Podcasts about irmaa

Social Security is a core component of most Americans' retirement plans, but it may surprise you to hear that it was highly controversial when initially proposed, and to get it passed Congress had to include complex provisions which still exist to this day. Donna and Nathan discuss the intricacies of the Social Security system, and the reasons why it has been so difficult to reform. Also on MoneyTalk, how to determine if the IRMAA will effect your Medicare premium, and Stock Trivia: Two Truths and a Lie. Hosts: Donna Sowa Allard, CFP®, AIF® & Nathan Beauvais, CFP®, CIMA®; Air Date: 7/3/2025; Original Air Dates: 4/1/2024 & 7/1/2024. Have a question for the hosts? Visit sowafinancial.com/moneytalk to join the conversation!See omnystudio.com/listener for privacy information.

You may hear some people say that you should wait until age 70 to claim Social Security to maximize your benefit, and while this may be the right option for many, it is certainly not a one-size-fits-all strategy. Donna discusses how to go about the decision-making process for when to claim Social Security. Also on MoneyTalk, what to do when it's time to use your 529 savings, and how IRMAA affects Medicare eligibility. Host: Donna Sowa Allard, CFP®, AIF®; Air Date: 6/30/2025. Have a question for the hosts? Visit sowafinancial.com/moneytalk to join the conversation!See omnystudio.com/listener for privacy information.

In the Medicare Advantage Minute we learn how MA plans use prior authorization requirements to help balance the books. This at the expense of patients who are in need of medical treatment for the best opportunity to regain health! Nebraska is taking the lead in the war to make MA plans better for their members. In the Your Medicare Benefits segment we learn how Medicare is likely to cover lymphedema compression treatment items. Do you like to get stabbed? We cover a list of vaccinations recommended for adults. Finally, an advisor known only as "Rusty" takes a question from a couple who are shocked to have been caught by the "Success Penalty" known as IRMAA. IRMAA casts a wide net but there is an appeal process that has shown success in the past. 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!" "MEDICARE DRUG PLANS: A SIMPLE D-I-Y GUIDE" For sale on Amazon.com. After enjoying the books, please consider returning to leave a short customer review to  help future readers. Official website: https://www.MedicareForTheLazyMan.com.

Jim and Chris shares listener PSAs on IRMAA and Delayed Retirement Credits, and answer questions on Social Security Spousal Benefits, annuity use cases, and fixed indexed annuity payout concerns. (13:00) A listener shares a PSA about a positive Medicare and IRMAA reduction experience at a Central Florida SSA office. (19:00) Georgette follows up with a […] The post PSAs, Spousal Benefits, Annuity Use Cases, and FIAs: Q&A #2526 appeared first on The Retirement and IRA Show.

In this episode, Matt Goolsby and team discuss how taxes could get worse as you age, IRMAA, and mid-year tax withholdings. #retirement #podcast #show #money #finance #stockmarket #taxes #estateplanning #medicare #healthcare Between 03/2020 and 06/2025 investment advisory services were offered through Foundations Investment Advisors LLC (CRD#:175083) Investment advisory services are dually offered through Foundations Investment Advisors, LLC, an SEC-registered investment adviser, and Market Investment Group, LLC, an SEC-registered investment adviser. The investment adviser representatives of Market are also affiliated with and registered through Foundations Investment Advisors, LLC, and may provide services on behalf of both firms to clients or prospective clients where properly licensed or exempt. This show is presented by Market Investment Group, LLC, an SEC registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean that the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting. The information presented is believed to be current. It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the presenter on the date of the show's publication and are subject to change. The information presented is not an offer to buy or sell, or a solicitation of any offer to buy or sell, any of the securities discussed. You should consult with a professional adviser before implementing any of the strategies discussed. Any legal or tax information provided in this show is general in nature. Always consult an attorney or tax professional regarding your specific legal or tax situation. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from fees charged for advisory services. Insurance products also contain additional fees and expenses. Social Security rules and regulations are subject to change at any time. Always consult with your local Social Security office before acting upon any information provided herein. A Roth conversion may not be suitable for your situation. The primary goal in converting retirement assets into a Roth IRA is to reduce the future tax liability on the distributions you take in retirement, or on the distributions of your beneficiaries. The information provided is to help you determine whether or not a Roth IRA conversion may be appropriate for your particular circumstances. Please review your retirement savings, tax, and legacy planning strategies with your legal/tax advisor to be sure a Roth IRA conversion fits into your planning strategies. This is not endorsed by the U.S. government or associated with any federal Medicare program. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options. All client or prospective client names have been changed to protect the identities of the individuals discussed. All rights reserved.

