Will your taxes go up? Stay the same? Go down, even? Jeffrey Levine is Chief Planning Officer at Focus Partners, Professor of Practice in Taxation at the American College of Financial Services, and the Lead Financial Planning Nerd at Kitces.com. In other words, he’s one of the savviest tax minds in the country. Jeff returns to the show today on Your Money, Your Wealth® podcast number 524 with Joe Anderson, CFP® and Big Al Clopine, CPA, with his thoughts on what will happen to taxes under the new administration, saving for retirement in a Roth IRA vs. a traditional IRA, managing inherited retirement accounts, and the future viability of Social Security. Plus, what should you do with required minimum distributions when you don't need the money to live on? How do you calculate the maximum amount you should convert from your retirement account to a tax-free Roth account, and how much should you convert - or not - to keep RMDs under control? Finally, how can minor beneficiaries avoid probate?

Free financial resources & episode transcript: https://bit.ly/ymyw-524

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Timestamps:

00:00 - Intro: This Week on the YMYW Podcast

01:05 - Will These Historic Low Tax Rates Be Extended? Insight from Jeff Levine, CFP®, CPA/PFS, ChFC®, RICP®, CWS, AIF, BFA™, MSA

19:54 - Make These 3 Investments for a Happy Retirement and Watch Take Control of Your Retirement Plan on YMYW TV

21:06 - What to Do With Required Minimum Distributions When You Don't Need the Money to Live On? (Judi, San Diego)

24:40 - How Much NOT to Convert to Roth to Keep RMDs Under Control? (DH from SoCal)

32:26 - LIMITED TIME SPECIAL OFFER: Download the DIY Retirement Guide by Friday, April 11, 2025!

33:39 - How to Calculate How Much Roth Conversion I Should Do? (Joe, voice)

38:42 - How Can I Reduce My Required Minimum Distributions? (Joel, CA)

40:18 - How Can Minor Beneficiaries Avoid Probate? (Esther, San Francisco)

46:04 - YMYW Podcast Outro

What are the three predictors of retirement happiness? Dr. Michael Finke, CFP® from the American College of Financial Services tells us what his research shows. He also shares his insights on the four percent rule for retirement withdrawals and whether there is anything we can do to stave off the effects of aging on our cognitive abilities. That’s today on Your Money, Your Wealth podcast number 523 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Joe and Big Al do some retirement spitballing: can Jon in Pennsylvania retire early at age 56, and would it be better for him to take his pension monthly or as a lump sum? Steve and his wife in Colorado are 48 and 54 and have $3 million saved. When can they retire? Eager Eagle and his wife in Washington state have $2 million saved at ages 61 and 63. Can they retire next year?

Free financial resources & episode transcript: https://bit.ly/ymyw-523

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What is your retirement income style? Dr. Wade Pfau, CFA, RICP®, is the co-founder of RISAprofile.com, providing investors with retirement income style awareness. He returns to Your Money, Your Wealth® today on podcast number 522 to talk about four different styles of retirement income, distribution planning and the four percent rule. Plus, what does Dr. Pfau think will happen with President Trump’s 2017 tax cuts, scheduled to sunset at the end of this year? What are Dr. Pfau’s thoughts on annuities as part of your retirement plan? Next, "Joe Anderson’s Top 5 Things" to help you manage the impact of all this market volatility on your portfolio. Also, Joe Anderson CFP® and Big Al Clopine, CPA spitball for "Al Bundy" in St. Louis: what withdrawal strategy makes sense for him, and what he should do with his IRA and 401(k) money?

Free financial resources & episode transcript: https://bit.ly/ymyw-522

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Timestamps:

00:00 - Intro: This Week on the YMYW Podcast

01:00 - Retirement Income Style, Tax Laws, and Annuities with Dr. Wade Pfau

16:39 - What's the Future of Your Social Security? Watch Last Week's YMYW Podcast & Subscribe on YouTube

17:08 - Joe Anderson’s Top 5 Things: How to Manage Market Volatility

26:27 - Learn to Escape These 11 Tax Traps and You'll Save in Retirement on YMYW TV, Download the Tax Planning Guide

27:13 - What Should I Do With My IRA and 401(k)? I'm 61 and Have $10M. (Al Bundy, St. Louis)

00:00 - YMYW Podcast Outro

What does the future hold for your Social Security under the new Trump administration and Elon Musk's DOGE, the Department of Government Efficiency? Nationally-renowned financial thought leaders Jamie Hopkins, Jeff Levine, Eric Ludwig, and Steve Parrish share their insights with Big Al Clopine, CPA at the American College of Financial Services’ Horizons Conference in San Diego, CA on Your Money, Your Wealth® podcast 521. First, the College's President, George Nichols, gives a brief overview of the institution and their inaugural conference. 

