So you won the lottery - congratulations! After you celebrate, should you rip off the band-aid and convert the entire lump sum payment to a Roth IRA? That’s today on Your Money, Your Wealth® podcast 478 with Joe Anderson, CFP® and Big Al Clopine, CPA. Also, Bucky in WA is required to have the same asset allocation in his traditional and Roth 401(k). Joe and Big Al spitball on his options, along with the pros and cons of consolidating retirement accounts for Scott in NC, and they explain the spousal Roth IRA for Rock Rochester in Manistique, MI. Plus, should Scott in Jackson, MS sign up for the state public employees’ retirement system or a traditional retirement plan? Can Driving Fast, Loving Life in TX speed away in her Porsche from RSU capital gains? And should she and her hubbs retire abroad? Finally, can Sean in Reno, NV buy a million dollar vacation home in 10 years, and can Jennifer in La Mirada, CA afford to retire after being forced out of a 21-year career? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-478

Timestamps:

• 00:00 - Intro
• 01:06 - Should We Convert $1.75M Lottery Winnings To Roth?
• 09:31 - Free Financial Assessment - schedule now
• 10:38 - Asset Allocation Must Be the Same in 401(k) and Roth 401(k). What to Do? (Bucky, Washington state)
• 18:08 - Pros and Cons of Consolidating Retirement Accounts (Scott, NC)
• 23:28 - Spousal Roth IRA Explained (Rock Rochester, Manistique, MI)
• 27:07 - Traditional Retirement or PERS State Retirement? (Scott, Jackson, MS)
• 31:00 - Avoiding RSU Concentrated Position and Capital Gains and Retiring Abroad (Driving Fast, Loving Life in TX)
• 38:43 - Restricted Stock Units (RSU) - read the blog
• Employee Stock Purchase Plans (ESPP) - read the blog
• 39:19 - Should We Buy a $1M Vacation Home in 10 Years? We’ll Have $12M. (Sean, Reno, NV)
• 43:11 - Can I Afford to Retire After Being Forced Out of a 21-Year Career? (Jennifer, La Mirada, CA)
• 49:24 - The Derails

Are there ever times when going all Roth isn’t the best strategy? How do you determine the break-even point on doing Roth conversions? That’s today on Your Money, Your Wealth® podcast number 477, as Joe Anderson, CFP® and Big Al Clopine, CPA spitball on marginal vs. effective tax rates for Joseph Allen, saving to after-tax brokerage or pre-tax 403(b) for Gigi in Illinois, the arithmetic of Roth conversions for Carl Spackler in Florida, and the mega backdoor Roth for Jefe in Texas. For something completely different, we’ll wrap it up with a discussion of tax forms that need to be filed for your solo 401(k) depending on the account balance, for Smitty in The Villages. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-477

Timestamps:

• 00:44 - Marginal Vs. Effective Tax Rate: Going All Roth Isn’t the Best Strategy? (Joseph Allen, Wichita, KS)
• 14:32 - Free retirement calculator EASIretirement.com
• 15:37 - I’m 43 and Will Have $2.4M in Retirement. Should I Save to After Tax Brokerage or Pre-Tax 403(b)? (Gigi, IL)
• 23:17 - Is There a Break-Even Calculation for Roth Conversions? (Carl Spackler, FL)
• 29:30 - Retirement Income Strategies Guide - free download
• How to Create a Steady Stream of Retirement Income - YMYW TV
• 30:38 - Mega Backdoor Roth: Must I Convert Traditional IRA When I Roll After-Tax Money? (Jefe, TX)
• 36:29 - Must I File Form 5500-EZ If Solo 401(k) Had No Balance at Year-End? (Smitty, The Villages)
• 42:18 - The Derails

What is private credit and where does it fit in your investment portfolio? At age 60, Hope is tired of working and she’s hoping to retire in 2-3 years. Should she factor home equity into her retirement spending plan with a reverse mortgage? Which mortgage option for a Houston dream home is best for Nisa in San Jose’s early retirement goals? That’s today on Your Money, Your Wealth® podcast number 476 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Wayne in Phoenix needs to know how the section 121 tax exclusion works on a vacation home, and Jack and Jill in the UAE have questions about tax gain harvesting and the foreign earned income exclusion. Finally, are Joe and Big Al off their strategy game? A Spotify listener takes the fellas to task about the Affordable Care Act subsidy discussed in episode 472, and challenges their spitball for Duke and Daisy’s retirement spending plan in episode 475. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-476

Timestamps:

• 00:00 - Intro
• 01:03 - What Is Private Credit? (Janine, La Jolla, CA)
• 08:07 - Is a Reverse Mortgage Right for Me? (Hope)
• 14:21 - Using Reverse Mortgages To Secure Retirement with Dr. Wade Pfau - YMYW Podcast 117
• How Your Home Can Create Retirement Income - YMYW TV
• 14:59 - Which Mortgage Option is Best for Me in Early Retirement? (Nisa, San Jose, CA)
• 24:04 - Section 121 Tax Exclusion on a Vacation Home? (Wayne, Phoenix, AZ)
• 26:48 - What You Need to Know Before Filing Your Taxes in 2024 webinar
• 2024 Tax Planning Guide
• 27:39 - Foreign Earned Income Exclusion: Can I Harvest Long-Term Capital Gains? (Jack & Jill, UAE)
• 37:06 - ACA Subsidy & Retirement Spitball: Are Joe and Big Al Off Their Strategy Game? (Spotify commenter)
• 45:02 - The Derails