When to Claim Social Security and the Truth About Annuities - 509

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

🗓️ 24 December 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

When should Richie and Heather and Rebecca and Sam collect their Social Security benefits? Why is Dan’s benefit so much higher than his wife’s? PWare has a Roth conversion case for claiming Social Security AFTER age 70, and Jerry wonders how Donald Trump’s plan to stop taxing Social Security could impact claiming strategies. Plus, Joe rants about Rebecca and Sam’s $1 million single premium deferred indexed annuity, and the fellas also spitball on their Roth conversion and retirement strategy and how much is too much when it comes to paying advisor fees. Access free financial resources and the episode transcript: https://bit.ly/ymyw-509

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Timestamps:

00:00 - Intro: This Week on the YMYW Podcast

01:00 - When Should We Take Social Security? Should We Convert Our IRAs to Roth? (Richie & Heather, ID - voice)

09:04 - Download the Social Security Handbook

10:01 - What Should I Do With a $1M Single Premium Deferred Indexed Annuity? When Should We Take Social Security? Is 2% Advisor Fee Excessive? (Rebecca and Sam, VA)

28:03 - Calculate your Financial Blueprint online, Schedule an Assessment with a financial professional

29:25 - Why Is My Spouse’s Social Security Benefit So Much Lower Than Mine? (Dan)

30:51 - The Roth Conversion Case for Drawing Social Security After Age 70 (P Ware, YouTube)

36:55 - Would Tax-Free Social Security Income Impact Claiming Strategies? (Jerry, Phoenix, AZ)

42:08 - Outro: Next Week on the YMYW Podcast

Transcript

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0:00.0	When should Richie and Heather in Idaho and Rebecca and Sam and Virginia collect their social security benefits?
0:06.3	Why is Dan's benefits so much higher than his wife's?
0:09.0	Plus, P. Ware has a Roth conversion case for claiming Social Security after age 70.
0:14.8	And Jerry and Phoenix wonders how Donald Trump's plan to stop taxing social security could impact claiming strategies.
0:22.3	That's today on Your Money,
0:28.9	Your Wealth podcast number 509. Plus, Joe is checking back in as he rants, I mean spitballs,
0:35.7	on Rebecca and Sam's $1 million single premium deferred indexed annuity. The fellas also spitball on their rock conversion and retirement strategy and how
0:38.6	much is too much when it comes to advisor fees. I'm executive producer Andy Last with the hosts of
0:43.6	your money, your wealth, Joe Anderson CFP, and Big Al Clopine CPA. To get your money questions answered
0:50.1	or to get a retirement spitball analysis of your own, click or tap Ask Joe and Big Al on air in the episode description and send us an email or a voice message like this one.
1:00.0	Hi Joe, Big Al and Andy. This is Richie from the great state of Idaho.
1:05.0	I'm 62 and Heather is 61. Heather and I are looking for a spitball on our retirement plans, including when to take
1:12.2	Social Security and possibly rolling a portion of our IRAs to Roth IRAs. We're planning to retire
1:18.5	as early as February 1st 2025. I discovered your podcast last year and have been listening
1:24.5	while working out, hiking, and mountain biking. Thanks for educating
1:28.5	us with comedy. I drive a 2018 Ford F-150 lariat and Heather drives a 2021 Ford Explorer
1:36.0	Platinum. Fine red wine anytime is our drink of choice, along with an occasional IPA or a sip
1:42.5	of tequila. Unfortunately, we have no pets at this time.
1:46.3	We are debt free.
1:47.4	Our house is worth around $800,000,
1:50.3	and we plan to spend $120,000 per year
1:53.3	in retirement excluding taxes.
	...

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