Comments for Getting Your Financial Ducks In A Row

Comment on The Family Maximum Benefit (Retirement) by What Makes Up the Family Maximum Benefit? – Getting Your Financial Ducks In A Row

Fri, 11 May 2012 12:17:33 +0000

[...] reviewed in the article The Family Maximum Benefit (Retirement), there is a maximum amount that can be paid on a particular Social Security record. As you’re [...]

Comment on SS Earnings Info Online; Plus Paper Statements Are Coming Back! by Investing Blog Roundup: More Tips on Leaving Your Broker

Investing Blog Roundup: More Tips on Leaving Your Broker — Fri, 11 May 2012 12:02:02 +0000

[...] Social Security Info Now Online from Financial Ducks in a Row [...]

Comment on SS Earnings Info Online; Plus Paper Statements Are Coming Back! by Tinman

Tinman — Thu, 10 May 2012 18:40:52 +0000

Jim, thanks for the above link! I registered very easily and my account popped up right away..Life in the Emerald City isn’t what it used to be! The best to you!
Tinman

Comment on Inherited IRA Multiple Beneficiary Example by jblankenship

jblankenship — Thu, 10 May 2012 18:11:59 +0000

That’s exactly the point, Derek. The option to convert the account to Roth is ONLY available for an inherited 401(k) (or other QRP, like a 403(b)) but not for an inherited IRA.

If the inherited account is a 401(k), the beneficiary can convert the funds to a Roth IRA account, paying tax on the conversion. Then there will still be Required Minimum Distributions on the Roth IRA account, but all of the tax has been paid up-front.

Hope this helps -

Comment on Inherited IRA Multiple Beneficiary Example by derek d

derek d — Thu, 10 May 2012 18:01:08 +0000

On Dec 2, 2011 you wrote: This is How You Convert An Inherited 401(k) to a Roth IRA” for FiGuide.

I’m confused. In this article you state: “Since the account is inherited, the owner of the account cannot make contributions to the account, roll it over into another IRA account, or convert the account to a Roth IRA.”

Is this because one deals with inheriting a 401(k) and the other deals with inheriting an IRA?

Ultimately, the question is how does a 401(k) beneficiary get the inherited money in to a Roth IRA?

Thanks,
DD

Comment on SS Earnings Info Online; Plus Paper Statements Are Coming Back! by Anne

Anne — Wed, 09 May 2012 13:01:59 +0000

Well, apparently someone at SSA listened, because now there is a new option on the SSA website, at http://www.socialsecurity.gov/mystatement, where you can create an account and receive essentially the same information that was previously available on the paper statement – including earnings history! How about them apples??

Great News ! thanks Jim…I will post the good news on my facebook page etc. !!(and esp. email this infor to family and friends…ps thanks SSA ! ! !

Comment on SS Earnings Info Online; Plus Paper Statements Are Coming Back! by jblankenship

jblankenship — Mon, 07 May 2012 16:43:39 +0000

Marlene -

Yes, that’s correct. I need to correct myself where I said you could take the reduced benefit “now” – I meant you could take your own reduced benefit at age 62 and switch later to the Survivor Benefit at age 66 (your Full Retirement Age) for an unreduced Survivor Benefit.

Comment on SS Earnings Info Online; Plus Paper Statements Are Coming Back! by Marlene

Marlene — Mon, 07 May 2012 16:20:47 +0000

Thanks for such a quick response! So I could take my own benefit at 62, then switch to the survivor benefit sometime later? I was told by the clerk at the SS office that I should take the survivor benefit at 60. I think it is a real disservice to widows my age who are trying to figure out the best options. If I start it at 60, it is reduced to 71.5%, so it would really help to not take it until at least 65, if my financial situation can be managed in the near term.
Thank you again. Love your column!

Comment on SS Earnings Info Online; Plus Paper Statements Are Coming Back! by jblankenship

jblankenship — Mon, 07 May 2012 13:32:04 +0000

Marlene,

You definitely can take a reduced benefit now (on your own record) and then switch to the Survivor Benefit later, when the reduction to that benefit is either minimized or eliminated.

Hope this helps -

Comment on SS Earnings Info Online; Plus Paper Statements Are Coming Back! by Marlene

Marlene — Mon, 07 May 2012 12:43:42 +0000

I am a 59 yr old widow trying to figure out the options for survivor benefits. I have received conflicting info from my financial advisor and also at the social security office itself. Can I take my own reduced retirement benefit at 62 and switch to survivor later? Or is that only possible if my rate is higher than his? Or is my only option to take survivor benefits at 60? My PIA is less than 50% of my late husbands. If I could delay those benefits to allow them to increase, it would greatly help my situation, since I am currently unemployed and barely making it. This is such an important decision to make and I want to get it right, but the info is very confusing. I get no consistent answers from anyone, as if it is a secret as to how to receive the most benefits. Any info would be most appreciated.