Podcasts about irmaa

In this special episode, we catch up on a backlog of insightful listener questions—covering everything from estate planning and Social Security taxation to Roth conversions and Medicare rules. If you've been wrestling with real-world retirement planning decisions, you're not alone. Today's episode delivers practical answers to the kinds of issues many people face but few have clearly explained. We tackle: IRMAA and Social Security Taxation – Does IRMAA include Social Security income if it's not taxable? Capital Gains on a Vacation Home – Should you delay estate planning until after the sale of a property? What about the "2 out of 5 years" exemption? Paying Inheritance Taxes – If all your accounts list beneficiaries, how will state inheritance taxes (like Pennsylvania's) get paid on time? Step-Up in Basis with TOD Deeds – In Oklahoma, does property with a Transfer on Death deed still receive a step-up in basis? Impact of Home Sale on IRMAA and Roth Conversions – How does selling a vacation home affect your income-based Medicare premiums and Roth conversion strategies? Medicare Enrollment Rules at Age 65 – Are you legally required to enroll in Medicare at 65 if not on a qualifying employer plan? Trusts and Anonymity – How can you use estate planning tools while keeping your affairs private and self-directed? Probate Friendliness by State – Which states make probate easy, and which ones almost demand a trust-based plan? Inherited IRAs and Roth Conversions – Can a beneficiary convert inherited IRA funds into a Roth IRA for future tax-free growth? If you've ever had a nuanced question about retirement or estate planning, chances are someone else has too—and we're tackling them head-on in this packed Q&A episode. Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. 

Listener Q&A where Andy talks about: Why more fund managers don't offer mutual fund-to-ETF conversions ( 5:02 )How my firm helps clients prepare for severe market declines, and how we communicate bad markets to them ( 8:48 )Who's the voice of the intro and outro to this podcast ( 16:06 )For spouses claiming Social Security, what's a good claiming strategy when one spouse doesn't have enough work history to get their own benefit and can only get spousal benefits ( 17:19 )Could a person continue to fund a 529 for their children and later transfer the beneficiary to eventual grandchildren ( 21:37 )What constitutes a gift of digital assets; is it the transfer of the key to the wallet? ( 24:01 )What date/time is used for the date of death valuation of assets, like crypto, that trade 24/7 ( 25:52 )How will the sale of a vacation property impact IRMAA ( 26:55 )How will the sale of a vacation property impact Roth conversion analysis and trying to fill up a certain tax bracket ( 28:46 )Why were the recent 3 and 5-year returns of total bond market funds so poor ( 32:48 )Making estimated payments or withholdings to cover the tax obligations from a Roth conversion done late in the year ( 41:39 )Thoughts on a listener's proposed basic retirement plan, investment allocation and bucketing strategy ( 47:20 )The Smart Money, Fresh Minds podcast - hereMy YouTube video on Estimated Taxes, Tax Withholdings and Underpayment Penalties - hereTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

In this episode of the Power of Zero Show, host David McKnight looks at every possible tax or cost that may result from a Roth conversion. The first tax you'll have to pay when executing a Roth conversion is federal income tax.  Whatever portion of your IRA you convert to Roth is realized as ordinary income and piled right on top of all your other income. David is an advocate for not converting to Roth unless you think your federal tax rate in retirement is likely to be higher than it is today. The second tax you could end up paying when doing a Roth conversion is state tax. The situation will vary depending on where you live – in Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming, you don't have to pay state tax, including on Roth conversion. Do you live in Illinois, Iowa, Mississippi, or Pennsylvania? Then, you'll have to pay state tax, but Roth conversions are exempted. If you're thinking about moving to one of these states to avoid paying these taxes, just know that, while they may not charge income tax on Roth conversions, they do make up for it in other ways (sales and property tax, for example). IRMAA – the Income Related Monthly Adjustment Amount – is the third cost you could end up paying when doing a Roth conversion. IRMAA represents an additional charge you could be required to pay on your Medicare Part B and Part D premiums. The next potential tax you could pay as a result of doing a Roth conversion is Social Security taxation. The fifth cost you could incur because of a Roth conversion is NIIT (Net Investment Income Tax) – also known as the Obamacare surtax. NIIT is a 3.8% surtax on the lesser of your net investment income or the amount of your modified adjusted gross income that exceeds the threshold of $200,000 for single filers and $250,000 for married filing jointly. The sixth tax you could potentially pay as a result of doing a Roth conversion is an indirect one and results from the phase out of certain credits or deductions. The list of credits and deductions includes child tax credits, student loan interest deductions, the saver's credit, and education credits. Underpayment penalties is the seventh tax you could potentially pay by doing a Roth conversion. David explains that many people opt to pay taxes on their Roth conversion in the fourth quarter. The problem, however, lies in the fact that when you pay the taxes on your Roth conversion out of cash in the fourth quarter, the IRS expects you to have paid taxes on that Roth conversion evenly throughout the year. The eighth and final tax you could end up paying as a result of doing a Roth conversion applies to those who are getting health insurance through the Affordable Care Act. Does your Roth conversion push you above the subsidy threshold? If so, know that you could have a partial or total loss of subsidies or may have to repay subsidies at tax time. “Think of all of these additional taxes or costs as tradeoffs, not problems or unintended consequences,” says David. For example, you may pay increased Social Security taxation during your Roth conversion period, but will then eliminate Social Security taxation altogether by the time your conversion is complete. If President Trump extends his tax cuts, then the national debt will grow to $62 trillion by 2035. Most experts believe that the only way we can service this massive debt load is to dramatically increase income tax rates. According to a recent Penn Wharton study, if the U.S. doesn't right its fiscal ship by 2040, no combination of raising taxes or reducing spending will prevent the nation's financial collapse. Remember: while it's true that Roth conversions do cause you to pay additional taxes and expenses in the short term, they do dramatically reduce those costs over the balance of your life, once your conversion is complete. Mentioned in this episode: David's national bestselling book: The Guru Gap: How America's Financial Gurus Are Leading You Astray, and How to Get Back on Track DavidMcKnight.com DavidMcKnightBooks.com PowerOfZero.com (free video series) @mcknightandco on Twitter  @davidcmcknight on Instagram David McKnight on YouTube Get David's Tax-free Tool Kit at taxfreetoolkit.com Penn Wharton

Jim and Chris respond to listener emails on Social Security record accuracy, IRMAA repayment options, naming a Trust as an IRA beneficiary, and the Roth 5-year Rule. (12:00) Georgette shares five important Social Security lessons from her family's experience, prompting a PSA-style discussion on earnings record errors, divorce and remarriage rules, survivor benefit delays, and […] The post Social Security, IRMAA, IRA Beneficiary, and the Roth 5-Year Rule: Q&A #2519 appeared first on The Retirement and IRA Show.

In this episode of Beer and Money, Alex Collins discusses the intricacies of converting traditional IRAs to Roth IRAs, including the types of conversions, strategies for implementation, and the tax implications involved. He emphasizes the importance of consulting with tax advisors and financial planners to navigate these decisions effectively. The conversation also covers the timing of conversions, potential costs, and unintended consequences as individuals approach retirement. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Check out your tax rate (the site Alex mentioned): https://data.qz.com/2012/yourtaxrate/ Takeaways Conversions can be from traditional IRA to Roth IRA. Non-deductible contributions can be converted tax-free. Pre-tax conversions will incur tax liabilities. Timing conversions during low-income years is beneficial. Understanding historical income levels aids in planning. Most people remain in the same or higher tax bracket in retirement. Calculating the cost of conversions is crucial. Medicare costs can be affected by conversions. Consulting with professionals is essential for tax strategies. Unintended consequences can arise from poor planning. Chapters 00:00 Introduction to Conversions 01:24 Types of Conversions Explained 03:25 Strategies for Converting to Roth 04:40 When to Consider Conversions 07:12 Understanding Tax Implications 09:29 Calculating Costs of Conversion 11:43 Unintended Consequences Near Retirement  

Hosts: Nick and guest advisor Cole WilliamsSpecial Guest Absence: Dave is off living his best life in Bozeman, Montana (hopefully catching trout and not taxes). In this episode of Kitchen Table Finance, we take a deep dive into one of retirement's least sexy—but most critical—topics: taxes. Whether you've just filed and are ready to forget about them until next year (don't), or you're actively planning your golden years, this episode is packed with straight talk and strategies to help you keep more of what you've worked so hard for. https://youtu.be/1XkZhAKdR-A What You'll Learn: How taxes work in retirement – Spoiler: it's not like your working years. Three ways to pay your taxes once the paycheck stops – Withholding, estimated payments, or via pensions/social security. Which accounts to draw from and when – Taxable, pre-tax, or Roth? The order matters more than you think. What RMDs (Required Minimum Distributions) mean for your tax bill – Plus, when they start depending on your birth year. Tax traps to avoid – Including Medicare surcharges (IRMAA), net investment income tax, and surprise Social Security taxation. When Roth conversions make sense – Hint: it's not one-size-fits-all. Giving back smartly – How Qualified Charitable Distributions (QCDs) can keep your heart warm and your taxes low. Special account strategies – HSA withdrawals, leftover 529 plans, and even employer stock gains through Net Unrealized Appreciation (NUA). What if the tax laws change? – Because, well… they will. Nick and Cole don't just dump info—they break it down so you can understand how to apply it, avoid common missteps, and stay ahead of Uncle Sam without losing sleep. Resources Mentioned: Flowcharts and planning tools available upon request Income Lab software insights for long-term planning A healthy dose of common sense and humor (yes, about taxes) Ready to get a grip on your retirement tax strategy?Start with a Fit Meeting—no pressure, just a chat. Visit srbadvisors.com or email us at info@srbadvisors.com. Don't forget to subscribe to our YouTube channel for more down-to-earth finance guidance.

Jim and Chris are joined by Jake to discuss listener questions related to IRA contributions from self-employment income, special needs trusts, year-of-death Roth conversions, Cost Basis, and IRMAA. (9:00) George asks how QBI and self-employed health insurance deductions affect how much he can contribute to a traditional IRA.(20:00) Jim, Chris, and Jake respond to a […] The post IRA Contributions, Special Needs Trusts, Roth Conversions, and Cost Basis: Q&A #2518 appeared first on The Retirement and IRA Show.

