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Your Money, Your Wealth

Making fun of finance. A US News & World Report “Top 9 Personal Finance Podcast” (2025) and “Top 12 Retirement Podcast” (2023). One of the “10 Best Personal Finance YouTube Channels” (CardRates, 2023). “Best Retirement Podcast With Humor” (FIPhysician, 2020-2024). Learn strategies that can help you retire successfully. Financial advisor Joe Anderson, CFP® and certified public accountant Big Al Clopine, CPA 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 financial planning firm. Pure Financial adheres to the fiduciary standard of care, in which we are required by law to act in the best interest of our clients at all times. Access free financial resources and episode transcripts, Ask Joe & Big Al On Air to get your Retirement Plan Spitball Analysis: http://YourMoneyYourWealth.com

Copyright: © Pure Financial Advisors, LLC

Latest Episodes:

HSA to Roth, RMD Investing, and Social Security Strategies - 429 May 16, 2023

Show notes

Can you convert your health savings account (HSA) to Roth, and do the five-year Roth withdrawal clocks apply? What should you do with money you'd been putting to your student loan debt if you're part of the student loan forgiveness program? What's the best way to invest your RMDs, or required minimum distributions? How does IRMAA, the income-related monthly adjustment amount for Medicare, apply to zero-coupon municipal bonds? And finally, strategies for collecting survivor Social Security benefits.

Timestamps:

00:49 - Can I Convert a Health Savings Account HSA to Roth IRA and Do the 5-Year Rules Apply? (Philip)
07:49 - My Student Loans Were Forgiven. Now Should We Contribute to Roth 403(b)? (Pete, Winston-Salem, NC)
15:37 - How Should I Invest Required Minimum Distributions? (Judy, San Diego)
22:17 - How is IRMAA for Medicare Applied to Zero Coupon Municipal Bonds? (Jimmy)
26:40 - 62 and Widowed: Claim Survivor Social Security Benefits Until Age 67? (Mark, Burke, VA)
30:11 - Is Signing Up for Social Security Just Pretty Much Straight Forward? (Michael)
32:09 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-429

Debt Ceiling and the US Dollar - new educational video
Talking About Recessions - new blog post
Medicare Check-Up Guide
Episode Transcript
Ask Joe & Big Al On Air

What to Do With Inheritance Money? - 428 May 09, 2023

Show notes

So you're about to receive a large inheritance - what should you do with it? Joe and Big Al spitball on suddenly becoming $85 million dollars richer. Plus, is it nuts to semi-retire early? Should retirement contributions be split between Roth and traditional accounts? Can you do conversions to your kids' custodial Roth accounts? The fellas also spitball tax bracket-based Roth conversion strategies to help you pay the least amount of tax possible, long term, and they discuss required minimum distributions on inherited assets, and whether to pay off a 401(k) loan if it's "paying" you 8% per year.

Timestamps:

00:48 - I'm Inheriting Millions of Dollars. What Should I Do With It? (Michael, Binghamton, NY)
07:04 - Should I Split Retirement Contributions Between Roth and Traditional 457? (Kevin, Folsom, CA - voice)
11:34 - Should I Do 100% Roth TSP Contributions? Am I Nuts to Semi-Retire Early? (Derek, Seattle)
16:30 - Should We Do Roth Conversions to the Top of the 22% or 24% Tax Bracket? (Bill, Maryland)
23:53 - Is My CPA Correct That I Can Convert $24K to Roth Tax-Free? (Sam, Newark, NJ)
26:52 - Can I Convert 457 Money to My Kids' Custodial Roth Accounts? (Brian, Binghamton, NY)
32:50 - RMD Rules for Inherited Roth IRA and Traditional IRA (Dan, Brick, NJ)
38:48 - Should I Pay Off My 401(k) Loan That's "Paying" Me Over 8% Per Year? (Anon, Denver, CO)
42:59 - Comments on Keeping Employer IRA Money Separated
44:46 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-428

Complete Roth Papers Package
Episode Transcript
Ask Joe & Big Al On Air

Trust Issues, Death & Taxes: Estate Plan Spitball - 427 May 02, 2023

Show notes

If you knew exactly when you were gonna die, so many financial decisions would be simple. But generally, we don't, so today Joe and Big Al spitball on death, taxes, and trust issues of the estate planning variety. Fair warning, it's "the dark show" today on YMYW, as the fellas discuss cancer trust funds, making your trust the beneficiary on your retirement accounts, when and how to take Social Security benefits and pension options, Roth conversion strategies taking into account the 5-year rules for withdrawals, and potentially donating required minimum distributions to charity rather than doing conversions.

