Social Security, Early Withdrawals, SPIAs, QLACs, Retirement Strategy: Q&A #2634

Jim and Chris discuss listener emails on spousal Social Security timing, a listener PSA on the super catch-up contribution rule, early withdrawals from a Roth 457(b) plan, Minimum Dignity Floor coverage using SPIAs, QLACs as a hedge against potential Social Security cuts, and a couple’s retirement strategy.

(10:00) — A listener asks whether a wife nearing full retirement age can claim her own smaller Social Security benefit now, then switch to a spousal benefit once her husband files at his full retirement age.

(18:15) — A listener PSA offers clarification on a previous Q&A episode’s super catch-up contribution rule discussion.

(22:15) — Jim and Chris are asked how early withdrawals of growth from a Roth 457(b) plan are taxed for someone who won’t yet be 59 and a half, since 457(b) plans avoid the 10% early withdrawal penalty but may not meet the usual requirements for tax-free Roth distributions.

(32:30) — George asks for guidance on using a dual life single premium immediate annuity (SPIA) to help a retired couple with minimal Social Security and no pension cover their Minimum Dignity Floor.

(45:00) — A listener asks several questions about how qualified longevity annuity contracts (QLACs) work and whether the current contribution limit could offset a potential future cut to Social Security benefits.

(1:00:30) — The guys review a retirement drawdown plan involving brokerage assets, Roth conversions, and an inheritance, and are asked whether the overall strategy holds up.

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