Podcasts about irmaa

Think Medicare is free once you hit 65? Not quite. If your income's too high, there's a hidden surcharge that can quietly shrink your Social Security check by thousands a year. It's called IRMAA. And most people don't see it coming. Let's break down who's impacted and how to avoid it. Important Links: Website: https://www.estesfinancial.net/ Call: 817-444-8402

Welcome back to Market Moment! In today's episode, Matt, Lee, and John tackle one of the most frequently asked retirement planning questions: "How can I lower my taxes in retirement?” From Roth conversions, RMDs (Required Minimum Distributions), and Social Security timing, to HSA utilization, IRMAA surcharges, and charitable giving (QCDs) — this discussion covers critical tax planning tools for both pre-retirees and younger investors looking to plan ahead.

Jim and Chris discuss listener questions on IRMAA reductions and Roth-conversion effects, widow filing status and IRMAA, in-kind stock Roth conversions and RMD transfers, annuity RMD interactions, and 60-day rollover mail timing. (7:45) George asks whether an approved SSA Form 44 that reduced 2025 IRMAA will also govern next year, how a large 2026 Roth […] The post IRMAA, Widow Status, Roth Conversions, Annuity RMDs, and Rollovers: Q&A #2538 appeared first on The Retirement and IRA Show.

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Are you turning 65 soon or starting to think seriously about healthcare in retirement? This week, I discuss the complicated world of Medicare—with a focus on the seven most costly mistakes people make when enrolling.  From missing crucial deadlines and underestimating penalties, to overlooking the true costs Medicare doesn't cover and getting tripped up by income-related surcharges, I give practical advice to help you avoid expensive pitfalls and make confident choices for your health and your wallet. Whether you're working past 65, exploring Medicare Advantage and Medigap, or just want to sidestep penalties, this episode unpacks the essentials so you can enter retirement feeling prepared and protected. Let's get into the key rules, deadlines, and decisions every retiring listener needs to know! You will want to hear this episode if you are interested in... [04:17] Medicare enrollment guidelines & penalties. [09:35] Understanding Medicare coverage gaps. [11:55] Medicare enrollment and switching plans. [17:15] Medicare premiums based on income. [19:50] Avoid high medicare costs. [23:16] How you can use HSA funds. [24:56] Medicare costs and supplemental plans. 7 Medicare Mistakes that Could Cost You Making the transition to Medicare at 65 is a big step for retirees. While the program does have plenty of benefits, it also comes with a few key complexities and deadlines that can trip up the unprepared.  1. Not Enrolling on Time Despite common belief, Medicare enrollment isn't always automatic when you turn 65. You're only auto-enrolled if you've begun collecting Social Security at least four months before your 65th birthday. Otherwise, you must actively sign up to avoid lifelong late enrollment penalties—10% annually for Medicare Part B and 1% per month for Part D, the prescription drug plan. Remember, if you're not covered by qualifying employer insurance (typically from a company with 20 or more employees), you must enroll during your Initial Enrollment Period (IEP), which starts three months before and ends three months after your 65th birthday month. 2. Misunderstanding Late Enrollment Penalties Enrollment deadlines carry not just inconvenience, but long-term financial consequences. For every year you delay Part B, a 10% penalty is added to your premium—for life. For Part D, missing timely enrollment adds a 1% penalty per month delayed. Even if you don't currently take prescription drugs, failing to enroll in Part D or lacking “creditable” drug coverage will trigger this penalty. Many people only find out about these charges after it's too late, so mark your calendar and stay ahead of these key windows. 3. Not Comparing Original Medicare and Medicare Advantage Original Medicare doesn't cover everything, leaving you responsible for 20% of costs and lacking extras like dental or vision. Medicare Advantage, on the other hand, often bundles additional services and may come with lower or even zero premiums, thanks to how the government pays private insurers. However, these plans have different provider networks and coverage rules, so compare carefully based on your health needs, preferred providers, and annual costs.  4. Waiting to Enroll in a Medigap Policy Failing to evaluate supplemental Medigap coverage during your initial eligibility window could lead to denial or much higher premiums later, especially if you develop health conditions. During the first six months after enrolling in Part B, you're guaranteed acceptance into any Medigap plan regardless of health. Afterward, insurers can impose restrictions or deny coverage. States like Connecticut, New York, and Massachusetts offer more flexibility, but most don't—making early action essential. 5. Ignoring IRMAA: Higher Premiums for Higher Incomes Many retirees are surprised by IRMAA—the Income-Related Monthly Adjustment Amount—which increases Part B and D premiums if your income exceeds certain thresholds. These adjustments are based on your tax returns from two years prior. Even a minor one-time income bump (like a large IRA withdrawal) could propel you into a higher bracket, doubling your premiums. Be proactive: monitor your adjusted gross income and consider strategies like Roth conversions, careful withdrawal timing, or appealing based on life-changing events like retirement.  6. Making HSA Contributions After Enrolling in Medicare Once you sign up for Medicare Part A or B, both you and your employer must stop making contributions to a Health Savings Account (HSA) six months before enrollment. Over-contributing subjects you to a 6% excise tax for every year the excess remains. However, you can continue to use existing HSA funds for eligible medical expenses tax-free throughout retirement. 7. Underestimating Out-of-Pocket Costs Even with Medicare, you'll face deductibles, co-pays, and services not covered (like long-term care, dental, and vision). Part A hospital stays have significant deductibles per benefit period, and Part B leaves you covering 20% of outpatient expenses. Medicare Advantage and Medigap plans can help limit these expenses, but each comes with specific limits, provider restrictions, and rules. Without a supplemental plan, your maximum out-of-pocket exposure could reach $9,350 (in-network) or higher, depending on your plan. Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Download my entire book for FREE Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact   Subscribe to Retire With Ryan

