Your Money, Your Wealth

Original publish date April 9, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 19 of the YMYW podcast, Joe and Big Al tackle some of the biggest questions about investing, including “Should I wait to buy a home until after the election?” and “If I’m a first time investor, should I invest with cash or margin?” Plus, Joe and Al look at the seven successful habits to help you reach financial independence, according to U.S. News & World Report. 02:46 - “With our firm, we act as a fiduciary 100% of the time” 07:08 - “April 18th is tax day this year” 13:01 - “California real estate is appreciated quite a bit more than the United States given the last 30, 40, 50 years” 19:51 - “Can I deduct my IRA contribution if I don’t have an employer plan?” 27:49 - “The truth is you can save more in taxes than you think, but you must use a forward-looking tax-efficient strategy” 34:57 - “Paying yourself first means paying yourself before paying your bills…as our paycheck grows we tend to spend more”

Original publish date April 2, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. Episode 17 of the YMYW podcast, Big Al and Joe answer the most commonly asked questions about taxes, IRAs, 401ks and Roth IRAs. Plus, their favorite tax strategies. 00:00 - Intro 04:02 - “If you’re married and one spouse is still working, you can still contribute to a Roth or IRA because of the non-working spouse election” 07:45 - “If I’m full retirement age and I’m still working, I think it makes more sense to delay to get the 8% delayed retirement credit” 10:28 - “What is the optimal long-term investment vehicle when someone has maxed out all tax-advantaged accounts?” 18:16 - “Let’s say you have an IRA and you have stocks inside this IRA, and some of these stocks have gone down in value. Should you take your RMD from these stocks?” 21:29 - “An RMD is a required minimum distribution that you have to pull out of a retirement account if it’s an IRA if you’re over 70 ½” 25:38 - “When markets are down, Roth IRA conversions are a phenomenal strategy” 29:59 - “Your upfront contributions to a Roth IRA are tax deductible – true or false? False. They are not tax-deductible, they grow 100% tax-free though” 33:45 - “There is no age limit for contributing to a Roth as long as you or spouse have earned income to contribute” 37:25 - “The bottom line is if you’re not contributing money to a Roth IRA or converting money to a Roth IRA, you’ve got to be looking at this because tax rates may be going up in the future”

Original publish date April 2, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 15 of the YMYW podcast. Joe and Big Al share the top five most costly retirement mistakes you could be making. Plus, don't miss these top tax tips the wealthy use to stay rich. 00:00 - Intro 06:18 - “If you make a big financial mistake at this stage in your life, you may never recover and we’ve seen huge mistakes. You’ll be paying for it the rest of your life” 11:06 - “Here are some costly investment mistakes” 15:05 - “The reason I think they’re so emotional [with their investments] is because they don’t have that well thought-out financial plan or financial strategy” 19:52 - “[Have] the right asset allocations; some of you might have a portfolio that is suited for a 40-year old when you are in your 60’s, and some of you might not be taking on enough risk” 24:10 - “If you think about where your retirement assets are located, probably most of them are located in IRAs, 401(k)s and 403(b)s. Guess what? When you take the money out of those plans, you have to pay income taxes on it.” 31:25 - “If you think about taxes and tax planning during the year, you could actually make a pretty big difference in your tax liability” 34:27 - “We’re a financial planning firm that focuses on all areas of financial planning, but taxes are a big deal because we manage a lot of money... and we want to make sure we give them the highest after-tax return possible”

Original publish date March 26, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. Episode 14 of the YMYW podcast is about money and our behavior: the biggest mistakes you could be making and how to fix them. Big Al also covers some tax strategies to consider as you approach retirement. 00:00 - Intro 01:08 - “One mistake is this: when you are investing your money, you might be confusing results with activity” 04:47 - “You have to look at conventional wisdom and throw it out the window when it comes to your overall investment strategy” 09:20 - “These are seven ways my expenses will change in retirement” 12:19 - “The cost of healthcare tends to increase significantly in retirement; average annual expenditures for healthcare jump from $3900 among workers age 50-64 to $5000 for retirees age 65-79” (Source: U.S. News) 21:18 - “The idea is to get away from commission-only [advice] which is what most of the industry still is” 36:49 - “I’ve been a CPA for over 30 years, and it amazes me how many people don’t realize what strategies are out there, and they end up making poor decisions, big mistakes and they don’t realize how important tax planning is until they do make the mistake that can cost them hundreds of thousands of dollars in taxes”  

Original publish date: March 26, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. Episode 13 of the YMYW podcast is about retirement myths that can ruin retirees' plans. Find out why Baby Boomers won’t be able to have a retirement like their parents. 00:00 - Intro 02:07 “40% of unmarried women have saved less than $1,000 [for retirement], according to a 2016 Retirement Confidence survey by Employee Benefits Research Institute” 05:55 “The opportunity is that we are living a lot longer and we get to enjoy our golden years longer which is great, but we also have to have a plan to cover it because it’s not just Social Security anymore” 12:58 “Al and I have seen people who have millions of dollars and they blow through their money very, very quickly. Then we see people who have less than $100,000 and live a very comfortable retirement. It’s about figuring out what retirement looks like to you” 18:09 “The Bureau of Labor Statistics predicts that more than a fifth of boomers 65 and older will be holding on to a job in 2024. When their parents were the same age in 1994, only a tenth were still employed” 27:12 “A lot of people are shocked when they find out how different types of retirement income are taxed, and I want to go through the six most common types of retirement income and how they’re taxed” 32:12 “For those who have been listening to our show and have been doing Roth IRA contributions and Roth conversions, you’ll be very happy to know that as you take money out of those accounts, it’s all tax-free—100% tax-free”

