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Are you saying I need to be 66 and 10 months old to get my FRA of if I was born in 59? Is that the 10 month (Oct) when I’m 66 ? Or 10 months from my birthday month? Thank you for your reply

I am an RN Case Manager for last 16 years thank you.

Thanks for the information. Do these plans provide coverage for the last 10-15 years of one’s life? It would have been great to include specifics on the insurance plans, state availability and costs.

is this type of policy available in TX ? Thanks.

This man & his company is the best!

What LTC options are there for someone who is on disability now?

Social security is not for state job creation or immigration, corporations need to pay for their own employee needs and for their For-profit bankruptcies

Hans, love your videos, I've watch many, thanks. I think that the items you mention for 'what do we need to do now' are practical but I think they should also limit the scope of the program. If they keep widening or adding to entitlements, they are making it a more costly program. I'm sure you know when it originally started it was a 1% tax - now it is 6.2% and counting. Part of this is absolutely the government (the politicians) being unable to manage large programs in a businesslike manner. They need to stop the expansion of the tax and the program - it is already about 20% of the federal budget.

I’m pulling out $100K this year and $100K next year from my IRA to pay for a house build. I know for 2 years I will pay IRMA. When it’s time to file this form in 2 years to get rid of ERMA what should I check? Work Stoppage? I don’t see one for temporary increase in income?

I’m a retired CPA and filed my own appeal and like to share a couple points. Even if you are filling MFJ and only have one source of income, you must file a separate SSA-44 for you and your spouse. In our case, we got a different answer for my wife than for me though we shared the same facts and circumstances. Once this occurred, we filed a Request for Reconsideration on line and got it corrected. The online RoR is much quicker than the original paper application. The other point to consider, is when dealing with a work stoppage/retirement and with a 2 year look back, it is possible to request an IRMAA appeal for each of the 2 years and get IRMAA adjusted for the 2 following years. This saved my wife and I thousands of dollars over 2 years.

I had to do this upon retirement. A bit of a pain, but worked.

Very informative, wish I had seen this before I retired. Thanks

Did my appeal earlier this year and got Part B IRMAA reduced from $384.30 to $174.7 for both me AND my wife. A big boost to bank statement. It will take 2 - 4 months to hear from them.

Always informative presentations, thank you. I would like to add two things.. First.. I believe you said early in the video the basis is Taxable Income, when in fact MAGI does NOT include your standard deduction, so its gross income before deductions, plus any tax free income. Second.. I would like to Add that IF you retire and use the SSA-44 appeal form to lower your IRMAA, then you will have to file the appeal in the following year also.. since there is a two year lookback.. so expect to file the appeal TWICE. Keep up the great work guys !!

I called you guys last week I believe I spoke to a young fellow named Jimmy or James and he was extremely helpful and taxed questions I just wanted to say thank you and keep the great videos coming telling the owner of a dog named Trump I said thank you again from Texas

I just received my Medicare card, how does that work for those with VA?

Stop deceiving people!!!

I've another, undiscussed strategy. I'll ask them to simply pay back all SS collected (compounded by historical risk-free TB rates). I'll waive any SS income and invest the returned sum myself. A Dios, Voraciousos.

I can't believe how unfair our system is to those who work hard and save. I worked my ass off as a transit driver for over 42 years. This government system penalizes people who are single, and those who saved and invested. Now I am retired and I am paying k$450 per month more for medicare than otherwise would have.

You guys have the same conclusion as David Mcknight. Better convert now rather than chance it that rates won't go up. I agree with both of you. I am converting over 900k over the 4 years 2022,2023,2024, 2025. I am glad I started it when I did. Maybe I should have done some earlier , but glad I did what I did.

considering SS delays should not be made by considering SS alone. If one has stopped working..... then presumably one will have to draw down investments to fill the income gap in the budget caused by delaying SS. Looking at holistically the entire wealth portfolio..... means considering the loss of the compounding withdrawals over your lifetime. This portfolio analysis means the "breakeven" for collecting at 62 vs full retirement age or beyond will be pushed way past 79-81 . Other things missing from your analysis, SS payments have some tax advantages which were also not included. furthermore, since one cannot know when one or both spouses will die the "risk" of delaying should be assigned value in your analysis. also, the fact that SS funds collectred starting at 62 and your portfolio of invested funds not spent down by delaying SS are part of your estate and available to be passed down. Obviously, any SS delayed and any funds spent down from investments are not part of your estate to leave behind. My analysis led me to the decision to collect at 62 and my wife's spousal benefits at 62. collected

THEY ARE LYING TO US!

Inflation is never going to stop increasing or even keep goods and services at the current prices and proof is below with historical averages of the cost of living increases that beneficiaries receive in the past 48 years. The cost of living increase for Social Security Benefits between 1975 to 2023 is 3.8%. Of course, that'sj just the average. There were some yearsi with 0% increases (most recently, 2015) and some with double-digit increases (1980 andi 1981). There has been no increase of 6% or more since 1983 -- except for 2022, which featured an 8.7% hike. That means that inflation rate increase total of 182.4% over the past 48 years! Which in 1975 the average benfit was $257 and if that individual lived in 2023 their benefit would be $1540 a month. In saying that not being proactive and not planning personal finances for future inflation of goods and by budgeting, eliminating debts, and saving for the future unexpected expenses will lead to financial hardships. 0:45

The 1983 changes kicked the can down the road about 50 years. I guess the can needs to be kicked down the road another 50 years.

