SS Benefits, WEP, HSAs, MYGAs, and Retirement Planning: Q&A #2432

August 10, 2024

SS Benefits, WEP, HSAs, MYGAs, and Retirement Planning: Q&A #2432

Jim and Chris sit down to discuss listener questions relating to Social Security benefits, WEP, HSAs, MYGAs, and their retirement planning process.

(9:15) Chris begins the show by describing a current situation where he is trying to help someone with filing for Social Security and Medicare after spending most of their life going by a nickname that was not their legal name.

(13:00) George wonders what to expect for Social Security benefits for someone who has worked 10 years of the 35 years SS looks at in their determination.

(21:15) A listener wants to know if a 401(a) that only pays out a lump sum will be used in the Windfall Elimination Provision (WEP) calculation if the same employer also provided a pension.

(35:15) Jim and Chris answer whether or not a listener can use his individual Health Savings Account (HSA) to pay for his wife’s medical expenses.

(39:30) A listener purchased 3 MYGAs from the same company within a one-year time frame. After listening to a recent episode, she is now wondering if, when the first one matures, transferring it via a 1035 exchange to another company will fix the issue that they are currently lumped together for the purpose of the last in first out rule.

(1:08:00) The guys are asked to clarify part of their Planning process covered in the Edu series. In the hypothetical are they funding the period between “delay” and “post delay” with Social Security and/or pensions or something else?

 

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