Will These Three Things Affect Your Social Security? - 281

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

🗓️ 7 July 2020

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

What impact do ex-spouses, income, and early retirement have on collecting your Social Security benefits? Plus, indexed universal life insurance, estate planning with a step-up in basis on private placement real estate, and more on CRDs, RMDs, and stimulus checks. Joe and Big Al also submit their forecasts for whether Congress might tax Roth IRA growth in the future. Send in money questions and access the episode transcript and free financial resources in the podcast show notes: https://bit.ly/YMYW-281

Transcript

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0:00.0	The season six premiere of the Your Money, Your Wealth TV show is Sunday, July 12th at 630am on CBS 8 San Diego,
0:08.3	or watch it on demand at Your Money, Your Wealth.com. Learn about the COVID-19 pandemic's impact on your
0:14.8	finances and retirement. Today on the Your Money, Your Wealth podcast, what impact do ex-spouses,
0:26.4	income and early retirement have on how much you or your spouse will receive when you collect Social Security?
0:36.3	Plus, indexed universal life insurance, estate planning with a step up in basis on private placement real estate and more on CRDs, RMDs, and stimulus checks.
0:42.1	Joe and Big Al also submit their forecasts for whether Congress might tax Roth IRA growth in the future.
0:49.4	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, Joe Anderson, CFP, and Big Al Clopine CPA.
0:52.2	John writes in from Al Qajan.
1:02.8	If I pass away, does my wife have to get to Social Security office and claim survival support before my ex-wife does?
1:06.4	Actually, yes, it's a race, John.
1:08.6	No, it's not.
1:15.8	When you die, the first one to the Social Security office is going to be able to get the survivor benefits.
1:19.9	So tell your current wife and get a fast car.
1:28.2	Is my ex-wife able to claim half my Social Security even if I'm not claiming Social Security, although I'm eligible to claim it.
1:34.5	All right. So ex-wife remarried. He's worried about survivor and spousal benefits.
1:48.3	John, it's don't worry. Your current wife is not going to get any reduction in benefit from because your ex-wife is claiming on your same record. Yeah. So just to be clear, there is no foot race. It doesn't matter. In fact,
1:54.1	John, if you had been married five times for 10 years or more and you got five ex-wives,
1:59.3	four-x wives plus your current one, they could all get the same
2:01.9	survivor benefit as long as they qualify. It doesn't, there's no family maximum on that.
2:06.8	Right. So, and then can my ex-wife claim, yes, if she's at full retirement age, she should
2:14.7	be able to claim on your record, even though you haven't claimed.
2:17.6	Your current wife cannot.
	...

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