Joe Anderson CFP® and Big Al Clopine, CPA answer real life investment questions for retirees and pre-retirees. Plus, 10 retirement statistics that might scare you. Joe and Al close the hour with a quiz on taxes - how will you fare? Original publish date May 21, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.
00:00 - Intro
01:56 - “GoBankingRates.com finds that more than half of Americans have less than $10,000 saved for retirement”
04:55 - “Can I roll over an old 401(k) to fund my child’s 529 plan?”
09:05 - “Can I use tax money owed from my IRA to pay credit card debt?”
12:47 - “We want to sell my parents’ house and my sister just wants to take over my payments. Do we get any of the money we’ve already put into the house back?”
18:17 - “If you know a few simple [tax] strategies you can save a lot of taxes in retirement”
19:39 - “Could I convert my IRA to a Roth and use the interest tax credit to reduce my tax liability on a transfer?”
25:28 - “What can we do if my ex-husband is trying to get his 401(k) to cash out from his previous employer but they are refusing to give it to him?”
30:57 - “If you ever get a call from the IRS, hang up and if you think it’s valid, then call them yourself to make sure you’re actually talking to the IRS”
36:14 - “I hear this all the time – the rich don’t pay any taxes – I can tell you, I’ve been preparing returns for 30 years, that is not true. The rich pay a lot of taxes”