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Many retirees are surprised to learn that Medicare at 65 isn't completely free after all. For higher-income retirees, there's a little-known surcharge that can quietly shrink your Social Security check by thousands of dollars every year. It's called IRMAA (Income-Related Monthly Adjustment Amount). Many retirees only discover it after taking a large distribution or selling assets, and by then, the bill has already arrived.   Here's some of what we discuss in this episode:

Think Medicare is free once you hit 65? Not quite. If your income's too high, there's a hidden surcharge that can quietly shrink your Social Security check by thousands a year. It's called IRMAA. And most people don't see it coming. Let's break down who's impacted and how to avoid it.   Show Links & Info: SPC Investing: http://spcinvesting.com/   Schedule A Visit: https://talkstomike.com/

Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment Think Medicare is free at 65? Think again. Many retirees are shocked to learn about IRMAA- the Income-Related Monthly Adjustment Amount- a hidden surcharge that can quietly add thousands of dollars a year to Medicare costs. In this episode, Phil explains how IRMAA works, who's most at risk, and which types of income can trigger it. Here's some of what we discuss in this episode:

What do beard taxes, cow taxes, and IRS scams have in common? They’re all ways your money can disappear—unless you plan ahead. In this episode, JoePat Roop shares how retirees can avoid surprise tax bills, protect their Social Security from IRMAA surcharges, and spot the warning signs of financial scams. From legacy planning to real-life client stories, learn how a one-page retirement income plan can help you dodge the boulders on your retirement path. For more information or to schedule a consultation call 704-946-7000 or visit BelmontUSA.com! Follow us on social media: YouTube | Instagram | Facebook | LinkedInSee omnystudio.com/listener for privacy information.

Hans and Robby are back again this week with a brand new episode! This week, they discuss medicare tax for those with a high income.  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.

Is “just one more year” costing you your best retirement moments? In this episode of Retirement For Living, JoePat Roop explores the emotional and financial traps that delay retirement, the limitations of the 4% rule, and the risks of overexposure to tech stocks. He shares real-life stories and explains why flexible, personalized planning—especially around taxes and income—is key to making retirement work for your lifestyle. If you’ve saved enough but still hesitate, this episode is your call to clarity. For more information or to schedule a consultation call 704-946-7000 or visit BelmontUSA.com! Follow us on social media: YouTube | Instagram | Facebook | LinkedInSee omnystudio.com/listener for privacy information.

