Real estate and life insurance today on YMYW: what is a home equity line of credit? Is a HELOC better than a traditional mortgage? What are all-in-one mortgage loans? Does it make sense to ditch apartment living and buy a condo, or keep investing for retirement? Next up, Joe and Big Al spitball ideas on what to do with old whole life insurance policies. Plus, ABLE accounts for individuals with disabilities, and should you claim Social Security benefits before or after moving to a no income tax state?
Scenario #1 One Spouse Earns More than the Other • Higher earner may want to delay to age 70 • Lower earner may want to collect at full retirement age • Assumption: At least one spouse anticipates a long life • Benefit: Higher benefit for survivor plus current benefits sooner Scenario #2 Both Spouses Have […]
If you realize you claimed your Social Security benefits too early: A Do-Over: You can pay back benefits within 12 months A Suspension: You can suspend benefits between full retirement age and 70 Watch the full episode, Avoid Social Security Letdown Make sure to subscribe to our channel for more helpful tips and the latest […]
What are the upsides and pitfalls of claiming Social Security early at age 62, or waiting until age 70? Watch the full episode, Avoid Social Security Letdown Make sure to subscribe to our channel for more helpful tips and the latest episodes of “Your Money, Your Wealth.”
How to Qualify for spousal Social Security benefits Current Spouse (or former spouse, married 10 years) Minimum Age: 62 If Currently Married: Your spouse must be collecting benefits If Formerly Married: Your ex-spouse must be 62 & eligible for benefits Benefit: 50% of spouse’s full retirement age benefit, or lower Watch the full episode, Avoid […]
How much are your Social Security benefits? Find out how your Social Security benefits are calculated, and how much you can expect to collect in Social Security payments. Check Online: ssa.gov Highest 35 Earning Years Primary Insurance Amount (PIA) Watch the full episode, Avoid Social Security Letdown Make sure to subscribe to our channel for […]
The numbers are startling when you realize just how much people rely on Social Security: 50% of married couples and 70% of unmarried people depend on it for 50% or more of their retirement income! Source: Social Security Fact Sheet – 2019 Watch the full episode, Avoid Social Security Letdown Make sure to subscribe to […]
Spitballing tax-efficient retirement withdrawals, savings, Social Security, and required minimum distributions (RMD). Plus, leveraging whole life insurance, and is investing 15% of an all-stock portfolio in preferred stocks too risky? But first, Joe and Big Al break down the mechanics and safety of doing a 401(k) to IRA rollover.
Spitballing retirement readiness for Sean in Texas and for Little Al in Chantilly, VA, who has UK retirement funds and is desperate to quit work now. Plus, how can Doug in Missouri do some tax arbitrage with pensions, Roth conversions, and Social Security? Can Mary switch to her ex-spouse’s Social Security benefit? But first, Tyler in Ohio has questions about restricted stock units (RSUs) and net unrealized appreciation (NUA).
Would you be better off taking your Social Security benefits early? Matt Balderston, CFP®, AIF®, Founding Member and Senior Financial Planner at Pure Financial Advisors, explains why it might make sense to collect Social Security prior to full retirement age. Subscribe to our YouTube channel. IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are […]
Have Social Security payments ever been cut for those already receiving them? Plus, survivor benefits, the Windfall Elimination Provision (WEP), and CalPERS. Also: what retirement accounts should you save into in what order? How should you withdraw from a brokerage account in retirement? And paying the tax on a Roth conversion, overfunding a 529 plan for education, and mortgage refinancing and interest deduction.
Questions answered about Roth 401(k) contributions and “Megatron” (that is, mega backdoor) Roth contributions for highly compensated employees, and the Roth conversion strategy of filling the tax bracket. Plus, moving a pension to an investment plan, owning real estate in a self-directed IRA, paying off the mortgage vs. refinancing, spousal vs. survivor Social Security benefits, rolling a whole life insurance policy to a variable annuity, and more.
What if you could get a 32% boost in your Social Security benefits? You have the power to maximize the amount of your monthly Social Security check in retirement. The choices you make regarding your Social Security could be the difference in the lifestyle you are able to live during your golden years. Do you […]
Joe and Big Al field emails on a wide range of personal finance topics this week on YMYW: ex-spouse Social Security benefits, paying the mortgage or buying long-term care insurance, how the FIRE community uses the Roth conversion ladder, tax rules for sole proprietors hiring minors, using excess 529 plan education savings, paying taxes or paying back a Coronavirus Related Distribution, and when to file form 8606 to report IRA contributions.
William has investing experience, money in the bank, and a retirement plan. Is he ready for early retirement at age 59 and a half? Plus, BRRR real estate investing and Roth IRA, Backdoor Roth conversions, and “Megatron” Roth contributions. Also, capital gains vs ordinary income, and are restricted stock units (RSU) ordinary income? Do they impact Social Security benefits? When can you collect spousal Social Security?