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 on a work record reduces a spousal benefit or if the child-in-care provision prevents the reduction.

(22:15) An email comment corrects a hint given on a previous episode regarding NFL team names.

(26:30) A listener questions whether Chris overlooked the Qualifying Widower status in a previous Q&A episode answer.

(35:00) Chris and Jake respond to a listener asking whether taxes on a December RMD must be paid immediately or with the next estimated payment.

(44:30) George, who pays IRMAA due to a large Roth conversion, wonders if there’s a way to avoid it without qualifying under the listed exceptions on the SSA-44 form.

(53:45) A listener considers whether changes in Social Security taxation at the state and federal levels should influence their decision on when to start benefits.

The post Social Security Benefits, RMD Taxes, IRMAA, and Social Security Taxation: Q&A #2508 appeared first on The Retirement and IRA Show.

Chris flies solo for this long promised, very special, EDU episode where he describes our retirement planning philosophy and approach in just 30 minutes.

The post Our Retirement Planning Philosophy and Approach, Condensed Version: EDU #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 event for IRMAA purposes.

(22:00) Jim and Chris discuss whether taking IRA distributions in a lump sum or spreading them out over time is the better approach for someone retiring at 63.

(35:45) A listener explores the idea of making an intentional excess Roth contribution then reevaluating their options before the extended tax filing deadline.

(54:45) The guys clarify the defined contribution limit and how catch-up contributions affect the total amount allowed.

(58:00) Jim and Chris answer whether RMDs on a recently inherited IRA must begin in 2025 or if the clock starts in 2026.

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.

In this EDU episode Jim and Chris review and discuss an article sent in by a listener after their critique of the safe withdrawal rate approach to retirement.

Show Notes:

The post A Smart Approach to Retirement: EDU #2507 appeared first on The Retirement and IRA Show.

Jim and Chris discuss listener questions relating to Survivor Benefits, Social Security Disability Insurance, and Donor Advised Funds.

(29:00) The guys address a question about whether someone can claim six months of retroactive Social Security benefits before switching to a survivor benefit if their spouse passes away.

(42:30) A listener wonders if their mother-in-law may have permanently reduced her Social Security benefit after being advised to file while waiting for SSDI approval.

(53:30) George asks if his children can establish their own Donor Advised Fund (DAF) to receive Qualified Charitable Donations (QCDs) from his IRA after his death, avoiding federal income tax.

The post Survivor Benefits, Social Security Disability, and Donor Advised Funds: Q&A #2506 appeared first on The Retirement and IRA Show.

While Jim is at a conference, Jake joins Chris to discuss a listener’s simplified retirement planning approach. They examine their straightforward strategy, focusing on key points like living within your means, how finances often simplify in the mid-70s after covering the Minimum Dignity Floor, and the impact of passing the delay period for larger withdrawals. They also consider potential risks, such as inflation and interest rates, in this type of allocation.

The post A Discussion on Simplified Retirement Planning: EDU #2506 appeared first on The Retirement and IRA Show.

Jim and Chris discuss listener questions relating to Social Security, QLACs, TIPS ETFs, and buffered ETFs.

(9:00) A listener who worked in Australia in the late 1980s asks how the U.S.-Australia Totalization Agreement might affect their Social Security benefits. Jim and Chris discuss whether their earnings record can be adjusted and what steps to take.

(16:00) The guys respond to a listener with a sizable public pension who is considering claiming Social Security at 62 and investing the funds. They analyze the strategy and explain why delaying benefits is often the better choice for protecting the Minimum Dignity Floor.

(47:30) Jim and Chris address a question about QLACs and IRA valuations: Should the end-of-year fair market value of a QLAC inside an IRA be included when calculating the total IRA balance for pro-rata basis conversion purposes?

(58:15) George asks about TIPS ETFs—if phantom income from inflation adjustments isn’t reinvested, does that diminish or eliminate inflation protection?

(1:07:30) A listener nearing retirement lays out their funding strategy for a 5.5-year delay period and beyond. Jim and Chris share their thoughts on the approach and the role of buffered ETFs.

Show Notes: Article discussed in Question 2

The post Social Security, QLACs, and ETFs: Q&A #2505 appeared first on The Retirement and IRA Show.

Jim, Chris, and Jake share their thoughts on a recent Morningstar study that lowers the industry-standard safe withdrawal rate to 3.7%. They review a MarketWatch article discussing the study, highlighting points of agreement and disagreement. Throughout the conversation, they explore their approach to retirement planning, including the Minimum Dignity Floor, See-Through Portfolio, and Fun Number concepts, comparing these to the safe withdrawal rate and Monte Carlo methods for determining retirement spending.

Show Notes:

Read in MarketWatch

Watch the video from Morningstar

The post Safe Withdrawal Rate: EDU #2505 appeared first on The Retirement and IRA Show.

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.

The post Medicare Enrollment, Social Security, and Estate Taxes: Q&A #2504 appeared first on The Retirement and IRA Show.

Jim, Chris, and guest Paul Neiffer, CPA, continue their discussion on Charitable Remainder Trusts. They also answer listener questions related to CRTs, CRATs and CRUTs.

The post Charitable Remainder Trusts Part 2: EDU #2504 appeared first on The Retirement and IRA Show.