Join Randy, Laura and Jeremiah as they navigate the complex world of retirement taxes. In this episode, they break down the intricacies of IRMAA (Income Related Monthly Adjustment Amount), RMDs (Required Minimum Distributions), and Roth conversions. Discover how these financial elements impact retirees and learn strategies to manage your tax liabilities effectively. In This Episode: Understanding IRMAA and its impact on Medicare premiums. The importance of planning for RMDs and how they affect your tax bracket. Exploring Roth conversions as a strategic tax planning tool. Insights into charitable contributions and their tax benefits. #RetirementPlanning #TaxStrategy #FinancialAdvice Don't let retirement taxes catch you off guard. Tune in to gain valuable insights and strategies to ensure smooth sailing into your golden years. === Reach out at contact@tricordadvisors.com Connect with Jeremiah: LinkedIn: / jeremiahjlee Email: Jeremiah@tricordadvisors.com Connect with Laura: LinkedIn: / laura-lee-59a83610 Email: Laura@tricordadv.com Connect with Randy: LinkedIn: / rkbarkley Email: Randy@tricordadv.com Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.

How much will EV car makers lose in credits? The nations Corporate Average Fuel Economy, or CAFE, standards are still in place; however, penalties for violating those standards have been removed. So obviously there's no incentive for any car maker to abide by them. The National Highway Traffic Safety Administration is focusing on standards to try to make cars more affordable again. But the big EV car makers, I will call them the big three which are Tesla, Rivian, and Lucid will have some difficulties. The credits were tradable and the EV car makers were making a lot of money selling the credits to car makers who were not meeting the required standards. Tesla will probably be OK, but I think their stock could be at risk because the credits have amounted to more than $12 billion in revenue since 2008 and that essentially is pure profit. In the most recent quarter Tesla said a loss of the credit revenue will reduce revenue by about $1.1 billion. Rivian, whose stock price in May finally showed some sign of hope trading above $16 a share has now dropped back down to around $12 a share and has said they had received over $400 million in revenue over the years and the credits accounted for 6.5% of the total revenue in the first half of 2025. I do believe with the loss of the credits and lower gas prices, Rivian may have trouble staying afloat in future years. Lucid will probably be hurt the most as they said the credits represented a significant share of their revenue. I have not looked at this company recently, but I still believe their balance sheet looks very risky and this could be the final nail in the coffin for this business. A couple years ago the stock was trading around four dollars a share and it is now trading just above two dollars a share. I'm pretty confident we will not see this company around in the next two or three years. The winners in this situation are the legacy automakers that were buying the credit, GM for example has spent $3.5B since 2022 to purchase CAFE credits.   Stay away from interval funds! I have been seeing more of these interval funds when we take over accounts for new clients and let me tell you I am not a fan of them. They appear to be normal mutual funds, but when you go to sell them, you find out you can only sell once per quarter. The other problem is when you enter the sell, the next day you realize you still own shares in the fund. The reason for that is product's unique structure typically allows investors to redeem just 5% of a fund's assets! I'm sure most people have no idea when their advisor or themselves buy these funds that they will be locked in them for years to come. For example, I first saw these about 4 years ago with a new client and we still have not been able to fully exit the position. The reason withdrawals are limited is because the funds generally invest in illiquid assets, so managers want to make sure investors can't exit in masse and force the manager to sell securities at fire sale prices. As many of you know, we are not fans of illiquid investments because if things go south, you have no way of exiting these positions in an efficient manner. The allure here for many is that retail investors with less investible assets generally don't have the same access to as many private equity, venture capital, real estate, and private debt deals, so interval funds enabled those investors with minimums as low as $1,000 to gain exposure to the space. I would not recommend investments in any of those assets, but it just appears these are sold as a way for people to invest “like the wealthy”. A big problem here is the fees are just crazy! According to Morningstar, of the 307 interval fund share classes currently available, the median fund's total expense ratio is 3.02%. A big reason for the high fees is they include the cost of leverage, which these funds use in many cases to amplify returns…. That doesn't risky! Even if we exclude leverage costs though, the median expense ratio is still 2.18%. Brian Moriarty, a principal on Morningstar's fixed-income strategies team had some interesting things to say after researching the space. He concluded before deducting any fees or incorporating any leverage, there was little difference between private-credit interval funds and public bank loan mutual funds and exchange-traded funds. However, after incorporating leverage, interval funds have beaten traditional loan and high-yield bond funds, as they've had about 1.3 times exposure on average to such debt in a rising market, but the problem is they will also have that exposure in a falling one. Needless to say, you will not fund us buying any of these funds in our portfolios at Wilsey Asset Management!   ESPN just launched a new streaming product and I'm more confused than ever! I like streaming because it gives more flexibility in choosing what you want to watch, but gosh there are so many different apps and so many different bundles to choose from now. I believe it has just gotten more and more confusing and companies seem to keep increasing the prices for their services. Just this year Netflix increased their prices for various tiers, but the tier with ads went from $6.99 to $7.99, Peacock went from $7.99 to $10.99, and Apple just recently went from $9.99 to $12.99. Apple has been aggressive with pricing considering in 2022 you could get the service for just $4.99 and I personally believe it may be the worst value as I don't think their content justifies that price point. In terms of new services, ESPN just launched it's new service to allow consumers access to its programming without needing to get cable, but the price is quite high at $29.99 per month. Fox also just announced its new streaming service for $19.99 per month. You add these services to other like Disney+, Paramount+, HBO Max, and Hulu and the costs seem to just get quite ridiculous. For me I don't use all the services so I save money on streaming vs traditional cable, but during football season they really get you. Since the league splits its games among so many providers you're almost forced to have Fox, ESPN, Peacock, Paramount+, Amazon Prime, and now even Netflix carries some of the games. I'm not even going to throw in Sunday Ticket into that mix, which now costs almost $480 for returning users. It's now gotten to the point where I wish these sports leagues would just go direct to consumer to keep things simple. What do you think, has the complexities in streaming gotten out of hand?   Financial Planning: Form SSA-44 to Reduce Medicare Premiums When you retire, your income often drops significantly, but Medicare bases its Income-Related Monthly Adjustment Amount (IRMAA) on your tax return from two years prior when you may have been earning much more. This can result in unnecessarily high Medicare premiums at the start of retirement. For example, in 2025, a married couple with income above $212,000 begins to trigger IRMAA increasing premiums by $1,000 to over $6,000 per person per year depending on how high the income is.  If that couple retires and their income falls to less than $212,000, they would still be charged the higher IRMAA unless they file Form SSA-44 to report “Work Stoppage” as a life-changing event. By filing, Medicare will use their new, lower income to set premiums, potentially saving thousands of dollars per year. If you're nearing retirement or have recently retired, beware of the Medicare costs and consider filing this form to avoid paying too much.    Companies Discussed: Ventas, Inc. (VTR), KinderCare Learning Companies, Inc. (KLC), C3.ai, Inc. (AI) & Brinker International, Inc. (EAT)  

