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**ALWAYS** have principal protected investments (such as MM funds) to hold the cash you need to live on for at least next 3 years!!! Returns in MM funds at the moment are easily 5% - but will/can vary depending on Fed rate moves.

Cola calculations are so outdated!

There is a lot of talk and no action. Lotta guessing people get excited about nothing.

Good video. I agree with the comment on tax planning for multiple lives, up to 10 years after you and your spouse die.

Paying the least amount of tax should not be the goal. I can show examples of paying more than double the tax when deferring and still come out ahead. Be careful of anyone that focuses on tax savings instead of after tax net worth.

They should have been doing this all along.

It’s Totally wrong for the US to do this to us 😡

I am a little worried that the extra money I make prop firm trading the Nasdaq futures will put me at risk. Also not sure if it counts as ordinary income and capital gains? A little help please.

You are a nice young man. Don't let anyone dim your sparkle.

The Social Security Department is nothing but a joke mother people receiving these benefits can’t live on this.

The interesting thing is that a single filer can have up to 85% of their SS being taxed and still not be out of the 12% bracket!

Wow. Taxes are too hard. Luckily I have all my retirement money 💰 in Roth 🎉🎉🎉🎉

No one gains nothing when ssi benfits gos up because they raise Medicare monthly payments along with every thing else so why bother when no one gains nothing from the raise.

Max it out every year, never touch it.

Who thinks we should rename it the Kevin Korhorn Blooper Reel?

Fantastic interview🔥

Hi, paying fed tax on 85% of SS income is better than fed tax on 100% of income allocated to ROTH IRA. Most people will be paying tax rate at a higher tax bracket during working years. It makes more sense to pay taxes on 85% of ss income at a lower tax bracket.

The name of this reminds me of the 2017 hurricane that hit the Caribbean and Florida.

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Loved it! You guys talk so fast, I'm surprised there aren't more bloopers😂

Just pay your taxes and shut up. Bunch of whiners.

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If you have had a decrease in “earned income” since the year you exceeded the threshold, you may be able to get the increase cancelled. We did this successfully twice. IRMAA thresholds are adjusted annually based on inflation, so you should be able to approximate future thresholds.

Are the IRMAA surcharge fees an annual event if the following year you fall below the threshold?

It might be unavoidable if you are doing Roth conversions and have a pension and a 401k to NUA and 457k to convert and you want to live it up. Basically it is the cost of the conversions. That's the scary part...trying to juggle NIIT, Capital Gains, Roth Conversions, NUA while getting 2 pensions, small SS and not wanting to make a mistake. And then throw in IRMAA! Plus still working!! D'oh!! I shouldn't complain. 🙄🙄

Seems like trying to plan for an IRMMA threshold you won't know is educating guessing at best. What's the best way to estimate future IRMMA thresholds in your opinion? E.g., here we are in 2024 and the IRMMA threshold based on 2022 income is $103K for a single person. Do I inflate this amount by 3%, 5%, or some 10 year average amount?

Very good info.

Thank you for the explanation. There is so much conflicting information on this topic. Even from my Social Security office. I lost my job in 2023 and I was charged IRMAA and was told to just pay it by SS. I’m now in the middle of an appeal.

I'm hoping to downsize just to get out from the chores and unplanned expenses. Also moving to a location with lower housing costs

Easy for someone with a desk job to counsel waiting for retirement, a little harder for folks with difficult manual labor jobs to do so.

This is easy. Nothing.

Negative Nellie! We did a downsize, 10 years ago, before we retired. Best decision ever. It led to paying off our homestead, and significantly lowering our carrying costs. On top of that, the new home is old age friendly, and was new construction. Maybe people are stupid, but we were able to figure it out on our own. The biggest challenge was cleaning out the home we lived in for 22 years.

Hey I have a 1929 Rolls Royce in mint condition, that has never been driven I will sell you for $10.00

50. Increase means about 10 or 15 dollars because then they will raise our deductibles.

This is great! Thanks

Get a box for each kid and tell them to start filling it with theirbtrophies yearbooks photos etc. Give them 6 months. Otherwise toss it¡¡ make your own box first what will fit in smaller place but is a memory And start doing this in your 60s not 70s or 80s

This is just one way of looking at it. There is a big push lately by advisors to take SS early so you don’t cash out equity investments and let them grow. My own view is do that if the market is down and you are protecting against sequence of return risk. Otherwise why would I compare what amounts to a very good risk free (SS looming bankruptcy aside) fixed income return SS provides to riskier stock investments. If the market is up higher than the expected return you built into your decumulation plan then cash out some of your equities (take risk off the table) and use that to live on and delay SS and get those higher deferred credits. Plus waiting increases a spouses survivorship benefit all the way up to the max age 70 benefit. The wise money show is awesome and I do agree if you retired at 65 with only $500k then you have to rely on riskier equities to make your decum plan work. Just Doesn’t make sense when you get into higher nest egg categories.

I did this last year. My H&R Block software indicated that I could not e-file - only paper file. Is this an H&R Block issue or an IRS issue? Turbotax?

What alineif BS

Keeps up with inflation my ass. That statement is full of BS

My average SS if I have to work 10 more years is $1358.

You need to add #4 **PLAN FOR THE SELLING COMMISSION** ... as example, wifey and I would like to move into a comparably priced home that is in a retirement community. BUT ... the 6% commission hit is a deal breaker on executing the plan. For $600k home sale, that will eat $36k into sale proceeds. UGH!

Don’t need a down payment for the new house. Pay 80 % or in full.

So helpful, thank you! Every time I formed a question in my head, you answered it.

Nothing to 3.5 million in 10 yrs doesn’t add up….

You are misstating Scott cederburgs paper at the start of your video. All stock 50/50 was compared against target date funds and other age based stock bond asset strategies. No where did the paper claim the all stock was superior to all other strategies. 👎

54 Retired on SSDI 2400 a month

Ever dollar taken in SS is one more dollar that I can leave in investments. Can't pass SS on to heirs, your investments can be.

My mother worked overtime the last five years before she died. Retired at age 67. Went to Heaven a month later she never seen one pension or social security 😢check . Not married at time just engage.

Keep working. Sitting on the porch is boring.