Plus, Joe Anderson, CFP® and Big Al spitball on whether Ricky and Lucy in Wisconsin even bother saving for retirement - they’re expecting to inherit about 20 million dollars. When should Tybob in Arizona collect Social Security? Are Roth conversions right for him? Should he go for Medicare or Medicare Advantage? Speedy Racer in Georgia needs a retirement spitball, and Gilligan in New York shares insight for other Gilligans trying to avoid a retirement shipwreck.

Free financial resources & episode transcript: https://bit.ly/ymyw-521 

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WATCH Are You Ready for Retirement? On YMYW TV

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READ about all of today’s guests

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Timestamps:

00:00 - Intro: This Week on the YMYW Podcast

01:10 - The American College of Financial Services and The Horizons Conference with George Nichols III, CAP®

03:59 - What is the Future of Your Social Security Under the New Administration?

13:11 - Watch Are You Ready to Retire? on YMYW TV and Download the Retirement Readiness Guide

14:05 - Should We Bother Saving for Retirement? We're Inheriting $20M. (Lucy & Ricky, WI)

19:05 - When to Claim Social Security? Should I Do Roth Conversions? Medicare vs. Advantage? (Tybob,

Martin and Caterina in Green Bay are in their 40s and haven’t yet saved a million bucks. Are they on track to retire at age 58? Can Piggie and Kermit in California retire today at ages 50 and 57 and still build wealth for their children? Can Galahad and Zoot in Chicago retire early in their 50s, or do they need to keep working? Do Bo and Daisy have enough saved to retire now at 61 and 56? Plus, Chuck in South Carolina asks, if you can retire early, why wouldn’t you? Spitballing early retirement, today on Your Money, Your Wealth® podcast 520 with Joe Anderson, CFP® and Big Al Clopine, CPA.

Free financial resources & episode transcript: https://bit.ly/ymyw-520

WATCH this episode on YouTube

WATCH Don't Make These 10 Will and Trust Mistakes on YMYW TV

DOWNLOAD the Estate Planning Organizer

CALCULATE your Financial Blueprint

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Timestamps:

00:00 - Intro: This Week on the YMYW Podcast

00:48 - In Our 40s and Haven't Hit a Million Yet. Are We On Track for Retirement? (Martin & Caterina, Green Bay - voice)

10:29 - We Have Over $5M. Can We Retire Today at 50 and 57 and Still Build Wealth for Our Kids? (Piggy & Kermit, CA)

18:24 - Watch 10 Will and Trust Mistakes to Avoid on YMYW TV and Download the Estate Planning Organizer

19:08 - We’re 56 and 52 With $500K. Can I Retire Early at 62? (Galahad and Zoot, Chicago)

25:36 - We’re 61 and 56 With $600K. Have We Saved Enough for Retirement? (Bo & Daisy, upstate NY)

33:49 - Calculate Your Financial Blueprint

34:12 - We’re 61 and 58 With $1.5M. How Much Can We Spend in Retirement, When Should We Claim Social Security? (Hefwannabe and Jane, OK)

42:19 - If You Can Retire Early, Why Wouldn't You? (Chuck, SC)

48:11 - YMYW Podcast Outro

How much do Nick and Nora in Pittsburgh, and Doc Mc Muffin and her Mr. in Minnesota, need to have saved, and how much can they afford to spend in retirement? What are the disadvantages to Fred and Ethel in Virginia if Ethel collects her Social Security early? Are the Moonshiner and the City Girl in Florida so obsessed with avoiding RMDs and IRMAA that they're wasting too much savings on Roth conversions? That’s today on Your Money, Your Wealth® podcast 519 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, will the tax benefits on a rental property offset the negative cash flow for Lily's 29-year-old son, who has started his professional career with a $750K salary?

Free financial resources & episode transcript: https://bit.ly/ymyw-519

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Timestamps:

00:00 - Intro: This Week on the YMYW Podcast

00:51 - How Much Should We Have Saved Before Retirement? (Nick & Nora, Pittsburgh, PA)

12:01 - Download the Withdrawal Strategy Guide for free

12:38 - We're 40 with $2.7M Saved. Spitball on What We're Missing. (Doc McMuffin, MN)

18:40 - Any Disadvantages to Claiming Social Security Early? (Fred & Ethel, VA)

26:11 - Am I Overly Obsessed with Reducing RMDs and IRMAA, Wasting too Much on Roth Conversions? (The Moonshiner and the City Girl, Orange Park, FL)

34:52 - LIMITED TIME OFFER: Download the Money Makeover Guide by this Friday, March 7! Watch Complete Money Makeover: How to Do a Financial Facelift on YMYW TV

35:36 - Son Makes $750K. Will Rental Property Tax Benefits Offset Negative Cash Flow? (Lily, CA)

40:32 - Joe and Big Al's Very First Jobs

44:18 - YMYW

Is it better to save for retirement in traditional 401(k)s and IRAs, or in Roth accounts? That’s today on Your Money, Your Wealth® podcast 518 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, what are the rules around contributing to two different types of Roth accounts? If required minimum distributions will be staggered because of a couple’s age difference, should they convert their retirement savings to Roth, or leave it alone? But first, Joe and Big Al have a backdoor Roth conversion withdrawal debate to settle.

