Social Security, The Spousal Waiver Form, RMDs, and Backdoor Roth Contributions: Q&A #2042
55 min

Jim and Chris answer questions on Social Security claiming strategies, withdrawing an application for claiming Social Security, the Spousal Waiver Form, RMDs, and backdoor Roth contributions.

(2:56) George asks a question about Social Security claiming strategies.

(7:17) George from Arizona wonders what the repercussions are for withdrawing his application for Social Security benefits.

(18:15) A listener wants Jim and Chris to elaborate on their previous EDU show about the need to sign a Spousal Waiver Form on a 401(k) to disinherit their spouse as the default beneficiary.

(33:25) A listener asks about delaying required minimum distributions (RMDs).

(41:45) A listener asks a question about backdoor Roth contributions

The post Social Security, The Spousal Waiver Form, RMDs, and Backdoor Roth Contributions: Q&A #2042 appeared first on The Retirement and IRA Show.

Retirement Starts Today Radio
Retirement Starts Today Radio
Benjamin Brandt CFP®, RICP®
BIG Legislation Changes, tiny Portfolio Changes, Ep # 167 BIG Legislation Changes, tiny Portfolio Changes, Ep # 167
Are you worried about what the election means for your retirement portfolio? Many people are tempted to make big changes to their retirement savings to reflect their election concerns. On this episode of Retirement Starts Today Radio, you’ll learn what you can do to your portfolio if you are nervous about the transition. You’ll also hear what the new RMD tables mean and how the Biden proposals could change the entire retirement landscape. Outline of This Episode * [2:12] What do the new RMD tables mean for you? * [4:40] How much is the next Medicare Part B premium increase? * [7:40] Should you make big changes to your retirement plan because of the election? * [11:50] Which Biden proposals could affect you and your retirement? What do the new RMD tables mean for you? Since people are living longer than ever before, the IRS has finally decided to acknowledge these longer lifespans by updating their Required Minimum Distribution tables. According to the longer retirement timeline, retirees can take out smaller mandatory distributions and spread them out over a longer period of time. What does this mean for you? You can expect to see smaller tax bills and larger IRA balances compounding over time. Listen in to hear the details and learn why this new tax table may seem familiar. Should you make big changes to your retirement plan because of the election? Thankfully, we’re not here to discuss politics. You can go just about anywhere else on the internet for that. However, I do want to touch on the changes that may arise due to the election. An election year often brings about strong feelings one way or the other and many people feel that they need to make changes to their portfolio based on what they hear on the news. Just because there is an election doesn’t mean that you should make big changes to your retirement portfolio. It’s a good idea to keep in mind that there may be between 4 and 8 presidents in office over the course of your retirement. Major global policy shifts don’t equal major portfolio shifts Even if there are major shifts in global policy you only want to make tiny shifts in your portfolio. If you listen in I will give you specific examples of what you can do to prepare for the future transition without changing the essence of your portfolio. I do want to clarify that you should never take advice from me or anyone that you find on the internet. Regardless of who is running the country, I want you to have an amazing retirement. Which Biden proposals could affect you and your retirement? One of Biden’s proposals could completely change the retirement landscape. How would your retirement plans change if the Medicare age was lowered from age 65 to 60? At this point, it is just a proposal. Stay tuned in to Retirement Starts Today Radio over the coming months to hear the latest on this Biden proposal as well as his plans for Social Security. Resources & People Mentioned * Plan Adviser RMD tables * Think Advisor Medicare Part B article * NPR article about Biden’s Medicare proposal * CNBC article about Social Security Connect with Benjamin Brandt * Get the Retire-Ready Toolkit: * Follow Ben on Twitter: Subscribe to Retirement Starts Today on Apple Podcasts,Stitcher,TuneIn,Podbean,Player FM,iHeart, orSpotify
16 min
Simply Tax
Simply Tax
Damien R. Martin, CPA
AICPA Advocacy Updates: PPP & Beyond #113
