Your Money, Your Wealth

Original publish date: March 26, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. Episode 13 of the YMYW podcast is about retirement myths that can ruin retirees' plans. Find out why Baby Boomers won't be able to have a retirement like their parents. 00:00 - Intro 02:07 "40% of unmarried women have saved less than $1,000 [for retirement], according to a 2016 Retirement Confidence survey by Employee Benefits Research Institute" 05:55 "The opportunity is that we are living a lot longer and we get to enjoy our golden years longer which is great, but we also have to have a plan to cover it because it's not just Social Security anymore" 12:58 "Al and I have seen people who have millions of dollars and they blow through their money very, very quickly. Then we see people who have less than $100,000 and live a very comfortable retirement. It's about figuring out what retirement looks like to you" 18:09 "The Bureau of Labor Statistics predicts that more than a fifth of boomers 65

Original publish date March 19, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. In episode 12 of the YMYW podcast, Joe and Al talk retirement risk. While risk can come in all shapes and forms, it's important to avoid making these risks when planning to maintain your lifestyle in retirement. Al closes off the discussion by discussing a fun personality quiz by Mashable you can take to figure out what your retirement passion project will consist of. 00:00 - Intro 01:01 "When you're in your 20's and 30's, you've got a long run in front of you and can afford to take on risk, but if you're retired or close to retiring, risk is enemy number one. Taking on too much risk at that stage of the game can be devastating because you may not be able to recover" 06:56 "You better make sure that you have a plan to make your money last into your 90's" 13:21 "If you're saving 4% this year, save 5% next year, 6% the year after and get yourself to the point where you're saving between 10% an

Original publish date March 19, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 11 of the YMYW podcast, Joe and Al discuss how retirement planning can help you avoid risks and keep you out of a retirement savings crisis. Find out if you should take advantage of these soon-to-disappear Social Security claiming strategies. 03:56 "Waiting for triggers in the overall market for you to make decisions financially is not the right move; you have to get your strategy in place now" 08:37 "Things have got to change and you really need to put things in perspective and start planning as soon as you possibly can" 10:32 "When it comes to these new [Social Security] rules, you have to act now. Let me explain what they are—there are two benefits that are going away" 13:14 "If you turned 62 years of age by 12/31/15, you still qualify to take that restricted application. You can take it on an ex-spouse as long as you were married to that ex-spouse for ten years, or if you are

In episode 10 of the YMYW podcast, Big Al tests your retirement planning smarts by asking Joe and the listeners important retirement questions. How do you stack up? Original publish date March 12, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 2:08 "The government must systematically devalue our currency so they can pay it back on cheaper dollars" 8:14 "Index funds tend to have very low expense ratios" 11:51 "Which of these pose a big threat to your retirement security? Inflation, investment ups and downs, outliving your financial resources or all of the above?" 16:02 "You want to stay liquid in your strategy because things will change in your life, in the stock market and in the tax code" 20:30 "You don't have to pay taxes on money you take out of a Roth IRA if you qualify" 25:18 "You have more control over how much you pay in taxes in retirement than any other time in your life if you just understand the strategies"

Original publish date March 12, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 9 of YMYW podcast, Joe and Big Al talk Social Security! Big changes are coming up fast, listen to find out what you need to do right now to take advantage before it's too late. 02:03 "Sanders would take tax capital gains rates at ordinary income and eliminate opportunities under current law for avoiding the tax through gifts and requests for appreciated property" 08:01 "We did a Social Security Webinar; if you want to check that out, go to our website" 11:44 "In just a matter of weeks, those little known [Social Security] claiming strategies are coming to a screeching halt. The government is changing the rules on how you can claim your benefits, and the deadline is just around the corner. For those who are eligible, you have a very short window to take action" 17:09 "April 28th [2016] is the deadline for you to file for your benefit and suspend them" 24:16 "If you're married, it's

Original publish date March 5, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. In episode 8 of YMYW podcast, the retirement account show continues with strategies for self-employed individuals, horror stories of working with non-fiduciary advisors, and the top IRS scams you absolutely must know about.

Original publish date March 5, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. Episode 7 of YMYW is dedicated to retirement accounts and everyone who has one! Joe and Big Al share the biggest myths, misconceptions, and mistakes people make. Plus, new laws and proposals that could have a big impact on your retirement.