In today's video, we discuss how Income-Related Monthly Adjustment Amount (IRMAA) payments are calculated and 8 strategies to reduce or even eliminate the payments.Resources from the VideoReddit Forum Post: / strategies_to_reduce_irmaa_costs_medicare  2025 IRMAA Brackets: https://www.humana.com/medicare/medic...IRMAA MAGI Calculation: https://secure.ssa.gov/poms.nsf/lnx/0...SSA-44 Form: https://www.ssa.gov/forms/ssa-44.pdfBoldin: https://go.robberger.com/boldin/yt-irmmaProjectionLab: https://go.robberger.com/projectionla...Join the Newsletter to get a 10% discount code off of ProjectionLab:https://robberger.com/newsletter/?utm...

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Jim and Chris discuss listener questions on Social Security spousal benefits, filing logistics and spousal eligibility with a disabled child, an inherited Roth IRA, and IRMAA concerns.(14:30) A listener asks why his spouse's Social Security spousal benefit is less than half of his primary benefit amount.(21:45) George asks about the process and documentation needed when […] The post Social Security, Inherited Roth, and IRMAA: Q&A #2533 appeared first on The Retirement and IRA Show.

Chris is joined by Jake and Jacob to answer listener questions on Social Security, followed by a PSA about unexpected Social Security payment timing, then additional questions on transition planning, asset positioning across account types, weighing Roth conversions against the senior deduction, and planning around IRMAA.(6:15) George asks what percentage of taxes he should have […] The post Social Security, Transition Planning, Positioning, Roth Conversions, IRMAA: Q&A #2530 appeared first on The Retirement and IRA Show.

