When each of my grandchildren was born I opened a separate Roth in my name but each as the beneficiary. My goal is to move the money over to a Roth in their name as soon as they have any earned income until it is all migrated. And if I pass they have the stretch period to do the same. My kids understand the plan and know it is for retirement, but if my wishes go unheeded after I’m gone I won’t be around to complain.
Social Security uses the most recent tax return which is the one two years prior to the year you are enrolling. See above post on form SSA-44 to possibly reduce IRMAA costs.
If you either stop work or reduce income you can submit form SSA-44, attest to a Life Changing Event (LCE), estimate your MAGI for the year and reduce or eliminate IRMAA. We had a windfall in 2021 which put us near the top IRMAA bracket, but I will be formally retiring next year and will be under the limits. There are 7 LCE conditions outlined on SSA-44.
Adam, another great post. How can a bond fund investor determine the percentage of holdings are held to maturity and then reinvested? The turnover rate for vanguard’s total bond fund is 69%. I know redemptions could drive some sales, but would hope most fund holdings would simply be held to maturity and then reinvested.
Comments
When each of my grandchildren was born I opened a separate Roth in my name but each as the beneficiary. My goal is to move the money over to a Roth in their name as soon as they have any earned income until it is all migrated. And if I pass they have the stretch period to do the same. My kids understand the plan and know it is for retirement, but if my wishes go unheeded after I’m gone I won’t be around to complain.
Post: When They’re 64
Link to comment from May 16, 2025
Social Security uses the most recent tax return which is the one two years prior to the year you are enrolling. See above post on form SSA-44 to possibly reduce IRMAA costs.
Post: The Gift of the MAGI
Link to comment from December 17, 2022
If you either stop work or reduce income you can submit form SSA-44, attest to a Life Changing Event (LCE), estimate your MAGI for the year and reduce or eliminate IRMAA. We had a windfall in 2021 which put us near the top IRMAA bracket, but I will be formally retiring next year and will be under the limits. There are 7 LCE conditions outlined on SSA-44.
Post: The Gift of the MAGI
Link to comment from December 17, 2022
Adam, another great post. How can a bond fund investor determine the percentage of holdings are held to maturity and then reinvested? The turnover rate for vanguard’s total bond fund is 69%. I know redemptions could drive some sales, but would hope most fund holdings would simply be held to maturity and then reinvested.
Post: About Those Bonds
Link to comment from August 7, 2022