A "Top 10 Personal Finance Podcast" and a "Top 12 Retirement Podcast" (US News & World Report, 2023). One of the "10 Best Personal Finance YouTube Channels" (CardRates, 2023). “Best Retirement Podcast With Humor” (FIPhysician, 2020, 2021, 2022, 2023). Learn strategies that can help you retire successfully. Financial advisor Joe Anderson, CFP® and certified public accountant Big Al Clopine, CPA are making fun out of finance as they answer your money questions and spitball on your 401k, IRA, Roth conversions and backdoor Roth IRA, how to pay less taxes, asset allocation, stocks and bonds, real estate, and other investments, Social Security benefits, capital gains tax, 1031 exchange, early retirement, expenses and withdrawals, and more money and wealth management strategies. YMYW is retirement planning, investing, and tax reduction made fun, presented by Pure Financial Advisors - a fee-only fiduciary. Access free financial resources and episode transcripts, Ask Joe & Big Al On Air to get your Retirement Plan Spitball Analysis: http://YourMoneyYourWealth.com
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episode 464: Tax Strategies, Backdoor Roth, Buy vs. Rent
It’s a voice message extravaganza as Joe and Big Al talk about tax gain harvesting on Dante in New York’s daughter’s custodial account, and the tax impacts of Leon in Chicago investing in his brokerage account. The fellas also spitball on whether Michelle in San Diego, en route to San Francisco, should buy or rent in her 60’s, the mega backdoor Roth and the pro rata rule for Sean and his cichlids in Winter Springs, Florida, and whether Jason in NOLA can do the backdoor after recharacterizing his contribution. Plus, should Kevin in Ohio make like the Steve Miller Band and "take the (pension) money and run"? Can Scott in Colorado make like Johnny Paycheck and "take his job and shove it" when it’s time for the rule of 55? And should Suzi and Peter consider long term care insurance and protecting their assets with an irrevocable trust?
Access this week's free financial resources and the episode transcript in the podcast show notes at https://bit.ly/ymyw-464
Timestamps:
- 01:07 - Custodial Account Tax Gain Harvesting: Reported on My Daughter’s Taxes or Mine? (Dante, NY - voice)
- 05:17 - Tax Impacts of Investing in a Brokerage Account? (Leon, Chicago - voice)
- 10:50 - Three (okay, four) ways you make YMYW the show that it is
- Ask Joe & Big Al On Air for your Retirement Spitball Analysis
- 12:28 - Is it Better to Buy or Rent in My 60s? (Michelle, San Diego - voice)
- 19:50 - Mega Backdoor Roth & the Pro-Rata Rule (Sean, Winter Springs, FL - voice)
- 26:56 - Should I Take the (Pension) Money and Run? (Kevin, OH - voice)
- 32:13 - Money Makeover Guide - limited time special offer - download by this Friday!
- Complete Money Makeover - How to Do a Financial Facelift - YMYW TV
- 33:08 - Should We Consider Long Term Care Insurance and Protecting Our Assets with an Irrevocable Trust? (Suzi & Peter, San Diego)
- 39:23 - Can I Do a Backdoor Roth After a Re-characterization? (Jason, NOLA)
- 43:42 - Spitball My Early Retirement Plan & the Rule of 55 (Scott, CO)
- 52:29 - The Derails