Original publish date March 19, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. In episode 12 of the YMYW podcast, Joe and Al talk retirement risk. While risk can come in all shapes and forms, it's important to avoid making these risks when planning to maintain your lifestyle in retirement. Al closes off the discussion by discussing a fun personality quiz by Mashable you can take to figure out what your retirement passion project will consist of. 00:00 - Intro 01:01 “When you’re in your 20’s and 30’s, you’ve got a long run in front of you and can afford to take on risk, but if you’re retired or close to retiring, risk is enemy number one. Taking on too much risk at that stage of the game can be devastating because you may not be able to recover” 06:56 “You better make sure that you have a plan to make your money last into your 90’s” 13:21 “If you’re saving 4% this year, save 5% next year, 6% the year after and get yourself to the point where you’re saving between 10% and 15%, and if you’re older and getting closer to retirement and you’re behind, there’s no time to waste—you have to save as much as possible right now” 13:42 “Forbes had thirteen financial risks you can avoid; here are some examples” 18:04 “Unfortunately, taxes are likely going up in the future” 22:36 “One of the biggest misconceptions in retirement planning today is that you will be in a lower tax bracket in retirement” 29:10 “One in three Americans have zero dollars saved for retirement” (Source: Bankrate.com)

Original publish date March 19, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 11 of the YMYW podcast, Joe and Al discuss how retirement planning can help you avoid risks and keep you out of a retirement savings crisis. Find out if you should take advantage of these soon-to-disappear Social Security claiming strategies. 03:56 “Waiting for triggers in the overall market for you to make decisions financially is not the right move; you have to get your strategy in place now” 08:37 “Things have got to change and you really need to put things in perspective and start planning as soon as you possibly can” 10:32 “When it comes to these new [Social Security] rules, you have to act now. Let me explain what they are—there are two benefits that are going away” 13:14 “If you turned 62 years of age by 12/31/15, you still qualify to take that restricted application. You can take it on an ex-spouse as long as you were married to that ex-spouse for ten years, or if you are currently married” 18:06 “File and suspend is going away and you’ve got until April 28 to do this” 22:41 ““If you’re married, it’s a really good idea for the spouse who has the highest benefit to wait as long as they can, hopefully to age 70. Why is that? First of all, while you’re both living, you’ll enjoy that higher benefit, and when one of you passes (let’s say the higher wage earner passes), then the spouse will get the survivor benefit which is equal to the same as the spouse that passed away” 34:18 “Tapping your retirement nest egg comes with all sorts of new rules and opportunities. Instead of contributing to tax-deferred accounts that reduce your taxes, you’ll start tapping those savings for income and paying taxes at your regular rate—unless you’re tapping into a Roth IRA, which we want you to be thinking about right now"

In episode 10 of the YMYW podcast, Big Al tests your retirement planning smarts by asking Joe and the listeners important retirement questions. How do you stack up? Original publish date March 12, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 2:08 “The government must systematically devalue our currency so they can pay it back on cheaper dollars” 8:14 “Index funds tend to have very low expense ratios” 11:51 “Which of these pose a big threat to your retirement security? Inflation, investment ups and downs, outliving your financial resources or all of the above?” 16:02 “You want to stay liquid in your strategy because things will change in your life, in the stock market and in the tax code” 20:30 “You don’t have to pay taxes on money you take out of a Roth IRA if you qualify” 25:18 “You have more control over how much you pay in taxes in retirement than any other time in your life if you just understand the strategies”

Original publish date March 12, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 9 of YMYW podcast, Joe and Big Al talk Social Security! Big changes are coming up fast, listen to find out what you need to do right now to take advantage before it's too late. 02:03 “Sanders would take tax capital gains rates at ordinary income and eliminate opportunities under current law for avoiding the tax through gifts and requests for appreciated property” 08:01 “We did a Social Security Webinar; if you want to check that out, go to our website” 11:44 “In just a matter of weeks, those little known [Social Security] claiming strategies are coming to a screeching halt. The government is changing the rules on how you can claim your benefits, and the deadline is just around the corner. For those who are eligible, you have a very short window to take action” 17:09 “April 28th [2016] is the deadline for you to file for your benefit and suspend them” 24:16 “If you’re married, it’s a really good idea for the spouse who has the highest benefit to wait as long as they can, hopefully to age 70. Why is that? First of all, while you’re both living, you’ll enjoy that higher benefit, and when one of you passes (let’s say the higher wage earner passes), then the spouse will get the survivor benefit which is equal to the same as the spouse that passed away” 27:52 “If you do the appropriate planning, if you understand how this works, you could save significant dollars on your taxes” 34:03 “What is not included in provisional income is your Roth IRA distributions” 35:49 “Taxes don’t stop when your paycheck does…as you near retirement, tax planning becomes more important than ever”

Original publish date March 5, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. In episode 8 of YMYW podcast, the retirement account show continues with strategies for self-employed individuals, horror stories of working with non-fiduciary advisors, and the top IRS scams you absolutely must know about.