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The Retirement and IRA Show: Daily Summaries Delivered
by Jim Saulnier, CFP & Chris Stein, CFP
What do you get when you combine two knowledgeable CFP® PROFESSIONALS (one also a well-informed COLLEGE FINANCE INSTRUCTOR)? If you mix in relevant financial information and a healthy dose of humor you get the Retirement and IRA Radio Show! JIM SAULNIER, a CERTIFIED FINANCIAL PLANNER™ Professional with Jim Saulnier and Associates who specializes in retirement planning for clients across the country, CHRIS STEIN, a Finance Instructor at Colorado State University who is also a CERTIFIED FINANCIAL PLANNER™ Professional, offer real-world knowledge on a diverse range of topics including Social Security planning, investing for your retirement, the fundamentals of 401(k) and IRA accounts. Jim and Chris make learning about your retirement both educational and entertaining!
Latest Episodes
The most recent episodes — sign up to get AI-powered summaries of each one.
- 2 days ago1h 22m
Little-Known IRA Rules, Part 2: EDU #2645
If you would prefer to skip Jim and Chris chatting about Chris’s mild fall weather in Colorado, Jim’s Nashville trip, and upcoming Cumberland Gap hike and whitetail hunting trip, you can skip to 13:30. Chris’s Summary Jim and I continue our discussion of little-known IRA rules, centered on naming a trust as an IRA beneficiary. We cover when a trust may make sense, compressed trust tax brackets, a recap of see-through trust requirements, master trusts and subtrusts under SECURE, and moving an IRA out of a trust into separate inherited IRAs. We also look at which date starts the 365-day count under the once-per-year rollover rule. Jim’s “Pithy” Summary Chris and I pick back up on our list of little-known IRA rules, and if you want confusion, just involve a trust. A trust is a non-human. It’s a piece of paper. Yet the IRS will let it be treated as human for distribution purposes if certain rules are followed to the T. We’re not huge fans of naming a trust as IRA beneficiary, but I can concede a few situations, like a charitable remainder trust, or a trust that passes required distributions and proactive tax planning through to your child rather than giving them access to a large inheritance all at once. Want the trust to hold that money back from a spendthrift? That’s where compressed trust tax rates come in, and Chris shows how fast a trust hits the top bracket. Ever heard of the master trust workaround, where a very creative attorney got a PLR so a 1-year-old wouldn’t have to stretch over the life expectancy of a 100-year-old? SECURE made that easier, though with some very strict rules. I bring in Moe, Larry, Curly, and Shemp to show who can stretch, who gets the 10-year rule, and how an IRA may be able to pass through a trust into separate inherited IRAs. The once-per-year rollover rule may be the most confusing of the bunch. Everybody says you can only do one rollover per 365 days, but when does that 365-day count begin? I give an example where a second rollover was completed less than 365 days after the first and was perfectly acceptable, and another that may look fine but isn’t. The post Little-Known IRA Rules, Part 2: EDU #2645 appeared first on The Retirement and IRA Show.
- 6 days ago1h 18m
Social Security, HSA Contributions, Liquidity Account, ETFs: Q&A #2645
Chris is joined by Jacob to discuss listener emails on withdrawing an early Social Security claim to collect survivor benefits, how Medicare Part A back-dating can affect HSA contributions, details of a liquidity account, buffered ETFs, and buying a protection ETF after its outcome date. George asks whether a husband who claimed Social Security at 62 could withdraw his application within 12 months after his wife’s death, collect survivor benefits on her record, and later switch to his own benefit at 70. A listener points out that Medicare Part A’s six-month retroactive coverage may be counted back from when a Social Security appointment is made rather than when benefits begin, which can affect when HSA contributions need to stop. The guys get a request to define the liquidity account term heard on recent episodes, including how it is funded, how often it is replenished, and how much it should hold. Chris and Jacob field a question on how to gauge the historical performance of buffered ETFs and what happens to the cap and buffer if one is sold before the outcome period ends. A listener wonders how buying a structured protection ETF after its outcome date changes the cap rate and downside protection, and whether lower caps still compare favorably with CD rates. The post Social Security, HSA Contributions, Liquidity Account, ETFs: Q&A #2645 appeared first on The Retirement and IRA Show.
