I have a question on QCDs. My wife has been taking RMDs for a few years and just passed away in August. I will be rolling her IRA into mine (I'm below age 70.) I need to take her RMD this year (she hadn't taken it yet) and was wondering if I could take it as a QCD. I'm not eligible since I'm not 70-1/2, but she would have been. I've asked this on Bogleheads and the answer I got was no to QCD since it is my distribution. Any thoughts?
Max, Good review. The "relative in trouble" has been around awhile and now with AI it appears that they are going to be even more prevalent. They capture a few seconds of someone's voice and make conversations utilizing that. After the Equifax breach, we took Clark Howard's advice and froze our credit. We pretty set - not needing credit very often so it has given us a good level of confidence. We've had to thaw accounts only twice in the last 6-7 years. We also took his advice to have a separate computer (chromebook) for financial stuff (banking, financial accounts, credit cards, etc.) We never use that computer for anything else. Not as convenient as being able to access those via a mobile phone, but I don't need access very frequently and my phone is company provided. Like Rick's comment, I have always been worried about my parents, but am of that age myself now.
I've been with Wells Fargo for both checking and financial accounts for years. They introduced an RSA key (similar to Yubico or an authenticator app like microsoft's) for 2FA. We had to purchase a key for both my and my wife's financial accounts ($5 each), but they work great.
Richard, Sorry I'm so late in responding. Although I don't take my own advice, I highly recommend people using 3rd party insurance brokers when evaluating Medicare supplement plans for a couple of reasons: My dad wasn't computer savvy to navigate medicare's website to evaluate either Plan F (at that time) or Plan D plans. He relied on, at no cost to him, the broker's advise. Since becoming my mom's guardian and conservator - she was in a nursing home and I lived in another state, the broker notified me of a new law in Idaho allowing people to switch to a community-based plan vs her old age-based plan. I was able to switch her from a F to a G and community-based, reducing her cost 50% with no underwriting. I'm not even sure if I was living in Idaho, that I would have been aware of that change. In addition, her in AZ, I was talking to a friend with medical issues (both her and her spouse) about trying to switch off of their advantage plans to a plan G. They were concerned about future huge medical bills wiping out their savings/home/etc. I recommended she talk to a broker, I had heard on the radio, but warned her that more than likely they would have to pass medical underwriting, which they may not pass. Having talked to the broker, she found out her advantage plan company had just opened a window to allow moving to a Plan G without underwriting. Huge relief to her. She has since passed on this to multiple people getting them switched. Here again the broker knew of this special window being made available and I'm not sure how you would find out otherwise. So why don't I follow my own advice; I can navigate (at this point) medicare's site, have my wife on a Plan G and can evaluate her plan D needs - usually changing every year. I plan on enrolling in a Plan G when eligible. Thanks for your article on this - I enjoy your articles greatly. Mike
Comments:
I have a question on QCDs. My wife has been taking RMDs for a few years and just passed away in August. I will be rolling her IRA into mine (I'm below age 70.) I need to take her RMD this year (she hadn't taken it yet) and was wondering if I could take it as a QCD. I'm not eligible since I'm not 70-1/2, but she would have been. I've asked this on Bogleheads and the answer I got was no to QCD since it is my distribution. Any thoughts?
Post: Our annual give it away meeting
Link to comment from October 4, 2024
Max, Good review. The "relative in trouble" has been around awhile and now with AI it appears that they are going to be even more prevalent. They capture a few seconds of someone's voice and make conversations utilizing that. After the Equifax breach, we took Clark Howard's advice and froze our credit. We pretty set - not needing credit very often so it has given us a good level of confidence. We've had to thaw accounts only twice in the last 6-7 years. We also took his advice to have a separate computer (chromebook) for financial stuff (banking, financial accounts, credit cards, etc.) We never use that computer for anything else. Not as convenient as being able to access those via a mobile phone, but I don't need access very frequently and my phone is company provided. Like Rick's comment, I have always been worried about my parents, but am of that age myself now.
Post: Be Careful Out There
Link to comment from June 16, 2023
I've been with Wells Fargo for both checking and financial accounts for years. They introduced an RSA key (similar to Yubico or an authenticator app like microsoft's) for 2FA. We had to purchase a key for both my and my wife's financial accounts ($5 each), but they work great.
Post: Be Careful Out There
Link to comment from June 16, 2023
Richard, Sorry I'm so late in responding. Although I don't take my own advice, I highly recommend people using 3rd party insurance brokers when evaluating Medicare supplement plans for a couple of reasons: My dad wasn't computer savvy to navigate medicare's website to evaluate either Plan F (at that time) or Plan D plans. He relied on, at no cost to him, the broker's advise. Since becoming my mom's guardian and conservator - she was in a nursing home and I lived in another state, the broker notified me of a new law in Idaho allowing people to switch to a community-based plan vs her old age-based plan. I was able to switch her from a F to a G and community-based, reducing her cost 50% with no underwriting. I'm not even sure if I was living in Idaho, that I would have been aware of that change. In addition, her in AZ, I was talking to a friend with medical issues (both her and her spouse) about trying to switch off of their advantage plans to a plan G. They were concerned about future huge medical bills wiping out their savings/home/etc. I recommended she talk to a broker, I had heard on the radio, but warned her that more than likely they would have to pass medical underwriting, which they may not pass. Having talked to the broker, she found out her advantage plan company had just opened a window to allow moving to a Plan G without underwriting. Huge relief to her. She has since passed on this to multiple people getting them switched. Here again the broker knew of this special window being made available and I'm not sure how you would find out otherwise. So why don't I follow my own advice; I can navigate (at this point) medicare's site, have my wife on a Plan G and can evaluate her plan D needs - usually changing every year. I plan on enrolling in a Plan G when eligible. Thanks for your article on this - I enjoy your articles greatly. Mike
Post: Unhealthy Choices
Link to comment from December 16, 2022