Wish u had used a scenario of ssdi at over the 25000 amount to see if i owe tax

Coconut! What’s significance of very low penetration rate in supplemental plans. Mahalo.

Pumpernickel

Very informative! I’m more of a sourdough bread fan, not pumpernickel.😅

After watching almost 50 KZbins covering these concepts, this is absolutely the best presentation and explanation on Roth vs. Traditional that I have watched to date. I am on the cusp of retirement with all of my 401K/IRA products in traditional mechanisms and I had been wondering if Roth conversion might at some point make sense. Your video helped clarify things for me and I've realized that my "traditional-heavy" portfolio has actually been a reasonable strategy to this point. Thanks again.

Once again, you are amazing. Your level of interest to help us understand what is happening in the industry, which is over the top upside down, is unbelievable. Your level of transparency is above and beyond and you are authentic and honest in every regard. THANK YOU for making the information you make available to us to allow us to confirm what you have shared. The use of facts versus hearsay allows us to cut through the lard. All said, I have only one request. Please find some way to become the head of CMS. We all need you. I know that is a heavy and unrealistic ask, given your family and your current demands, but you would be amazing and all of us would be 1000x grateful. Thank you my friend!

Pumpernickel :) Thank you for sharing the knowledge! I probably will contact you in the near future.

Curious because I have an HSA account with Fidelity when I first got employed but in those first few months I had to go to ER so I accumulated some medical bills and I didn't have enough funds in my account to cover and it went to collections but now I have enough. Could I use my HSA to pay for that collection? Also, with the investment part, am I only able to invest with what's available through Fidelity or can I use it with third-party investment companies such as Acorn, MooMoo, Coinbase, or Fundrise for examples?

Kaui is fabulous and my cousin who lived in Hawaii for years told me that was the one to not miss. Went to all main islands but Maui.

My employer offers HSA savings account and HSA investment account. Should I use HSA savings for medical expenses and HSA investments to not touch and let grow in investments? Or are they both the same account that just segregate the invested portion from the cash portion? Thanks!

P word 😊

I will be in touch . I will turn 65 October 1 so that makes me eligible for signing up for Medicare in September. I'm a physician so don't even mention an advantage plan to me.

Coconut. Aloha

Thanks!

A spoon is most versatile.

The math assumptions are slightly off. The contribution should be constant between traditional and Roth. The taxes/tax savings needs to be outside the contribution otherwise you throw everything off. If you only had 10k of money the Roth contribution would not be 10K as need to budget for the taxes. Thus it’s more like 8K contribution and 2k in taxes. Thus the Roth ends up better as you end up with 16K in the end. Most of the time people are fully funding the retirement account and thus you need to track the tax savings outside the retirement account to make it accurate.

OH BOY i got papers telling me how much,,,,,,,, giveIT TO CONGRESS ,,, ,THEY NEED IT. ,,,, ,A GRAND TOTAL OF, ,,,,,,,,,3 DOLLARS , ,,,,,,,,

You are so helpful!😊

Pumpernickel thxs

The Taxpayer Relief Act of 1997 excludes capital gains of up to $250,000 for single taxpayers and $500,000 for married taxpayers filing jointly, as long as the homeowners meet certain requirements: • The seller must have owned the home for at least two years prior to the sale. • The home must be the seller’s primary residence for at least two of the prior five years (although those two years do not have to be consecutive).

It DOES matter when you consider that ALL of your traditional income will be counted towards your AGI when you withdraw it and NONE of your Roth income will be counted on AGI or against your other non tax benefit formulas. Also, iirc there are no RMDs on Roths.

Holy Cow*. This is the best Medicare advice video I’ve seen. I hit 65 in March so in the midst of researching and selecting now. This breakdown was well organized (6 criteria), fair, and detailed. Thx.

Thanks for that analysis.

It's all great they're giving us a raise. But for those who rent as soon as we get that raise. Are rents go up it's just plain ridiculous. Why can't we do something about housing that they cannot up rent every time we get a raise we can never get ahead.

Buyer beware. I always refer to the plan brochure and inform myself of what's covered and not covered, and I look up every provider I am seeing to make sure they are within network as a preferred provider, and I reconfirm everything once a year during open season (providers can be dropped as a preferred provider from one year to the next). I also hand write in on the financial responsibility form that I sign at the medical or dental provider's office that I will only pay what my insurance company says on the EOB is the patient responsibility and I take a picture of the hand written statement with my smartphone, because some providers who are within network as preferred providers will try to get their patients to agree to be responsible for all costs not covered by their insurance plan, incuding the network discount. Lastly, I don't pay any copays upfront and wait until I receive the EOB because what I'm told is the copay is often incorrect.

+34.00 dollar increase in ss. -59.00 dollar increase in medicare premium.

Thank you again for slaying the fear mongers. I appreciate you and I'm sure others do as well. Stay well and Happy New Year.

Also how did you get 8% . I looked up APY and it says 1.8% which is less than bank CD

Confused on paying tax when you open an IRA. For me I would put my cash into an IRA. Probably Roth. Why do I pay to enter this IRA? The money is already taxed that’s why I have it right? Is a rule? You have to pay a tax to enter an IRA?

Why would anyone want an Advantage Plan and no be on regular Medicare Plan is insane to me!

In California ask any Real Estate agent Escrow or loan officer to suggest a nearby traveling notary. They work weekends and can go to hospitals.

Mathematics. Thanks,

For residential home it’s simpler and a lot cheaper to record a “Transfer on Death Deed” naming whoever you want to INHERIT your home AND preserving the “step-up basis” for the beneficiaries.