This week on the show, we're discussing the specifics of Required Minimum Distributions (RMDs) as we head into the second half of 2025. Whether you're approaching your first year of RMDs or have been taking them for a while, I break down everything you need to know, from when you need to start taking distributions based on your birth year, to how RMDs are calculated, which accounts are affected, and the potential tax consequences for missing a withdrawal. I'm also sharing eight practical strategies you can use to lower your future RMDs, including asset diversification, Roth conversions, tax-efficient income planning, optimizing Social Security timing, and even using charitable contributions to your advantage. With real-world examples and actionable tips, this episode is packed with valuable insights for anyone looking to navigate their retirement withdrawals as tax-efficiently as possible.  You will want to hear this episode if you are interested in... [02:48] Calculating your Required Minimum Distribution. [05:02] IRA distribution factors & penalties. [10:40] Retirement tax strategy tips. [13:35] IRA conversion tax planning. [15:37] Optimizing social security timing. [18:48] Tax-efficient investment account strategy. Smart Strategies to Manage Required Minimum Distributions (RMDs)  New rules over the past few years have pushed back when retirees must start taking RMDs. As of today: If you were born in 1959 or earlier, your RMDs begin at age 73. If you were born in 1960 or later, the threshold moves to age 75. RMDs apply to traditional IRAs, rollover IRAs, SEP IRAs, SIMPLE IRAs, and most employer-sponsored plans, including 401(k)s and 403(b)s. Importantly, Roth IRAs are not subject to these mandatory withdrawals during the owner's lifetime, providing an attractive planning opportunity. How RMDs Are Calculated Your annual RMD is determined by dividing the prior year's December 31 retirement account balance by a life expectancy factor from IRS tables. Most people use the IRS Uniform Lifetime Table. If your spouse is more than 10 years younger, you get a slightly lower withdrawal requirement by using the Joint Life Expectancy Table. For example, if you are 73 with a $500,000 IRA, and the IRS factor is 26.5, your RMD would be $18,868 for that year. If you miss your RMD, penalties can be steep, 25% of the amount not withdrawn, though if corrected within two years, the penalty drops to 10%. RMDs are generally taxed as ordinary income. If your IRA contains after-tax contributions, those aren't taxed again, but careful tracking is essential. The key is smart, proactive planning. RMDs increase your total taxable income, which can impact not just your IRS bill, but also Medicare premiums (thanks to the “IRMAA” surcharge) and eligibility for certain state tax breaks. Eight Strategies to Lower RMD Impact Here are several tactics to help retirees minimize RMDs' sting and keep more of their wealth working for them: Diversify Account Types Early Don't keep all retirement savings in pre-tax accounts. Consider a mix of pre-tax, Roth, and taxable brokerage accounts so you have flexibility in retirement to optimize withdrawals for tax purposes. Build an Optimized Retirement Income Plan Work with a financial advisor or CPA to design an intentional strategy for sourcing retirement income. With careful planning, you can potentially lower how much tax you'll owe and avoid unwelcome surprises. Do Roth Conversions When Taxes Are Low If you retire before collecting Social Security (and RMDs), you might have years of low taxable income, prime time to convert part of your traditional IRA to a Roth IRA at a low tax rate. Once in the Roth, future qualified withdrawals are tax-free. Delay Social Security for Strategic Reasons Delaying Social Security not only increases your monthly benefit but also gives you more low-income years for Roth conversions, thus reducing future RMDs. Consider Working Longer If you continue working past RMD age and participate in your employer's retirement plan, you may be able to delay RMDs from that plan until you retire (as long as you don't own more than 5% of the company). Aggregate and Simplify Accounts Roll over old 401(k) accounts into a single IRA if eligible. It's easier to track, calculate, and satisfy RMDs, reducing the risk of costly missteps. Optimize Asset Location Hold faster-growing investments (like stocks) in taxable accounts and slower-growing ones (like bonds) in IRAs. This helps slow the growth of your RMD-producing accounts, keeping future required withdrawals smaller. Use Qualified Charitable Distributions (QCDs) Once you're RMD-eligible, you can send up to $100,000 per year directly from your IRA to charity. It will count toward your RMD but won't be taxed, potentially a win-win for you and your favorite causes. Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Download my entire book for FREE  Retirement topics - Required minimum distributions (RMDs) | Internal Revenue Service   Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact   Subscribe to Retire With Ryan