Timestamps:

00:49 - Pension Plan Options Retirement Spitball: Lump Sum, Annuity, or Hybrid? (Dave, CO)
07:37 - Should We Have a Cancer Trust Fund? (Melinda, Milwaukee)
12:02 - Why Not Make Our Trust the Beneficiary on Retirement Accounts? (Ms. Merry, MD)
21:40 - Is There a 5-Year Rule on Taking Dividends from a Roth IRA After Age 59½? (Douglas, Bonita, CA)
23:34 - I'm 60, My Ex is 74. Am I Eligible for Spousal Social Security Benefits? (Salwa)
24:39 - How Much If Any Roth Conversion Should We Do? (Paul, NJ/SC)
28:53 - Why Do a Roth Conversion Instead of Donating to Charity? (Kevin, Raleigh)
32:57 - Why Separate and Never Add Money to a Profit-Sharing Plan Rolled to IRA? (Nancy, Foxboro, MA)
35:46 - Retirement Pension at 57 or 60? Social Security at 62 or 70? (midwestfabs)
45:56 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-427

Estate Planning Organizer
Inflation, Interest Rates, Recession? Financial Markets Update Webinar Replay
Going Solo: Navigating Your Financial Future Single - YMYW TV & companion guide
Episode Transcript
Ask Joe & Big Al On Air

Spitballing Retirement Real Estate and Tax Strategies - 426 Apr 25, 2023

Show notes

Gidget wants to find her very own Moon Doggie so she can get married and reap that sweet, sweet capital gain exclusion when she sells her house. What do Joe and Big Al think, and can they help her find a man? Plus, is real estate a good investment for retirement income? Is taking out a TSP (thrift savings plan) loan to pay off your mortgage a good idea? Also, the fellas spitball a tax and ACA (Affordable Care Act) strategy, a FIRE strategy - well, financial independence, but not necessarily retire early - and they discuss capital gains taxes on RSUs (restricted stock units.)

Timestamps:

00:45 - How's My Marriage Strategy for Extra Capital Gain Exclusion on the Sale of My Primary Residence? (Gidget, San Diego)
10:46 - Is Real Estate a Good Investment for Retirement Income? (Doctor Jerry, Waco, TX)
16:14 - Should I Pay Off My Mortgage with a Thrift Savings Plan Loan? (Jake - voice message)
19:35 - Spitball Our Retirement, Tax Planning, and ACA Strategy? (John from LA - Lower Anderson, SC)
26:31 - Do I Need to Pay Quarterly Capital Gains Taxes When I Sell RSUs? (Jerry, Redmond, WA)
31:43 - FIRE Retirement Spitball Analysis: How to Structure Our Investments? (Jim, Washington State)

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-426

10 Tips for Real Estate Investors
Alternative Retirement Income Sources: Real Estate and Beyond webinar
Real Estate Investing: What Are Cash-on-Cash and Cap Rate? YMYW podcast episode 365
Episode Transcript
Ask Joe & Big Al On Air

Annuity? CD? Money Market? Where to Invest for Safety - 425 Apr 18, 2023

Show notes

How do you protect your nest egg when you're really risk-averse and want safe, low-risk investments - should you invest in annuities, CDs? When choosing a money market fund, should you just invest in the one with the highest post-tax return? How do you go about replenishing cash, or rebalancing your portfolio, when the stock market is up? Plus, the widow's penalty in relation to Roth conversions, and switching from survivor Social Security benefits to your own. Also - withdrawing from your portfolio before RMD age? One listener says nobody should ever need to do it!

