Spitballing Retirement and Social Security for Worst Case Scenarios - 443

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 August 2023

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

Harsh realities of life can very quickly change your retirement plans and your entire financial future. In this episode, Joe and Big Al spitball on dealing with these realities. What financial strategies can they suggest for William and his 33-year-old wife, who has metastatic breast cancer? Debbie and Emily each experienced the unexpected sudden passing of their partners. Is it possible to minimize the capital gains tax on Debbie’s son’s inheritance, and can Emily retire in a year? Josie has lousy longevity in her family and wants to plan for the worst case scenario of dying before her husband. Alfred is 81 and concerned that he’s going to run out of money before he runs out of time, and Richard has a sobering story that changed his thoughts about when to collect Social Security. Finally, Irene is subject to the Government Pension Offset (GPO) - can she withdraw the money she paid into Social Security?

Timestamps:

01:03 - Financial Strategies for the Young and Disabled (William, TX)
08:16 - How to Minimize Son’s Capital Gains Tax on Inheritance (Debbie, HI)
14:37 - Can I Quit Work in a Year? Should I Do Roth Conversions? (Emily, Rochester, MN)
20:22 - Worst Case Scenario Retirement Spitball Analysis (Josie, Atlanta)
28:45 - Are We Going to Run Out of Money? How Much Can We Safely Withdraw? (Alfred Pennyworth)
32:35 - Life Lesson on When to Take Social Security (Richard)
40:15 - Can I Withdraw the $17,000 I Paid into Social Security? (Irene, Bremerton, WA)
46:00 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-443:

Estate Planning Organizer - free download
Social Security Handbook - free download
6th Annual YMYW Podcast Survey - one randomly-chosen participant will win a $100 Amazon e-gift card!
Episode Transcript
Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Transcript

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0:00.0	Harsh realities of life can very quickly change your retirement plans and your entire financial future.
0:06.4	Today on Your Money Your Wealth podcast number 443, join Big Al Spitball on dealing with these realities.
0:13.0	What financial strategies can they suggest for William and his 33-year-old wife who has metastatic breast cancer?
0:20.4	Debbie and Emily each experienced the unexpected
0:23.1	sudden passing of their partners. Is it possible to minimize the capital gains tax on Debbie's
0:28.4	son's inheritance? And can Emily retire in a year? Josie has lousy longevity in her family
0:34.3	and wants to plan for the worst- case scenario of dying before her husband.
0:39.0	Alfred is 81 and concerned he's going to run out of money before he runs out of time,
0:43.6	and Richard has a sobering story that has changed his thoughts about when to collect Social Security.
0:48.9	Finally, Irene is subject to the government pension offset.
0:52.0	Can she withdraw the money that she paid into Social Security?
0:55.7	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, Joe Anderson, CFP, and Big Al-Clobine CPA.
1:03.2	We've got William off the deck here, Bigel.
1:06.9	Okay.
1:07.3	From the good state of Texas. Great.
1:11.0	You go, hi, Jill, Bigel.
1:12.3	Andy, you've been listening for a few years.
1:14.7	Love the show.
1:15.8	Got a tough situation.
1:17.1	I appreciate your spitball analysis.
1:19.1	My wife was recently diagnosed with metastatic.
1:23.6	Metastatic.
	...

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