วีดีโอ

As per the recommendation in the video, I called SSA yesterday, and was able to scheduled an appointment for today. Went into their office and we were able to have our SSA-44 form approved over the counter in approximately 10-minutes. They also stated that we shall receive a confirmation letter from them in approximately 10-days. Great video and thank you very much!

My local office also accepts faxes of the form and supporting documents.

Thank you! Thank you! Thank you! The is THE BEST explanation of filling out the SSA-44 that I've found. Very clear and thorough explanation using simple but concrete examples. You also cover handling the situation of having to file the SSA-44 for two separate years following retirement.

Thank you. This is very thorough but I'm left with one question. The instructions to STEP 1 say "[t]he life changing event must be in the same year or an earlier year than the tax year you ask us to use to decide your income-related premium adjustment." My husband retired in 2023 but late enough in the year that there was not a big difference in income between 2022 and 2023. We received our IMRAA notice in late 2023 stating we owed IRMAA. We each filed our request for a new IRMAA decision using our anticipated 2023 MAGI in STEP 2 and projected income in 2024 in STEP 3, which was projected to be below the IRMAA threshold. SSA denied our initial request saying they couldn't use a future year to use for our IRMAA and to file in 2024 to use 2024 income. We did and our request was granted, and we did not pay IRMAA in 2024. We just received our 2025 notice saying we owe IRMAA for 2025 based on my husband's 2023 income. Our 2024 income is below the IRMAA threshold and 2025 will be the same. So in STEP 2 do we use 2023 MAGI in STEP 2 (this doesn't help us avoid paying IRMAA) and check "Yes" in STEP 3 and put in our 2024 projected MAGI in STEP 2 OR do we use 2024 MAGI in STEP 2 and check "No" in STEP 3?

Always the best from the best, thank you very kindly!

Advantage plans are also available as PPO plans. They are not all HMOs. With a PPO, you ae not required to obtain care from in-network providers, and also would not need a referral to see a specialist. Out-of-network care with a PPO plan will often result in higher patient copays, than if they stay with in-network providers. All Advantage plans are required to cover urgent or emergency care nationwide, at in-network copays. Non-urgent/emergency coverage when travelling will vary, depending on the Advantage plan. Many PPO plans will cover it.

I’d be retiring or working less in 15 years, and considering this financial recession, I’m deciding to begin taking up skilled trades. I’m curious to know best how people spilt their pay, how much of it goes into savings, spendings or investments, I earn about $140k per year but nothing to show for it yet.

There was no mention of HECM. I am wondering why ...

Great video, thanks Dana!

Great information. Really appreciated the Q&A. Thank you!

Thank you for your time and great content! Well done!!

Just what I needed to learn and understand. THANKS

This girl is gorgeous.

I sold a rental home NOW my socIal security is MINUS $450 A MONTH !!!! WHEN DOES THAT 'THEFT" STOP ?????? HOW MANY YEARS IS THE $450 TAKEN ?

How common is recast and what ARE the cost to recast

Thank you for this helpful video. Question: If you are let go from your job at the end of November 2024 (i.e., work stoppage occurs in the last month of the year) … should you wait and file the SSA-44 in January for 2025?

Do you sell access to your modeling software?

Question - is one better off overstating your income for subsidy and collecting credit at the end of the year when true up occurs? Asking only because I'm trying to understand if a deeply subsidized policy is treated unfavorably by insurance/ providers. Would providers be hesitant to accept subsidized policies? Thanks

Don’t own mutual funds in taxable brokerage accounts. They are pass thru structured entities. Use ETFs (each investor is more properly assessed the capital gains due to them). Also good are individual stocks.

Great video, very simple to follow and helpful information!

Is this something seniors who retire will have to do for two years in a row? So submit again the next year until the taxes are reflecting the new income?

Sensible Money has excellent content and many essential learning points in this discussion. I hope Dana revises her outstanding book in 2026 or 2027 when the upcoming changes or lack of them occur. Her ability to drill into the pertinent details of a financial plan is value-add par excellence.

What happens to escrow when you recast?

Regarding the strategy to pay the tax at the end of the year by taking an IRA distribution equal to the estimated tax due and withholding 100% of it: it is important to note that if you are younger than 59.5yo, the distribution is considered non-qualified and will be subject to a 10% penalty.

at 54:30. Saving taxes may not always be the best way to optimize at these scenarios especially if considering Roth conversions. The best thing to optimize is after tax account values.