Timestamps:

00:51 - How to Safely Invest and Protect $400K When You're Risk Averse (Tyler, OH - voice)
07:31 - Rebalancing: How to "Replenish Cash" When Stocks Are Up? (Elisa, Fremont, CA)
13:27 - Money Market Funds: Don't I Want the Highest Post-Tax Return? (Michael, CO)
18:42 - The Widow's Penalty and Roth IRA Conversions (KBH, San Antonio)
27:46 - Can I Switch from Survivor Social Security Benefits to My Own at Age 70? (Sara, Tucson, AZ)
30:43 - COMMENT: Come On People, You've Had a Lifetime to Set Up Your Retirement (April, Tinley Park, IL)
36:46 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-425

Withdrawal Trap Doors - YMYW TV episode and free companion guide
Register for the Q1 2023 Market Update / Q2 2023 Financial Market Outlook Webinar, April 26, 12pm PT / 3pm ET with Pure Financial Advisors' EVP and Chief Investment Officer, Brian Perry, CFP®, CFA.
Episode Transcript
Ask Joe & Big Al On Air

Investments vs. Retirement Withdrawal Strategy, FDIC Insurance - 424 Apr 11, 2023

Show notes

Should retirement living expenses be drawn from your stable value fund, your CD or money market, brokerage account, or FDIC insured bank accounts? Can you even trust the banks after the recent bank failures? What about sequence of returns risk? Which investments are best for long-term retirement savings when you're early in your career? Joe and Big Al explain why your strategy for retirement savings and withdrawals should be your first step - before you consider investments, asset classes, or sectors.

Timestamps:

00:49 - Stable Value Fund Vs. Brokerage Account for Living Expenses? (Sharon, Waukesha - voice)
09:08 - Sequence of Returns Risk: Should I Save for 5 Years in CD, Money Market or Brokerage Account? (Carlos, Tampa Bay)
15:46 - High Income and Tax-Deferred Savings, Low Tax Rate: Where Should I Save? (Josh, Boston, MA)
21:40 - Am I Overcomplicating My Investments at Age 35? (Mike, VA)
29:44 - I'm 28. Should I Max Out Pre-Tax or Post-Tax 457 Plan Retirement Savings? (Michael)
33:55 - How Does FDIC Insurance Work? SVB and Signature Bank Failures (Jon, Powhatan, VA)
39:46 - Should We Roll 401(k) to Several FDIC-Insured IRA Accounts to Live Off Of? (Joan, Long Island, NY)

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-424:

YMYW Guide to Growing Your Wealth
Register for the Q1 2023 Market Update / Q2 2023 Financial Market Outlook Webinar, April 26, 12pm PT / 3pm ET with Pure Financial Advisors' EVP and Chief Investment Officer, Brian Perry, CFP®, CFA.
Episode Transcript
Ask Joe & Big Al On Air

What to Do When There's Too Much Money in Your Traditional IRA - 423 Apr 04, 2023

Show notes

How can you reduce taxes, IRMAA, net investment income tax, and required minimum distributions when you've got too much money in your tax-deferred retirement account - and just how much Roth conversion should you do? Plus, can you contribute to a Roth by transferring stocks "in kind"? If the check you send off to pay your estimated taxes isn't cashed before the deadline is it late? How does SECURE 2.0 impact 529 plans, and is 529 better than Roth IRA for college savings? Finally, the fellas spitball a 401(k) in-plan Roth conversion and retirement account consolidation strategy.

Timestamps:

00:48 - We Have Too Much in Traditional IRA. How's Our Roth Conversion Plan? (Kelly, Idaho)
10:54 - Can I Make a Roth IRA Contribution by Transferring Stocks "In Kind"? (GDO, Delco)
14:36 - How to Pay Estimated Taxes: If My Check Isn't Cashed Immediately, Is It Late? (Judi, San Diego)
16:51 - 529 Plan vs. Roth IRA: Does SECURE 2.0 Affect 529 College Savings? (George)
20:49 - 401(k) In-Plan Roth Conversion and Retirement Account Consolidation (Steve, Maine)
27:07 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-423:

Tax Takedown: brand new YMYW TV and companion guide
2023 Tax Planning Guide
Episode Transcript
Ask Joe & Big Al On Air

How to Reduce Taxes and Get Better Investing Returns? Asset Location - 422 Mar 28, 2023

Show notes

Which investments should go in your traditional IRA vs your Roth IRA, and does that asset location depend on your age? Learn how to generate "tax alpha" to get better returns on your investments. Plus, Joe and Big Al spitball whether to roll a TIAA 403(b) to an IRA or take the annuity, and they spitball retirement and Roth conversion and Roth contribution strategies for an overseas officer with a military pension, and for Americans working abroad who qualify for the foreign earned income exclusion.

