We WAY Oversaved in Our 401k. The Money Guys Tell Us What to Do Next

Episode #762
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In this special episode of the BiggerPockets Money Podcast, Mindy Jensen and her husband Carl head to The Money Guy Show studio for a comprehensive portfolio review with Brian Preston and Bo Hanson. After years of maximizing traditional 401(k) contributions to reduce their tax bill, they’ve built substantial wealth, but now they’re asking an important question: Have they fallen into the middle class trap? Together, they break down Mindy and Carl’s investment portfolio, retirement accounts, tax strategy, and long-term financial plan to determine whether they’re on the right path.

If you’re investing in a 401(k), Traditional IRA, or other retirement accounts, this episode is packed with practical strategies you can apply to your own finances. Brian and Bo explain how Roth conversions and thoughtful tax planning can help reduce your lifetime tax bill and create more flexibility in retirement. They also discuss why asset allocation, cash reserves, and long-term investing decisions matter as your wealth grows.

Whether you’re pursuing FIRE, planning for early retirement, or looking to optimize your portfolio, Brian and Bo share actionable advice to help you avoid costly financial mistakes and create lasting wealth.

00:00 Are Mindy & Carl Stuck in the Middle Class Trap?
02:01 Reducing Future Taxes with Roth Conversions
04:55 How to Use Debt Strategically
11:12 Mindy & Carl Portfolio Breakdown
15:16 How Much Cash You Need for FI
41:32 Roth Conversion Planning
45:39 Annual Tax Planning
50:38 Retirement Withdrawal Strategies
57:00 The Die With Zero Philosophy and Spending with Purpose
58:45 Estate Planning, Gifting, and Appreciated Assets
1:06:47 Donor-Advised Funds and Charitable Giving Strategies
1:10:24 Early Retirement Access to 401(k)s and IRAs
1:15:15 Talking to Your Children About Money
1:23:55 Final Takeaways on Mindy & Carl’s Financial Plan

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