You still have to pay income taxes on IRA distribution to convert into Roth IRA, and there is a 5 year rule for withdraw of Roth IRA earnings.

If the son is getting SSI disability, receiving assets would affect his disability benefits. If he's getting social security on his own work record, it wouldn't matter what the parents left him as the reception of assets is immaterial to SSA disability. The parents are over 70 so likely getting SSA themselves. If the disabled son was disabled before 22 he should be on his parent's records. If he is getting disabled adult child benefits, the receipt of money wouldn't matter. A trust may be needed in any case just because it sounds like he can't handle money.

Considering this significant presidential election would you advise holding off any long term investments until after the election?

If she files for disability she I'll have to cut way back on work or stop working to even file. There's a full 5 month waiting period for SSA disability. It's not unusual to have to wait several months to even get an SSA disability decision. VA disability requirements are quite different than SSA so there's no guarantee that she'd even get SSA disability. If she's able to keep working, she should do so until at least age 62 when she could fe for both SSA retirement and disability.

Excellent overview * As everyone is in different individual scenarios it’s best to talk it through with an expert to get the best advice for you

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What does rmd stand for or mean?

He'll no

"Promosm"

I don't think your home has to go through probate if you have a ladybird deed. Such deeds are available in five states, including Florida.

Many more problems with Advantage vs. Supplement. Large deductible to meet with Advantage, $233 with nearly all supplement plans. Limits to procedures that are covered in Advantage The HMO/PPO problem mentioned means you may not be able to see any specialist who deals with your particular problem. That happened with me - I saw advantage would not cover the specialist I needed - this is very common. With advantage, they can turn down any procedure they feel shoud not be covered. With supplement, if a Medicare accepting doctor recommends a procedure then it is covered. But the biggest thing, the one that really got to me: advantage does not have to honor the "100 days in a nursing home" which people often need to recover after hospitalization. They fine ways to make people leave well before they have recovered (example: if a person did not do more leg lifts this week than last week they can be thrown out of the "recovery" nursing home, which is free for 100 days, and forced onto skilled nursing, which is never free with any Medicare. Finally, since advantage replaces Medicare - it is not Medicare - it does not cover any drugs that are Part B instead of Part D. This includes infusions - generally taken at hospitals. Monoclonal antibodies used for severe cases of Covid 19 in earlier variations of the virus are an example, but there are many illnesses, including some cancers, that require infusions. Supplement costs more, and does not offer perks like a bit of dental care, or $40 from the drug store each quarter, but it is worth it! - - Oh, and it is difficult and often impossible to switch from advantage to supplement after the first year. If you want to swich, you must pass underwirting, and will be disqualified if you have had a serious concern such as a heart attack.

Can I transfer assets in kind from my traditional IRA each year to satisfy my RMD , instead of selling shares, when that time comes ?

Can I do a Roth conversion by transferring the assets in kind, rather than selling them ??

If her husband began receiving the SS benefit at his full retirement age then this widow could collect 50% of his social security when she reaches her full retirement age, until age 70 when she will have to take the full SS benefit. You will not see this on any official SS information site. I found this on Kiplinger and began to take 50% of my then-living husband's SS benefit starting at my full retirement age of 66 until I retired at age 70.

Hello Michael, How do you see the future of social security income?

Great share!! The secret to success = *promosm*!!!

RMDs from a Roth IRA are required if it was inherited, regardless of age of the non-spousal beneficiary, and at 72 for a spousal beneficiary. Additional rules apply if the original owner died before 1/1/2020. Several times, I've noticed you make the general statement that RMDs are not required from a Roth. However, I feel that statement should be qualified - RNDs are not required from a personal Roth, but are required from an inherited Roth.

If my IRAs are in stock , can I do stock transfers “ inkind” to satisfy my RMD ??

That's a basic question for the SSA rep to screw up.

Doesn't the type of IRA make a difference. If the annuity funds are in a traditional IRA, that cannot satisfy a Roth IRA, nor can it satisfy an inherited IRA of any time - is that true?

Thank you for the clarification!!

If born on the first of the month, SSA and Medicare consider that you turned 65 on the last day of the prior month. So your initial enrollment period starts one month sooner and ends one month sooner.

Blurry video Michael. But the info was informative

I'm interested in investing more in gold and silver. Do you have any thoughts on this?

Always great information in easily understood words.

Good channel!! 🌟 You deserve more views. Have you checked SMZeus”dot”com?!? You should use it to promote your videos and grow your channel.

If this woman is married and her husband is older, if he waits to retire at full retirement age then when she reaches full retirement age she can collect 50% of her husband's SS retirement until age 70 then collect HER SS money. This information is not on the SS.gov site. I found it by reading Kiplinger magazine when I was 64.

We are excited, our first time and look forward to the game. Thank you very much, Michael and Vickie, Thank you Metrolife Church! We feel blessed!!!!!!!

Thank you, Michael, for taking the time to put this together. It was most helpful.