5 Unique Social Security Questions Answered - 244

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 22 October 2019

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

Social Security strategies if you are married to a younger spouse and have a minor child, affected by the windfall elimination provision, considering divorce for a better benefit, or unsure of the restricted application. And should you spend 401(k) money before taking Social Security? Next up, real estate: should you gift property now to reduce taxes later? Should you pay off your home? And the section 121 exclusion of gain from the sale of a principal residence on a split property. Transcript, show notes, and free financial resources: http://bit.ly/YMYW-244

Transcript

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0:00.0	Today on Your Money, Your Wealth, we look at three less common Social Security claiming situations and two more standard ones.
0:06.7	First up, what should the strategy be when you have a much younger spouse and a minor child?
0:11.4	If you had a government job but you only need a couple more quarters to be eligible for Social Security,
0:16.5	does it make sense to come out of retirement or does the windfall elimination provision make that
0:21.1	pointless? And should you get a divorce for a better social security benefit? Plus, should you
0:26.8	spend 401k money before you take Social Security? And do you have to do a restricted application
0:32.4	if you were born before 1954? Next, we get into real estate. What's a good property gifting strategy to reduce
0:39.6	taxes? Should you pay off your primary residence? And the fellas talk about the section 121
0:45.1	exclusion of gain from the sale of a principal residence when you've split the property.
0:49.9	I'm producer Andy Last. If you've got money questions, go to Your Money, Your Wealth.com.
0:54.4	Scroll down and click Ask Joe and Al on air. Here they are now, Joe Anderson, CFP, and Big Al Clopine CPA.
1:01.8	All right, Robert from San Diego, Joe and Al.
1:05.9	Notice it's Joe, J.O. Robert. That's a new way to spell your name.
1:10.7	Well, it's better than Joel. Yeah. Except that's the feminine way to, J.O. Robert. That's a new way to spell your name. Yeah.
1:11.6	Well, it's better than Joel.
1:12.6	Yeah.
1:13.6	Except that's the feminine way to spell Joe.
1:15.6	Yes.
1:16.6	It's okay.
1:17.6	You have feminine qualities sometimes.
1:19.6	Joe and Al.
1:21.6	I am 64.
	...

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