Dr. Preston Cherry explains why many Gen Xers are caught off guard when they find out—yes, your Social Security can be taxed. Up to 85% of your benefits could be taxable if your income crosses certain thresholds—thresholds that haven't kept up with inflation. If you've saved diligently or have extra income from side gigs or investments, you could be looking at a smaller Social Security check than expected. The surprise? It's all perfectly legal—and avoidable with the right planning.Takeaways:• Taxed Social Security• IRMAA surprise fees• RMDs raise taxes• Two-year income lag• Plan withdrawals smart00:00 Intro01:00 Social Security Isn't Tax-Free02:26 IRMAA and RMDs04:43 What to Do Instead05:56 Final ThoughtsWant to learn more? Connect with us below!Stay informed and inspired! Join our FREE wealth & well-being newsletterDo you want confidence & clarity? Check out our award-winning wealth advice servicesGrab Your Copy of Dr. Cherry's book ‘Wealth In The Key of Life'Disclosure: episodes are educational only, not advice. Review our disclosures here: https://www.concurrentfp.com/disclosures/

Why 2025 may be your last, best shot to lock in low taxes — and how advisors can use Roth conversions, widow's penalty math, and IRMAA risks to drive urgent client action.

In today's Five Question Friday (FQF), we look at the following questions:1. TIPS Funds vs Individual TIPS--which provides the better inflation protection?2. Is a 4% withdrawal each year with no inflation adjustment a reasonable withdrawal strategy?3. Can tax loss harvesting reduce IRMAA payments?4. How can you estimate the annual income of an investment portfolio?5. How do I track my net worth?Join the Newsletter. It's Free:https://robberger.com/newsletter/?utm...

Think your taxes will drop in retirement? Not always. Jake and Cory reveal how Required Minimum Distributions, taxes on Social Security, and IRMAA can trigger a retirement tax time bomb. Help defuse it by learning about Roth conversions, smart withdrawals, and tax-efficient planning. Real stories, practical tips, and a clear framework to help you retire with more of your money. --------------- Complimentary tax guide and more: https://bit.ly/45pkE53   Subscribe to our weekly newsletter: https://bit.ly/43RcVve   Contact our team: https://bit.ly/43wksOJ   Order Jake's Amazon best-selling book ‘Retiring Right': https://bit.ly/4mD2EKw    --------------- Upticks is your podcast for financial planning insights. Hosted by Jake Falcon, CRPC™ and Cory Bittner, CRPC™, who discuss the philosophy of wealth management, exploring tailored retirement plans, tax planning, and timely industry topics. Join us for concise, understandable discussions that help empower your financial literacy. --------------- Connect with Jake Falcon, CRPC™         https://www.facebook.com/jake.falcon.524         https://www.instagram.com/jake_falcon_crpc/?hl=en         https://twitter.com/jakefalconcrpc         https://www.linkedin.com/in/jakefalconfalconwealthadvisors     #retirementplanning #taxstrategies #rothconversion #financialfreedom #requiredminimumdistributions #socialsecuritytax #medicareplanning #taxefficientinvesting #retirementtaxes #wealthmanagement

Ralph and Alice in Monument, Colorado have $4.6 million dollars saved at ages 63 and 58. Should they do Roth conversions? How do they avoid IRMAA? Mary Jo in Escondido, California wonders if she should use her 403(b) money to pay off her mortgage. And Lucas plans to spend from his brokerage, then his 401(k), then his Social Security and pension when he retires in 20 years. What do Joe and Big Al think of his strategy? Find out today on Your Money, Your Wealth® podcast 534. Free financial resources & episode transcript: https://bit.ly/ymyw-534 DOWNLOAD the Key Financial Data Guide DOWNLOAD The Retirement Readiness Guide Watch Is There a Formula for Retirement? on YMYW TV 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 00:55 - We're 63 and 58 With $4.6M Saved. Should We Do Roth Conversions? Can We Avoid IRMAA? (Ralph & Alice, Monument, CO - voice) 11:51 - Watch Is There a Formula for Retirement? on YMYW TV, Download The Retirement Readiness Guide for free 12:59 - Should I Use My 403(b) Pay Off My Mortgage? (Mary Jo, Escondido) 16:48 - Brokerage to 401(k) to Social Security and Pension: Good Income Strategy for Retirement in 20 Years? (Lucas) 26:33 - YMYW Podcast Outro

You can't plan a great retirement if you haven't first planned what you're retiring to. In this episode, Joe Saul-Sehy, OG, and Neighbor Doug open up Retirement Week in the basement with a Monday that's equal parts insight, weekend recap, and questionable vehicle decisions.