Chris is on the air with Drew this week as they talk to callers regarding social security, Medicaid estate planning, trusts, IRMAA, LLCs, and life insurance. Download and enjoy!

Jim and Chris discuss listener questions relating to Social Security spousal benefits, IRMAA relief, suspending Social Security for tax planning, and QCD timing with RMDs. (3:00) A listener enquires whether her 85-year-old mother, who recently remarried, must remain on her ex-spouse's record for one year before switching to spousal benefits on her new husband's record.(12:15) […] The post Social Security Benefits, IRMAA, and QCD Timing: Q&A #2517 appeared first on The Retirement and IRA Show.

Should you invest in gold for the long term? Gold has been a great asset to hold over the last year, but I remain a skeptic of investing in gold long term. I personally don't own any gold nor would I recommend buying gold at this point in time. While the recent gains in the price of gold look attractive, given the fact it is up over 20% so far this year in a difficult market, the long-term results aren't enticing. There are periods of time where gold has been a strong performer, but trying to guess those periods is extremely difficult. If we look at January 1980 gold reached $850 per ounce, but the important number here is that the inflation adjusted price was $3,486 per ounce. This means it was not until recently when gold hit $3,500 per ounce, we see an all-time high on an inflation adjusted basis and essentially you made no real gain for over 45 years. At the end of the day gold is just a piece of metal worth only what the next person will pay for it. It has no earnings, no interest, no rents. This makes it extremely difficult to value and given the added expenses for trading and holding gold, it just does not make sense to me. I will continue to invest in good strong businesses at fair prices as I believe that is the best strategy for long term wealth creation.   Why is the government supporting universities with large endowments? I've never really thought about this before. I have known that some big universities have multibillion dollar endowment funds, but I did not realize that 658 institutions have approximately $874 billion, which is nearly $1trillion in endowment funds. When I dug a little bit deeper, I discovered that in addition to these universities receiving money from the federal government via grants, some pay little or no income tax and also get a waiver on property taxes. If you're starting to get a little bit irritated at this point because your hard-working dollars are going to universities like Harvard that has a $53 billion endowment or Yale with a $41 billion endowment, you might be like me and think it's time that things change. The cost of tuition at Harvard is $57,000 per year and the President makes about $1.3 million a year. The president of San Diego State University has a salary of $531,000 and the cost for one year of tuition is about $8700. I'm sure the students at Harvard do receive a more prestigious education than at San Diego State University, but is it 6 1/2 times better? Do the students that graduate from Harvard make a salary that's 600% more than a graduate from San Diego State University? I don't think so. I wondered where money from these endowments goes and basically 48.1% of endowment distributions go to fund student financial aid, 17.7% goes to academic programs and research, 10.8% is used for endowment faculty positions and nearly 17% of the endowment funds are used for other purposes. Wouldn't it be nice to know what those purposes are? I think we need to take a hard look at what universities have in their endowment funds, their tax benefits and grants, and let's have more students here in the United States benefit from those billions of dollars to get a good education as opposed to the fat cats in the Ivy League towers of the universities. One other point I found interesting was the investing philosophy for these endowment funds. The goal is to earn around 8% per year and pay out 4.5% to 5% to fund those various expenses. This should then allow the endowment fund to continue growing. A big problem is many have not been able to achieve that goal with only 25% of 152 schools that were surveyed being able to meet the 8% return over the last 10 years. The other concern is if they can't cut expenses if there is a lack of grants, many endowments are not liquid. Harvard for example had 39% in private equity, 32% in hedge funds, 5% in real estate, 3% in real assets, and just 3% in cash. With all this said I really believe this system should be reviewed to better the entire country, rather than just the Ivy League system.   Could the trade wars hurt home prices? We are starting to see some cracks in the housing market, such as the delinquency rate on FHA mortgages, which cater to the high-risk borrowers who can't qualify for a conventional mortgage because they either have a small down payment or weak credit. The delinquency rate for FHA currently stands at 11% according to the Mortgage Bankers Association, it has not been at this level for 12 years. Unfortunately, and we warned against it, but many people have stretched themselves too far financially to get into a home over the last few years. Because it's only been two or three years since they bought their home, after fees and commissions they may not have much if any equity built up in that home. Another area of weakness that is being seen is with the homebuilders who have really increased their incentives because they have more completed but unsold homes. The builders are getting a little bit worried because they have not seen this many homes sitting on their lots with no buyers since 2009. The average incentives for homebuilders is usually around 5% of the total value of the home, but we are starting to see some incentives around 13% from big builders like Lennar. The volatility of the 10-year treasury, which mortgages generally trade off of, has not been helpful because it has had a wide trading range lately. This then makes it difficult for homebuyers to lock in a good rate. At this point in time, I think I would be waiting to buy a home until maybe late summer. I think there should be some good deals at that point in time as the tariff war should continue to progress and we should have a clearer picture of the economy by that time.   Financial Planning: Why converting 100% of pretax is bad Roth conversions can be a powerful tax planning tool, but like any tool, using it the wrong way can do more harm than good. One of the most common mistakes we see is the idea that you should convert all of your pre-tax retirement savings, like a traditional IRA or 401(k), to a Roth account. Everyone loves the idea of a tax-free retirement. When you convert money from a traditional IRA to a Roth IRA, you're moving it from a pre-tax account to a tax-free account, but there's a price, the converted amount is considered income and you must pay ordinary income tax in the year of the conversion. Once converted funds grow tax-free. The best way to think about money in a pre-tax account is that it is deferred income.  It will be taxed, it's just a matter of when.  When you make contributions to a pre-tax account, you are not receiving a tax deduction, you are deferring income to a future year. When performing a Roth conversion, you are voluntarily deciding to pay tax on that income, even though you don't have to yet.  This only makes sense if you are able to convert at a lower tax rate than you would otherwise be subject to if you did not convert.  This most commonly happens between the beginning of retirement, typically in your 60's, and the beginning of your required distributions at age 75. During that period taxable income is generally lower which means conversions may be done at a lower tax rate than when required distributions begin at 75. Required distributions can be a problem because if you have too much in pre-tax accounts, your required taxable distributions may push you into a higher tax bracket and trigger IRMAA.  Roth conversions help this by shifting funds from pre-tax to tax-free, therefore reducing the level of taxable distributions beginning at 75.  However there is an efficient amount that should be converted for every person.  Converting 100% of pre-tax funds means you will likely be in a lower tax bracket after the conversions, and will potentially not have any tax liability at all.  This doesn't sound bad, but it means you likely paid too much in tax to convert the funds in the first place.  Again, money in a pre-tax account is deferred income that will be taxed.  The goal is to have that income taxed at the lowest rate possible.  If you convert too aggressively you may be settling for a higher tax rate on the money coming out and not receive enough tax-free income from the Roth to justify it.  Instead, structuring withdrawals and conversions to keep your taxable income consistently low all through retirement will result in a higher level of after-tax income.   Companies Discussed: Netflix (NFLX), The Walt Disney Company (DIS), Albertsons Companies, Inc. (ACI) & UnitedHealth Group Inc (UNH)

David McKnight goes through his five cardinal rules for doing a Roth conversion. The first principle is simple: don't do a Roth conversion that bumps you into a tax bracket that gives you heartburn. Not sure about what a heartburn-inducing tax bracket looks like? David shares a simple “rule of thumb” you can follow. In your zeal to get your Roth conversion done before tax rates go up for good, don't bump into the 32% tax bracket along the way. The second cardinal rule ties into the almost certainty that Congress will extend the Trump tax cuts through 2033 – make sure to stretch your tax liability out between now and then! There's a strong likelihood that, once Trump's second round of tax cuts expire, taxes will rise dramatically in 2034. The reason for that? The trajectory of the national debt and over $200 trillion in unfunded obligations for Social Security, Medicare, and Medicaid. The third principle is “Don't lose your sleep over IRMAA (Income Related Monthly Adjusted Amount) during your Roth conversion period.” Many people are reluctant to do Roth conversions because they don't want their Medicare premiums to increase. Remember: your premiums would only go up over the period in which you're executing your Roth conversion strategy – that's nine years or less…  David recommends having a “rip the band-aid off” approach when it comes to both IRMAA and Roth conversions. Cardinal principle #4: whenever possible, pay the tax on your Roth conversion out of your taxable investments like a brokerage account or cash. David sees six months of basic living expenses as the ideal balance in your taxable bucket. The fifth and final cardinal rule is “know your ideal balance in your tax-deferred bucket before executing your Roth conversion strategy”. David shares a good mathematical reason for not converting 100% of your IRA to Roth even if you think that your tax rate down the road is likely to be higher than it is today. A cheat code to help you establish the ideal balance in your tax-deferred accounts: if you're married, it's about $400,000 (if you don't have a pension or other sources of residual income). Are you single? Then, it's about half that amount.  Keep in mind that a lot will depend on how much Social Security you're planning on receiving in retirement. Over at DavidMcKnight.com you can find a calculator to help you with all of this. Following these five principles will help insulate your money from higher taxes, pay less taxes along the way, and increase the likelihood that your money will last as long as you do.     Mentioned in this episode: David's national bestselling book: The Guru Gap: How America's Financial Gurus Are Leading You Astray, and How to Get Back on Track DavidMcKnight.com DavidMcKnightBooks.com PowerOfZero.com (free video series) @mcknightandco on Twitter  @davidcmcknight on Instagram David McKnight on YouTube Get David's Tax-free Tool Kit at taxfreetoolkit.com

Toni explains the Medicare formula's used to calculate your Medicare Part B monthly cost. Toni's new Medicare Survival Guide Advanced Edition book is available now - pick up your copy at www.tonisays.com Want more information? Take advantage of Toni's brand new video series now a available at https://tonisays.com Remember - with Medicare it's what you don't know that will hurt you! There's so much good information in this podcast, please be sure to share this podcast with your friends! Recognized by feedspot.com as one of the best Medicare Podcasts in the nation! Write Toni - info@tonisays.com. Toni's book is available at www.seniorresource.com and https://tonisays.com You can call Toni at 832-519-8664 Toni welcomes all Medicare questions. Toni now offers informative Medicare Webinars for all of your Medicare needs at https://tonisays.com You can find Medicare Moments wherever you find your favorite podcasts, such as: Apple: https://apple.co/44MoguG Spotify: https://open.spotify.com/show/7c82BS4hb145GiVYfnIRsoAmazon Music: https://music.amazon.com/podcasts/884c1f46-9905-4b29-a97a-1a164c97546b/medicare-moments?refMarker=null You can find Medicare Moments at: https://podcasts.seniorresource.com/medicare-moments/ Toni's new book: Maze of Medicare is now available at www.tonisays.com Combining Scripture with Medicare, it is the only book of its kind. Toni's columns appear weekly in about 100 newspapers across America. If you would like Toni's column to appear in your local paper, or if you would like Toni to speak at an event - contact Toni King at 832-519-8664 Thank you for listening and be sure to tell your friends about Medicare Moments! Blessings! Toni KingSee omnystudio.com/listener for privacy information.

