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Your Money, Your Wealth — Business
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:

Rising Cost of Living + Medicare Q & A - 47 Jul 16, 2016

Show notes

The landscape of retirement is changing. The cost of living is rising and we are living longer than ever before. In episode 47 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA share financial tips for this new age of retirement and they welcome Medicare expert, Dr. Katy Votava to share her best ways of coping with rising Medicare premiums in 2016. Original publish date July 16, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

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00:00 - Intro

01:57 - "When you turn age 62 or 63, the income that you make is going to determine what your Medicare premiums are."

07:58 - "A lot of you are probably overspending or will overspend for your Medicare coverage and healthcare coverage so we want to talk to Dr. Katy to figure out what the solution is there to make sure you keep a little more money in your pocket."

12:11 - "We see five different expenses on the horizon that can threaten your lifestyle in retirement and that could dramatically impact anyone who's thinking about retiring over the next five years."

15:13 - "When you look at spending money in retirement you have to take a look at a lot of different factors and risks, and one of them is healthcare."

16:32 - "Having an income strategy is key and look at all the potential risks in front of you."

18:23 - Start of Interview with Dr. Katy Votava

19:22 - "People don't know when to enroll and when they don't have to. You need to get in at certain times - there are windows to get in and if you don't when you need to, then you'll have lapses and gaps in coverage and penalties down the road…enrollment periods are really key."

21:45 - "I always say it's important not to leave money on Medicare's table because if you don't tell Social Security about your change in circumstance, they won't know. But if you meet the criteria, you can do your own reporting and then most people are granted that lower premium during that current year."

23:32 - "At what age do you think people should start thinking about planning for Medicare?"

23:55- "It's a really good idea to start planning by the time you're 62."

28:10 - End of Interview with Dr. Katy Votava

29:20 - "Medicare premiums are based upon your income level because different people pay different amounts to Medicare."

34:17 - "A lot more people should be converting [to a Roth IRA] than you might think, and the reason for that is when you look at your future tax brackets in retirement, in many cases it's higher than you think because of the income you're going to be receiving."

10 Common IRA Mistakes You Don't Want to Make - 44 Jul 02, 2016

Show notes

There are plenty of options when it comes to IRAs, but with plenty of options can come plenty of mistakes. In episode 44 of the YMYW podcast, learn from Joe Anderson, CFP® and Big Al Clopine, CPA how to ensure you don't blow it with your IRA. Find out how to avoid the 10 most common IRA mistakes you don't want to make. Original publish date Junly 2, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro 01:09 - "Now we're in the month of July and the Baby Boomers are turning 70 ½ and having to take the required distributions. There are a lot of mistakes (made) and a lot of penalties." 07:14 - "With regards to the 401(k), if you are still working in the company and you're not more than a 5% owner of that company, you're able to delay that required beginning date to April 1st of the following year that you finally separate from service" 09:22 - "I've been a CPA for over thirty years and it does amaze me how many people fail to get the message about tax planning and the rules until they make mistakes that could cost them thousands." 12:49 - "If you're inheriting retirement accounts, you have to know what is going on. Unfortunately, they're one of the most complex tax rules when it comes to these things because of the benefits you get while you're alive." 17:13 - "If there's more than one beneficiary, let's say three children, then the inherited IRA must be split by the end of the year into separate properties, separately titled inherited IRAs in order for each beneficiary to take advantage of the stretch IRA based upon his or her own life expectancy." 21:17 - "If your spouse is significantly older than you and passes away and you keep it in the decedent spouse's name, then that IRA will have to take a required distribution as if that spouse was still alive." 27:22 - "Seeking professional advice on this stuff is so critical. If it's not with us, find someone who understands taxes in retirement and can put all of this together [for you]." 32:37 "Should I do the Roth provision [in the 401(k)] or should I do the pre-tax? Look at line 43 of your tax return because it will determine what portion of your income is taxable." 37:07 - "If you save money in taxes, your money is going to last you that much longer."

