Listener Voicemails: Social Security, Trusts, and IRA Math Mysteries
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 19 August 2024
⏱️ 35 minutes
🧾️ Download transcript
Summary
In this episode we're answering listener voicemails and tackling some tough questions about Social Security, RMDs, estate planning, and more.
First up, we help Diane, whose husband is a minister, figure out why his Social Security benefits don't include his housing allowance, even though he pays taxes on it. Then, we talk through a listener's concerns about how changing the title on a brokerage account could affect the revocable living trust her parents set up.
We also explain how Required Minimum Distributions (RMDs) work and why the percentage you have to take out increases as you get older. Next, we respond to John H., who challenges our math on whether it's better to withdraw an entire IRA at once or spread it out over 10 years. Finally, we offer advice to Richard, who's looking for a new attorney to update his and his wife's wills after losing contact with their original lawyer.
If you've ever wondered about Social Security, trusts, or retirement strategies, this episode is packed with practical tips and answers to common questions. Tune in and get the clarity you need for your retirement planning!
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Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the "Ask A Question" menu selection.
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Transcript
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| 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. |
| 0:10.7 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:13.7 | I'm your host, Devin, joined by my co-host, John Rawls. |
| 0:17.5 | Howdy. |
| 0:27.7 | Thank you. John Rawls. Howdy. John, it's been a busy summer. |
| 0:29.7 | Yeah, a little bit. |
| 0:32.9 | We've been answering a lot of listener questions. |
| 0:35.2 | You know, we had more piled up than we thought we did. |
| 0:36.2 | Well, yeah, right. |
| 0:37.7 | Yeah, we kind of got behind. Yeah, we did. that's just that's just the deal it is so we've we've been getting through |
| 0:43.2 | these and now we are down to the voicemails correct so we've gotten through all of the questions |
| 0:51.0 | and funny enough we've already had several more come in that |
| 0:54.5 | we haven't answered yet. So we're going to have to find a better way to do this than to take |
| 0:58.8 | every summer and use all those episodes to answer questions because some of those, some of those |
| 1:05.4 | questions were referencing, what should I do at the end of this year? And that was 2023. So I really felt bad answering |
| 1:11.7 | those questions in summer of 2024. Right. So we've got to do something different. We'll get better. |
| 1:18.1 | But we got through those. And now we're going to get through these voicemails and answer some of these |
| 1:24.0 | questions. So you can always go to the website, big picture retirement.com. At the top, in the menu section now, there is a button you can click that says, ask a question, and you can just send us your question there. And you can also go to the sidebar, I believe it is, and you can leave us a voicemail. So however, you prefer to get us your question. All right. Now, ordinarily, John, by the way, I would say, or you can go to the Facebook |
| 1:47.8 | group, but us a voicemail. So however you prefer to get us your question. All right. Now, |
| 1:44.6 | ordinarily, John, by the way, I would say, or you can go to the Facebook group, but I'm |
| 1:48.4 | going to tell you, this is a little side rant. I'm getting a little tired of the Facebook group. |
... |
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