Listener Q&A: Tax Strategies, Inheritances, Annuities, and More

Big Picture Retirement®

Devin Carroll

Investing, Business News, News, Business

4.7 • 546 Ratings

🗓️ 5 August 2024

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode, Devin and John dive into a variety of listener questions, discussing annuities, maxing out retirement plans, why HSAs aren't widely talked about, IRMAA, and more. Tune in as we explore:

Claudia's Situation: Understanding the distribution requirements for inherited qualified and unqualified MYGA accounts in light of recent tax law changes. We discuss the tax implications of cashing out one account at the rollover date versus waiting, and which account is better to save for children's inheritance to lessen their tax burden.
Warren's Issue: Dealing with IRMAA surcharges on Medicare premiums after selling company assets and the impact of high income on Social Security benefits.
Rob's Request: Suggestions for adding "Married filing separately" information to our new "Big Picture Retirement Planning Cheat Sheet."
Rick Dunn's Question: Clarifying the maximum contributions to IRAs plus an employee deferment program (401k).
Michael's Concern: Exploring why Health Savings Accounts (HSAs), despite being excellent tax-saving products, aren't more widely promoted by financial advisors.

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https://www.carrolladvisory.com/pl/2148282517

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"Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.

Contact Devin's team https://carrolladvisory.co/podcast1

Contact John's team athttps://www.rossandshoalmire.com/

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Transcript

Click on a timestamp to play from that location

0:00.0	The Big Picture Retirement Show does not provide tax, legal, or financial advice.
0:04.3	Listeners are encouraged to seek out their own advisors in these areas.
0:10.6	Hey, everyone, welcome to the Big Picture Retirement Show.
0:13.8	I'm your host, Devin.
0:14.9	Join today by my co-host John Ross Esquire.
0:19.0	The holiday.
0:26.0	Thank you. John Ross Esquire. Howdy. John, I'm glad that we can come back today and answer some additional listener questions.
0:31.7	Devin, do you listen to a lot of podcasts?
0:33.7	You know, yes and no.
0:37.1	A lot of it depends on how much I'm traveling, which is not much. I live three miles from my office, so I don't get the chance to listen to those on my commute.
0:47.2	Yeah, I do mostly what I'm driving. That's my most, most of my podcast listening is what I'm driving.
0:52.6	What are you going to do? Listen to music.
0:54.7	Right.
0:55.6	Yeah.
1:00.2	But my wife now, my wife listens to, she listens to podcasts every day.
1:01.1	But here's the thing.
1:07.4	And this is what made me think about it, is she listens to them primarily at night to go to sleep.
1:08.0	Hmm.
1:09.0	I wonder.
1:15.9	I wonder if anybody out there is, is like my wife where they're listening to big picture retirement because it knocks them out.
1:21.6	I don't think that's possible.
1:23.0	It's 10 o'clock at night.
	...

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