The American Institute of CPAs (AICPA) Tax Policy & Advocacy Team and volunteer members continually monitor and advocate on legislative, regulatory, and administrative tax matters—and 2020 has been an exceptionally busy year. Guest Amy Wang, AICPA tax policy and advocacy senior manager, joins host Damien Martin to share what the team has been up to and provide an update on Paycheck Protection Program (PPP) loan forgiveness. Here’s what’s covered: * Update on PPP loan forgiveness and related activity in Washington @01:16 * The latest with AICPA tax policy and advocacy efforts @06:51 * Ways the AICPA has made a difference in the guidance implementation process @17:58 * Key areas of focus going forward @21:12 * Closing thoughts @24:44 BIO FOR GUEST Amy Wang is a member of the AICPA Tax Policy & Advocacy Team, whose mission is to serve the public interest by helping AICPA members be the most trusted professional providers of tax services, while also advocating sound tax policy and effective administration. She plays a key role in the development of AICPA testimony for tax-related congressional hearings. Learn more about our guest and get additional resources here. GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube
28 min
Retirement Answer Man
Retirement Answer Man
Roger Whitney, CFP®, CIMA®, RMA, CPWA®, AIF®
How Do I Stop Feeling Guilty About Success So I Can Enjoy Retirement?
There are so many things to take care of in retirement. It can all feel overwhelming. Many people worry about their jobs, the state of the world, retirement, and their uncertain future. On this episode of Retirement Answer Man, you’ll learn what you can do to ease your worries about the unknown as well as discover the answers to questions from listeners like you. Join Tanya Nicols and me as we answer questions about an early retirement package, what to do when you have a significant portion of your net worth in one stock, and how to use second to die life insurance. What is worry? Worry is a noun that means a state of anxiety and uncertainty over actual or potential problems. It can also be a verb meaning to give way to anxiety or unease. Are you a worrier? Although worry is a healthy thing, oftentimes people allow their minds to dwell on difficulties or (perceived) troubles. There is a fine line between healthy worry and overwhelming worry. The fine line between healthy and unhealthy worry can be hard to walk Just like how exercise creates stress in your muscles and grows them, worry can do the same to your mind. Worry can spur you into action causing you to improve your situation. However, worry taken to excess can be paralyzing. It can cause you to lose perspective so that you can no longer see clearly. You can’t let worry overwhelm you so much that it steals your life away. Listen in to hear what you can do to help ease your worries about the state of the world, life, and retirement. How do you perceive the wealth you have created? It is often said that money is the root of all evil, but this isn’t true. The love of money is the root of evil. Do you feel guilty about the wealth you have created? Guilt is a common theme for many successful people. Many create an emotional attachment to their money. Rather than judging yourself for creating your wealth, use that wealth as a tool. How you use it is important. What will you do with your wealth to create an amazing life? What to do when you have a significant portion of your assets in one stock One listener has ⅓ of her net worth tied up in one particular tech stock. She is looking for some guidance on how to handle this. A great question to ask is: what would happen to your net worth if that stock simply vanished? This question can get you thinking about how much you need to have a good life. Once you have thought deeply about your life then you can be methodical about this asset. Set a number to help guide you and don’t let taxes sway your decision. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? * [1:40] What is worry? Q&A WITH TANYA NICHOLS * [10:56] How do you feel about your wealth? * [16:52] What to do when you have a significant portion of your assets in one stock? * [22:57] How to balance Social Security, taxes, and an early retirement package * [25:46] Second to die life insurance TODAY’S SMART SPRINT SEGMENT * [30:47] Control your input Resources Mentioned In This Episode Align Financial BOOK - The Daily Stoic by Ryan Holiday BOOK - The Rational Optimist by Matt Ridley BOOK - The Power of Agency by Anthony Rao Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
33 min
Money! with Stacy Johnson
Money! with Stacy Johnson
How to Get a Deal on Everything You'll Ever Buy
We're approaching that special time of the year; the time when we blow our budgets and buy everything that isn't nailed down. Whether you're planning on doing your holiday shopping online, in stores or both, here's some good news: You don't ever have to pay retail again. For anything. Ever. In this week's "Money" podcast ( ) , we're going to explore techniques -- some old, some new -- to save on everything you ever buy. Links: * 12 Ways to Never Pay Full Price for Anything ( ) * 15 Golden Rules for Saving on Every Purchase ( ) * 10 Ways to Get a Discount on Every Online Purchase ( ) * 15 Golden Rules for Saving on Every Purchase ( ) * 25 Ways to Spend Less on Food ( ) * 11 Ways to Save on Entertainment ( ) * 13 Ways to Save on Clothing Without Sacrificing Quality ( ) * Cash Back Site: Rakuten ( ) * Cash Back Site: Swagbucks ( ) Hosts: * MoneyTalksNews ( ) * ( ) Ask us a question ( ) Hey Money! listeners if you have a question, topic or life lesson you want to share with everyone, leave us a voice message by calling 1-833-669-8557 then press 0 to leave a message. We'd love to hear from you. Support this podcast at — Advertising Inquiries:
36 min
Locked On Cougars - Daily Podcast On BYU Cougars Football & Basketball
Locked On Cougars - Daily Podcast On BYU Cougars Football & Basketball
Locked On Podcast Network, College Sports, College Football, College Basketball
BYU Doesn't Need to Kowtow to Washington or the Pac-12 & Blackout Uniforms are Back - November 23, 2020
The Locked On Cougars Podcast for November 23, 2020: Jake Hatch began show with his impassioned defense of BYU and why they should feel no need to play the role of the sucker for Washington and/or the Pac-12 Hatch then talked about the return of BYU's blackout uniforms for the San Diego State game and why he thinks they should remain the exception vs. becoming the rule Finally, the podcast wrapped up with some thoughts on how Taysom Hill did in his first start for the New Orleans Saints in a 24-9 win over the Atlanta Falcons Support Us By Supporting Our Locked On Podcast Network Sponsors!  Built Bar - Built Bar is a protein bar that tastes like a candy bar. Go to and use promo code “LOCKEDON,” and you’ll get 20% off your next order. BuiltGo - Visit and use promo code “LOCKED,” and you’ll get 20% off your next order. All Guard Pest Control - All Guard is your local pest control company that is ready and willing to serve you. Check them out at or call them at 801-852-1812. Follow the Locked On Cougars podcast on Facebook, Instagram and Twitter to stay up-to-date with the latest BYU sports news. Please remember to rate and review the show as well. Also, please consider subscribing to the Cougs Daily Newsletter that Jake writes and is delivered to your email inbox. Learn more about your ad choices. Visit
31 min
The Power Of Zero Show
The Power Of Zero Show
David McKnight
Tax-Free Income for Life Preview, Part 3 – The Secret to Mitigating Tax-Rate Risk and Longevity Risk within the Very Same Financial Plan
Today’s episode covers the last secret to mitigating the two most concerning risks of people planning to retire. People are afraid of running out of money before they run out of life. Traditionally the way you can mitigate that risk is by accumulating a lot of money and restricting your distributions to 3% which gives you a statistical likelihood of not running out of money. The alternative is by guaranteeing your income by way of an annuity. Economists say that the ideal way to guarantee an income stream for life involves giving an insurance company a large lump sum in exchange for a steady stream of income for life. There are a number of shortfalls with that approach including a lack of liquidity and what David refers to as the “Mack Truck Factor”. Single premium immediate annuities do not adjust for inflation which means as inflation goes up your spending power goes down. Insurance companies have recognized a number of benefits of having an annuity as well as attempted to address the shortfalls. The solution they’ve come up with is a fixed indexed annuity. A fixed index annuity gives you liquidity on your dollars and the growth of the money in the account is linked to the upward movement of the market. They also come with death benefit features which do quite a bit to mitigate the issues with traditional annuities. The big mistake that most people make is they implement these annuities in the tax-deferred bucket, exposing themselves to the risk of a rising tax-rate environment. Insurance companies provide options to convert that fixed indexed annuity to a Roth IRA but that comes with its own set of problems. In an attempt to avoid doubling your taxes over time you may end up doubling them in the short term. There is another option known as a piecemeal internal Roth conversion that allows you to convert your annuity over whatever timeframe your financial plan calls for. The piecemeal internal Roth conversion eliminates the two greatest risks to your retirement, tax-rate risk, and longevity risk. When you remove those risks off the table, you also take care of the sequence of return, withdrawal rate risk, and inflation risk. Historically, financial advisors will say you can only mitigate one of those two risks. Either you have liquidity and don’t have to worry about longevity or you cover longevity and have no liquidity. The plan outlined in Tax-Free Income for Life allows you to effectively remove longevity risk, along with all of the risks that get magnified as a result of longevity risk, and tax-rate risk all in the same financial plan. If you’re looking for an advisor to help you navigate all the pitfalls that stand between you and the zero percent tax bracket, as well as mitigate both longevity risk and tax-rate risk you can go to to get connected with an Elite Advisor. The Power of Zero and Tax-Free Income for Life are companion volumes essential to your financial plan.
15 min
More episodes
Clear search
Close search
Google apps
Main menu