Randy Carson is temporarily suspended while we recount the sad tale of a multiple cancer victim who is fighting his disease and also fighting his Medicare Advantage plan, those who are supposed to help him get treatment. Just what a cancer patient wants to spend his time and energy doing! In the "Your Medicare Benefits 2024" segment we learn how Medicare is likely to cover depression screenings. Won't help the hero in the previous story though; Medicare Advantage participants have Medicare taken away from them! Good news for those who value a happy workplace: the number of physicians who are thinking about leaving medicine has dropped 22%. A resoundingly positive testimonial from our friend Dominick Regina! His personal experience appealing IRMAA surcharges by filing form SSA-44 has been very rewarding.  Finally, we dive into the Wallethub list of most and least "stressed" states.   Contact me at: DBJ@MLMMailbag.com (Most severe critic: A++)                   Visit us on: BabyBoomer.ORG Inspired by: "MEDICARE FOR THE LAZY MAN 2025; Simplest & Easiest Guide Ever!" on Amazon.com. Return to leave a short customer review & help future readers. Official website: https://www.MedicareForTheLazyMan.com.

In the "Medicare Advantage Minute" we learn what hospitals are trying to do about the tensions created by MA plans. For instance, in a recent year claim denials surged 55% on Medicare Advantage plans! In "Your Medicare Benefits 2024" some of the situations in which Medicare will actually pay for dental work are listed. Medical complications like some cancer treatments, transplants and undergoing treatment as an inpatient may be enough justification for Medicare to authorize payment for some dental procedures. Then enjoy a tutorial on the IRMAA penalty (Income Related Monthly Adjustment Amount) and my recommended method for trying to weasel out of it! Finally, Toni King teaches writer Laura, and everybody else, on the proper way to cause her Medicare Advantage plan to self-destruct so she can rejoin original Medicare Parts A & B and enjoy the protection her Medicare supplement was designed to provide! Contact me at: DBJ@MLMMailbag.com (Most severe critic: A+)                   Visit us on: BabyBoomer.ORG Inspired by: "MEDICARE FOR THE LAZY MAN 2025; Simplest & Easiest Guide Ever!" on Amazon.com. Return to leave a short customer review & help future readers. Official website: https://www.MedicareForTheLazyMan.com.

In this podcast episode, AFSPA CEO, Kyle Longton provides a comprehensive overview of how Medicare and the Federal Employee Health Benefits (FEHB) program work together. Learn about each part of Medicare - A, B, C, and D - and what factors you should consider when deciding whether to enroll in Part B.  Please note: this presentation addresses only how Medicare and FEHB work together. It is not intended for audiences beyond those with FEHB coverage. The information is accurate as of March 4, 2025.  For information on Part B premiums and Part D premiums/IRMAA amounts, please visit: https://www.medicare.gov/Pubs/pdf/115.... To learn more about signing up for Medicare, visit: https://www.ssa.gov/medicare/sign-up.To learn more about the Foreign Service Benefit Plan and Medicare, visit: https://www.afspa.org/fsbp-and-medicare/

Today's episode addresses five reasons why a Roth IRA is one of David KcKnight's favorite tax-free investments.  Unlike other retirement accounts, Roth IRAs give you 100% liquidity on all contributions. While David isn't necessarily suggesting that you use your Roth IRA as an emergency fund, it's nice to know that you won't have to wait until age 59 ½ to be able to access those funds. If you happen to take out your Roth IRA contributions, you can put that money back within 60 days as long as your Roth IRA was not involved in a rollover during the 12 months preceding the date of distribution. Tax regrowth is a second reason why David is an advocate for Roth IRAs. For David, going for a Roth IRA could be the right move if you believe that your tax bracket in retirement is likely to be higher than it is today. The Penn Wharton School of Business recently said that if the U.S. doesn't write its fiscal ship of state by 2040, no combination of raising taxes or reducing spending will prevent the financial collapse of the country. Some experts are even predicting that tax rates could have to double in order to honor the nation's massive financial obligations. A third huge benefit of a Roth IRA is that whatever money you don't spend during your lifetime passes to your heirs, 100% tax-free –though they'll have to liquidate those dollars within 10 years. Thinking about Roth IRAs? Just know that distributions from Roth IRAs don't count as provisional income. In other words, they don't count against the thresholds that cause Social Security taxation. David explains what can cause up to 85% of your Social Security to become taxable at your highest marginal tax bracket – leaving a huge hole in your Social Security. David has done the math hundreds of times: when you pay tax on your Social Security, you run out of money five to seven years faster than people who don't pay tax on their Social Security. Finally, Roth IRAs are a tool worth leveraging for the fact that Roth IRA distributions don't count as income-related monthly adjustment amount (also known as IRMAA).  That translates to distributions from your Roth IRAs not counting against the thresholds that cause your Medicare Part B and Part D premiums to go up. David sees the Roth IRA as one of the crown jewels in the IRS tax code.     Mentioned in this episode: David's national bestselling book: The Guru Gap: How America's Financial Gurus Are Leading You Astray, and How to Get Back on Track DavidMcKnight.com DavidMcKnightBooks.com PowerOfZero.com (free video series) @mcknightandco on Twitter  @davidcmcknight on Instagram David McKnight on YouTube Get David's Tax-free Tool Kit at taxfreetoolkit.com Penn Wharton

The shocking headline in our Medicare Advantage minute:                   Problems with MA plans keep mounting! Denial of service and slow care approvals seem to be used as methods of profit maximization. The "Your Medicare Benefits 2024" segment takes a deep dive into the specifics of how Medicare covers "commode chairs". Finally, when the IRS tries to extract the IRMAA success penalty from Mark, his reduced retirement income allows him to successfully employ the weapon I suggested he use against them.     Contact me at: DBJ@MLMMailbag.com (Most severe critic: A+)                   Visit us on: BabyBoomer.ORG Inspired by: "MEDICARE FOR THE LAZY MAN 2024; Simplest & Easiest Guide Ever!" on Amazon.com. Return to leave a short customer review & help future readers. Official website: https://www.MedicareForTheLazyMan.com.

How much do Nick and Nora in Pittsburgh, and Doc Mc Muffin and her Mr. in Minnesota, need to have saved, and how much can they afford to spend in retirement? What are the disadvantages to Fred and Ethel in Virginia if Ethel collects her Social Security early? Are the Moonshiner and the City Girl in Florida so obsessed with avoiding RMDs and IRMAA that they're wasting too much savings on Roth conversions? That's today on Your Money, Your Wealth® podcast 519 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, will the tax benefits on a rental property offset the negative cash flow for Lily's 29-year-old son, who has started his professional career with a $750K salary? Free financial resources & episode transcript: https://bit.ly/ymyw-519 DOWNLOAD the Withdrawal Strategy Guide for free LIMITED TIME OFFER: Download the Money Makeover Guide by this Friday, March 7! Watch Complete Money Makeover: How to Do a Financial Facelift on YMYW TV YMYW Accolades on Feedspot and Goodpods ASK Joe & Big Al for your Retirement Spitball Analysis SCHEDULE your Free Financial Assessment SUBSCRIBE to YMYW on YouTube DOWNLOAD more free guides READ financial blogs WATCH educational videos SUBSCRIBE to the YMYW Newsletter   Timestamps: 00:00 - Intro: This Week on the YMYW Podcast 00:51 - How Much Should We Have Saved Before Retirement? (Nick & Nora, Pittsburgh, PA) 12:01 - Download the Withdrawal Strategy Guide for free 12:38 - We're 40 with $2.7M Saved. Spitball on What We're Missing. (Doc McMuffin, MN) 18:40 - Any Disadvantages to Claiming Social Security Early? (Fred & Ethel, VA) 26:11 - Am I Overly Obsessed with Reducing RMDs and IRMAA, Wasting too Much on Roth Conversions? (The Moonshiner and the City Girl, Orange Park, FL) 34:52 - LIMITED TIME OFFER: Download the Money Makeover Guide by this Friday, March 7! Watch Complete Money Makeover: How to Do a Financial Facelift on YMYW TV 35:36 - Son Makes $750K. Will Rental Property Tax Benefits Offset Negative Cash Flow? (Lily, CA) 40:32 - Joe and Big Al's Very First Jobs 44:18 - YMYW Accolades on Feedspot and Goodpods

When it comes to retirement planning, many people focus on investments, income strategies, and estate planning—but tax planning is one of the biggest factors that can impact your financial future. Without a proactive approach, taxes can take a bigger bite out of your retirement savings than you might expect. In this episode, Derek Gregoire and Matthew Peck are joined by Peter Roache, a tax expert and longtime partner of SHP Financial. Peter shares important insights on how taxes affect retirement planning, the impact of Required Minimum Distributions (RMDs), and how smart tax strategies—like Roth conversions and tax-loss harvesting—can help you keep more of your hard-earned wealth. We'll also discuss how tax laws are evolving, why planning around IRMAA is key, and how to minimize taxes for your heirs when passing down assets. If you're nearing retirement or already retired, this episode is packed with practical strategies to help you optimize your tax situation. In this podcast interview, you'll learn: Why tax planning is one of the most overlooked aspects of retirement. How RMDs can push retirees into higher tax brackets. Why Roth conversions can be a powerful tool to reduce long-term tax burdens. How IRMAA can increase your Medicare premiums and what you can do to avoid it. How inherited IRAs are taxed and why proper planning is essential for your beneficiaries. The benefits of tax-loss harvesting and how to use it to offset capital gains. Want the Full Show Notes? To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast Connect With Us on Social Facebook LinkedIn YouTube

If you aren't paying attention, a huge tax bomb could arise later in retirement. This tax bomb comes in the form of RMDs... But finding ways to minimize your RMDs will help lower your lifetime tax bill. Most people only look at RMDs at surface level, but these forced distributions impact other items such as Social Security taxation and IRMAA, to name a couple.