How to Solve the US Retirement Crisis - 43 Jul 02, 2016

Show notes

Joe Anderson, CFP® and Big Al Clopine, CPA recap recent Brexit headlines and take a look at how the markets have reacted, in episode 43 of the YMYW podcast. Plus, is the US in a retirement crisis? If so, how can it be solved, and what can you do to achieve your financial independence? Original publish date July 2, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro 02:17 - "If you think about the market, in one particular day it might go up, and the next day it could go down. So-called experts quote the same things…" 06:09 - "When markets go down, what you want to do is be more strategic. You want to look at tax-loss harvesting and rebalancing the overall portfolio. [It's a better time to do] Roth IRA conversions or distributions." 08:26 - "Achieving financial independence only comes from having a thoughtful and comprehensive financial plan. The sooner you create that plan, the sooner the independence will come." 19:39 - "When markets go down, people stop investing which is the worst thing you can do." 20:15 - "Invest regularly and periodically, like through your 401(k) for example. It's the 'pay yourself first' concept." 22:50 - "You have to make sure that you take a look at your current portfolio and make sure you understand the risks that you're taking in your overall portfolio." 27:41 - "It's not about saving 'x' amount of money, it's not about the next hot stock or some one-size-fits-all product, it's a comprehensive plan that tackles risk, income, taxes, Social Security, healthcare and so much more." 31:37 - "Many retirees underestimate future living expenses." 35:37 - "When it comes to planning for retirement, what you have now versus what you'll actually need are two totally different things."

How DOL Fiduciary Rule Change Will Impact Retirement Accounts - 42 Jun 25, 2016

Show notes

The fiduciary rule change will bring some changes to the financial planning industry. In episode 42 of the YMYW podcast, find out what the new rule could mean for your savings, then learn about tax reduction strategies. Original publish date June 25, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro 00:46 "If you're not familiar with a 529 plan, it's a college savings plan that you can invest after-tax dollars that will grow 100% tax-free if it's used for qualified education" 01:52 - "Other states actually offer extra benefits if you go to college in their state with their plan; California is not one of them" 07:03 - "Shouldn't all advisors offer advice in your (the client's) best interest?...That's the foundation of Pure Financial Advisors" 07:15 - "We're a Registered Investment Advisor, a fiduciary and fee-only. That means there's never a commission generated" 07:32 - "We're trying to eliminate a lot of the different conflicts in the industry" 12:43 - "Those born between January 1st and June 30th of 1946 will turn 70 ½ this year, which means you'll have to start taking your required minimum distribution" 17:35 - "If you want to do a Roth conversion, you've got to do a required distribution first" 21:34 - "You brought up a strategy that's so good that I want to go over it – it's called the backdoor Roth contribution 23:55 - "A Roth is not an investment; it's a type of retirement account. Anything that you can invest in outside of a retirement account you can also invest in a Roth IRA" 26:37 - "If you could protect your wealth from taxes, you can take on less risk…the markets are volatile, but guess what? Right now is a great time to do Roth conversions if you haven't done it already. There are tax moves you want to make right now" 32:52 - "You've got to take the noise out and understand that the fundamentals of capitalism should prevail"

What Brexit Means for Your Investments - 41 Jun 25, 2016

Show notes

The markets are panicking over the Brexit vote. Original publish date June 25, 2016 (hour 1). In episode 41 of the YMYW podcast, learn what the news can mean for your investment portfolio. Note that content may be outdated as rules and regulations have changed.

00:00 - Intro 02:08 - "Important British trading partners like India and China indicated that they were worried that the exit would create regulatory and political volatility that could harm the economies of everyone involved" 07:07 - "It's complicated; there are a lot of treaties that have been set up between countries that have to be re-negotiated" 09:37 - "I know volatile times make people a little uneasy, but that's just part of being invested in the overall global economy" 14:00 - "We can't be ultra, ultra conservative with our money because we won't keep up with inflation" 20:46 - "I'm going to talk about the seven biggest financial challenges senior citizens are facing in retirement, according to the Motley Fool" 22:28 - "We're at historically low interest rates" 26:41 - "Low interest rates are a problem, and distrust of the stock market is another one. Capitalism works over the long run" 28:18 - "When it comes to retirement, a lot of us are in a much higher tax bracket than we figured because the money coming out of our 401(k)s and IRAs are fully taxable"

Active Investing vs Passive Investing | Interview with Larry Swedroe - 40 Jun 18, 2016

