Could You Retire Tomorrow If You Had To? - 573
Your Money, Your Wealth · Your Money, Your Wealth
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Show Notes
Juan and Mary in Brooklyn are 49 and 48 with $2.2 million saved. Can Juan afford to retire early, or just walk away if he gets fired? And if they get divorced, yikes - but does the math still work? That's today on Your Money, Your Wealth® podcast number 573. But first, "Reuben Sailing Shoes" is 68, single, retired, and has $1.6 million saved, but he's never had a budget in his life. How much can he actually spend? "Leslie and Ben" are federal retirees in their seventies with great pensions and a mix of pre-tax and Roth savings, and "Mork and Mindy" in Delaware are retired with an annuity, a pension, Social Security, and $1.3 million in an IRA. Joe Anderson, CFP® and Big Al Clopine, CPA spitball on how Roth conversions and RMD timing can help both couples minimize taxes and make the most of what they've got.
Free Financial Resources in This Episode:
https://bit.ly/ymyw-573 (full show notes & episode transcript)
Complete Roth Papers Package - free download:
Retirement Course: Can You Hit a Hole in One? With PGA Pro Chris Riley - YMYW TV:
Financial Blueprint (self-guided):
https://bit.ly/PureFinancialBlueprint
Financial Assessment (Meet with an experienced professional):
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Chapters:
00:00 - Intro: This week on the YMYW Podcast
01:04 - How Much Can a Single 68-Year-Old Retiree With $1.6M(?) Spend Without Running Out of Money? (Reuben Sailing Shoes, Wyoming)
08:38 - 72 and 76 With $1.4M. Should We Keep Doing Roth Conversions After RMDs Start? (Leslie and Ben, Ohio)
17:12 - 71 and 73 With $1.73M. How to Balance Roth Conversions, RMDs, Widow Taxes, and Inheritance Goals? (Mork and Mindy, Delaware)
28:28 - 49 and 48 with $2.2M. If I Get Fired, Quit, or Get Divorced Tomorrow, Will We Be Fine? (Juan & Mary, Brooklyn, NY)
39:20 - Outro: Next Week on YMYW Podcast