Timestamps:

00:51 - Best Assets to Hold in Traditional IRA and Roth IRA? (Michael, Colorado - voice)
7:40 - Is Investment Asset Location Dependent on Age? (Glen)
11:35 - TIAA 403(b): Take the Annuity or Roll to an IRA? (Brad, Northeast TN)
19:34 - Military Pension Spitball: Overseas Officer with Fluctuating Income & Taxes (US Grant, Alexandria, VA... usually)
24:29 - Foreign Earned Income Exclusion & Roth 401(k) Rules (Jeff, Singapore via North Dakota)
31:32 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-422:

Why Asset Location Matters Guide
Register for our free 2023 tax planning webinar, March 29, 12pm PT/3pm ET
Schedule a free financial assessment
Episode Transcript
Ask Joe & Big Al On Air

Roth Conversions & Retirement Spitball Analysis - 421 Mar 21, 2023

Show notes

Should Edith and Archie live off their non-qualified accounts and pay Roth conversion taxes from their 401(k)? How can Johnny from Knoxville do Roth Conversions and stay in a low tax bracket Plus, at age 31, are Shad and his wife saving enough for retirement? What should Tech Chick do with her severance package after being laid off from her tech industry job? Finally, listener comments on retirement plan education, Roth conversions, and the 5-year Roth clocks.

Timestamps:

00:39 - Live Off Non-Qualified Accounts, Pay Roth Conversion Tax From 401(k)? (Edith & Archie, TX)
11:35 - How to Do Roth Conversions and Stay in a Low Tax Bracket + Estimating Taxes (John, Knoxville, TN)
19:11 - Retirement Spitball Analysis: Are We Saving Enough at Age 31? (Shad, Smith's Grove, KY)
27:11 - Laid Off From the Tech Industry. What Should I Do With My Severance Package? (Tech Chick, Mile High Rocky Mountains)
39:55 - Comment: No Financial People Ever Mentioned Roth Conversions to Me Before! (Donna, Valencia)
40:55 - Comment: Thanks for Letting Me Educate You on Retirement Plans (Debra, St Louis, MO)
42:41 - Comment: You Got the Roth 5 Year Clock Wrong (David, Michigan)
48:06 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-421

Register for our free 2023 tax planning webinar, March 29, 12pm PT
2023 Key Financial Data Guide
Complete Roth Papers Package, Including: the Ultimate Guide to Roth IRAs, the Guide to the 5-Year Rules for Roth IRA Withdrawals, and the Roth IRA Basics Guide
Episode Transcript
Ask Joe & Big Al On Air

Mutual Funds vs. ETFs, SECURE 2.0 & Capital Gains Strategies - 420 Mar 14, 2023

Show notes

Are low-cost mutual funds or ETFs better investments in a tax-advantaged account? Also, more strategizing from that SECURE Act 2.0 529 plan provision, the pros and cons of selling a rental house now or holding it until you pass, and an easy-breezy self-employed retirement account that's better than a SEP IRA. Plus, will municipal bond income bump you into a higher tax bracket? Can you avoid capital gains tax by investing less aggressively over time?

Timestamps:

00:00 - Intro
00:46 - Mutual Funds vs. ETFs in a Tax-Advantaged Account? (Midwestfabs, St Paul, MN)
08:06 - SECURE Act 2.0 529 Plan Strategy (Chris, Atlanta)
14:51 - Will Municipal Bond Income Bump Me Into a Higher Tax Bracket? (Bobby, Philadelphia)
26:31 - Can I Avoid Capital Gains By Investing Less Aggressively Over Time? (Joe, Aston, PA)
33:12 - Pros and Cons of Selling a Rental House Right Now (Joe, Chula Vista)
34:48 - An Easy Breezy Self-Employed Retirement Account Better than the SEP IRA? (Steve, Las Vegas)
39:58 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-420

The SECURE 2.0 Circus: brand new YMYW TV and companion guide
Blog post: Self-Employed Tax Filing & Small Business Retirement Plans
The Ultimate Guide to IRAs
Episode Transcript
Ask Joe & Big Al On Air
(plus, cute dog photo alert! We've got Midwestfabs' dog, "Jake-from-State-Farm"!)

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