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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:

What is the Social Security Spousal Benefit? - 77 Oct 29, 2016

Show notes

What is the Social Security spousal benefit? Joe and Big Al explain in episode 77 of the YMYW podcast. Plus, how leveraging your home equity in a reverse mortgage can help you generate retirement income. Original publish date October 29, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

02:57 - "If you're married you have a spousal benefit, or if you were married and divorced and were married to that individual for ten years, you could potentially qualify for that spousal benefit on your ex-spouse as long as you haven't re-married."

05:23 - "If I take the spousal benefit prior to my full retirement age, I would receive a reduction in that benefit. You can take Social Security benefits as early as 62."

08:17 - "When you look at a restricted application, that goes hand in hand with your spousal benefit."

14:19 - "A lot of us are living longer and you've got to think of Social Security as maybe longevity insurance."

17:23 - "The difference between [taking your Social Security] at age 62 versus age 70 is a 76% increase."

23:03 - "[Hillary Clinton] wants to keep the tax brackets that we have right now as is except she wants to add a surtax if your adjusted gross income is over $5 million."

25:31 - "Trump would actually like to reduce our taxes; he wants to take it to three brackets – 12%, 25% and 33%. Right now our lowest bracket is 10% and our highest is 39.6%."

35:57 - "Costs of buying and selling a home only to do it again during retirement might cost you more money."

How Bond Investments Work - 76 Oct 22, 2016

Show notes

In episode 76 of the YMYW podcast, Joe Anderson, CFP® and Alan Clopine, CPA answer investors' questions about bond returns, how interest rates affect bond prices, the difference between short term vs. long term bonds, and more. Original publish date October 22, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

00:44 - "Is it sensible to live on my own?"

04:06 - "Will I be penalized for a 401(k) withdrawal?"

04:59 - "I am about to turn 21 and currently in my junior year of college. I have budgeted my income so that I have a portion of it stashed in my savings every month. What sort of investments should I look into to generate more income with the excess income I receive?"

11:36 - "We should stress that we are going to talk taxes and strategies, not politics."

12:12 - "Should I invest in bonds now or after the presumed interest rate hike?"

17:05 - "The shorter term of the bond, the less risk that you're taking, hence less volatility."

18:12 - "What's the advantage of going into a short-term bond versus staying in cash?"

24:20 - "With bonds, there are two sides to this: the price and the coupon rate."

29:40 - "If you have a SIMPLE plan, can you still contribute to an IRA?"

34:16 - "Should I move my 401(k) into a money market account?"

Social Security Strategies Explained - 75 Oct 22, 2016

Show notes

Joe Anderson, CFP® and Alan Clopine, CPA discuss Social Security strategies for couples claiming spousal benefits in episode 75 of the YMYW podcast, as well as strategies for single people to consider. "Big Al" closes the hour discussing the downsides of annuities. Original publish date October 22, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

02:25 - "Many Americans will be living solely off Social Security... people are going to need to play catch-up."

04:50 - "There are new law changes that happened with Social Security last year when it comes to restricted application and file and suspend."

06:24 - "There are two different benefits that you claim from Social Security if you're married: you can claim your own or you can claim the spousal benefit. The spousal benefit represents 50% of your spouse's benefit."

10:10 - "Just a couple of years deferring your Social Security and deferring your overall retirement means added savings and added benefits."

11:10 - "The full retirement age right now is age 66…but you can delay it as late as age 70. Every month you delay Social Security you get an increased benefit."

11:58 - "If you look at us collectively, it makes sense to wait. But if you look at us individually, it's a whole different matter. Even though we try to tell people to wait until they're 70, there are situations when you should take it early. One situation is if you're disabled."

13:38 - "If you push it (your Social Security benefit) out three years, it adds 30% more income."

21:45 - "Which annuity is better for a hands on investor?"

25:25 - "Variable annuities are very expensive…understand that variable annuities have high internal costs…and people are purchasing them for guaranteed income."

29:19 - "You have to look at the present values of those future cash flows to figure out what your internal rate of return is."

30:34 - "In most cases I would not recommend a variable annuity, I would recommend an immediate annuity. An immediate annuity means you're going to give your money to an insurance company and immediately receive income. That's the cleanest way to receive guaranteed income."

37:35 - "When it comes to retirement accounts, one of the things that is often overlooked is taxes."

Investing for Retirement Questions Answered - 74 Oct 15, 2016

Show notes

In YMYW podcast episode 74, Joe Anderson, CFP® and Alan Clopine, CPA answer questions about investing for retirement, covering investment options for 403(b) accounts, tax implications of moving part of your IRA and how to avoid tax penalties when withdrawing from an IRA. Original publish date October 15, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

06:30 - "If you have a 401(k) that has a Roth option, you can put $18,000 (per year) into that Roth 401(k)."