I had to chuckle about the savy 'cash flow' couple. I am also in a (temporary 3 year) situtation where my cash flow is higher than my taxable income. My cash flow is at 125K, as my adjusted gross income is $66K. It does not get much better than this.

If Trump gets elected, and Senate / House, Social Security / Tips will not be taxed and expect an nice upward adjustment to the standard deduction, offset by a general 10% tariff on all non taxed internal goods. A tariff is just a value added tax, the most common form of taxation in the world.

Let's hope President Trump gets back in so the tax brackets do not revert back. If they do revert everyone will be affected not just those making 400k or more like the left wants you to believe

Stop saying 'utilized'. Just say 'used'.

With Roth IRA, the money you are contributing has already been taxed. At any time for any reason, you can withdraw your contributions tax-free and penalty-free. Additionally, any earnings on investments can also be withdrawn tax-free and penalty-free, Not sure how much to contribute, I'm still at a crossroads deciding if to liquidate my $338k stock portfolio.

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family

Very helpful! Attended live and now listening again.

I converted a lot when the stock price was way down. The profit I have made since then in my Roth more then covers what I paid in taxes.

Retired and loving it.

Retired 1 year

Earnings test is wrong! We should be able to work and receive the benefit applicable to the age thereof . . Not full retirement age.

How to invest for decumulation - live off the acorns - income ladder 1- comprehensive retirement plan - assumptions are difficult Life is not linear / expenses / be as accurate as possible for ten years …variable expenses / income - expenses = portfolio / 3% for medical to use bond ladder - match bonds are cds to retirement account Spending within 12 months flexible Bond ladder approach matching to bonds to withdrawals - interest from bond and recurring principal

I like the simple way a Roth IRA can be passed to your kids-Tax Free. Not only would I benefit from lower taxes during my life, but my kids will get 10 years of tax free investments from the Inherited Roth IRA which will be the high, earning years of my kids.

Always great content from Dana and the team

Sensible Money is my favorite TH-cam channel for intelligent financial decision-making; Dana and her crew are top-notch!

Excellent help. THANK YOU!!!

I'm already 65 and I have no SS (though I do have retirement money from my State ret. fund). I hate to say it but..... Paying zero tax....living at or under the "standard deduction" (and extra, if you're above a certain age). LOL. It's not happening. Well, not for me. Besides, I have some REAL bills to pay. OK, Ok......IF.......all of my extra wealth (read as : retirement money) was in a ROTH?

One of the major problems with all 3 of these SS videos is that they fail to discuss the average age of life expectancy & how much you lose to SS even if you only get 1500 a month and/or penalized 1.00 for every 3 you make working on the side. Those videos and that guy are all full of shit. In most cases one has to live until between 83-85 to recoop SS benefits lost by taking them as soon as possible. There are many similar videos stating the same BS and all are for the government trying to dupe people into delaying taking their SS benefits. Truth is NOW, that the average life span for a white male is down to around 77 7 DELAYING YOUR SS BENEFITS WILL COST YOU UNLESS YOU MAKE TO 83 OR 84.

AND THIS DIDN'T START ANOTHER REVOLUTION!

Amazing video,A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $110k and in the first 2 months , my portfolio was reading $294,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

I don’t see the fairness in the IRMAA methodology. I am living off my IRA. Every withdrawal I need to withdraw an extra 20%. Then my SS is 85% taxable which then requires me to withdraw the tax amount + 20%. This year I had open heart surgery total out of pocket $9500 so need to pull out that amount + 20%. So like last year I may AGI may reach $160K but it wasn’t income when almost $40K was to pay taxes.

Because all these money managers are really about is ...eating your lunch

I have about 400K in a 401K plus multiple Roth IRA's. If I decide beginning converting the 401K to a Roth IRA, is there any advantage or disadvantage to doing a direct transfer to a trad IRA (to be set up)? Or should I direct any conversion amts directly into one of my long-established Roths?

I would rather pay tax now on contribution than to pay tax on contributions and growth 20yrs from now. At that point tax rates don’t matter.

Great explanation thanks!