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Are you prepared for retirement? These 6 questions will help you see if you're ready in YMYW podcast episode 83. Original publish date November 19, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

1. Have you explored downsizing your living expenses?
2. Do you have a clear end game?
3. Where are you on your debts?\xa0
4. Have you \u201cright sized\u201d your mortgage?\xa0
5. Have you considered the different types of income sources available to you in retirement?
6. How would continuing to work at your peak earning years impact your quality of life in retirement?

Later, Joe Anderson, CFP\xae and Alan Clopine, CPA discuss what Trump's presidency could mean for your taxes. Plus, strategic tax moves for year-end, including tax-loss harvesting and proper asset allocation.

01:36 \u201cHere\u2019s the first question: have you explored downsizing your living expenses?\u201d

04:21 \u201cI would say a lot of individuals need to reduce their living expenses.\u201d

05:09 \u201cDo you have a clear game plan? You may have a general sense of how much money you need to retire, but you aren\u2019t truly ready to retire until you understand what it means in day to day terms.\u201d

05:21 \u201cIt\u2019s comparing your retirement number to your anticipated monthly expenses, making adjustments as needed and from there it\u2019s doing simple mathematics.\u201d

10:02 \u201cIt\u2019s [about] looking at your entire overall situation to make sure that you answer a few different questions to make sure you're doing everything appropriately.\u201d

11:00 \u201cThere could be some tax reform, there could not be\u2026but we can at least tell you some ideas that Capitol Hill is throwing around and to make sure you\u2019re prepared\u2026the thing you can control is how much you pay the IRS.\u201d

11:49 \u201cI would say the people who are going to be affected if any of the changes go through is going to be small business owners, corporations and people who have a ton of money.\u201d

14:16 \u201cThere are few things that won\u2019t change, probably \u2013 one is the definition of income. Everything is still income whether it\u2019s salary, pension, rental income, interest, dividends, lottery income, gambling income, all of that is still income so that\u2019s very unlikely to change. The tax rate, however, could change but the fact of how income is being calculated is one thing that\u2019ll likely stay the same.\u201d

14:40 \u201cAnother thing is the 1099 forms which you get if you\u2019re an independent contractor. Those will still be very applicable.\u201d

16:26 \u201cReply to every IRS letter unless it says not to \u2013 this is common sense and it won\u2019t change under Donald Trump.\u201d

20:12 \u201cDo not talk to the IRS if they visit you\u2026if they come to your home or business, decline to speak to them and tell them your lawyer will call.\u201d

22:53 \u201cIf you understate your income by 25% or more \u2013 that\u2019s substantial understatement \u2013 the IRS can go back six years. Keep your tax returns forever.\u201d

24:10 \u201cAvoid amending returns; but if you do amend, don\u2019t cherry pick\u2026amended returns have a high audit rate, especially they request a refund.\u201d

25:46 \u201cBe careful with a big refund. If you\u2019re getting a giant refund, the IRS is more likely to look at your tax return.\u201d

29:04 \u201cI\u2019m going to give you some quick tips for end of year tax planning, some real simple things you can do.\u201d

29:10 \u201cOne of them is tax-loss harvesting. What is it? Let\u2019s say you had a loss in a certain position, you sell it and buy something similar. Those losses will offset any future gain.\u201d

31:23 \u201cCertain asset classes are in favor at certain periods of time in a cycle.\u201d

34:07 \u201cIf you don\u2019t have the right asset location, it\u2019s going to be pretty difficult for you to do tax loss harvesting. Asset location is looking at what asset classes you hold in each account (tax-deferred, taxable, tax-free)\u2026so you need to understand the taxation of the assets you hold in each account.\u201d

36:06 \u201cIt\u2019s about being more tax-savvy in your overall scheme of things to make sure you get the best after-tax rate of return.\u201d