Show notes

Financial expert Larry Swedroe joins Joe Anderson, CFP® and Big Al Clopine, CPA, on YMYW podcast episode 40 to discuss active versus passive investing, comparing past performance numbers to illustrate which investment strategy has a more reliable outcome. Original publish date June 18, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro 07:07 - "The fact of the matter is, the most successful investors understand that markets will go down and they have a strategy of what they're going to do when they go down" 08:16 - Start of Interview with Larry Swedroe 09:13 - "Let's go over real quickly this active versus passive debate" 09:36 - "He [Eugene Fama, Nobel Prize winner] defines 'active' as those who are engaged in individual stock selection and/or market timing" 12:13 - "Any decision to own any asset allocation that's different from the market is an active decision in terms of your strategy" 15:06 - "You have to be prepared to accept long periods and stay the course" 16:36 - "The market is getting smarter and it's getting harder to outperform the market itself" 17:07 - "Because the market and investors are getting more intelligent, do you think these risk premiums would ever go away? 22:34 - "Ignore the ups and downs of the market, and if anything be a rebalancer which means you're going to buy when everyone else is panic selling" 27:11 - "People's focus on dividends is a purely psychological one" 31:16 - End of Interview with Larry Swedroe 33:18 - "Another way to help with the overall volatility of the portfolio is looking at the taxation of the portfolio. You have three different pools…you want money in tax-free accounts, taxable accounts and tax-deferred accounts" 36:51 - "If you can save more money in taxes then you can take less risk in the portfolio"

All About Reverse Mortgages - 39 Jun 18, 2016

Show notes

Learn simple steps for building wealth in retirement with Joe Anderson, CFP® and Big Al Clopine, CPA, in YMYW podcast episode 39. Dive into the optimal retirement withdrawal strategies for keeping your finances steady regardless of market uncertainty. Later in the hour, find out if a reverse mortgage is right for you. Original publish date June 18, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro 04:23 - "In 2013 the Reverse Mortgage Stabilization Act was passed and you've probably heard a lot of bad things about reverse mortgages but a lot of those bad things have been eliminated or curtailed substantially" 05:50 - "I think the 4% rule is a very, very good tool when you're trying to understand how much money you need to accumulate to retire" 09:23 - "What we're going to talk about today is really one of the most important pillars of retirement planning; it's withdrawing money from your retirement accounts" 14:2 - "Most people's assets are in retirement accounts" 16:55 - "You need to maximize the amount of money that you are receiving from Social Security because that is going to be a large fixed income source for you that is guaranteed by the Federal government" 22:08 - "A reverse mortgage can never be reduced, frozen or cancelled, and there are no monthly loan repayment requirements" 27:43 - "As you near retirement, tax planning becomes more important than ever, but you must use a forward-thinking tax strategy" 29:59 - "To continue on our discussion about if you retire and you're trying to pull money out of your accounts and the markets goes way down, a reverse mortgage is yet another potential solution to this" 34:44 - "Reverse mortgages are tax-free"

Investing During an Election Year - 38 Jun 11, 2016

Show notes

In episode 37 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA answer questions on investing for retirement, and they share strategies for managing your portfolio during an election year. Original publish date June 11, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro 06:32 - "When you inherit a retirement account, it blows up on the heirs because it's [taxed at] ordinary income for the heirs" 08:20 - "With this Bipartisan Policy Center, one of the things they want to do is get rid of the stretch IRA because it's really a pretty good deal" 12:20 - "Can an SEC licensed broker-dealer transfer your 401(k) account into an IRA without your permission?" 13:38 - "Your retirement accounts are separate properties…there's no such thing as a joint retirement account" 18:54 - "I am 47 years old. I have around $100K in a Traditional IRA. I haven't contributed anything in that account for a long time now. My current job offers a 457 and 401a plan, which I try to contribute to every paycheck. Should I transfer my Traditional IRA funds to my job's 401a or 457 account? What are the tax consequences of that transfer? Should I just keep my Traditional IRA and use it until I retire? If I transfer that money to the 457 or 401a account, should I do it in a one time transfer or installment transfers (in 5 or so years for less of a tax penalty)? 19:57 - "There's no reason to roll the IRA in the plan. I will give you an advantage.. but let's say you decide to keep it separate – there are advantages to that but probably the main one is you have more investment choices when it's in an IRA" 21:44 - "One benefit of the 457 plan is that you can take that money out at any age" 23:47 - "I have read about the presidential election cycle and am curious as to what actions I should be taking in terms of my asset allocation. When should I take those actions? How conservative would you recommend I become prior to the election? What are the most effective portfolio management strategies you would recommend in order to maintain or at least mitigate risk? I am a small time investor. I work with a small amount in an online brokerage account as well as accounts with companies such as Acorns and Betterment. I do have the ease and benefit of diversifying risk away (referring to the Modern Portfolio Theory)" 25:22 - "Here's my answer: there's no evidence that there's any sort of market swing one way or another with a presidential election. It can happen and it may happen but there's no reason to make any drastic changes in your portfolio just because of that" 29:42 - "My wife and I are 83 years old. We will sell our home for about $400,000. Will we pay capital gains tax when moving to an apartment for $2,500/month?" 31:56 - "It's June and I have not taken my RMD (required minimum distribution). Should I let the funds grow until end of the year or take average withdrawals until end of the year?" 33:34 - "I am 69 years old. My husband is 71 years old. We cannot afford the note on our home with our retirement income. We have two annuities. One for $300,000 and one for $600,000. Both are about 3-6 years old. I want to know if I cash in the $300,000 annuity, what kind of penalties and taxes will I have to pay?" 34:00 - "The first question you should ask yourself is: is the annuity in a retirement account or not? If not, every dollar you pull out is fully taxable"

