Social Security WEP, GPO & Roth IRA Conversion Strategies - 275

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

🗓️ 26 May 2020

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

The windfall elimination provision (WEP), government pension offset (GPO) & spousal Social Security benefits. Also, Roth IRA conversions and Medicare, Roth conversions from a thrift savings plan (TSP), and conversions to buy real estate. Plus, asset location and other tax planning strategies beyond Roth IRA conversions, like life insurance and charitable remainder trusts. Send in money questions and access the episode transcript and free financial resources in the podcast show notes: https://bit.ly/YMYW-275

Transcript

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0:00.0	Today on your money, your wealth, the windfall elimination provision, government pension offset,
0:06.5	and spousal social security benefits. Also, Roth IRA conversions and Medicare, Roth conversions
0:12.5	from a Thrip savings plan, and conversions to buy real estate. Plus, asset location and other
0:18.4	tax planning strategies beyond Roth IRA conversions, you know,
0:21.6	like life insurance and charitable remainder trusts.
0:24.4	Wisconsinites, this might not be the episode for you.
0:27.2	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, Joe Anderson,
0:31.8	CFP, and Big Al Clopine CPA.
0:35.0	Okay, I have a question regarding Social Security.
0:37.2	My wife is eight years my senior. I'm married a Cougar. Ken.
0:42.0	This is Ken, by the way. Yeah, Ken, you dog you. Oh, Cougar, aren't you? She's probably hot.
0:48.3	She retired from the U.S. government and receives a TSP retirement pension, which does not allow for her to collect Social Security.
0:57.0	If I elect to start my Social Security at age 62, can she also receive a spousal allotment pay,
1:03.9	along with my payout from Social Security, meaning if I receive $11,000 at 62, can she...
1:10.4	$1,100.
1:12.0	What's that? $1,100 at 62. I'm sorry receive $11,000 at 62, can she... What's that?
1:14.0	1100 at 62.
1:14.9	I'm sorry, 11.
1:26.1	If I receive $1185, $1,185 at $62, can she receive one third of that amount also?
1:27.9	Thank you for answering my question.
1:30.4	Okay.
1:35.2	So can she receive the spousal, even though she can't collect in her own?
	...

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