is they’ll raise retirement age; they may raise the rates, or the amount we put in Social Security...”

08:49 - “How will you make your money work for you while reducing your risk? How will you avoid the retirement tax trap that we’ve been talking about that could cost you thousands of needless taxes?”

16:10 - “There are ways that you can increase your possibility of working longer; one is staying healthy, one is performing well at your current job…going back to school and learning new skills.”

18:07 - “As you near retirement, tax planning becomes more important than ever, but you must use a forward-looking tax strategy.”

21:42 - “True or false? If you take your Social Security benefit early, you’ll lock in reduced monthly payments for life.”

24:08 - “At what age do you qualify for the maximum Social Security retirement benefit? 68, 70 or 72? If you wait until age 70 you get the maximum benefit.”

30:22 - “How do I avoid filing a trust return every year?”

33:27 - “I am a non- U.S. citizen living outside the U.S. and trading stocks through a U.S. internet broker. Do I have to pay taxes on the money I earn?

34:22 - “How do Roth IRAs gain interest?”