Your Retirement Questions Answered about Roth Conversions, Social Security, and More

[@bluecollarbudgets]

Does this make me KZbin famous now?!?! 😃🤣 Excellent video again and thank you for taking the time to go through my previous questions! I appreciate the time you all take to help your clients and those of us on KZbin!

[@OakHarvestFinancialGroup]

Lol! I suppose it does, @bluecollarbudgets! We're always thankful for your insightful comments and questions - keep them coming! Take care!

[@missouri6014]

This is a big help when you clarify, the answers to people who gave some posts Thank you

[@OakHarvestFinancialGroup]

Thank you, @missouri6014!! We're happy to do it!

[@dancurran8977]

I retired this year and we are living off cash at least through the end of 2025. Starting next year I will begin Roth conversions.

[@marcbernhardt6183]

Municipal is spelled incorrectly at 12:34.

[@OakHarvestFinancialGroup]

Hey Marc! Good catch, thank you!

[@Mr._Rick]

Do you have lawyers on payroll? Wondering if estate plan covered in your fee?

[@OakHarvestFinancialGroup]

Estate planning is part of our Retirement Success Plan, but drafting the documents will typically be billed by the lawyer you choose. We utilize a network of lawyers that covers almost every state in the U.S.A. Feel free to reach out to us if we can be of service.

[@straitjacketstudios]

Despite the government looking at last 2 years of MAGI, can't you will file SSA-44 to request a redetermination of income for IRMAA calculations since you are retiring (major life event)?

[@OakHarvestFinancialGroup]

Typically yes, @straitjacketstudios, the SSA-44 Form can be used to request a re-evaluation of your income for the purpose of determining Medicare premiums, including the Income-Related Monthly Adjustment Amount (IRMAA). Retirement is considered a life-changing event that may qualify you for a re-evaluation of your income. It does require submitting generally 6 months prior to the life-changing event. Keep in mind that specific rules and procedures may change, so we always recommend checking with the Social Security Administration or consulting with a financial advisor to get the most up-to-date and accurate information based on your individual circumstances. Thanks for watching and commenting!

[@uwepemberton3768]

Im retired 65 with 1mil+ in my Retirement act, I have a pension, SSI + cash in a taxable act, What options should one do with retirement act , I have no pain tolerance for these market swings and don't feel the pain is over yet. looking for conservative options. thanks

[@OakHarvestFinancialGroup]

Hey Uwe, we'd be happy to help answer your questions in a complimentary consultation - You can set that up here, and Frank can get you linked with one of our Financial Advisors. click2retire.com/your-retirement-questions-answered We'll look at your unique situation, offer some solutions for you to consider, and then you can decide if you'd like to hire us. We look forward to hearing from you :)

[@ItsEverythingElse]

$800,000,000 per hour added to the national debt would be $7 trillion per year. That is more than the entire federal budget.

[@OakHarvestFinancialGroup]

*nervously pulls on collar* So, now you see the problem.

[@Carllee623]

We have about 1.5 million in retirement savings. My husband and I plan to retire in 2 1/2 years when we are 60 years old. We’d like to start doing Roth conversions and use cash to pay for those taxes before 59 1/2. Should we continue to contribute to the 401k while making Roth conversions? Seems counterintuitive to contribute while making conversions. 🤷‍♀️ We are already maxing out our Roth contributions. Thanks

[@OakHarvestFinancialGroup]

Hi @Carllee623, first of all, congrats on your hard work of saving and being so close to retirement! We're excited for you. And that's a great question, we'll add it to our topic list to possibly cover in the future. You can also call us or click this link to fill out a form to set up a complimentary meeting with our team and we can try and point you in the right direction as well. click2retire.com/your-retirement-questions-answered

[@ItsEverythingElse]

Will the decreasing male life expectancy affect SS's retirement calculations at some point?

[@johnnyfive1412]

Its 2023 and some people say you can just claim to be a woman. That means you extend your life expectancy, right?

[@OakHarvestFinancialGroup]

While we really can't really know what's going to happen, we can rely on what we do know: the formula used to calculate benefits does not directly take into account changes in life expectancy. However, the Social Security Administration (SSA) periodically reviews and adjusts the program to address economic and demographic changes. If you're concerned about how potential changes to Social Security might affect your retirement plans, we always recommend staying informed about developments in Social Security policy and to consult with a financial advisor. Thanks so much for watching and take care!

[@Ann_Sears]

fire thumbnail

[@OakHarvestFinancialGroup]

Thanks! -From the designer, C 💅🏼

[@jiminauburn5073]

I have about $2.15M at this point in investments. In real estate (rental $500K and primary residence $1M), 401K/IRA $400K and cash $250K. We spend ~$80K a year at this point. We have a 12-year-old daughter that we have $100K in a college fund for. We have no debts except for a total of $4000/month mortgages on the two properties. The rental has a positive cash flow of about $10K a year. Mortgages will remain for the rest of our life but are at a low 2.49% rate. We are saving/investing an additional $90K a year. I will get about $3K and my wife will get about $1500 in SS at FRA. I will be 60 later this year and my wife will be 54. We live in Washington state, with no income tax. I would prefer to not touch the real estate and just leave it to our daughter upon our deaths. Can I confidently retire at 65 and my wife at 59?

[@OakHarvestFinancialGroup]

Hey there, Jim! We wanted to congratulate you on all the hard work you both have put into your retirement savings - it sounds like your financial situation is very strong. We'd always recommend working with a qualified financial advisor to conduct a comprehensive retirement planning analysis, considering factors such as inflation, potential healthcare costs, sustainability of your withdrawal rate from investments, and address any potential risks or challenges. We'd love to help if you're interested - schedule a free consultation with us and we can give you a more personalized answer. Click this link here to set that up: click2retire.com/your-retirement-questions-answered Thanks for watching, and commenting!