Age Plus 20 Rule for Retirement Contributions - 496

Your Money, Your Wealth

How much should you save in pre-tax accounts vs. post-tax accounts? Joe Anderson, CFP® and Big Al Clopine, CPA spitball on the "age plus 20" rule for retirement savings, Roth 401(k) contributions and distributions, and a Social Security claiming strategy for Ralph and Marie in Wilmington, Delaware. Shawn wonders if YMYW listeners are ignoring the WEP and GPO when it comes to Social Security, that is, the Windfall Elimination Provision and the Government Pension Offset. Plus, can Jake and Amy in Iowa retire in 5 years, or do they need to work beyond age 60? Should Edwin stop making Roth contributions and start doing Roth conversions instead? And finally, how can Jeff in North Dakota’s son qualify for the American Opportunity Tax Credit? Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-496

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Timestamps:

00:00 - Intro

01:09 - Roth 401(k) Contributions and Distributions, Age Plus 20 Rule, and Social Security Claiming Strategy (Ralph and Marie, Wilmington, DE)

12:35 - Download the Social Security Handbook, Download the Medicare Check-Up Guide, Watch Medicare Check-Up: How to Keep Your Retirement Plan Off Life Support on YMYW TV, Register for the Medicare Basics webinar Wed. Sept 25, 12P/3E

13:37 - Are Listeners Ignoring Government Pension Offset and Windfall Elimination Provision for Social Security? (Shawn)

17:30 - Can We Retire in 5 Years Or Do We Need to Work After Age 60? (Jake & Amy, Iowa)

26.36 - Financial Blueprint - get your complementary retirement analysis

27:45 - Should I Stop Roth Contributions and Do Roth Conversions instead? (Edwin)

31:24 - American Opportunity Tax Credit for College Age Son (Jeff, ND)

35:58 - Outro