Your Money, Your Wealth

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 Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 05:27 - "When you turn 70 ½ and you have retirement accounts, there's a mandate that you have to take a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"

Learm how you can protect yourself from one of America's fastest growing crimes – identity theft. Plus, what's it going to cost you to retire? In episode 28 of the YMYW podcast, Joe and Al share three retirement errors that will crush your investment gains. Original publish date May 7, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 1:17 - "Identity theft is a real issue; we talk about it a lot on this show, especially when it comes to taxes and people filing fraudulent tax returns" 2:17 - "We focus on consumer education…educating the public on various issues related to identity crime and how to protect themselves" 4:50 - "Limit the amount of personal identifying documents that you carry with you every day" 5:30 - "Regularly monitor your bank statements and you should be checking your credit report several times a year…also shred your mail" 6:32 - "Get yourself off the list for pre-approved offers" 7:18 - "Secure your phone, tablet, your computer and understand all those pieces of hardware have lots of sensitive information about you" 11:28 - Identity Theft Resource Center contact info 21:42 - "If you're married, there are certain marital benefits – first of all, if you file a joint tax return and be in a lower tax bracket. For Social Security, if one spouse passes then you get to keep the higher of the benefits" 32:07 - "There are many mistakes you can make as a retirement investor. I want to focus on three retirement errors investors make all the time" 34:27 - "It's crucial to save for retirement but equally important to enter retirement debt-free"

Social Security changes are now in effect. In episode 27 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA explain the best ways to maximize your benefit despite two major claiming strategies now eliminated. Listeners are also faced with the realities of retirement, as Joe and Al debunk common retirement and Social Security myths. Original publish date May 7, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. Download the Social Security Handbook 00:00 - Intro 06:07 - "The (2016) retirement confidence survey (by Employee Benefits Research Institute) reports that almost half- 47% of workers surveyed – think they'll need to save at least $500,000 for a comfortable retirement" 11:24 - "At certain income levels, your Social Security income is tax-free" 15:44 - "Even if you're currently retired, you have to look at what tax consequences are on the income you are producing" 16:55 - "That's what Social Security is giving you, it's a delayed retirement credit of 8% per year, each year that you delay" 22:48 - "We're living longer so it makes sense to push the retirement age out; that's just pure logic" 27:34 - "We're going to talk about dealing with fear and uncertainty in retirement and here are six ways to deal with it"

Big Al Clopine, CPA and Joe Anderson, CFP® share more ways to create tax-free income and savings in retirement in episode 22 of the YMYW podcast. Find out how the recent Social Security changes in 2016 affect your taxes and what other taxes in retirement you might encounter. Original publish date April 16, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 01:14 "Now that you have your claiming strategy dialed in, have you thought about what the taxation will be on your Social Security? It will depend on a few things" 05:03 "You want to be looking at Roth conversions because if you can prepay some taxes while you're in lower or even similar tax brackets, you can stay out of higher taxation later" 09:02 "It's all about putting yourself in the driver's seat when it comes to taxes. I would say the majority of folks don't give it much thought; at this time of the year they just pay their taxes and think that's the best they can do" 14:40 "Did you know that if you go on vacation and do Airbnb, as long as the visitors stays [at your house] less than 14 days, it's tax-free income" 15:01 "Here are your choices [for tax-free states to live in]: Nevada, Washington, Texas, Wyoming, South Dakota, Tennessee, New Hampshire and Alaska" 20:03 "Here's a survey done by the American Institute of Certified Public Accountants…they asked folks about the next president and asked what the priority should be from an economic standpoint" 24:20 "The more income you make the higher your [Medicare] premiums are…so could they do something with that for Social Security?" 33:06 "Roth conversions offer a possible solution to help clients manage taxes in retirement"

The best time to start planning for next year's tax season is at the end of this year's tax season. In episode 21 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA tell you how to avoid tax surprises and reduce your taxes in retirement. Original publish date April 16, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 03:22 "The reason we talk taxes right at the end of tax season is because this is when you're thinking about it and the best time to make a change is right now for 2016 because most strategies that are available to you take time to implement" 05:33 "The truth is, you have more control over how much you pay in taxes in retirement than any other time in your life" 07:29 "You could be generating hundreds of thousands of dollars of income and pay very little tax on your Social Security depending on how that income is classified" 12:19 "We've seen people who have money outside of retirement accounts that pay very little tax, sometimes none because of tax loss harvesting and municipal bond income" 19:02 "Our firm has always been a fiduciary, we are a fee-only Registered Investment Advisor (RIA) and never accept commissions of any kind" 26:37 "When you take money out of a 401(k) or IRA, you have to pay taxes on it, and a lot of people don't realize that" 35:49 "You can actually do the Section 121 Exclusion and the 1031 Exchange on the same property"

Original publish date April 9, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. In episode 20 of the YMYW podcast, Big Al and Joe share four retirement account loopholes that could close soon. Plus, what you need to know about the recent changes to Social Security and how that could have a huge impact on your retirement. 00:00 - Intro 01:54 - "You don't have to sell your stocks when you do a required distribution" 03:53 - "If you have saved a lot of money in your retirement accounts, you have to start pulling it out starting at age 70 ½" 06:44 - "We think Roth IRA planning is significant, because if you can control the amount of money that is tax-deferred that will come out as ordinary income versus tax-deferred that will come out tax-free, those are two different animals" 11:14 - "The government is changing the rules on how you can claim your [Social Security] benefits, and the deadline is just around the corner" 14:10 - "If you turned 62 years old by 12/31/16, you still qualify to take a restricted application" 21:24 - "The longer you wait [to retire], the better off you'll be from an income standpoint" 26:19 - "You have more control over how much you pay in taxes in retirement than any other time in your life" 34:53 - "Taxes don't stop when your paycheck does, and a lot of people don't realize that"

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"