“Will I Ever Be Able to Retire?” - 418

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

🗓️ 28 February 2023

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you’ve got some retirement savings but can’t contribute any more, will you ever be able to retire? Joe and Big Al have three simple strategies to help you get there. Plus, how long does it take to get off of Medicare’s income-related monthly adjustment amount, or IRMAA, after your income decreases at retirement, and how do you take unknown future IRMAA income limits into account when setting up your financial plan? Can you “re-do” Social Security and stop taking benefits after claiming Social Security early? Do spousal benefits change after one spouse files for Social Security? And finally, the fellas address a few corrections they’ve received recently regarding Medicare and safe harbor 401(k) plans. What exactly is “top-heavy” anyway?

Timestamps:

00:00 - Intro
01:02 - Will I Ever Be Able to Retire? I Have Some Savings But Can’t Contribute More (Patty, NY)
06:38 - Retired, Income Dropped, Enrolled in Medicare. How Long to Get Off IRMAA? (Randy, Hb, Ca)
08:05 - How to Plan for Unknown Future Medicare IRMAA Income Limits?
10:53 - “Re-Doing” Social Security: Can You Stop Taking Benefits After Claiming Early? (Lauris, Volcano, Hawaii)
12:39 - Will Spousal Social Security Benefit Amounts Change When One Spouse Files? (Philip, Los Angeles)
15:09 - SECURE 2.0: When Must You Pay Taxes on Company Match Retirement Contributions? (Jim, Dallas, TX)
19:47 - CORRECTION: ACP Test for Safe Harbor 401(k) Plans, After-Tax Contributions (Debra, St Louis)
25:08 - CORRECTION - Medicare Test: Creditable Drug Coverage (Steve, Las Vegas)
28:56 - DUKE’s Medicare Enrollment Experience (DUKE (John Wayne), Knoxville, TN)
32:54 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-418:

Retirement Readiness Guide
NAPA-net: 401(k) After-Tax Contributions Are ‘Testy’
Turbocharge Your Wealth! YMYW TV & Companion Guide
Episode Transcript
Ask Joe & Big Al On Air
(Plus, YMYW Producer Andi Last video interview on the Audience Growth Podcast)

Transcript

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0:00.0	If you've got some retirement savings, but you can't contribute any more, will you ever be able to retire?
0:06.4	Joe and Big Al have three simple strategies to help you get there today on Your Money, Your Wealth, podcast number 418.
0:13.2	Plus, how long does it take to get off Medicare's monthly income-related adjustment amount or Irma after your income decreases at retirement?
0:21.3	And how do you take unknown future Irma income limits into account when setting up your
0:26.2	financial plan? Can you redo Social Security and stop taking benefits after claiming
0:31.9	Social Security early? Do spousal benefits change after one spouse files for Social Security?
0:38.0	And finally, the fellas address a few corrections they've received recently regarding Medicare
0:42.5	and Safe Harbor 401K plans.
0:44.8	What exactly is top-heavy anyway?
0:47.2	Visit Your Money, Your Wealth.com and click Ask Joe and Big Al on air to send in your money
0:52.0	questions or corrections.
0:53.8	I'm producer Andy Last
0:55.0	and here are the hosts of your money, your wealth, Joe Anderson, CFP, and Big Al Fopine CPA.
1:01.6	Now, I got Patty from New York. Hey, love the show. And 57 single mom and earned 120 grand a year.
1:09.1	I have $180,000 in IRA, $60, 60,000 in 403B, which my employer contributes
1:14.8	9% of my salary annually. I own my home, which is worth a million dollars. I have two kids. It's just
1:21.4	14 and 18. The 18 year old is a freshman in college. I have 250 grand in a 529 plan, which
1:26.8	should cover their college tuition.
1:29.3	My expenses are eight grand a month, which is what I take home. I'm not able to save much money.
1:35.6	All the money in my IRAs is from past employee pension plans through work. I also have the
1:41.2	option to contribute to a Roth 403, but haven't been able to because of my living expenses.
1:46.4	Will I ever be able to retire?
	...

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