Very interesting work, easy to understand data - Thank you!! A few things that I think one could add (making things more complicated). Life expectancy in the USA has risen from about 70 in 1960 to over 76 in 2021- so it seems only logical to raise the retirement age for SS accordingly. USA demographic's (population pyramid) would suggest that the amount of people taking SS will remain pretty stable for a while, and perhaps not such a massive increase that has been seen in the past. It's most probably a good idea to ensure that immigration into the USA remains strong (more tax payers) to ensure that the Chinese, Japan et al effect (more retirees supported by less workers) does not happen here. And perhaps the SS fund could consider making changes to its investment policy to own credit bonds to increase the yield on the portfolio.

Thanks for the information.

The politicians missed used the money for their projects, Seniors wouldn't need to suffer!!!!

Not get political but why don’t you see an investment policy change that would allow the money to grow more as an option. Small changes there would make up the difference.

When you look at the Social Security report, the real drag on solvency is the Disability program.. it is running the biggest deficit and some changes there would help the total program the most. The psyche of the humanoids come into play. Cut the cola and people will raise hell as if they cut the benefit.. even tho it is just cutting the Increase in the benefit. Easier on the mentality of the people is to tax the benefit more.. people still see their benefit increase and won't realize its a cut until tax time when its thrown in with all the other stuff in a return.

"Socialism works until you run out of others peoples money." -Margaret Thatcher

Just an off the cuff estimate, but if 0.1 percent payroll tax produces 20 billion dollars, then to cover a 40 billion dollar deficit would need a 0.2 percent bump in the payroll tax. Is this rocket science? LOL. And we have politicians saying get rid of Social Security. I guess that is what happens when you elect lawyers not accountants.

Thanks guys

Great review of Social Security .. I have so many friends that took Social Security at 62 for they were afraid SS would run out of money ... Now these early takers of social security are struggling to meet their expenses due to poor planning.

Thank you for your video! This was the first video I have seen that clearly delineates the Social Security funding, and where we are at currently. It is certainly a cause for concern, but not a reason to panic. Panic inherently leads to bad decisions.

Thank you for this video. I will reference it to those that I discuss the topic with.

I’m someone who can and planned to self insure LTC. I spoke with Hans and Tom soon after retirement and they explained the benefits of a hybrid Life/LTC policy. After considerable research and consideration I bought a policy for my wife and myself and couldn’t be more pleased. I was reluctant to consider a LTC policy as I feared a recurring retirement expense for a need that may or may not be required. Instead, with a single premium hybrid policy I consider it to be an investment as part of my asset/ risk diversification plan. I took investable assets and allocated them to a policy that will return my premium after 5 years if I change my mind (highly unlikely), pay benefits well beyond my initial investment if I need care, or pay a death benefit to my heirs if I do not need the care. The challenge of self funding care is that when you most likely need it is later in your retirement years when you are living off of Social Security and IRA withdrawals. Each dollar of care funded from an IRA requires an additional 20-25% withdrawal to pay the taxes. Payments from the LTC policy are tax free.

Excellent Advice. You guys really know what you are doing and explain it well with the white board, and all the charts for taxes. Thanks. PS ...I hope your knee heals up well. I am 66 and fell about 9 months ago also and twisted my knee. I have no insurance yet as my medicare was too high, but I was lucky and am healing almost 100% now . The first week I had to use a walker. Best.

Great video guys. I just realized by looking at your tax brackets for 2024 that I can do another 100k + conversion for 2024 and still be in the 35% bracket. Thanks

You give an EXCELLENT explanation step by step. The majority of the public is not used to all these financial terms that other videos just throw at you. With your hand written board and patiently explaining each step, you make very clear sense. Thank you for posting.

I always love your charts. They are so easy to follow.

You might want to spell check your board

you said pulling lots of money from 401k or IRA to cover LTC triggers a large taxable event. Does this account for LTC cost being tax deductible if over the 7.5% AGI?

Hans very interesting life story of you. I’m in your old home state of Minnesota. I’ve just found you and your company on RUclips a few days ago. Very interesting stuff. My wife and I are 59 and 57. And I am starting now to watch yours and many other videos. Thank you, Sup.

In 2026 will they still have the same standard deduction of $29200 plus over 65 $ 1550 or it going to change

Being 62 yr old I truly appreciate these. I assume there might be a tax on transferring from IRA to annuity? Or are we just pulling first 8 years from IRA and or Roth?

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

Like the board instead of a screen, must be getting old. You can create a roll over window between retirement and SS. Taking SS later is best longevity insurance, but also gives bigger window. Nice window after retirement but before IRMA (63) also. I also like a roll over as a hedge against a bear. I will not roll over any this year or probably next as still working, but I will do if the market tanks - move more for less basically. Thanks

In December 2022, 18 months after my Mom died, her trust got its first taxable income when a forgotten IRA was closed. It was $15,000, so hit the 37% trust tax bracket. There was a "final" tax return filed in 2021, but this meant a "real final" return had to be filed for 2022. All other, prior, income to the trust was non-taxable. There were THREE children (me + 2 siblings). We were told to get Schedule K-1s created, with $5000 going to each child, with taxes paid at our individual tax brackets. Problem solved. $600 for the "real final" return filing and the 3 K-1s. But done and clear. Husband and I don't have kids. The bulk of our retirement savings is in various IRAs, so directly naming beneficiaries would be difficult and it seems to us that distributions to siblings/nieces/nephews would have to come from a central source. The secondary beneficiary is our trust, with the funds to be distributed to various siblings and nieces/nephews. I'm assuming K-1s would also need to be created at that time? Are there any alternatives in situations where assets are in multiple accounts--many pre-tax--and beneficiaries are numerous (at least 12).

Great info! Would love to see you explore a scenario in a similar manner comparing a leading MYGA, Fixed Index Annuity and Income Annuity to see how they contrast and compare.

Great video. Question for future planning. If the annuities do not accept people at age 85, 87, then what are the strategies after that? For estate planning, nursing home planning, to leave to heirs? Hopefully CD's and high yield savings account the only options after that? Under the mattress?