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Introducing our newest segment:

Asked & Answered

Listen in to our very first Asked & Answered episode as we answer the following retirement questions:

  • Fritz’s question: Annual costs for higher income individual for pre-65 retiree health care costs? Inflation rate for these costs? Fritz is looking at $24,000 year. Check out Fritz’s retirement journey here. <- Must read!!
  • Do Social Security estimates account for future inflation?
    If I receive an estimate this year from Social Security that I will receive $20,000 annually when I am 65 years old and I am currently 55 years old, will the $20,000 be adjusted by inflation?
  • When I sell stock that is in an IRA account, am I taxed when the stock is sold or when I receive the proceeds?
  • Do you think no-loads are a good option?
    I will turn 69 years old later this year and I have an IRA annuity with a $20,000 penalty fee for withdrawals. I also have $400,000 between another annuity and a 401(k). At this time I do not need the funds, but I was considering taking the withdrawal and investing the funds in a no-load mutual fund. At my current take rate, I will automatically be in a higher tax bracket when I start taking RMD’s and both my Medicare and Social Security will be impacted. I was thinking that by reducing the amount a little now, I could spread the taxes more equally and still maintain some market exposure. I estimate I will be in the 25% tax bracket. Do you think no-loads are a good option? Also, should I invest my future RMD’s in the same way?
  • Should I collect Social Security at the age of 62 or 66?
    I can withdraw $1,000 a month of Social Security at the age of 62, or wait until the age of 66 and withdraw $1,400. If I wait the four years, I’ll already be $48,000 behind as opposed to withdrawing now. If I withdrew this $1,000 now and invested it into stocks, something like large cap stocks which are not too risky, would I be more likely to come out ahead in the long run as opposed to waiting and collecting the $1,400?
  • Can I make a full year lump sum contribution to a Roth IRA at the beginning of the year, even though I will retire early in that same year and no longer have employment income?
    I will make a lump sum Roth IRA contribution for a complete year ($6,500) in January. That same year I will retire in May.
  • I am 60 years old. My husband and I have property for sale, but need to move due to neighbor disputes. I want to take roughly half of my 401(k) to purchase a house. When the current property sells, that money will be put in an IRA. Is this doable? Is this a good idea?

Have a question you’d like answered on the podcast? I’d love to hear from you!