Some retirees may be caught off guard by an unexpected charge showing up on their Medicare bill called IRMAA.

A little hope is good for the soul, but when it comes to retirement planning, wishful thinking can lead to serious financial mistakes. Today, we're walking through five common examples of wishful thinking that can quietly damage your retirement and how you can build a plan that protects your future instead of relying on luck.   Important Links: Website: http://www.yourplanningpros.com Call: 844-707-7381   ----more---- Transcript:    Marc: A little hope is good for the soul, but when it comes to retirement planning, wishful thinking can lead to some serious financial mistakes. So we want to talk about a few ways wishful thinking could possibly damage our retirement this week on Plan with the Taxman.   What's going on, everybody? Welcome into the podcast. Thanks for hanging out with Tony Mauro and myself as we talk invest and finance in retirement. Tony is a CPA, CFP, and an EA with 30-plus years of experience, and he is the Tax Doctor at Tax Doctor Inc., serving you all around the, well, Iowa and other areas as well. He's got clients all over the place. But we appreciate your time here on the podcast. And this week, we got a few wishful ways that, wishful thinking ways, I guess, that maybe could damage us, Tony. And there's nothing wrong with being optimistic and hopeful. Well, that's all good stuff. But you want to not kind of carry that so far, I guess, that it clouds your judgment and costs you in the end, right?   Tony Mauro: That's right.   Marc: Yeah.   Tony Mauro: Some of these topics are some we hear all the time.   Marc: All the time? Well, we'll try to tackle some of the biggest ones for you.   Tony Mauro: Yeah.   Marc: You doing all right this week?   Tony Mauro: I'm doing good. Yeah. I mean, we're getting ready to spend a little more time outside, although the weather here is cool.   Marc: I think it's cool across the country, actually, a little bit.   Tony Mauro: Yeah.   Marc: In some places.   Tony Mauro: A lot of rain and stuff.   Marc: Yeah.   Tony Mauro: Hoping for something warmer.   Marc: Yeah. Yeah, for sure. Well, that's wishful thinking, right?   Tony Mauro: That's wishful thinking on my part. Yep.   Marc: Well, let's get into a couple of these and talk about it. We got to go with a standard classic, really, financial myth, I think, and that's the wishful thinking thought of, "I'll be in a lower tax bracket once I retire, so that's going to help me out from my cost savings standpoint," or whatever. And Tony, I've been talking with you for years and lots of other financial professionals, and they all tell me the same thing, that more times than not, people are in the same tax bracket when they retire, not a lower one. What's your thoughts?   Tony Mauro: That's correct. Yeah, we find that too. It's the same or sometimes even higher depending on what they have coming in and how that is going to be taxed. And I mean, the traditional thinking is that, "Hey, my expenses are going to go way down, my income is going to go way down, and so therefore my bracket will go way down." But a lot has changed even with the brackets. There's not as big of a spread in each one, so they don't go down by that much. But a lot of times, people that have definitely planned and saved and are bringing in money, passive income from retirement sources, that a lot of times is the same or higher income than when they were working, which is a great thing, but they don't drop tax brackets, so we got to be very efficient about taking it out.   Marc: Yeah. Okay. And that's the point. So it's the income strategy, where you're pulling it from and at what time, that's going to kind of dictate this a little bit, right?   Tony Mauro: Yes.   Marc: So that's when you start getting into the, which horse are you riding? The Social Security horse or your own, the 401(k)'s over here that you have or what on pulling out the income gap, kind of shoring up that income gap. Because they don't just, getting to Medicare, when you're 65, they give you Medicare. It'd be cool if they said, "Hey, you're 65. You're automatically in a lower tax bracket." But you don't get it as a retirement bonus. So if you want to be in a lower bracket, you have to strategize for it.   Tony Mauro: You got to strategize, and you got to pull money out of the right buckets at the right time which I think is where a planner, if you're working with one, is going to really help you in that regard besides just trying to get the most return for whatever you're doing, whether you're taking some of the principal or just interest or whatever.   Marc: What's the culprit that keeps us in that tax bracket the same? Is it typically the RMD withdrawals?   Tony Mauro: I find it's the RMD withdrawals and then other income. People will go back and work a little bit. And then what they don't realize is that sneaky Social Security being taxed is that they bring in this income from other sources. And oh, by the way, now all of a sudden, a lot of my Social Security is taxed, and they weren't ready for that. They thought they were going down in income, which they are a little bit, but then that Social Security creeps back in for taxation purposes, and it screws up a lot. I just saw a lot of it this year. We had a lot of retirees that went out and had RMDs, and then they were also, a lot of them went back to work. You could look at their comparisons on their tax returns, and last year, hardly any of their Social Security was taxable. This year it was the full max, 85% of it, and all of a-   Marc: Because of the income pullout.   Tony Mauro: Yeah. Because of the income pullout.   Marc: Yeah.   Tony Mauro: And so you got to watch that. And you can plan some of that away a little bit, but that's the culprit that I saw this year with the Social Security.   Marc: And that's where, again, some of that strategy comes in. And then when you do bump that income up higher, also with the Social Security, that then also affects the IRMAA conversation, right, the IRMAA penalty.   Tony Mauro: Yeah. Yeah, it affects that. And then that obviously affects the tax bracket. And it's very sneaky because the clients, like I say, none of them realize that about the Social Security.   