Access free financial resources and the episode transcript: https://bit.ly/ymyw-518

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WATCH Will Your Money Last Through Retirement? on YMYW TV

DOWNLOAD The Retirement Lifestyles Guide for free

WATCH Is a Market Correction Coming in 2025? Q&A and Feedback (YouTube Exclusive)

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Timestamps:

00:00 - Intro: This Week on the YMYW Podcast

01:02 - Can Backdoor Roth Conversions Be Withdrawn at Any Time? (Tyler, Arlington, VA)

06:11 - Am I Allowed to Have Two Roth Accounts? Should I Use My Roth 403(b)? (Kimberly, NY)

07:06 - Should I Switch Contributions from Traditional TSP to Roth? (Kate, Cleveland, OH)

11:47 - Download the Ultimate Guide to Roth IRAs for free

12:43 - Self-Insuring Long-Term Care: Traditional IRA or Roth? (Neo, San Clemente, CA)

18:05 - Our RMDs Will Be Staggered. Should We Convert $4M to Roth or Leave It Alone? (Mike, Western PA)

22:00 - Should I Switch Traditional IRA Contributions to Roth? (Joe, NC)

25:39 - Watch Will Your Money Last Through Retirement? on YMYW TV, Download the Retirement Lifestyles Guide for free

26:31 - Should We Dial Back Pre-Tax Savings and Put More in Brokerage? (Herc & Angel, MA)

31:44 - We Can Mega-Save. What’s Our Plan of Attack? Ricky Bobby, Charlotte, NC)

38:42 - Watch "Is a Market Correction Coming in 2025? YMYW Podcast Q&A and Feedback" (YouTube Exclusive)

Should Nancy in Washington take out a 401(k) loan and invest it in her brokerage account to catch up on saving for her retirement? When Joe and Big Al talk about having a balanced portfolio of various asset classes like stocks and bonds, Brian in Naperville, Illinois wonders whether that asset allocation strategy takes into account the stabilizing effect of monthly Social Security payments? That’s today on Your Money, Your Wealth® podcast 517 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Joy and her brother are each inheriting $400,000. How should they each invest it for their very different financial situations? Mike in Colorado has a good guaranteed income stream, so what should he do with the money he’s drawing from his taxable IRA every year - convert to Roth, put it in a brokerage account, go on a cruise? And finally, Skipper asks the fellas to spitball on whether he should do Roth conversions or take advantage of zero percent capital gains tax rates. Access free financial resources and the episode transcript: https://bit.ly/ymyw-517 

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REGISTER for the free Risk Management and Retirement Planning webinar, Wednesday, February 26, 12pm Pacific / 3pm Eastern

WATCH Retirement Rebound: 5 Plays to Help You Score a Comeback on YMYW TV

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What are the benefits and differences between exchange-traded funds and mutual funds? Mike in Colorado wants to know. How should Lauren in Florida approach the fixed-income portion of her investment portfolio? Would a balanced fund be good for asset allocation in the decumulation phase for DJ in Missouri? Plus, Karen wants to make a one-time roulette investment. Should she hire a broker or do it herself? Joe Anderson, CFP® and Big Al Clopine, CPA spitball on investing from the basics to the alternatives, today on Your Money, Your Wealth® podcast number 516. But first, something for YMYW’s legion of Old-Fashioned drinkers: find out how you can put your money where your mouth is with our special guest Jeremy Kasler, the founder and CEO of CaskX, making investing in whiskey and bourbon more accessible and transparent for investors.

Access free financial resources and the episode transcript: https://bit.ly/ymyw-516

DOWNLOAD The Investing Basics Guide

WATCH Financial Facts vs. Fiction: The Truth May Shock You! on YMYW TV

DOWNLOAD The Retirement Readiness Guide

WATCH the full interview with Jeremy Kasler of CaskX

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Timestamps:

00:00 - Intro: This Week on the YMYW Podcast

00:55 - How to Invest in Bourbon and Whiskey with Jeremy Kasler, Founder and CEO of CaskX (watch the full interview exclusively on YouTube)

12:17 - Watch Financial Fact vs. Fiction: The Truth May Shock You! On YMYW TV, Download the Retirement Readiness Guide

13:09 - Big Al and Joe's Favorite Bourbons or Whiskeys

15:17 - ETFs vs. Mutual Funds Explained (Mike, CO)

18:34 - Bonds,