New Retirement Proposals Could Be Costly for High Earners - 37 Jun 11, 2016

Show notes

A 146-page report from the Bipartisan Policy Center was released last week and a lot of high earners aren't going to like it. One of the proposals is to shore up Social Security by raising the tax base. In YMYW podcast episode 37, Joe Anderson, CFP® and Big Al Clopine, CPA discuss what this report puts on the line for retirement. Original publish date June 11, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro 02:39 - "This is not the first time we've seen some of these proposals; I've got to believe that some of these are going to come true at some point" 05:25 - "Probably not a lot of people realize it but at certain income limits they stop withholding Social Security" 09:13 - "If you don't have a retirement plan today, here are three reasons why you should…" 14:07 - "More and more employees are suing their employer because they don't have good choices in the 401(k) plans" 18:40 - "You have more control over paying taxes than you think, actually more so than any other time in your life" 22:37 - "As long as a marriage has lasted at least ten years, a married or divorced person can draw on his or her own benefits or the spousal benefits, whichever is higher. The recommendation is to cap the spousal benefit at a level equal to the spousal benefit received by someone married to a worker in the 75th percentile of the earning distribution" 30:37 - "The report's authors are concerned about Americans' debt, including the increasing level of mortgage debt among older people" 32:32 - "[According to the report], they're going to raise Social Security tax, they're going to raise the amount of money they're paying on Social Security…they're going to limit the deductions on mortgage" 35:00 - "If you do a little bit of tax planning, there are significant things that you can do with your money from a tax perspective to save more money for you and less for Uncle Sam"

Recreating the 401(k) & the Disappearing Pension - 36 Jun 04, 2016

Show notes

The inventor of the 401(k) says he created a 'monster.' Could we see the end of the 401(k) as we know it? What about pensions? More and more employers have been quietly replacing pensions with other alternatives. In YMYW podcast episode 36, Joe Anderson, CFP® and Big Al Clopine, CPA discuss the future of retirement planning while sharing insight on what you should be doing now for your retirement. Original publish date June 4, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro 3:53 - "You can put $18,000 into a 401(k) [each year] and once you hit 50 you can put $24,000 [each year] and then the employer's usually have some sort of match" 7:18 - "The good news is that 401(k) plans, especially the larger ones have significantly lowered their fees" 9:38 - "I would much rather pay a bunch of fees and costs to have the 401(k) to get the deduction or potentially the Roth 401(k) to have my money grow tax-free…versus not having the plan at all" 12:53 - "There's a lot more convoluted legalities to this (self-directed IRA); we'll just talk high-level pros and cons" 17:40 - "As a CPA for over 40 years, it does amaze me how many people fail to get the message about tax planning until they make a mistake" 22:38 - "If you are divorced, can you collect a benefit based upon your ex-spouse's earning history?" 33:17 - "We're giving you a workaround (for making a budget), which is pay yourself first and spend the difference. If you don't pay yourself first…you'll find a way to spend it" 33:56 - "You do need to do a little bit of planning to figure out how much you can spend each month, and then have that come out as an automatic withdrawal from your spending account so you don't spend any more than that" 35:27 - "Taxes don't stop when your paycheck does"

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