Original publish date February 27, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. In episode 6 of YMYW, Larry Swedroe joins the show to discuss what recency bias is and why you should avoid it. Joe and Al ask Larry what the key to successful investing is, and Larry talks about his books The Incredible Shrinking Alpha and Think, Act and Invest like Warren Buffett. 2:12 "The conventional wisdom goes like this: take distributions first from taxable accounts such as your brokerage accounts, then from tax-deferred accounts like your IRAs and 401(k)s…that is the rule of thumb for most advisory firms" 8:05 Interview with Larry Swedroe 9:14 "What investors tend to do, as we know, is they tend to buy after periods of strong performance which means they're buying when prices are high and then they tend to sell after periods of poor performance, which means valuations are relatively low and expected returns are not high" 10:01 "Research shows, shockingly, that individual investor

Original publish date February 27, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 5 of YMYW, Joe and Big Al discuss the financial planning landscape and why they chose to start Pure Financial. Big Al breaks down a few of the presidential candidates' tax plans. Plus, why women are better savers and investors than men. 00:00 - Intro 02:23 "Everyone needs a financial plan. Everyone absolutely needs a financial strategy to make sure they know what they need to be doing" 04:33 "We don't sell any products, there are no commissions generated to our firm" 08:17 "Our firm thinks it [the fiduciary rule] is a phenomenal thing, because we act as a fiduciary 100% of the time" 12:22 "We want to protect you against unscrupulous sales practices and things like that because we know the industry; we're in the business and we see the good, bad, ugly all day every day" 13:50 "In the tax realm, there are a lot of strategies he [Obama] wants to get rid of…right now I think it's i

Original publish date February 20, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. In episode 4 of YMYW: are you doing your retirement all wrong?  Joe and Al discuss recent Social Security changes and which claiming strategies you shouldn't miss out on if you qualify (restricted application and file & suspend). Find out how you can make more informed decisions when incorporating Social Security into your overall financial strategies. The two finish off the hour explaining why working even one extra year can have a huge impact on your retirement. 1:59 "Money will have to last retirees a lot longer, so that's longevity risk"  7:29 "More older adults are retiring with outstanding debt" 11:32 "If you're 62 and older before the end of last year, you could still file a restricted application... Also, you have another deadline: April 30th: file for your benefits and then suspend them; these are the two things that are changing" 12:49 "The spousal benefit is half of the spo

Original publish date February 20, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 3 of YMYW, Joe tells us about the most significant financial strategies to start implementing now; Surprising things the government wants to tax you on; and the return of "Tax Chat" as Big Al shares a couple of tax tips. 02:40 "You can't control the stock markets, you can't control interest rates, you can't control the price of oil..." 06:00 "You want to make sure you have enough capital in your overall portfolio to maintain that [retirement] lifestyle" 10:25 "We've been doing this radio show for over 10 years, we teach a lot of retirement courses at local universities and community colleges. If you go to our website we have a learning center with over 200 videos. What we try to do is make sure we empower people" 15:39 "Educate yourself to understand how much risk you're taking in the portfolio" 17:10 "Taxes are something that you actually do have some control over, as long as

Original publish date February 14, 2016 (hour 2). Joe and Big Al discuss negative interest rates and how they could affect you. Plus, the President released this year's budget proposal! Big Al and Joe break it down and explain what the changes could mean for you and your beneficiaries.   4:24 "If you work an extra two years, it means that's two years less that you're taking from your portfolio and that's two years more that you're deferring your overall Social Security benefits" 10:22 "There are significant changes going on with Social Security; we are doing a webinar [on February 23rd, 2016] if you'd like to sit in the comfort of your own home and listen for an hour" 11:43 "For a long time economists believed that nominal interest rates or the amount of money received for depositing money was theoretically bound to zero" 12:05 "Lately, however, central banks from Europe to Japan have implemented a negative interest rate policy in order to stimulate economic growth" 19:18 "Here's what they're trying to elimin

Original publish date February 14, 2016 (hour 1). Welcome to the Your Money, Your Wealth® podcast: retirement planning, investing, and tax reduction made fun. Hosts Joe Anderson, CFP®, and Alan "Big Al" Clopine, CPA of Pure Financial Advisors have been providing financial education on the Your Money, Your Wealth® radio show in Southern California since 2008, and on the Your Money, Your Wealth® television show in San Diego since 2014! In this, the first episode of the YMYW podcast, Big Al tries to stump Joe with the financial literacy test that Forbes says 80% of participants failed. 3:08 "Just because the balance of your overall portfolio goes down, that doesn't necessarily mean you lost money – that's volatility; that is normal in any type of market cycle" 7:03 "Another thing you should be doing is tax loss harvesting, so you want to harvest some of the losses if you have down positions. Sell those and buy something similar to take those losses on your tax return" 8:05 "An article out of Forbes Magazine reve