While Jim is attending a conference, Chris is joined by Jake to discuss listener questions relating to Social Security benefits, RMD taxes, IRMAA, and taxability considerations for claiming Social Security. (5:00) Georgette asks whether her survivor benefit will be reduced since her husband passed away at age 71. (13:30) The guys address whether claiming early […] The post Social Security Benefits, RMD Taxes, IRMAA, and Social Security Taxation: Q&A #2508 appeared first on The Retirement and IRA Show.

Hans and Robby are back again this week with a brand new episode! This week, they discuss IRMAA aka the medicare surtax for high income retirees for 2025.  Don't forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on CardinalGuide.com for free! You can contact Hans and Cardinal by emailing hans@cardinalguide.com or calling 919-535-8261. Learn more at CardinalGuide.com. Find us on YouTube: Cardinal Advisors.

In this episode of The Roth Guy, Jude breaks down five crucial Roth conversion mistakes that could derail your retirement strategy. For example, many investors rush into conversions without considering the tax implications, often converting too much in a single year and inadvertently pushing themselves into a higher tax bracket. Jude explains how this mistake can trigger a "domino effect," leading to unexpected costs like increased Medicare premiums due to IRMAA surcharges. We also discuss why paying conversion taxes from the wrong account can reduce long-term growth and how misunderstanding the five-year rule could result in penalties if funds are withdrawn too soon. Beyond these key mistakes, we'll discuss the importance of having a well-planned tax strategy to make Roth conversions as effective as possible.   Here's some of what we discuss in this episode: 0:00 – Intro 0:53 – Converting too much in a year 4:14 – Impact on Medicare premiums 6:22 – Funding Roth conversions 7:47 – The five-year rule 8:47 – Having an overall tax strategy   Resources for this episode: Tax management journey document  https://drive.google.com/file/d/1SlEkVuxijRceUcTnkzdqggs2_ATNrBrZ/view?usp=sharing The Tax Bomb website https://thetaxbomb.com/   Connect: Website: https://centrusfs.com/podcast/   Call: 800-779-4592 Schedule your complimentary review with Jude: https://calendly.com/centruscalendar-/30min Watch on YouTube: https://www.youtube.com/channel/UCOyRZhgLenTC49qNZH9mEuQ/

Jim and Chris discuss listener questions relating to Social Security benefits, IRMAA, IRA distributions, Roth contributions, catch-up contributions, and inherited IRA RMDs. (6:30) George asks how inflation adjustments apply when a reduced Social Security benefit converts to a spousal benefit. (13:45) The guys address whether the end of non-qualified deferred compensation qualifies as a life-changing […] The post Social Security, IRMAA, IRA Distributions, Roth Contributions, Catch-up Contributions, and Inherited IRA RMDs: Q&A #2507 appeared first on The Retirement and IRA Show.

TRAILERWelcome to episode 80 of the One for the Money podcast. I am always glad and grateful you have taken the time to listen. This episode is part 2 of a 2 part series on Medicare, which is the Federal health insurance program that helps pay for the health care costs of retirees. In episode 79, which was part 1 of this series, I shared what one needs to understand about Medicare and in this episode I'll share the most common Misunderstandings and Mistakes people make with Medicare.In the tips, tricks, and strategies portion I will share a tip regarding choosing between Medicare Advantage and Medicare Supplement Insurance.In this episode...Medicare Isn't Cheap [2:23]Late Medicare Enrollment [4:47]Skipping Part D [5:46]Enrollment isn't One-time [6:48]Ignoring Pre-existing Conditions [7:50]MAINIn Episode 79 of the One for the Money podcast, I shared how expensive healthcare can be in retirement, even with Medicare covering a lot of the expenses. According to a survey released by the investment company Fidelity in August of 2024, most individuals expect healthcare costs in retirement to be~ $75,000 per person or $150,000 per couple but the actual expenses are $165,000 per person or $330k per couple. That is more than double what people estimate they will have to shell out. Medicare will play a major role with regard to their health care in retirement. However, the Medicare system itself can be challenging to fully comprehend given the various coverage options, expenses, and deadlines involved.Due to these misunderstandings far too many American's make critical mistakes regarding their Medicare coverage. Here are five of the most common mistakesFirst, many Americans might assume (given that they've paid into the Medicare system through payroll taxes throughout their careers) that Medicare coverage is completely free. Whereas, in reality, several parts of Medicare (e.g., Part B medical coverage (doctor visits) Part C, and Part D (which provides prescription drug coverage) require you to pay premiums. Further, even if one understands that they will have to pay premiums, they might not be familiar with Income-Related Monthly Adjustment Amount (IRMAA) surcharges (aka IRMAA), which apply to retirees with higher incomes in retirement which can increase their costs further. And so the Mistake people make is thinking Medicare is inexpensive or free but Medicare does not cover 100% of your healthcare  costs. Medicare part A covers inpatient hospital care, skilled nursing facility stays, hospice care, and some home health care,Part A Deductible and Coinsurance Amounts for Calendar Years 2024 and 2025by Type of Cost Sharing20242025Inpatient hospital deductible$1,632$1,676Daily hospital coinsurance for 61st-90th day$408$419Daily hospital coinsurance for lifetime reserve days$816$838Skilled nursing facility daily coinsurance (days 21-100)$204.00$209.50Medicare Part B (Medical Insurance):.Part B is optional and available to anyone who qualifies for Part A. It requires a monthly premium, regardless of work history.Part B covers doctor visits, outpatient care, medical services like lab tests, and most preventive services.Premiums for part B in 2025 as low as 185/mo or as high as 628.90/month based on your income from the previous years. Those higher premiums are a result of the IRMAA charges I...

Worried about Medicare IRMAA eating into your retirement savings?  Whether you're 10+ years away from Medicare or already enrolled, this episode will help you navigate this pesky surcharge and protect your retirement savings. Key topics covered: ► Updated 2025 IRMAA brackets  ► Answers to common planning questions  ► 3 strategies to minimize (or avoid) IRMAA You'll also learn how to project future IRMAA brackets for better planning. If you want a clear roadmap for making informed decisions about your future healthcare costs, you'll enjoy today's episode. *** RETIREMENT & TAX PLANNING: Looking to hire a financial planner with retirement & tax planning expertise? My team and I only have a few more openings for Discovery Meetings with new clients.  If you're seeking professional help, we would love to have a conversation!

