We’re playing “which comes first” today on Your Money, Your Wealth® podcast number 551 with Joe Anderson, CFP® and Big Al Clopine, CPA. “Retired G-Man and Nurse Ratched” from Pennsylvania have saved $2 million. Should they withdraw money first from their IRA or their taxable accounts in retirement? “Mike and Carol in Florida” want to know when and how much to convert to Roth, but they’re also sitting on a mountain of company stock. Should they deal with that first? Mackey in Florida is 55 and wonders if he can retire now with $2.6 million and some lingering debt - but there’s an important first he’s missing too! Plus, Mike in Utah asks Joe and Big Al to spitball on a plan for his 90-year-old mom’s $1.9 million annuity, and Doc McMuffin in Minnesota asks for the fellas’ take on her plan to gift appreciated assets to her parents.
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https://bit.ly/ymyw-551 (full show notes & episode transcript)
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Chapters:
00:00 - Intro: This Week on the YMYW Podcast
00:53 - How to Retire at 55 With $2.6M and Debt? First, How to Write a Good Spitball Request (Mackey, FL)
03:46 - Sequence of Retirement Withdrawals: IRA First or Taxable First? (G-Man and Nurse Ratched, PA)
12:10 - Roth Conversions vs Concentrated Stock: Which Comes First? (Mike & Carol, FL)
29:27 - What to Do With 90-Year-Old Mom’s $1.9M Annuity? (Mike, UT)
40:59 - Is Gifting Appreciated Assets to Parents Tax-Smart or Risky? (Doc McMuffin, MN)
48:27 - Outro: Next Week on the YMYW Podcast
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