Marc: Well, you kind of mentioned it, so we won't dive into it, but another one that was on my list was I'll spend less money when I retire because I'm no longer going to work and stuff. But I mean, you kind of touched on that. I think I sum it up all the time with the way my dad said it to me many, many years ago, which I've shared on this podcast before. And he was like, "Hey, retirement's great. I'm digging it. Every day's a weekend." I was like, "Awesome." He's like, "Yeah, but I spend all the money on the weekends." Right?   Tony Mauro: Yeah. That's right. Yep.   Marc: So you just got to be careful. Right?   Tony Mauro: That's a good saying. Yeah, I like that.   Marc: Yeah. And he, unfortunately, passed away, wasn't retired for very long. But it's always stuck with me because I was 15 or 16, something like that. I was like, "Okay, well, every day in retirement's a weekend, and you spend a lot of money on weekends, so be careful." So don't assume that that's, and again, wishful thinking, being well, like this next one, "Well, as long as I keep getting this good return, Tony, that I've had for the last, let's say 10 years, then my plan will work." Well, that's wishful thinking. I mean, as we saw this year, obviously, we had a new administration, we had the tariffs come in, made things pretty rocky. Now it's smoothed out there. We're almost back to all-time highs, but still, don't go into things with the assumption that every single year the market's going to give you 20% returns or 12% returns or whatever.   Tony Mauro: Yeah. And I think most retirees shouldn't be looking at that like that anyway, because it's time to be more conservative. And if you're banking on that, and we have a prolonged, we haven't had a lot of it in the last, what, prolonged 15 years?   Marc: 17 years?   Tony Mauro: Yeah, 15 years. Yeah. We've had little blips, yes, and some months of-   Marc: I mean big blips, but they didn't last long, right?   Tony Mauro: No, it didn't last long. And if you're not prepared for that or worse, you're not diversified, and you've got a lot of stuff, meaning your retirement income or not income, but your nest egg in something a little more aggressive, and that particular sector has a bad three to five years, that's going to blow that whole thing right up. You won't be just fine.   Marc: Yeah. And so the wishful thinking, again, being, "As long as this and this and this happen, I'm good." Right?   Tony Mauro: You're right.   Marc: Well, you can't control this and this and this, so get a good strategy to hopefully retire in any economy. And maybe what you were talking about there a little bit, right, is sequence of risk return, right? Or sequence of return risk. Because if you literally retired in the down market, and it lasted for a couple years, obviously those accounts are going smaller, and you're pulling money out. That's what you're talking about, right?   Tony Mauro: That's what I'm talking about. As I always preach to people, I can't control what the market does. Nobody can. All we can do is make sure we're invested in the right things that, over time and depending on what your plan is, that's going to get you to where you need to go. But I definitely would not, say somebody comes in and says that to me, it's like, "Whoa, we got to change your thinking real fast here because that's going to get you into some trouble."   Marc: Yeah. Yeah, for sure. All right, so let's see. What else have we got on this list? Well, okay, let's piggyback off of that one. "Well, if things go south, I'll just keep working." The wishful thinking of, "Well, if it all goes to crap in a hand basket, I'll just go back to work." Maybe you can, but maybe you can't. Your body may not let you, your company may not want you, or you may not be able to make the kind of living that you thought you were going to make.   Tony Mauro: I agree with all of those, and what I see is the biggest ones are my health or abilities won't allow me to do that. When I was working, things were different. I don't have that skill set that a lot of people were looking for, but I do see a lot of it, even though nobody admits it, is age discrimination. Nobody wants to hire.   Marc: Right? Isn't it funny?   Tony Mauro: Yeah. A 70-year-old.   Marc: But it's easy to go, "Well, we just don't have anything." Or whatever. Even if you're sharp as a tack. Yeah, it definitely exists out there.   Tony Mauro: There's a car dealer here that the drivers that drive me back for when I have my car.   Marc: Oh, like the shuttle service thing?   Tony Mauro: Yeah. They were telling me that they are driving for this company because the last company said they have a mandatory retirement age of 70. We don't want you if you're 70 or above and you have to get out.   Marc: I wonder if that's an insurance thing because we don't want to have to cover the insurance that it's going to cost in case you have a driving, an accident.   Tony Mauro: In case you wreck. Yeah.   Marc: Because your response isn't fast enough. It's not as fast as it used to be, your motor skills or whatever. So yeah, it's a fine line. So they think they can cry safety for the public, but it's also bordering on age discrimination. So we're in a weird world.   Tony Mauro: It really is. It's very weird.   Marc: We're in a strange world.   Tony Mauro: I do see that though.   Marc: No, for sure.   Tony Mauro: If a 70-year-old-   Marc: Airline pilots. I've got a client that does a podcast, Tony, he's an airline pilot, and they have mandatory retirement. I think it's 65. They can't be in the skies anymore, right?   Tony Mauro: Yeah. For controllers it's 56.   Marc: Oh, there you go.   Tony Mauro: The only reason I know that is because I do fly, private pilot, that is, and it's funny because you're kind of in tune with all that and the whole air traffic control issues that they've got, and I don't think they pay those people enough.   And then of course they have a limited shelf life because they make them get out so early.   Marc: I guarantee it's insurance-based. What do you want to bet that some lawyers and some insurance people somewhere said, "Let's just reduce our risk mitigation here?"   Tony Mauro: Risk, yeah, very well could be.   