Financial mistakes can happen at any age, but they can have a particularly significant impact in your 60s. This episode offers five common financial blunders to avoid during this pivotal decade.   Important Links: Website: http://www.yourplanningpros.com Call: 844-707-7381   ----more---- Transcript:  Marc Killian: Welcome into another edition of Plan With The Taxman. We're going to talk about financial mistakes to avoid in our 60s. Financial mistakes can happen at any age, but certainly have a bigger impact in our 60s. So let's get into it this week here on Plan With The Taxman. Hey, everybody, welcome into the podcast. Thanks for hanging out with Tony and myself as we talk investing, finance and retirement. And we got a list of a few financial blunders we want to try to avoid in this very pivotal decade for us when it comes to retirement. So Tony, we'll dive right in this week. I hope you're doing well, but I'm just going to kick it off and get us rolling. So unnecessary spending, let's just start right there. If we're into our 60s at this point, we want to be focused on making sure that we're getting remaining debt down and things of that nature. We're probably not necessarily looking to be on a budget per se, but let's just not be doing anything super crazy, right? Tony Mauro: I would definitely say that this is the best time to make sure that you're on the same page as your advisor with your spending and with how much you've got coming in. And definitely try to avoid some of the unnecessary things. Not saying you can't go out. We talked a little bit about on the last podcast, going out and spending a little bit. Marc Killian: Sure, yeah. Live it up a little bit, because that's what it's there for. Tony Mauro: Right. But you want to definitely limit and avoid that type of stuff that might be unnecessary. Now, how do you do that? Well, we talked a little bit about that on the last one. Marc Killian: Well, you go to number two. Tony Mauro: Yeah. Marc Killian: Well, number two on my list is ignoring retirement planning, right? Tony Mauro: Right. Marc Killian: So how do you avoid unnecessary spending? Well, you don't have a plan. Tony Mauro: You don't have a plan. So yeah, ignoring retirement planning, if you're already in your sixties, you better get something together quick, even if it's just a snapshot of where you're going to be. Marc Killian: Yeah, true. Tony Mauro: You may not have as long obviously, as somebody that's younger to plan, but at least you've got an idea to what you are going to have coming in. Because then you can certainly try to avoid the unnecessary spending if you know what you have coming in. Marc Killian: Well, Tony, if you're 60 and you're thinking that retirement is on the 65, 66, 67 radar for you, is it too late? I mean, I don't think so. I don't think it's ever really too late, it's just you have to be realistic, in the fact that options will be more limited the longer you wait and the closer you get to retirement. Tony Mauro: That's it. I agree totally. I always encourage people to start saving. And we will get that from clients that say, "Well, it might be just too late." It's never too late, but it's managing your expectations like you said. Marc Killian: Yeah, start planning. Tony Mauro: Because as long as you're realistic and start planning, you're going to know what you have. Now, it's not going to be the same as if you've been doing it for 35 years, but that's beside the point now. Marc Killian: Sure, you're there. But don't wait any longer, right? Tony Mauro: Yeah, don't wait any longer. Marc Killian: All right, number three, overlooking healthcare costs. Again, the topic being mistakes to avoid in our sixties. Hopefully, we're not overlooking these, but there's more of them coming. Maybe you're dealing with other little things that you didn't realize and insurance costs going up, whatever it might be. Tony Mauro: And depending on what your health situation is, you start with just the insurance costs and all the [inaudible 00:03:24] that's coming down the pike with that. And as you get to 65 with Medicare and all its supplements and whatnot. But I think you got to look beyond that, especially if you have some ailments and things like that of what other out-of-pocket costs you might have and the cost of care to help you with those. If you don't look at that, again, and it goes back to the other one, if you don't have a plan and budget that in, it's going to be very eye-opening if you need some of that care. Marc Killian: Oh, for sure. Yeah. And we all know healthcare costs are continuing to climb, so you've got to make sure you're having those conversations, looking at social security, the different options there, what that's going to all look like and so on and so forth. Number four, is going to certainly be right up your alley, Tony, one that I'm sure you stress quite often. And that's failing to utilize the tax benefits and being tax efficient. Again, in our sixties, and this could be a big make or break for your retirement strategy, is how tax efficient you are. Tony Mauro: And it's one of the biggest things we stress for ourselves compared to maybe some of the other types of advisors, is we basically being tax people first, definitely the backbone of everything we do is tax efficient investing and tax efficient withdrawals. Because boy, you can cost yourself a lot of money if you just haphazardly take from the wrong pots of money at the wrong time. And so we're constantly trying to work with clients in their sixties about taking money the most tax efficient way to minimize that. Because if you're doing that over 20 years or so, that could be a big number. Marc Killian: Oh yeah, for sure, right? And so tax efficiency, whether it's for you while you're here or even how you leave a legacy, that can be a big make or break piece. And there's so many little facets and parts to the tax efficiency, Tony, that's not even funny. We don't even really realize what it is as lay folks, because we don't do this every day. But you obviously know all the different pieces that you're looking at and it can stack up. I mean, whether it's IRMAA issues when it comes to that tax issue, just the Medicare tax, depending on how you're taking your social security, so on and so forth. Just a lot of little moving parts. Tony Mauro: I think that's one of the biggest areas. I mean, it all fits together. And if you continue to overlook that tax stuff, like I say, you're really going to do your heirs a disservice, I think. Marc Killian: Yeah, for sure. Well, speaking of social security, so that's the next one on my list here. Number five, delaying social security benefits without a plan. So now I said delaying, not turning it on. A lot of the times we hear people say, "Hey, I'm going to turn it on right at 62," and that's a conversation we have. But this is delaying social security benefits without a plan. So if you're trying to max it out at 70, and that may be fine, but have you run the numbers to see what makes the most sense? What's your break-even point? Things of that nature. Tony Mauro: And I'm going to put in a shameless plug here, because we do- Marc Killian: Go for it. Tony Mauro: For ourselves. If you're listening and you want to be on one of our webinars that we do about social security planning and when you should take social security, just shoot me a line and we'll get you on the list for the next one. But we do about four of them a year. But really we go over this in detail in this webinar. It's about 35 minutes. There are a lot of calculators. We have one that we use, and basically, it runs a client through every facet of that, based on their age, what other money they have, their life expectancy based on just their family history and things. So we can give people options of when to maximize that. Because a lot of people just get it stuck in their head of, "Well, I'm going to take it at 62, the earliest, or I'm going to take it at 65 or whenever my full retirement age is." And sometimes it's better to be in between one of those, or maybe even delaying out till max retirement age at 70, when they make you take it. So it's good to have all that in front of you. Social security's not going to give you all that. They are going to give you a report, which is nice, but they don't know the rest of it. They're just going to give you a report on what your benefit would be. But we take that along with everything else we gather, and give you a nice discussion about what is the best time to take that. So at least you got all of your options and you understand it. Marc Killian: And if somebody wants to get involved with one of those, what's the easiest way to do that? Email the office, go to the website, yourplanningpros.com? What's the suggestion there? Tony Mauro: Yeah, I would say go to yourplanningpros.com, my site, and just in the contact me thing, type in your email address, say, "Hey, I want to be included on the social security benefits webinar." Marc Killian: Okay. All right. So again, go to yourplanningpros.com and they're right there under contact. There, you can just click on the box there. You can fill out the information. You can also email Tony, his email address is on there as well. So just let him know that you want to attend. But filling out the little contact form, it's probably be the easiest way to attend one of those and get that webinar information. All right, let's see, what else can we do here? We'll do one or two more and then we'll wrap it up this week, Tony. So underestimating your longevity. Okay, so if you've made it to your sixties, there's some interesting stats out there that you have a pretty high percentage of making it to your eighties, which is wild. Tony Mauro: That's right. Yeah, if you've made it into your sixties, there's a very good chance, and you could just do a Google search just for fun and watch what it pulls up based on male or female. And it may or may not be that accurate, but it's going to give you an idea. But most of the time, we're trying to plan for at least 20 years in retirement and sometimes it's even more than that, based on family history. Because most people, once they get into their sixties, have a really good chance of making it another 20 years. And if it falls short and something happens before then, well at least you've got a great plan that you could pass on to your heirs. But I think most of us when they're in the planning stages, especially early on, don't think they're going to live that long. And the statistics point to otherwise. That's just raw data there. So I don't think you can underestimate that or ignore that. Marc Killian: Yeah, no, for sure. Social Security Administration projects that 69% of people who survive to age 65 will live to 80. So basically, almost 70% of people, if you make it to 65, you're going to make it to 80. It's another 15 years, right? So thinking about longevity and planning for that is an important piece as well. And we'll wrap it up with this final one, and that is just don't forget to work on and build an estate plan, a legacy of some kind. If you're in your sixties, I know we just talked about longevity being there, but there also still is the probability that something could happen and you could pass away. We see a lot of people passing away in their sixties and seventies as well. So just make sure that you've got those estate documents and those legacy documents and things taken care of. Tony Mauro: And most people think of estate planning, it's only for the ultra wealthy. Marc Killian: Right. Tony Mauro: They're not going to have estate tax problems, and you may not. But even without that, like you're saying, a will, you want to have that. You want to have some medical directives, some power of attorneys, things like that, so that you can rest assured that your estate will be handled efficiently and the way that you want it, let alone if you want to really do some planning and start talking about trusts and some other things. I think a lot of people overlook that, thinking they don't have enough and then they leave a mess for their heirs. But I think another thing too, is we didn't really even talk about it, but planning your estate, especially if you need long-term care later on, and that's a whole different discussion. But I think to do that, even people here in Iowa, what a lot of them don't realize, is they may escape federal estate tax, but Iowa has an estate tax with fairly low limits. And if you don't pass everything to a direct heir, anything above $25,000, there's an Iowan inheritance tax. And a lot of people get blindsided by that. So depending on what state you're in, you got to check your state laws too with some of those taxes. Marc Killian: Definitely, definitely. So again, some financial mistakes to avoid in your sixties. Hopefully, that we've got a good plan by the time we get to 60, we've got a good strategy in place, and we can definitely benefit from that. But if you don't, again, don't wait any longer. It doesn't mean you've done anything necessarily wrong. You do have limited options. They're going to be a little bit reduced, but so many people still get a good financial strategy in place, even at 60. So reach out to a qualified pro like Tony today, at yourplanningpros.com, that's yourplanningpros.com, to get started with Des Moines Professional Alternative at Tax Doctor Inc. You can reach out to Tony and his team at yourplanningpros.com. And don't forget to subscribe to us on Apple, Spotify, and YouTube. Tony, thanks for hanging it out and breaking it all down for us. As always, we appreciate your time. Hope everybody has a great week and we'll see you on the future episodes of Plan With The Tax Man. Speaker 6: Securities offered through Avantax Investment Services SM, member FINRA SIPC. Investment advisory services offered through Avantax Advisory Services. Insurance services offered through an Avantax affiliated insurance agency. Investment strategies discussed in this episode may not be suitable for all investors. Please consult with a financial professional.  

Mike and his wife in Tampa are 39 and 36, they've got nearly a million bucks saved. Are they on track for retirement? Kate in California is 55 and hopes to retire in the next couple of years. How should she manage deferred compensation and retirement withdrawals? That's today on Your Money, Your Wealth® podcast number 514 with Joe Anderson, CFP®, and Big Al Clopine, CPA. Plus, Joe and Big Al answer questions from our YouTube viewers on considering IRMAA when making Roth conversions, paying Roth conversion taxes quarterly or in December or in January, protecting a gifted house from a child's ex, and the tax impact of rebuilding on an inherited property. Finally, 8 years ago, Joe and Big Al said you shouldn't have more than 2% of your portfolio in gold and one YouTube viewer said that did not age too well. What do the fellas think today? We'll find out. Access free financial resources and the episode transcript: https://bit.ly/ymyw-514 LIMITED TIME OFFER: Download the Cruising Into Retirement Checklist and Guide by Friday January 31, 2025! WATCH How to Cruise Into Your Retirement on YMYW TV DOWNLOAD the Withdrawal Strategy Guide for free ASK Joe & Big Al for your Retirement Spitball Analysis SCHEDULE your Free Financial Assessment SUBSCRIBE to YMYW on YouTube DOWNLOAD more free guides READ financial blogs WATCH educational videos SUBSCRIBE to the YMYW Newsletter Timestamps: 00:00 - Intro: This Week on the YMYW Podcast 00:56 - 39 & 36 With Nearly $1M. How Are We Doing? (Mike, Tampa, FL) 07:30 - Watch How to Cruise Into Your Retirement on YMYW TV, Download the Cruising Into Retirement Checklist and Guide by Friday, Jan. 31, 2025! 08:14 - Hoping to Retire in the Next Couple of Years. How Should I Manage Deferred Comp and Withdrawals? (Kate, CA, 55) 16:23 - Download the Withdrawal Strategy Guide for free 16:56 - Roth Conversions Prior to IRMAA for Alex in podcast 510? (Thomas, YouTube) 18:54 - How to Pay Roth Conversion Taxes Before Filing 2024 Taxes? (PoolMileThirty, YouTube) 21:39 - Paying Roth Conversion Tax in December vs. January (TacticalTruth, YouTube) 22:53 - How To Avoid Child's Ex Taking Half of Gifted House? (Emjay, YouTube) 23:53 - Will Kids Keep Stepped Up Basis If They Build New House on the Property? (Thaigera, YouTube) 27:53 - Gold Doesn't Grow? That Didn't Age Well (Eldon, YouTube comment) 29:39 - Outro: Next Week on the YMYW Podcast

Jim and Chris discuss listener questions relating to Medicare enrollment, Social Security benefits, and estate taxes. (6:00) George asks about Medicare's special enrollment period and the impact of large Roth conversions on IRMAA thresholds after retirement. (18:30) A listener wonders about the impact of the Social Security (Un)Fairness Act on spousal and survivor benefits eligibility. […] The post Medicare Enrollment, Social Security, and Estate Taxes: Q&A #2504 appeared first on The Retirement and IRA Show.