07:51 - "If you have a 401(k) that allows you to put yet more money into the 401(k) after you max out, some plans allow you to put after-tax money into that 401(k)... here's why this could be such a good idea, particularly if you're close to retirement…"

11:11 - "How should I invest my 403(b)?"

14:38 - "Our advice is always to maximize those (employer's retirement) plans."

22:05 - "What are the tax implications of moving a portion of an IRA to open a new IRA with a different firm?"

27:17 - "With a 401(k) by law it's mandatory to withhold 20% in taxes if you do that with the 401(k)."

28:44 - "Taxes don't stop when your paycheck does – once you start tapping that retirement nest egg for your living expenses, there are all kinds of new rules and opportunities."

30:14 - "Will I be penalized for an IRA withdrawal?"

32:08 - "There is no age limit for Roth IRA conversions …so if you take money from your IRA and move it into a Roth IRA, there is no 10% penalty on that conversion. The IRS classifies that as a rollover. There would be a 10% penalty if you're under 59 ½ and you withheld taxes when you did the conversion."

32:36 - "Here's another mistake: don't withhold taxes when you do a conversion – pay the tax the following year in April when you do your taxes. If that tax bill is too high, re-characterize some, part or all of the IRA that you converted back into the IRA."

Best Time to Take Social Security Benefits - 73 Oct 15, 2016

Show notes

Most women take their Social Security benefits early causing them to lose out on an increased benefit amount. Joe Anderson, CFP® and Alan Clopine, CPA discuss Social Security claiming strategies so you can get the most out of your benefit in episode 73 of the YMYW podcast. Original publish date October 15, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

10:34 - "According to Investment News, most women claim Social Security early (before full retirement age)."

12:14 - "The answer we'll always give you is to push it [your Social Security benefit] out to age 70 if you have normal life expectancy."

15:39 - "It's especially important for women because women live on average four to five years longer than men. If you can wait and take those benefits later, you'll have a lot more money to work with in retirement."

17:38 - "Social Security benefits are based on your highest 35 years of earnings."

22:30 - "When you put a tax strategy or tax plan into place with your retirement savings, you can stretch those dollars out more than you think."

26:31 - "Worst case is 15% of your Social Security income is 100% tax-free…California does not count Social Security as taxable income."

33:41 - "When you do a Roth IRA conversion… set up a separate Roth IRA."

37:51 - "When someone makes a mistake, they finally get serious about getting advice. The truth is you can save more in taxes than you think."

How to Pick the Right Target-Date Fund - 72 Oct 08, 2016

Show notes

Your 401(k) plan options probably include at least one target-date fund. Joe Anderson, CFP® and Alan Clopine, CPA discuss this one-step strategy for investing for retirement in episode 72 of the YMYW podcast, then answer listeners' investing questions. Original publish date October 8, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

02:47 - "Unfortunately, a lot of you are not using these target-date funds correctly…first of all, a target-date fund has its own allocation."

07:53 - "There are two expenses in any investment: expense ratios and then the other cost is risk."

11:32 - "Should I withhold my taxes when purchasing a home?"

17:06 - "Will I be taxed if I don't touch the funds in a transferred IRA?"

19:21 - "We now have a monthly standing lunch n' learn; it's called Road to Retirement…it's an introduction to financial planning and the key areas you should look at. We'll go into some specific strategies when it comes to taxes, Social Security, investments."

22:02 - "What are the pros and cons of investing before/after tax dollars into a 401(k)?"

26:34 - "If we were disciplined enough to save those tax savings and invest it, we'd probably come out ahead…but most of us don't do that and we just spend whatever we have."

28:59 - "What should I do with my portion of my ex-husband's IRA?"

32:47 - "I am 51 years old and finally in a job which offers a 401(k) option…should I invest in my 401(k) or pay off my debt?"

35:58 - "Even if I don't have an [employer] match, I still want to save for retirement and I don't want to ignore it. The longer you give that money to compound, the more you're going to have. So the sooner you start saving, the better."

Tapping Into Your Home Equity With a Reverse Mortgage - 71 Oct 08, 2016

Show notes

A reverse mortgage gives you the opportunity to tap into your home equity to generate retirement income. Joe Anderson, CFP and Big Al Clopine, CPA discuss whether a reverse mortgage is the right move for you in YMYW podcast episode 71. Original publish date October 8, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

01:02 - "I've got a lot [to explain] about retirement that you need to be aware of, some new tax plan strategies, pros and cons of retiring in your seventies…"

04:44 - "Part of the reason why college is so expensive is because you can borrow money so now colleges are charging more and administrators are paid more."

13:57 - "Have you ever considered how you will use your home equity in retirement? If you're going to stay in your home, will you tap into that?"

18:42 - "Home equity has not always been part of the retirement income discussion."

22:10 - "What happens is either you borrow a lump sum or a payment stream or just a line of credit that you can draw when you need it; so then what happens is you don't actually make payments – the interest that you would have normally paid just keeps accruing and adding to your loan so when your house is sold, whatever your loan is gets paid off by the equity."

