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 468: How Much to Save in Tax-Free, Tax-Deferred, and Taxable Accounts?
Are there general guidelines on what percentages of your investment portfolio should be in tax-free accounts like your Roth, tax-deferred accounts like your 401(k), and taxable accounts like your brokerage? Joe Anderson, CFP® and Big Al Clopine, CPA spitball on tax diversification today on Your Money, Your Wealth® podcast 468 for Brian in Naperville, IL. William in NH also wants to be tax-diversified. Is his Roth conversion strategy a mistake? Should he be converting much more to Roth? The fellas also do a retirement spitball analysis for Tom in Spokane, WA, and for Claire in CO, who wants to retire next year. Plus, how does Matthew in CT calculate excess Roth contributions, and how should Thomas in IA reallocate assets he over-contributed to his brokerage account? But first a couple of voice messages: Now that Sean in FL no longer has a traditional IRA, can he use the backdoor Roth strategy? We kick things off with a question from Joe in Dallas on how to account for taxes on the money you’ll be spending in retirement. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-468
Timestamps:
- 01:06 - How to Account for Taxes on What I’ll Spend in Retirement? (Joe, Dallas, TX (voice)
- 06:13 - Now That I Don’t Have a Traditional IRA, Can I Do a Backdoor Roth? (Sean, FL - voice)
- 10:29 - 2024 Key Financial Data Guide - free download
- 11:35 - Spitball Our Financial Status and How to Reach Our Retirement Goals (Tom, Spokane, WA)
- 17:42 - Tax Diversification General Guidelines? (Brian, Naperville, IL)
- 23:23 - Goal: Tax Diversification. Is My Roth Conversion Strategy a Mistake? Should I Convert Much More? (William, NH)
- 29:12 - Retirement Pop Quiz and Free Financial Assessment
- 30:04 - Spitball If I Can Retire in 2025 (Claire, CO)
- 34:39 - How to Calculate Excess Roth Contributions? (Matthew, CT
- 38:23 - Over-contributed to Brokerage. How Should I Reallocate Assets? (Thomas, Iowa)
- 42:55 - The Derails