Millennials are a little gun shy on buying a home, but they have good reason to be concerned Looking back 30 to 40 years ago when families purchased a home, they did it as a place to raise a family and they weren't so focused on how much money the house would be worth in the short term. Millennials who were born between 1981 to 1996 and are now between the ages of 29 and 44 years old are old enough to remember the 2008 Great Recession. In 2008 there were 2,330,483 foreclosures, roughly 3 times 2006 when it was 717,522. If at the time the young millennials who were between the ages of 12 and 27 were not affected personally by a foreclosure, it was likely they knew somebody who was. Fast forward 12 to 13 years and millennials have experienced a rapid increase in housing prices that is essentially unprecedented. Experiencing such a wide swing in boom-and-bust cycles is etched in some of these millennial's minds. By the time baby boomers hit age 30 52% were homeowners versus 30-year-olds today at only 43%. Surveys show almost 50% of millennials have stated that owning a home is more trouble than it's worth, which is nearly double the feelings of Gen X and baby boomers on homeownership. If millennial home ownership continues to decline, we could see an oversupply in future years, which would probably mean a fall in housing prices.   Better than expected inflation fuels the market higher The Consumer Price Index, also known as CPI showed inflation was up 2.9% compared to last year. While this was in line with expectations, it was the core CPI annual rate of 3.2% that beat the expectation of 3.3% and likely excited the market. This report followed the Producer Price Index which was largely in line to slightly better than expectations. The annual rate for both headline and core PPI rose 3.3%. Looking closer at the CPI, shelter continued to be a heavyweight considering it makes up about one-third of the CPI. While it registered the smallest one-year gain since January 2022, it was still at a high rate of 4.6%. It's important to point out that if shelter was excluded from the core CPI, the annual inflation rate was 2.1%, which is right in line with the Fed's 2% target. I believe there will be a lot of movement in various price groups this year, especially with new government policies in place. With that said, I do believe it is much more likely we continue to move towards the 2% target rather than seeing a sustained reacceleration in inflation. This leads me to believe we will not see the Fed hike rates this year and I think it is still possible to see a couple rate cuts come December 31st, 2025.   The Supreme Court ruled against TikTok, why you should agree with them! TikTok is very popular in America with 170 million people in the United States using the app. Many people love TikTok, but they don't understand what the Supreme Court is seeing and why it unanimously confirmed the blocking of the app. It's important to understand the communist party of China ultimately has control of TikTok and that could be very dangerous as it believes in what was driven by Marxist Leninist ideology. The party believes that the CCP should silence dissent and restrict the rights and freedoms of Chinese citizens. This includes population control, arbitrary detention, censorship, forced labor, and very important pervasive media and Internet censorship. Do you really believe that China is our friend and they should be able to obtain data which they do on all the people using TikTok in the United States? Keep in mind that China does not allow Facebook or Instagram in their country. We would not let China own any of our major broadcasters because of the influence media can play and now social media also has that power. Think about this, China on a very low level begins to convince people in the US that it would be a good thing for China to take over Taiwan. Then, when they invade Taiwan, there'd be a backlash in the US of people who are siding with China against our government trying to keep Taiwan out of China's hands. Taking over Taiwan would give China much more control and leverage over the United States. Think also about younger people today who post stuff that is there forever and when they are older it could be used against them as leverage. This could include future military leaders, perhaps members of our government or anyone else that when they became a more mature adult, they would not want those old posts to be released. I for one hope that TikTok is banned here in the United States or that it is purchased in full by a US company. At this point, China does not want that to happen because they do want to control the data and have access to it. What are your thoughts and why would you disagree with banning TikTok?   Navigating Capital Gains and IRMAA If you are on Medicare or will be within the next two years, you will want to keep a close eye on your income because not only do you have to pay federal and state taxes on it, but you could also be forced to pay higher Medicare premiums because of it.  This is called IRMAA which stands for Income-Related Monthly Adjustment Amount, and your Modified Adjusted Gross Income, or total income, determines if you will be subject IRMAA and how much you have to pay.  This is basically an extra tax, but there are circumstances where it makes sense to pay it. Consider a situation where a married couple has income of $200,000 which means they are not yet triggering any extra Medicare premiums.  If they happen to hold some stock that was purchased for $450,000 and has a current market value of $500,000, selling would realize a $50,000 capital gain, push them into the next IRMAA tier, and cause them to pay about $1,800 in extra Medicare premiums.  Obviously, no one would want to pay an extra $1,800 if it is avoidable, but it may not be worth continuing to hold a $500,000 investment, especially if it's an overconcentrated position or particularly risky.  An extra cost of $1,800 is less than half a percent of $500,000, so any market volatility has the chance to wipe out much more than $1,800.  We see people who are so concerned with IRMAA or paying other taxes that they never want to sell anything which causes them to lose more in the long run. Sometimes the best overall decision is to take profits and move on.   Companies Discussed: Moderna, Inc. (MRNA), Signet Jewelers Limited (SIG), Teladoc Health, Inc. (TDOC) & Qorvo, Inc.(QRVO)

In this episode, we tackle Kay's questions about managing her IRA and Roth accounts in retirement. With significant assets, no LTC insurance, and children in differing financial circumstances, Kay wants to minimize taxes while preparing for required minimum distributions (RMDs) and long-term care expenses. We explore the pros and cons of massive Roth conversions, the impact of IRMAA on Medicare premiums, and other strategies for keeping income taxes as low as possible. If you're thinking, "I love the Big Picture Retirement podcast!” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if you haven't done so already, follow the podcast. We add new content every week, and if you're not following, you'll likely miss out. Follow now!  Don't miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517  Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.  Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.  Contact Devin's team at https://www.carrolladvisory.com/  Contact John's team at https://www.rossandshoalmire.com/   

In The MA Minute: Medicare Advantage Plans Need More Oversight; Less Overpayment! Do you dream of bariatric surgery? Wonder whether Medicare will pay for it? Apparently it depends on the extent of your obesity. We pay a visit to "Your Medicare Benefits 2024" to find out. ACCENDO, an Aetna subsidiary providing Medicare advantage plans, appears to be drastically reducing the number of states in which it will do business in 2025. What might the consequences be? One client needs Evenity injections for a year. Her thought is that she will be writing big cost-sharing checks due to her Plan HDG. My thought is that her savings over the past few years, if stashed away, will help to defray this extra expense. Finally, another client discovers that he under-reported income which might have resulted in a modestly larger IRMAA penalty. He wonders if it would be best to turn himself in to the IRS or should he wait for them to hunt him down like the cur that he is.? Contact me at: DBJ@MLMMailbag.com (Most severe critic: A+)                   Visit us on: BabyBoomer.ORG Inspired by: "MEDICARE FOR THE LAZY MAN 2024; Simplest & Easiest Guide Ever!" on Amazon.com. Return to leave a short customer review & help future readers. Official website: https://www.MedicareForTheLazyMan.com.

Jim and Chris discuss listener questions relating to Social Security spousal benefits, IRMAA planning, step-up in basis rules, family maximums, IRA beneficiaries, and factoring inheritances into retirement planning. (12:00) George asks how his wife's spousal Social Security benefit will be calculated, specifically regarding COLA increases to his PIA and his delayed filing at age 70. […] The post Spousal Benefits, IRMAA, Step-Up Basis, Family Maximums, Beneficiaries, and Inheritances: Q&A #2501 appeared first on The Retirement and IRA Show.

Jim and Chris discuss listener and forum questions relating to Social Security benefits, IRMAA, RMDs, annuities, and beneficiaries. Chris kicked off the episode with a bold dare, promising listeners the “best show of the year” since it's the last one for 2024. Jim took the challenge seriously, turning it into a record-breaking two-hour extravaganza with […] The post Social Security Benefits, IRMAA, RMDs, Annuities, and Beneficiaries: Q&A #2452 appeared first on The Retirement and IRA Show.

Drew welcomes back Leo this week as they answer questions from callers regarding Medigap, RMD's, helping children save for retirement, IRMAA, social security, and more! Download and enjoy! 

Jim and Chris discuss listener questions relating to IRMAA, Social Security benefits, 457B plans, Qualified Charitable Distributions, and Roth conversions. (8:30) The guys address a listener question about using form SSA-44 to appeal IRMAA surcharge. (20:45) George seeks clarity on whether and how his wife's 457 plan distributions will impact their Social Security benefits. (42:00) […] The post IRMAA, 457b, QCDs, and Roth Conversions: Q&A #2451 appeared first on The Retirement and IRA Show.

