Peeling Back Money and Life

In this episode, Casey and Mike discuss the journey of home ownership, emphasizing the importance of understanding the true costs associated with buying a home. They provide actionable tips for first-time buyers, including how to determine affordability, the steps to take when searching for a home, and the various loan options available. The conversation also highlights common mistakes to avoid during the home buying process, encouraging listeners to be patient and align their financial goals with their vision for home ownership.ResourcesWhat-Issues-Should-I-Consider-When-Buying-A-Home-2024.pdfSteps in Home Buying.pdfHere is J.L. Collins' article https://jlcollinsnh.com/2013/05/29/why-your-house-is-a-terrible-investment/

In this episode of Peeling Back Money and Life, we dive deep into the critical decisions around downsizing in retirement. Whether you're approaching retirement or helping loved ones navigate this transition, we explore when to consider downsizing, how to evaluate your options, and practical steps to make the process smoother.Resources:Mark MillerIndependent Living Communities and hereMinimalism: A Documentary About the Important Things - A thought-provoking film about living with less

Should you pay off your mortgage before retirement? It's a common question that doesn't have a one-size-fits-all answer. In this episode, we break down the crucial factors to consider when deciding whether to use investments or cash flow to eliminate your mortgage debt before retiring.We'll walk you through a practical framework that includes: Analyzing your financial factors Understanding the emotional aspects Exploring strategiesWhether you have a low-rate mortgage from recent years or are wrestling with higher rates, this episode will help you make an informed decision that aligns with both your financial goals and personal values. Join us as we peel back the layers of this important retirement planning decision.ResourcesShould-I-Pay-Off-My-Mortgage-2024.pdfShould-I-Consider-Refinancing-My-Mortgage-2024.pdfThe Psychology of Money by Morgan Housel - Understanding the behavioral aspects of financial decisions

Planning for big ticket expenses in retirement requires careful consideration and strategic thinking. In this episode, we explore various approaches to funding major purchases without derailing your retirement plans. We'll discuss practical strategies to help you maintain financial stability while enjoying life's bigger purchases.Whether you're planning for travel, vehicle purchases, home renovations, or other significant expenses, this episode provides valuable insights to help you navigate these financial decisions in retirement.ResourcesThe Psychology of Money by Morgan Housel - Understanding the behavioral aspects of financial decisions

In this episode of Peeling Back Money and Life, Casey and Mike dive into one of the most debated topics in personal finance: Should you contribute to Traditional (pre-tax) or to Roth (post-tax)? They break down the pros and cons, discuss key factors like tax brackets, future tax rates, and retirement planning, and share practical tips to help you decide. Tune in to discover how to align your contributions with your goals and optimize your long-term savings strategy!ResourcesTax Brackets Federal Tax Brackets Understand your current tax bracket to evaluate the potential benefits of pre-tax vs. Roth contributions.Roth IRA Rules and Limits Roth IRA Rules - Review contribution limits, income eligibility, and withdrawal rules.Roth vs Traditional What is Right for You

In this episode of Peeling Back Money and Life, Mike and Casey dive into essential strategies for minimizing taxes during retirement. They explore various income sources that can trigger tax liability and discuss smart planning techniques, including:• How to manage Required Minimum Distributions (RMDs)• The benefits of delaying Social Security• Strategic Roth conversion opportunities• Tax-efficient charitable giving methods• Capital gains harvesting strategiesWhether you're approaching retirement or already there, this episode provides actionable insights to help you keep more of your hard-earned money and avoid overpaying the IRS.ResourcesEpisodes When NOT to do a Roth Conversion How and Why to do a Roth Conversion

In this episode, we explore the various strategies for managing taxes on Roth conversions. Casey and Mike break down different approaches to paying conversion taxes. They discuss the pros and cons of each method, share practical examples, and highlight common pitfalls to avoid. Whether you're planning your first Roth conversion or looking to optimize your existing strategy, this episode provides valuable insights for making informed decisions about your retirement savings.Key topics covered: Using cash from savings vs. withholding from the conversion amount Strategic timing of conversions in low-income years Quarterly tax payments vs. end-of-year planning Combining conversions with charitable giving strategiesResources Donor-Advised Fund providers: Episodes When NOT to do a Roth Conversion How and Why to do a Roth Conversion

Join Casey and Mike as they break down the ins and outs of the Backdoor Roth IRA strategy. This episode dives deep into how high-income earners can legally contribute to a Roth IRA, even when they exceed income limits. You'll learn the step-by-step process, understand crucial tax implications.Key topics covered: Step-by-step guide to executing a Backdoor Roth IRA conversion Understanding and navigating the pro-rata rule Tax implications and strategies to minimize tax impact How the Backdoor Roth fits into your overall retirement strategy Comparison with Mega Backdoor Roth opportunitiesIRS Resources: Form 8606 Instructions - Details on reporting non-deductible IRA contributionsAdditional Resources

In this episode of Peeling Back Money and Life, Casey and Mike tackle a common dilemma faced by many workers: what to do with an old 401(k) plan. Whether you've recently changed jobs or have a long-forgotten retirement account from a previous employer, this episode breaks down your three main options: leaving it with your old employer, rolling it to your new employer's plan, or moving it to an IRA. We discuss the pros and cons of each approach, important considerations like fees and investment options, and provide actionable steps to help you make an informed decision about your retirement savings.Key topics covered: Understanding workplace retirement plans (401k, 403b, 457) The three main options for managing old retirement accounts Important factors to consider when making your decision How to find forgotten retirement accounts Steps to take action on your old 401(k) ResourcesNational Registry of Unclaimed Retirement Benefits⁠www.unclaimedretirementbenefits.com⁠IRS: Rollover Rules⁠IRS Rollover Guidelines⁠Episodes ⁠When NOT to do a Roth Conversion⁠ ⁠How and Why to do a Roth Conversion⁠ ⁠Steps to Take When Choosing Investments Inside Your 401k⁠

In this episode, we explore the essential steps you can take to prepare for retirement. We dive deep into creating a comprehensive retirement strategy, from defining your ideal retirement lifestyle to building a robust financial cushion. Whether you're just starting to think about retirement or are actively planning for it, this episode provides practical, actionable steps to help secure your financial future.Key Topics Covered: Building a vision for retirement and calculating associated costs Creating an adequate short-term reserve for financial security Developing a retirement paycheck strategy Importance of annual retirement plan reviews