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Episodes by Topic: Social Security
How is Social Security Income taxed and what you can do to reduce those taxes
Social Security expert, Eddie Holland, CPA/PFS, CFP, CKA, joins Mike to discuss how to reduce the taxes on your Social Security and the premiums on Medicare. Plus, what should widows consider when deciding which claiming strategy to choose. Get the information you need—WITHOUT the SALES Pitch!
Listen to the EpisodeSocial Security and Medicare, Part 2
Eddie Holland joins Mike again to discuss more about Social Security and Medicare.
They answer a number of listener questions, including:
- Why might you delay taking Social Security? What about taking it early?
- How would the survivor benefit play into that consideration?
- Is there any penalty for someone who has not yet reached full retirement age to continue working for a year or two, but still go on and start drawing Social Security?
- How does Social Security determine your annual benefits based on your estimated date of death?
- Once you reach full retirement age, and you decide to continue to keep working, does your employer still withdraw Social Security taxes past your retirement age/date?
- At what point do we have to decide about Medicare if both spouses are at retirement age, but one of us is still working and has employer provided health insurance?
- My employer health insurances will subsidize half our Medicare premiums. Should I go on and sign up for Medicare to take advantage of that?
- I’m 68, going to file at 70. My spouse is 62. Should she go on and file? If she does, when she reaches full retirement age, can she then claim my spousal benefit?
- At what age can you still work and draw Social Security and not be penalized?
Social Security and Medicare, Part 1
Eddie Holland, CFP®, CPA/PFS, CKA®, joins Mike to discuss Social Security. They answer the following questions:
- If I’m going to collect social security and continue working, how do they calculate the amount taken out for social security and when do they look at that?
- How much of your social security will be considered as taxable income for a given year?
- What is full retirement age and why does that matter?
- What is the split strategy?
- What is the income reduction?
- If I have health benefits through my job, but I am approaching Medicare age, do I need to switch to Medicare?
- How would enrolling in Medicare affect your usage of a Health Savings Account?
- Does a spouse have the ability to use your Medicare or Cobra if they are themselves too young to apply?
- How does my income affect my Medicare premium?
Disclaimer: “Ronald Blue Trust and its employees have general knowledge of the Social Security tenets, however, they do not have complete expertise to provide a full discussion of the details of your specific situation. So, for additional information, contact your local Social Security office.” (and don’t be afraid to ask questions or for a supervisor if the information isn’t clear or not what you were expecting.)
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IRA Strategies Part 2
Mike discusses questions and issues around things that are on the table in Congress that could change how you handle your IRA:
- The back door Roth conversion elimination:
- What is the back door Roth conversion and how does it work?
- Who would be affected by this policy change?
- Roth conversions for those with an income over 400k may become limited.
- Required Minimum Distribution and Qualified Charitable Distribution rules could be changing.
- Recharacterizations might no longer be allowed.
- Step up in basis might be going away, but would be replaced by carry over basis. An example of the difference: giving to a child.
- The tax rate could go up for higher income earners: how this could affect small business.
- Capital gains rate could go up.
He also discusses some other issues such as:
- How increasing taxes increases inflation
- What about social security? Is that at risk? What are some ways you can plan to supplement your social security income?
Social Security Mistakes
Eddie Holland, CFP®, CPA, CKA® joins Mike to discuss six common Social Security mistakes that the Wall Street Journal outlined in a recent article:
- Worrying about dying too young
- Waiting too long to claim
- Not working because of the earnings limit
- Not filing for widow’s or widower’s benefits
- Getting divorced and remarried (at the wrong time)
- Hitting tax torpedoes
Are you at risk of making any of these mistakes?
They also answer a caller question regarding certain employer pension plans, in this case the railroad, and claiming social security benefits.
Listen to the EpisodeBest of Talking Money: Medicare and Social Security, Part 2
Is that free Social Security analysis I saw advertised really as good as it sounds? Free sounds too good to be true!
What about the spousal benefit for Social Security? How does that work?
What are the implications of drawing before full retirement age?
Eddie Holland, CPA, CFP®, CKA®, and Social Security expert, joins Mike to answer these questions from listeners.
(original air date March 28, 2020)
Listen to the EpisodeBest of Talking Money: Medicare and Social Security, Part 1
Applying for Medicare can be a complicated process. Eddie Holland, CPA, CFP®, CKA®, and Social Security expert, joins Mike to discuss the different types of Medicare, how Medicare can affect your HSA eligibility, when to apply for Medicare, penalties for filing late for Medicare, and potential exemptions from filing for Medicare. They also answer several commonly asked questions about Medicare.
Original air date: March 21, 2020
Listen to the EpisodeSocial Security and Medicare Strategies, Part 2
Eddie Holland, CPA, CFP®, CKA® , Social Security expert, joins Mike to discuss some Social Security claiming strategies as well as Medicare premium and tax strategies. Part 2
Listen to the EpisodeSocial Security and Medicare Strategies, Part 1
Eddie Holland, CPA, CFP®, CKA®, Social Security expert, joins Mike to discuss some Social Security claiming strategies as well as Medicare premium and tax strategies.
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