A relative has named me executor of her estate. Luckily she is healthy and I don’t anticipate needed to do anything for many years however I am wondering if there is anything I can do to prepare so I do a good job of carrying out her wishes when the time comes

I am finalizing my trust right now and will be signing the formal documents in 3 weeks. Accounts have named beneficiaries. Bank account has a co-owner. Home title has been transferred to trust. In the meantime, my Will remains current. It will be destroyed once the trust docs have been signed and notarized. Pumpernickle 😁

If you set up a pod with multiple beneficiaries, SPECIFY that each beneficiary can be paid even if other beneficiaries stall in accepting/claiming their portion. I was a paid beneficiary. My deceased relative had several beneficiaries on a big account, each getting a portion he set for them. His estranged daughter was to get 10%. The daughter held up her siblings and other beneficiaries for a year, refusing to sign the form to accept or refuse her portion. The investment company’s policy was to disburse only when all beneficiaries had signed. The fine print specified that if the investment company had to defend their policies, the deceased person’s account would pay the investment company’s legal fees. We were all stuck! Eventually, the daughter needed her money and she signed. State in your pod agreement that each beneficiary is to be paid asap and any beneficiary who does not sign their form within 90 days will have theirs be allocated to the other beneficiaries.

Thank you! This was an excellent session. I learned a lot and appreciate the absence of “alarm” as I listened to the information offered.

Pumpernickel! Thank you for the video. It's very helpful.

RMDs can be a massive tax burden for traditional IRAs and 401ks … and you may pay a tremendous amount of taxes late in life or pass that burden to your heirs. This should have been mentioned. This is why Roth conversions make a lot of sense beyond what was discussed here.

My HSA account felt like a scam. Every single thing I used it for like dr. Apps ,prescriptions and co pays . They all got denied. No matter how much proof I provided to hsa like receipts or Dr notes. They denied it. The hsa now sends me threatening emails and phone calls at once or twice a week for the past 5 years. They say things like if we turn you into the irs , you could face fines and possible jail time. I tell them every time “please stop harassing me” I remind them “This is my own money that you’re trying to get back from me”. I also say “turn me in, I don’t care” but they never do. The whole thing is insanity. The craziest part is ,It’s all over $110 that I contributed in the first place.

All great information, but the volume was very low!

Unfortunately, that's not how it works. Both people put 10k into their ira. The taxes are paid from a 0% checking account. Roth rules the day.

why didn't you send a mobile notary to the dying women?! a couple of hundred bucks!

I just have Medicare but I never signed for another company. I just go to my hospital if I have an emergency or to a doctor. I pay monthly and very little for extra . My emergency room was paid by Medicare without any problem and my bill was 120 dollars. I had in 20 minutes all tests done, heart, blood, heart etc I had a bacterial infection in my lungs that I couldn’t breathe. I got 6 pills antibiotics and I didn’t need anything else. Perfect. I get my vaccines for free from my pocket. I don’t know why we need a company insurance, that’s not necessary.

Biden put a tax on SS. 😢

You certainly do not seem to be like a sneaky fox. The several videos I've watched that you have done seem to be evenly balanced and very well done and informative. As a retired family doctor here is my take: 1. Traditional Medicare best for those who use or think they my use more healthcare going forward. 2. Traditional Medicare best for those desiring to not have to be involved with a lot of rules and preauths. 3. Traditional Medicare best for those who travel asthey don't have to worry about being in or out of network. 4. Advantage plans best for those in very good health who do not anticipate increasing health issues. 5. Advantage plans best for those wanting to save some money, potentially upfront, and are willing to get involved with the rules and restrictions that those plans may have. 6. As a doctor I never looked upon preauths as a way to reduce fraud. It was a way to try to reduce care that could be considered as unnecessary. (Examples: some cardiologists do annual ultrasounds on Medicare patient's carotid arteries and/or annual EKG's- both are most likely completely unnecessary and not backed by medical evidence of necessity. Is it fraud? No. Is it necessary care? In my opinion, yes.) 7. The Advantage plans are for the most part very lucrative for the insurance companies, their employees (especially the CEO's) and stockholders. They do not seem to be saving Medicare money. 8. Preauths and denials were the bane of my existence as a doctor. They consumed an inordinant amount of my employee's time as well as my time. This time was usually spent after hours and was unreimbursed, very stressful, and aggravating. The denials and preauths process figured to some extent as to when I chose to retire from practice. While the companies made denials and required preauths, I was still 100% responsible morally, ethically and legally for what transpired with the patient. The insurance companies made it quite clear that it was not their responsibility to practice medicine yet they often decided what diagnostic studies and what treatments could be given, the sequence in the process, and for how long things would take to get done. It was a true nightmare for me. My work and the my employees work hid this from the patient. Occasionally I would have a patient sit with me on speaker phone while I spoke with an insurance company for a preauth or a denial. They were always astounded, expressed disbelief, and became angry. No other country in the entire world has our healthcare system nor does anyone want to emulate it.

Didn’t the government take money from Medicare to cover rebates on EVs? Isn’t that stealing from seniors. Because any raise for SS immediately goes to Medicare part b.

Superb pumpernickel.

FREE LUIGI NOW!!

Your anecdote regarding this instance of health care was excellently done. If I was still in practice, I would highly recommend your videos to my patients as they would be turning 65. It is absolutely ridiculous that an over $500,000 bill gets whittled down to less than $40,000. This points to one of the real problems with our entire healthcare system in the U.S. If you had no insurance you would be truly... , well a bad word would be appropriate to use here. The bill would go unpaid, most likely, and the rest of us with Medicare of any stripe and those with health insurance would subsidize those who can't pay. So ridiculous.