Download Chris's FREE E-Book on “How To Find Ultra High Net Worth Clients" from ⁠⁠⁠https://UHNWC.com/⁠⁠⁠   Maggie Koosa is a Financial Planning Advisor and CEO of The Alchemists. Discover her inspiring journey from a high school math teacher to a leading financial advisor driven by her family's experiences. Maggie shares insights on the importance of client relationships, transitioning from wirehouses to RIA, leveraging dinner seminars, and the critical topics of tax strategy and IRMAA. Learn her approach to educating clients and fostering long-term financial security. In this episode, Chris and Maggie discuss: 1- The Journey from Teaching to Financial Services 2- Transitioning to the RIA Space 3- Educating Clients: The Key to Success 4- Tax Strategies and IRMAA LinkedIn: https://www.linkedin.com/in/maggie-koosa-cepa-94932415 Company LinkedIn: https://www.linkedin.com/company/the-alchemists-your-wealth-concierge/ Website: https://www.youralchemist.com/ Instagram: https://www.instagram.com/maggiekoosa/ X: https://x.com/MaggieKoosa3 Maximize your marketing, close more clients, and amplify your AUM by following us on:  Instagram:  ⁠⁠⁠https://instagram.com/ultrahighnetworthclients⁠⁠⁠  TikTok: ⁠⁠⁠https://tiktok.com/ultrahighnetworthclients⁠⁠⁠  YouTube: ⁠⁠⁠https://www.youtube.com/@uhnwc⁠⁠⁠ Facebook: ⁠⁠⁠https://www.facebook.com/UHNWCPodcast⁠⁠⁠  Twitter: ⁠⁠⁠https://twitter.com/uhnwcpodcast⁠⁠⁠  iTunes:  ⁠⁠⁠https://podcasts.apple.com/au/podcast/ultra-high-net-worth-clients-with-chris-brodhead/id1569041400⁠⁠⁠ Spotify: ⁠⁠⁠https://open.spotify.com/show/4Guqegm2CVqkcEfMSLPEDr⁠⁠⁠ Website: ⁠⁠⁠https://uhnwc.com⁠⁠⁠  Work with us: ⁠⁠⁠https://famousfounder.com/fa⁠⁠⁠  DISCLAIMER: This content is provided by Chris Brodhead for the general public and general information purposes only. This content is not considered to be an offer to buy or sell any securities or investments. Investing involves the risk of loss and an investor should be prepared to bear potential losses. Investment should only be made after thorough review with your investment advisor considering all factors including personal goals, needs and risk tolerance. 

Jim and Chris discuss listener questions relating to IRMAA, SS Spousal Benefits, IRA withdrawals, Qualified Charitable Donations, and Roth contributions. (6:45) A listener looks for assistance filling out form SSA-44 to have his IRMMA surcharge reevaluated. (24:15) George wonders if his wife claiming her Social Security benefits early will reduce her spousal benefit when he […] The post IRMAA, Spousal Benefits, IRA Withdrawals, QCDs, and Roth Contributions: Q&A #2450 appeared first on The Retirement and IRA Show.

You should be prepared for the upcoming stock market correction! At Wilsey Asset Management we are prepared for an upcoming correction in the stock market. That doesn't mean we or you should sell all your positions and go to cash. What it does mean is you should take a close look at your portfolio and see if you're over concentrated in certain positions, especially those that are trading at lofty valuations based on earnings, sales, book value, and cash flow. Many investors think that their stock or stocks will never decline and will just keep increasing forever. This is because they have no history or way of valuing what they hold in their portfolio. They are just happy because it keeps going up, which is obviously unsustainable. It is important for investors to realize that roughly every 19 months or so stocks go through a correction of 10% or more. If you look back in history, the last correction we had was roughly 20 months ago in March 2023 because of the regional banking crisis. What will cause the next correction? It could be concerns on tariffs, it could be due to global unrest, or perhaps it will be something that no one even thought of. The average correction lasts 3 to 4 months, but investors should be prepared for a longer period because an average is simply the average, and it will not be the same for every correction. Mentally, investors should be prepared for corrections, and they should understand it is not a matter of if it will it happen, but when it will happen, and you should not be emotionally disappointed when it does happen. As an investor, you have to realize it does happen, but if you have a strong diversified portfolio with investments that you understand you can weather the storm. If most of your stocks in the portfolio pay dividends that might make you feel better and also the income helps offset a potential decline in your portfolio. Also think like famed investor Warren Buffett that when a correction happens many equities go on sale and that is time to start buying. Don't, however, buy with the intention that you make money in the next month or two. Realize that you're buying a small piece of large company on sale that should do well for you in years to come.   Technology has changed and improved oil drilling Thanks to advancements in technology and artificial intelligence, the United States now out produces any other country in the world when it comes to oil. Much of the success has come from the Permian Basin which is 75,000 square miles located in Texas and New Mexico. The area produces almost 50% of US oil. There have been huge efficiency advantages in US oil production which have increased 60% or more a day while using 40% less workers. It used to take 18 months to find oil when drilling in the ocean with seismic imaging. Thanks to advances in technology, it now takes only 18 days. Companies like Chevron also claim they can drill 80% more feet in a day than they did five years ago. When you think of oil drilling, you may think of the new show Landman on Paramount+ and all the dirty oil. While that is still part of it, it is to a much smaller degree because now there are workstations with computers and 20 to 30 workers controlling thousands of pieces of equipment from many miles away. All this new efficiency will benefit the consumer as this will stabilize oil prices to some degree. I believe this will occur because the breakeven for oil in the Permian has dropped over 50% to $40 a barrel and could fall even further. What this means is more and stable profits for the oil companies. The consumer will benefit as well as oil companies cost decline and the price of gasoline at the pump could decline further.   Should we start to question the progress on inflation? The November Consumer Price Index (CPI) came in at 2.7%, which was in line with expectations but higher than October's reading of 2.6%. Core CPI, which excludes food and energy came in at 3.3%, which also matched expectations. The concern here is that this was the sixth month in a row that we have been at 3.3 or 3.2%. I have spent a lot of time talking about shelter costs, but those are finally starting to decelerate. The shelter index showed a gain of 4.7% compared to last year and while it still accounted for 40% of the monthly CPI increase, it was the smallest 12-month increase since February 2022. I continue to believe this index will continue to decelerate moving forward. The big question here is should we be concerned with this report? It looks like since it came in right along expectations the market is now with near certainty pricing in a cut at the Fed's meeting next week. I do have to say though it is somewhat concerning we are still a decent ways off from the Fed's target and it appears we have stalled out. We have come a long way from when the CPI was 9% in June 2022, but I believe if the Fed sticks to being “data dependent” they will want to see further progress before cutting rates much further next year. There are still some positives with areas like shelter and auto insurance that should be less burdensome next year, but other areas like energy will have a tough comparison considering the lower prices this year. Overall, I continue to believe the economy is in a good spot, but this report confirms my thoughts that those hoping for a lot of rate cuts next year may be getting too far ahead of themselves.   Make your Charitable Gifts Count this Season If you currently receive required minimum distributions (RMDs) from a retirement account and you make charitable donations, you should be using your required distributions to make those charitable gifts.  This is called a qualified charitable distribution (QCD) and it is a tax advantaged way to make the donations to charity that you were already doing.  After the tax changes in 2017, the number of tax filers who itemize dropped substantially.  Charitable donations are typically an itemized deduction, so for the majority of tax filers, charitable gifts do not provide any tax benefit.  When taking a required distribution from a retirement account, the distribution is reportable as income.  However, any required distribution that is instead sent to a charity does not need to be recognized as income, meaning the giver is guaranteed to receive both the federal and state income tax benefit, even if they don't itemize.  Not only that, but since the charitable distribution is not included in income, it results in a lower adjusted gross income which is the income level that determines the cost of Medicare premiums (IRMAA).  A normal itemized charitable donation only reduces taxable income, not adjusted gross income, so even people who itemize are still better off making qualified charitable distributions rather than itemized charitable donations. These QCDs are a great way to help a cause you believe in while getting the most tax benefits possible.   Companies Discussed: The Cigna Group (CI), The Kroger Co. (KR), The PNC Financial Services Group, Inc. (PNC) & The Hershey Company (HSY)

This episode is next in the podcast series, #AskPattiBrennan - a series of episodes in which Patti answers one of her listener's frequently asked questions.  These podcasts are shorter in length and address one FAQ or RAQ (a rarely asked but should be asked) question. In this episode, Patti discusses what to do if you have a sudden wealth event…winning the lottery, receiving an inheritance, or finding out your company is going public. 

It is absolutely moronic to pick a Part D prescription drug plan by recommendation from friends, neighbors or Facebook prowlers. There is only one way to identify the "best" (cheapest) plan:                         A scientific search by an experienced expert. OTHER QUESTIONS ADDRESSED IN THIS EPISODE: MA Minute:       What might Trump's 2nd term mean for Medicare Advantage plans? Diane is new to Medicare: she has six rapid-fire questions! Joel wants to know if he is crazy: He wants to use Form SSA-44 to appeal the imposition of IRMAA on a recent retiree. No he is not!! Finally, know that Medicare supplements are happily accepted by billing departments everywhere. If you feel compelled to ask first, learn the proper way to pose the question so you don't get a blank stare! Contact me at: DBJ@MLMMailbag.com (Most severe critic: A++)                   Visit us on: BabyBoomer.ORG Inspired by: "MEDICARE FOR THE LAZY MAN 2024; Simplest & Easiest Guide Ever!" on Amazon.com. Return to leave a short customer review & help future readers. Official website: https://www.MedicareForTheLazyMan.com.

