When to Pay Off Your Home, Retire, and Do Roth Conversions - 503

Your Money, Your Wealth

When should Jack and Swan in Florida pay off their home, retire, and convert their savings to Roth for lifetime tax-free investment growth? Jennifer in Colorado wonders whether she should take taxes into account when calculating her expenses, and whether she should pay off her home to be debt-free in retirement? That’s today on Your Money, Your Wealth® podcast 503 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, should Kevin in Scottsdale collect Social Security in 2025, or postpone and do Roth conversions over the next two years? Should Skipper in Texas do Roth conversions to the top of the 24% tax bracket instead of the 22? And just how closely will Big Brother watch his state of residency if Skipper buys homes in Florida and another location for his retirement? Harry Tasker in Minnesota’s wife Helen says he needs to continue working. Is that a true lie? Harry asks Joe and Big Al to spitball on whether he and Helen can stay home during their go-go years. And can the Tomb Raiders afford to spend $120,000 a year in retirement? Access free financial resources and the episode transcript: https://bit.ly/ymyw-503

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Timestamps:

00:00 - Intro: This Week on the YMYW Podcast

01:16 - When to Pay Off the Home, Retire, and Do Roth Conversions? (Jack & Swan, FL - voice)

06:10 - Should We Include Taxes in Annual Expenses? (Jennifer, CO)

09:47 - Draw Social Security in 2025, or Postpone and Convert to Roth in 2025 and 2026? (Kevin, Scottsdale, AZ)

14:57 - Download the Social Security Handbook, Calculate Your Financial Blueprint

16:08 - Should We Pay Off the House to Be Debt Free in Retirement? (Jennifer, CO)

21:08 - State Tax Spitball: Should I Convert Even More to Roth? Does Big Brother Really Count the Days for State Residency? (Skipper, TX)

29:54 - Watch 6 Secrets to Bigger Tax Savings from Your Nonprofit Donations on YMYW TV, Download the Tax-Smart Charitable Giving Guide

30:39 - Can We Both Stay Home in the Go-Go Years? Wife Says I Have to Go Back to Work (Harry & Helen Tasker, MN)

43:40 - Can We Afford to Spend $120k/Year Inflation Adjusted in Retirement? (Tomb Raiders, Strawberry Plains, TN)

51:29 - Outro: Next Week on the YMYW Podcast