- 1 weeks ago1h 8m
Seven Unfixable IRA Mistakes: EDU #2644
If you would prefer to skip Jim and Chris chatting about Jim’s end-of-season garden update and what home-grown produce he’s going to try to get through TSA (and why), you can skip to 7:45. Chris’s Summary Jim and I continue our run of IRA topics with seven IRA mistakes that cannot be fixed once they are made. The list spans inherited IRA transfers, rollover limits and requirements, Roth conversions, net unrealized appreciation, and 72(t) distributions. In at least one case, nothing improper occurred at the time. We also distinguish these seven from errors that may still be corrected, such as certain missed 60-day rollovers. Jim’s “Pithy” Summary Chris and I keep the IRA conversation going this week. With all the rules attached to these accounts, I like to picture the Peanuts character Pigpen, with a cloud of rules, regulations, taxes, and penalties following the IRA from custodian to custodian and owner to beneficiary until it is finally closed. Plenty of slip-ups, like a missed RMD or an excess contribution, can be fixed. But some IRA mistakes, once made, you are stuck with. Their simplicity is sometimes their downfall, because people think they understand the rule and don’t quite. Spouses and non-spouses do not get the same options for moving inherited dollars, and using the wrong method may create two problems at once. I put your feet in the shoes of a 40-year-old surviving spouse who makes a perfectly legal move that cannot be taken back. Chris tackles the one-rollover-per-year rule, earns a grade for it, and we discuss the 2014 tax court case that changed how that rule is counted. I also worked hard to come up with a realistic way someone could violate the same property rule, and it involves fat fingers. We get into Roth conversion regrets and why I am still irked about losing my old cup of flour and butter knife approach. We touch on net unrealized appreciation and the moves that can wipe it out, along with the 72(t) payment schedule and the single word in its rules that people tend to miss. Chris also explains why he thinks a 72(t) calls for a compelling reason and careful precautions. The post Seven Unfixable IRA Mistakes: EDU #2644 appeared first on The Retirement and IRA Show.
- 1 weeks ago1h 4m
HSA PSA, Survivor Benefits, Roth Conversions, Inherited IRAs: Q&A #2644
Jim and Chris discuss listener emails, starting with a listener PSA on HSA contributions and Medicare Part A, then cover Social Security survivor benefits, a Roth conversion rules follow-up, and moving an estate’s IRA into Inherited IRAs. George shares a PSA on an often-overlooked Medicare Part A consideration for anyone still contributing to an HSA after 65. A listener asks if there’s any truth to an article on Social Security survivor benefits. Specifically, if someone who started their own benefits at 65 must wait until full retirement age to collect 100% of their survivor benefits, and whether claiming early will reduce them. The guys revisit the Roth conversion example from Q&A #2640 in response to a question on whether the extra money deposited into the Roth IRA from a brokerage account would be an excess contribution. Jim and Chris tackle a question about an IRA that ended up with no named beneficiaries after an advisor moved it to a new account before the owner’s death. The question is whether the private letter rulings (PLRs) cited in an article can be relied on to transfer the IRA from the estate into Inherited IRAs without a taxable event. The post HSA PSA, Survivor Benefits, Roth Conversions, Inherited IRAs: Q&A #2644 appeared first on The Retirement and IRA Show.
- 2 weeks ago1h 25m
Ready to Retire?: EDU #2643
Chris’s Summary Jim and I use two listener emails in this EDU dialog episode to consider whether each couple may be ready to retire. The first couple weighs relocating for taxes, a pricier next home, and all-equity portfolios with RMDs looming. Longevity, inflation, and a supposed $10 million target also come up. The second email involves a Social Security claiming plan, with a closer look at how spousal benefits and the earnings test work. We also discuss their options between monthly pension payments and a lump sum, along with some considerations around Roth conversions. Jim’s “Pithy” Summary Chris and I take a look at a couple of retirement scenarios based on listener emails in this EDU dialog episode. The first couple, 66 and 60, is trying to figure out if they’re ready to retire, and they’d like to pull the trigger now. The couple is thinking about leaving Oregon in a year or two, haven’t picked where, and taxes seem to be driving the decision. Don’t let the tax tail wag the dog, folks! Their next home will likely cost more than their current one, and we talk about why the idea that you have to downsize in retirement isn’t always right. We also discuss what 100% equities looks like when you do the mental accounting across the whole portfolio, and why RMDs looming in six years should have them asking an important question. Then there’s the longevity and inflation worries, and how the Minimum Dignity Floor ties into both. The last sentence of their email made me go, “huh.” They feel they’re far from the illustrious $10 million mark. I don’t know where they got that number, but we’ve seen people with less than a million live comfortably, and people with four, five, six million projected to run out because of how they spend. The second emailer, age 61, has a Social Security claiming plan that we dig into, and Chris adds some clarity on spousal benefits and the earnings test. He’s also choosing between monthly pension payments and a taking a lump sum. Chris pulls an income annuity quote for comparison, while I explain why pension risk transfer and the term “state guarantee fund” may change the picture. We also weigh his plan to convert about half of their traditional IRA money to a Roth in the first few years after he retires to fill the 10% or 12% tax bracket, and how charitable giving can change the picture. The post Ready to Retire?: EDU #2643 appeared first on The Retirement and IRA Show.
