Listener Q&A: Tax Strategies, Inheritances, Annuities, and More

In this episode, Devin and John dive into a variety of listener questions, discussing annuities, maxing out retirement plans, why HSAs aren't widely talked about, IRMAA, and more. Tune in as we explore:

• Claudia's Situation: Understanding the distribution requirements for inherited qualified and unqualified MYGA accounts in light of recent tax law changes. We discuss the tax implications of cashing out one account at the rollover date versus waiting, and which account is better to save for children’s inheritance to lessen their tax burden.

• Warren's Issue: Dealing with IRMAA surcharges on Medicare premiums after selling company assets and the impact of high income on Social Security benefits.

• Rob's Request: Suggestions for adding "Married filing separately" information to our new "Big Picture Retirement Planning Cheat Sheet."

• Rick Dunn's Question: Clarifying the maximum contributions to IRAs plus an employee deferment program (401k).

• Michael's Concern: Exploring why Health Savings Accounts (HSAs), despite being excellent tax-saving products, aren't more widely promoted by financial advisors. 

 

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Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary.

https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and look for the tab on the right side that says “Send A Voicemail.

”Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.

Contact Devin’s team athttps://www.carrolladvisory.com/

Contact John’s team athttps://www.rossandshoalmire.com/

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