Marc: Yeah. Interesting. So yeah, I mean, again, back to the topic, wishful thinking. I'll just go back to work is not a great strategy either. So could you? Maybe, but don't plan on it. And right along with that, Tony, is maybe we want to make this the last one is, "My kids will cover it. My kids will help me if it's bad." And a lot of us get in that situation. I mean, I help my mom. She's not living the retirement she wanted, but it was not a conversation we ever had. And she's in this position not by, well, sort of by choice, but at the same time, don't just assume that your kids are going to go, "Yeah, no problem. I'm going to help you out." Because they're probably raising their family at that point, and they may want to, but they may not be able to actually do much more than maybe drive you around or something like that.   Tony Mauro: Yes, I agree. I'm trying to think when you were talking about it, if I've had any clients that actually have ever said that my kids are going to help me. A lot of them think they're going to help them, but nobody's ever come out and said, "Yeah, my kid, he's just doing everything for me." I do think that's very wishful thinking, and I think that's a lot of burden to throw on a child.   Marc: I'm glad you said that. That's a funny, because when we do those surveys to potential retirees, what's the top five things? Almost always one of the top five, Tony, and I'm sure you'll agree with this, is, "I don't want to be a burden on my family."   Tony Mauro: Exactly. That's right up there.   Marc: Yet these wishful thinking things, folks, that we're talking about this week also come from retirees. These are actual literal sentences from retirees that we surveyed. So to say, on the one hand, I don't want to be a burden on my kids, but then on the other hand, well, if all else fails, the kids will help me. It's a weird dichotomy. So just get a strategy so that you don't have to put them in that spot.   Tony Mauro: Absolutely. And a plan will certainly help you with that. And so will certain types of insurance and understanding some of that toward the end of life, so you have options so that you're not in that situation. And then if you wishful think that and the kids aren't able to help you, well now you're in a real pickle because you've got all kinds of not probably too desirable ways to live and take it around and it's bad.   Marc: The options are not super, super fantastic. So look, wishful thinking, again, good stuff can be there, but if you don't put it into practice or if you don't put a backup plan or a strategy in practice and then the wishful thinking is the backup plan, then you're maybe setting yourself up. And a lot of these, again, are kind of normal. There's a lot of other ones. We won't spend a lot of time on it because they're very similar, but it's, "I'll be in the lower tax bracket." Or, "I'll spend less money when I retire." Or, "The kids will help me." Or, "I'll just keep working." Or, "I'll sell the house and downsize." Right? That's another one that happens sometimes. Why go with the worst case scenario if this happens wishful thinking instead of getting a good strategy into plan together and saying, "Okay, let's run some stress test scenarios if this happens, and then let's run some if that happens." And that's what you guys are doing when you're starting to build these plans.   Tony Mauro: That is, and it's much better to be in that situation rather than, "Well, if this, this, and this happens, I'll be okay." I mean, I don't like to have three or four things that have to happen and everything line up for you to be okay. We want to make sure you're okay if nothing happens. And then if some of those things do happen, that's great.   Marc: Well, and you run those scenarios. So let's say you run the scenario and, "Mr. and Mrs. Smith, it looks like, based on this, here's what you're going to need to make this goal happen." Maybe that's working a little longer. Maybe that's saving a little more. So you have all those options laid out. Or plan B is, "You do have enough, right? It is going to make it, but here's what happens if one spouse passes early." So you get all these different kinds of outlooks to structure your life around versus just hoping.   Tony Mauro: I agree. I agree 100% because again, relating it back to the real world, I've got some family that haven't done this, they haven't planned, and they're getting ready to retire, and they have a lot of these wishful thinkings going through their mind. I'm trying to set them straight saying, "You're planning on too much. You got too many things that have to go right." And we sat down, I told them the, well, it wasn't the truth that they wanted to hear, but it's the facts. And they're now, we're working to get some things in alignment according to a plan that they can handle and at least they know.   Marc: Yeah, that's good. And it happens, right? I mean, you're in the industry and you have family that doesn't listen or whatever or didn't listen for a while. So we all have that in walks of life, mechanics. It's like, "Oh, my wife's car's falling apart." And it's like, "Well, you're a mechanic." "Well, I don't have time to fix it, and she never listens to me." That kind of thing. So it happens in all walks of life.   But what do you need to do? You got to do the best things for yourself. And a lot of times that starts with sitting down, getting an analysis done, and looking at what it's going to cost you. Often it's not nearly as expensive as people think it is, and the reward and the risk reward ratio is much, much better. So if you need some help, get yourself some time with a qualified professional like Tony Mauro and his team at Tax Doctor Inc. Find them online at yourplanningpros.com. That is yourplanningpros.com.   But don't forget to subscribe to the podcast and share it with others who might benefit and enjoy the message as well. And that's Plan with the Taxman on Apple or Spotify or whatever podcasting app you like using. Again, Plan with the Taxman, with Tony Mauro. Tony, my friend, thanks for hanging out. Have yourself a great week. I'll talk to you a little bit later on this month.   Tony Mauro: All right. You do the same, and we'll talk to you next time.   Marc: We'll see you next time here on Plan with the Taxman.   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.