Chris and Jake address listener questions on Social Security, single premium immediate annuity (SPIA) taxation, IRMAA impacts from NQDC payments, and Roth conversions. (9:45) George asks whether the restricted application strategy for Social Security spousal benefits is still possible, and if so, whether birth year requirements apply, along with what changed after the 2015 law […] The post Social Security, SPIA Taxation, IRMAA, Roth Conversions: Q&A #2529 appeared first on The Retirement and IRA Show.

Exploring Heather Schreiber's 5 costly Social Security traps and exploring options of how to handle them. I've seen it time and again throughout my career: the intricacies of navigating Social Security can trip up just about anyone. So when I saw the headline “5 Sneaky Social Security Traps” in Heather Schreiber's newsletter, I knew right away this was going to be something that deserved a closer look on the podcast. Let's dive into these 5 Social Security traps–and these aren't just random quirks—that can lead to unexpected gaps in income, tax surprises, or permanent reductions in your benefits.  1. The Entire Month Rule You might think that turning 62 means you're automatically eligible for Social Security that month. Not quite. Social Security has a quirky rule: you have to be 62 for the entire month to receive benefits for that month. If your birthday is on June 15, you don't qualify for June's benefit. Instead, your eligibility starts in July, and your first payment doesn't arrive until August. What's even weirder is that the SSA counts your birthday as the day before you were born. So if you're born on June 2, you're considered 62 starting June 1 and therefore eligible for June benefits (which are paid in July). If you're planning on your Social Security check arriving the month you turn 62, you could be left waiting an extra month or two—potentially throwing off your cash flow. 2. Rest in Peace, Now Return to Sender Just like you must be alive the entire month to earn that month's benefit, if someone passes away mid-month, they don't qualify for that month's Social Security payment—even if it's already been deposited. This can be a shock to surviving spouses or family members when the SSA takes that money back. If a loved one passes away on June 14, and the June payment was already deposited in early July, that money must be returned. It wasn't “earned” under SSA rules. So whether you're filing for your own benefit or helping a family member, remember: Social Security is earned month-by-month—and only if you're alive for the full month. 3. Lump Sum FOMO: When Free Money Isn't Always Free When you file for Social Security after your full retirement age, you have the option to take up to six months' worth of benefits retroactively. That sounds great—who doesn't like a lump sum? But here's the catch: taking that lump sum means your official filing date is backdated. So if you file at age 68.5 and take six months retroactive payments, SSA treats you as if you filed at 68—reducing your benefit by 4%. That “free” $18,000–$20,000 could cost you thousands more over the course of your retirement. Sometimes it's worth it, but many people take the lump sum without realizing the long-term cost. 4. Under-Withholding Today May Lead to Regret Tomorrow Here's a situation I see far too often: retirees who start taking Social Security, forget to set up federal tax withholding, and then get a surprise bill come tax season. Unlike pensions or employer paychecks, Social Security doesn't automatically withhold taxes unless you fill out a separate form (Form W-4V). If you don't do this and your Social Security income is taxable, you could owe hundreds—or thousands—at tax time. Take the time to set up appropriate withholding levels. SSA allows you to choose from 7%, 10%, 12%, or 22%.  5. Medicare IRMAA and the Two-Year Lookback When you hit age 65 and enroll in Medicare, your premiums for Part B (and possibly Part D) can go up significantly if your income from two years ago was high. This IRMAA (Income-Related Monthly Adjustment Amount) surcharge can sneak up on you—especially if you had a one-time event like a Roth conversion, large capital gain, or business sale. If you had a significant drop in income due to retirement, job loss, or other life event, you can appeal your IRMAA using a life-changing event form (SSA-44). I've helped dozens of clients successfully reduce th...

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.

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.

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

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

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

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.

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.

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