2.3 • 681 Ratings
🗓️ 3 May 2022
⏱️ 44 minutes
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How does Social Security work for self-employed small business owners? Is there a solo 401(k) that allows after-tax contributions? How much cold, hard cash should you keep on hand? Why do advisors suggest buying a fixed indexed annuity, and how do qualified charitable distributions work? Finally, is it a good idea to pre-pay the mortgage on a real estate investment, and how do you calculate the tax on a home you inherited? Show notes, free financial resources, Ask Joe & Al On Air: https://bit.ly/ymyw-376
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0:00.0 | Your questions run the gamut today on Your Money, Your Wealth podcast number 376. How does Social Security work for self-employed small business owners? Is there a solo 401k that allows after-tax contributions? How much cold, hard cash should you be keeping on hand? Why do advisors suggest buying a fixed indexed annuity and how do qualified charitable distributions work. |
0:22.1 | Finally, is it a good idea to prepay the mortgage on a real estate investment and how do you |
0:26.8 | calculate the tax on a home you inherited? I'm producer Andy Last with the hosts of Your Money, |
0:31.8 | Your Wealth, Joe Anderson, CFP, and Big Al, Copein CPA. You can visit Your Money Your Wealth.com |
0:37.3 | and click Ask Joe and Big Al on air |
0:39.4 | to send the fellas your questions as an email |
0:41.8 | or as a voice message. |
0:44.0 | Hello, YMYWT. |
0:46.2 | This is Jim from Santa Cruz calling. |
0:48.9 | The last time I submitted a question, |
0:51.3 | Joe just tore it to shreds on air. |
0:53.8 | But fortunately, I'm a fearless |
0:55.5 | glutton for punishment, so here comes another one. Our friends Jack and Diane are deciding |
1:00.9 | on a social security strategy. Each is 62 years old, because Diane was the primary earner, |
1:07.9 | she plans to claim it benefits at age 70. Jack was self-employed, but since he is now |
1:13.4 | working less than 45 hours per month, he's tempted to claim his benefits now. He expects to |
1:19.9 | earn around 2,000 a month for the balance of this year, which exceeds a 1630 a month allowed by the |
1:26.9 | SSA. |
1:28.4 | Jack understands that 50% of the excess benefits will be withheld. |
1:33.0 | Our question, how does the Social Security Administration determine Jack's earnings? |
1:39.0 | Their website indicates that benefits are withheld in the first months of the following year, |
1:44.4 | the tax returns often aren't filed until April or until October with an extension. |
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