Did your Medicare premium suddenly skyrocket? If you think you are paying more than you should, listen up, you may have recourse. But you need to act quickly.Welcome to The Retirement Fix, a podcast for less stress and more success in your go-go retirement years. I'm John Gigliello, a CERTIFIED FINANCIAL PLANNER™ with the Albany Financial Group and I'm here to be your guide to keeping more of your hard-earned money by making smart financial decisions in retirement. This podcast is for people nearing or already in retirement who want to learn more about proactive tax planning, retirement income planning, social security timing, investment management and asset preservation.  After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with people who are looking to make smart and responsible choices with their money. If you still have questions after listening to this episode, please visit my website at www.jgigliello.com, where you'll find all of my contact information as well as details of the services I offer. Now onto the subject of this episode - Today I'm going to talk about the IRMAA surcharge that catches many retirees by surprise, and what to do if you believe you are paying more than your share.IRMAA, which stands for Income-Related Monthly Adjustment Amount, is an extra monthly charge added to your Medicare Part B and Part D premiums if, essentially, you make too much money in retirement. The Social Security Administration determines your IRMAA based on the Modified Adjusted Gross Income reported on your tax return two years prior. So 2025 premiums are based on your 2023 returns.Medicare Part B covers doctor's visits and outpatient services and currently costs $185.00 monthly. Part D covers prescription drugs, the premium for which varies based on the plan you choose, but averages around $46.50 per month.In 2025, individuals who made more than $106,000 in 2023 and married couples filing jointly who earned more than $212,000, will owe IRMAA.The surcharges can be quite steep. And individual who earned between $106,000 and $133,000 or a couple who earned between $212,000 and $266,000, will owe an additional $74 per month for Part B and $13.70 for part D, and that's the lowest bracket. 

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

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.

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!

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.

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/   

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.

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.

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.

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.

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