24:55 - "How do you use a reverse mortgage properly?"

25:28 - "Here's a way to get cash flow: if you don't have any in your savings, you can get a home equity line on a reverse mortgage and pay for your bills that way…"

28:54 - "If all your money is sitting in traditional retirement accounts, it's 100% taxable. For a lot of you, that's where the majority of your savings are. If there were a way to get control over your taxes, the home equity loan can be a tool if you utilize it with other strategies so you pay less taxes for the rest of your life…there are a lot of ways to reduce taxes in retirement."

32:55 - "With an IRA or individual retirement account, you can buy stocks, bonds, mutual funds and ETFs. With a MyRA (my retirement account) you're buying U.S. treasuries."

Laws of Wealth | Interview with Dr. Daniel Crosby - 70 Oct 01, 2016

Show notes

Joe Anderson, CFP® & Alan Clopine, CPA answer personal investing questions in episode 70 of the YMYW podcast, then welcome New York Times and USA Today bestselling author, Dr. Daniel Crosby on the show to discuss his book, The Laws of Wealth, on behavioral finance. Original publish date October 1, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

01:07 - "Will I be penalized for an excess contribution to my IRA?"

02:57 - "You may or may not be able to deduct it based on your income level and if you're in another retirement plan."

08:25 - "Will the 401(k) distribution tax be offset by the loss of my section 1231 property?"

10:26 - "That qualifies for a special tax treatment because it's a business asset, it's under code section 1231 which simply means this – if you sell the rental property at a gain, you get that lower capital gains rate."

17:15 - "Once you get to know what some of the rules are, you can actually pay a lot less in taxes."

18:43 - "Should I cash out my investments or continue to invest?"

21:21 - "You can make your own dividend, which people still don't understand. A dividend is not a coupon payment."

25:16 Start of Interview with Dr. Daniel Crosby

27:36 - "People who watch more CNBC tend to have worse results. People who are monitoring every little thing that Janet Yellen does are actually getting outperformed by people doing nothing at all, so there are a lot of ways investing runs contrary to our natural human tendencies."

30:06 - "Part of the reason why I wrote the book was to try and address the delta between what the research says are the determinants of investment returns and what most people understand them to be."

30:18 - "What do you think is the biggest bias that hurts us the most?"

33:55 - "Most people are overconfident and the people who aren't overconfident tend to be depressed – there isn't a lot of middle ground."

Will Your Taxes Get Audited? - 69 Oct 01, 2016

Show notes

Joe Anderson, CFP® & Alan Clopine, CPA discuss the latest statistics on who's most likely to get audited, how often it happens, and what to do if it happens to you, in episode 69 of the YMYW podcast. Original publish date October 1, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

00:56 - "The latest stats on how often we're being audited. Who's more likely to get audited? I'll take it one step further – what do you do if you get audited?"

09:44 - "There's such a lack of planning, and that's why we do the show."

13:30 - "The oldest baby boomers are turning 70 ½; those who were born in the first half of 1946. When they turn 70 ½ that triggers a required minimum distribution (RMD)

17:42 - "The truth is, our tax rates now are lower than most times in our history..."

22:28 "A sole proprietorship goes on your tax return on what's called schedule C. You show your income, you show your deductions, and whatever the profit is – that's what you pay income taxes and self-employment taxes on."

26:22 - "In general, corporations have a lesser chance of being audited than individuals."

34:02 - "If you have to go to an audit office, here's what you do…"

8 Financial To-Dos Before Year-End - 68 Sep 24, 2016

Show notes

Joe Anderson, CFP® & Alan Clopine, CPA discuss the importance of properly diversifying your 401(k) in episode 68 of the YMYW podcast. Plus, should you invest in real estate or index funds? How you can determine stock loss with a non-public company? Finally, 8 financial tasks you must do by year-end. Original publish date September 24, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

00:53 - "Why do I need to diversify my 401(k)?"

03:57 - "Bonds are there to even out the ride, to even out the overall portfolio."

05:57 - "When you take a long-term average of asset classes, more often than not emerging markets is either the top performing asset class."

11:05 - "Should I invest in real estate or index funds?"

15:35 - "If you are so inclined to do real estate, treat it as if it were a business, a company or another job because there's a lot to it. There are a lot of things that can go wrong."

21:32 - "How do you determine stock loss in a non-public company?"

26:42 - "When you have rental real estate and you sell that at a loss, that's considered business with a tenant and you can generally take an ordinary loss."

27:23 - "What is the best way to transfer or refinance through a quit claim?"

32:45 - "If you would like to go through a comprehensive retirement planning course, go to our website at purefinancial.com to learn about the course.

35:27 - "Rebalance your portfolio, and that could potentially create tax loss harvesting."

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