When I consider doing Roth conversions, how much attention should I be paying to the IRMAA numbers? Have a money question? Email us here Subscribe to Jill on Money LIVE YouTube: @jillonmoney Instagram: @jillonmoney Twitter: @jillonmoney "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

What's a safe withdrawal rate for Wine Guy and Wine Gal in Sonoma California to have 35 years of “guaranteed” retirement spending? How aggressively should they convert their retirement savings to Roth IRA? Should the Bond family move from Silicon Valley to a no-income-tax state in retirement? Can Doc in San Francisco quit work in 8 years when his daughter starts college? Rob in Kansas City and his wife are in their late 30s and have 2 million saved. Can they retire early? Plus, Elisa in Fremont has more than the capital gains exclusion for a married couple of $500,000 worth of home equity. How much will this cost her, and will it kill her IRMAA for Medicare premiums? Should Happy Camper and Jolly Pumpkin take their pension's monthly annuity or the lump sum payout? And finally, Lloyd in South Dakota isn't a fan of retirement accounts and wants Joe and Big Al to talk some sense into him. Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-506 CALCULATE your Financial Blueprint SCHEDULE your Financial Assessment WATCH Financial Planning at Every Age on YMYW TV DOWNLOAD The Retirement Readiness Guide for free READ THE BLOG: It's Not Too Late! Year-End Financial Moves to Make Right Now READ THE BLOG: US National Debt and the Impact on Long-Term Investing REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis SUBSCRIBE: YMYW on YouTube DOWNLOAD: more free guides READ: financial blogs WATCH: educational videos SUBSCRIBE: YMYW Newsletter   Timestamps:  00:00 - Intro: This Week on the YMYW Podcast 01:05 - What's Our Guaranteed Safe Withdrawal Rate for 35 Years of Retirement? How Aggressive Should We Convert to Roth? (Wine Guy/Gal, Sonoma, CA) 12:09 - Calculate your Financial Blueprint, schedule a Free Financial Assessment 13:45 - Should We Move to a No Income Tax State in Retirement? (James Bond, Silicon Valley, CA - voice) 20:50 - Can I Stop Working in 8 Years When Daughter Starts College? (Doc, San Francisco, CA) 26:10 - Late 30s With $2M. Are We Really on Track for Early Retirement? (Rob, Kansas City) 31:20 - Watch Financial Planning at Every Age on YMYW TV, download the Retirement Readiness Guide 32:25 - Our Home Equity is Over the $500K Exclusion. How Much Will We Be Charged? Will This Kill My IRMAA? (Elisa, Fremont, CA) 35:44 - Should We Take the Monthly Pension or Lump Sum Payout? (Happy Camper & Jolly Pumpkin, WI) 43:03 - I'm Not a Fan of Retirement Accounts. Talk Some Sense Into Me. (Lloyd Christmas, SD) 49:04 - Outro: Read the blogs, It's Not Too Late! Year-End Financial Moves to Make Right Now and US National Debt and the Impact on Long-Term Investing

Too many people think a Roth conversion will fix all of their problems. Surgery can be great, but not always necessary. Our conversation takes a deep dive into the heart of retirement planning, focusing on the flexibility between spending habits and Roth conversions. Imagine a couple with varying monthly spending plans, trying to figure out how they can adapt to avoid unnecessary financial maneuvers. We stress the significance of aligning your financial decisions with your personal goals, ensuring that you're not sacrificing your quality of life for mere tax savings. Life goals should always take precedence over tax savings. We'll guide you through creating an income plan that aligns with your values, with Roth conversions coming into play strategically, only when they support your overarching life aspirations. From navigating the potential pitfalls of required minimum distributions to understanding the impact of IRMAA and the social security tax torpedo, our aim is to equip you with the knowledge to make informed, thoughtful financial decisions. So, grab a seat as we unravel the complexities of Roth conversions and the importance of a well-rounded retirement plan.Create Your Custom Early Retirement Strategy HereGet access to the same software I use for my clients and join the Early Retirement Academy here Ari Taublieb, CFP ®, MBA is the Vice President of Root Financial Partners and a Fiduciary Financial Planner specializing in helping clients retire early with confidence.

Roth conversions are almost a buzzword today, with many people jumping into them like they're a guaranteed fix for tax worries—much like rushing into surgery hoping it will solve all your problems. But just like surgery, Roth conversions require careful consideration, and they're not always the right solution. Before deciding to convert, it's essential to understand why not to do it.Here are some key reasons to skip—or at least pause—on Roth conversions:- Lower Future Tax Bracket: If you anticipate being in a lower tax bracket during retirement, it might not make sense to pay taxes upfront. For example, retiring and moving to a no-income-tax state like Texas can naturally reduce your tax obligations.- No Significant RMD Issue: If your required minimum distributions (RMDs) won't be large enough to push you into a higher tax bracket, the urgency to convert may not exist.- Charitable Giving Plans: Those planning to donate through qualified charitable distributions (QCDs) after 70½ can leave funds in tax-deferred accounts, making those donations tax-free without needing to convert.- Social Security Tax Torpedo: Conversions can increase your provisional income, causing more of your Social Security benefits to be taxed, effectively raising your tax rate.- Medicare Premium Surcharges (IRMAA): Conversions can push your income above IRMAA thresholds, leading to higher Medicare premiums.- Spending More or Retiring Earlier: Sometimes, simply increasing your spending or retiring sooner can reduce the need for conversions by naturally lowering tax-deferred account balances.While Roth conversions can be a valuable tool, they're not a one-size-fits-all solution. Thoughtful planning and understanding your unique financial situation are key to making the right choice.Submit your request to join James:On the Ready For Retirement podcast: Apply HereOn a Retirement Makeover episode: Apply Here Timestamps:0:00 - Roth conversions are like surgery3:07 - Questions that prompted this episode5:28 - Why not to do a Roth conversion8:38 - RMDs prompt Roth conversions10:50 - Spend more money, and retire earlier13:27 - Rethinking what Roth conversions mean15:12 - A financial example18:06 - IRMA considerations22:31 - Knowing enough to be dangerous24:04 - More reasons to be cautious Create Your Custom Strategy ⬇️ Get Started Here.

Jim and Chris sit down to answer listener questions related to Social Security, 529 Plans, and SPIA payments… (6:30) A listener wonders if they will be subject to the Social Security earnings test. (14:30) The guys weigh in on if/how a Roth conversion would impact an IRMAA appeal. (30:30) Chris answers whether there is a […] The post Earnings Test, IRMAA, Survivor Benefits, 529 Plans, and SPIAs: Q&A #2447 appeared first on The Retirement and IRA Show.

If an agent does not or cannot perform a proper search for the best prescription drug plan, the insured may be forced to waste money all year. In the Medicare Advantage Minute, we learn that in some cases MA members have higher expectations. How top rated insurance companies respond to these expectations. Finally, we encourage victims of IRMAA to download form SSA-44 in order to file an appeal. (Most severe critic: A+)   Inspired by: "MEDICARE FOR THE LAZY MAN 2024; Simplest & Easiest Guide Ever!" on Amazon.com. Return to leave a short customer review & help future readers. Official website: https://www.MedicareForTheLazyMan.com.

On November 8th, 2024, Medicare announced that in 2025, Medicare Part B will cost $185 per month per person—an increase of about $10.30 from 2024. Keep in mind, if your income is above a certain point, you'll have to pay an “Income-Related Monthly Adjusted Amount,” or “IRMAA” tax. Is there a way to avoid paying the IRMAA surcharge? I share some strategies in this episode of Retire with Ryan. You will want to hear this episode if you are interested in... [1:25] How to get a FREE copy of “10 Costly Medicare Mistakes”  [2:20] The cost of Medicare Parts A, B, and D in 2025 [4:26] When you would pay a higher Medicare premium  [8:32] What you can do to appeal the IRMAA Surcharge  [10:02] What you can do to avoid the IRMAA Surcharge  Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel 2025 Medicare Parts A & B Premiums and Deductibles Form SSA-44: Medicare Income-Related Monthly Adjustment Amount Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact Subscribe to Retire With Ryan

Join us as we dive into year-end financial planning strategies to optimize your retirement plan. This episode unpacks the essentials of contributing to various accounts like 401(k)s, IRAs, Roth IRAs, HSAs, and donor-advised funds before the year ends. We also discuss Roth conversions and answer listener questions about IRMAA brackets and required minimum distributions. Plus, hear a special tribute to veterans, featuring the first mission of Roger's grandfather, a WWII bomber pilot. Don't miss this comprehensive guide to maximizing your retirement savings and honoring those who served!SMART PLANNING SEGMENT(01:01) Rock Retirement Club is having its last open enrollment for the year.(02:26) This month the theme has been to look at year end planning items in order to optimize your plan of record.(03:40) This week we focus on contributing to assets between now and the end of the year. We will start off by discussing contributing to your 401K account.(05:30) The second thing we want to look at is contributing to an IRA or Roth IRA.(08:37) The next account you might consider contributing to is your health savings account.(10:07) Another thing you might consider contributing to is a donor advised fund or any type of charity.(15:03) The next one I'll talk about today is 529 education plans.(17:00) Another account you might want to contribute to is your after tax investment account.LISTENER QUESTIONS(20:00) Roger talks about 51 missions that his grandfather flew during World War II in honor of Veterans Day.(21:10) Reid is concerned about IRMAA in 2026 regarding Roth conversions.(24:35) David asks a question about projected required minimum distributions for Roth conversions.(28:30) Joe asks about tax brackets and Roth conversions.(31:13) Denise says the more she reads about Roth conversions, the more confused she gets. SMART SPRINT(35:00) If you want to try to do some optimization, grab the worksheets from Six Shot Saturday and go through the lists.IN HONOR OF VETERANS DAY(35:54) In honor of Veterans Day, I'm going to share some missions from my grandfather to thank all of our veterans.REFERENCES Six Shot SaturdayRock Retirement ClubRetirement Answer Man- FREE Resource CenterShow notes created by https://headliner.app

Military retirees have a unique set of circumstances and opportunities. In this episode, military retiree and CFP Scott Sanborn joins me to explore the financial and non-financial aspects that come with a military retirement.  Over the next month, we'll be exploring different ways of retiring. If you have special retirement circumstances, you won't want to miss this unique retirement series. Stay tuned for episodes on retiring with special needs children, retiring abroad, and retiring with illness or injury. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN A MILITARY RETIREMENT WITH SCOTT SANDBORN [3:40] Why did Scott become a CFP? [5:36] What it means to retire from the military [7:15] How retiring from the military is different [13:18] Understanding the healthcare benefits [17:55] Reimagining your second act LISTENER QUESTIONS [29:40] Penny is trying to decide whether to stay or move closer to family [37:28] How to decide when and how to relocate [39:41] How to pay the tax from my Roth conversions? [41:22] Is the IRMAA surcharge calculated each year? [42:40] How should I create my retirement paycheck? By withdrawing a lump sum or smaller amounts each month? [45:20] Standard deviation and creating an N of 1 TODAY'S SMART SPRINT SEGMENT [47:55] Remember what your intent is  Resources Mentioned In This Episode Scott Sanborn Rock Retirement Club Roger's YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger's Retirement Learning Center