- 2 weeks ago1h 30m
IRMAA, Medicare, Spousal RMD, HSAs, Life Insurance: Q&A# 2643
Jim and Chris discuss listener emails on choosing a life-changing event for an IRMAA reduction request, declining Medicare Part A to keep making HSA contributions, the hypothetical retroactive spousal RMD rule, using HSA funds for pre-65 health premiums, and using guaranteed universal life insurance as a tax-efficient inheritance. George asks if it matters which qualifying life event he selects on Form SSA-44, since two apply, when requesting a reduction in IRMAA. He also wonders whether the adjustment is still avoided if 2027 modified adjusted gross income (MAGI) comes in higher than estimated but stays under the first married filing jointly bracket. A listener inquires whether someone over 65 can decline Medicare Part A when starting a Social Security survivor benefit in order to keep contributing to a health savings account (HSA). The guys get a request to explain the purpose of the hypothetical retroactive spousal RMD rule for IRAs and to walk through the example from a recent EDU episode more slowly. Jim and Chris respond to a note saying that retirees who stay on their former employer’s health plan can use HSA money to pay premiums before age 65. A listener seeks guidance on using a guaranteed universal life insurance policy to tax-efficiently pass an inheritance to trusts for two adult children. The post IRMAA, Medicare, Spousal RMD, HSAs, Life Insurance: Q&A# 2643 appeared first on The Retirement and IRA Show.
- 3 weeks ago1h 15m
Little-Known IRA Rules, Part 1: EDU #2642
If you would prefer to skip Jim and Chris’s banter about Jim’s garden greens and his trip to Nashville, Indiana you can skip to . Chris’s Summary Jim and I discuss little-known IRA rules that trace back to the IRS final regulations released in July 2024. The rules covered include how an older eligible designated beneficiary may calculate RMDs, a spousal RMD that is both hypothetical and retroactive, and the documentation requirement for see-through trusts. Some of these changes simplify the rules, while one adds complexity. Jim’s “Pithy” Summary Chris and I start into a list of little-known IRA rules that I put together from my old Ed Slott notes, and the three we cover all trace back to what the IRS did in July of 2024. Most of them involve beneficiaries, because that is where IRAs stop being basic and start getting confusing. Remember, when you hear the words designated beneficiary, throw them out of your brain and put in the word human. We start with an eligible human who inherits from someone younger, and I put Chris on the spot with a true or false. He gets partial credit, and that IRS decision explains why. That same release also created the hypothetical retroactive spousal RMD. Hypothetical. It’s not real. It never happened, yet it may still land on a surviving spouse who moves an inherited IRA to their own. That name is a mouthful, so I walk through examples, including what changes when the spouses are different ages and what the IRS means by “first applicable year.” It’s easy to forget, yet forgetting it can cause real trouble. We also get into see-through trusts. Trusts are pieces of paper, and trusts don’t die, so the IRS set parameters a trust has to follow before it will treat one like a human. I go through them, and on the beneficiaries my advice is name names. Then there is a documentation rule the IRS made simpler in that same release, but not for every type of account. Why that is, I still can’t tell you. If you have an explanation, I’m all ears. The post Little-Known IRA Rules, Part 1: EDU #2642 appeared first on The Retirement and IRA Show.
- 3 weeks ago1h 41m
COBRA, Social Security, Pension Deferral, Annuities: Q&A #2642
Jim and Chris are joined by Tom Stivers for a couple questions on COBRA coverage for a younger spouse and Social Security survivor benefits and the RIB-LIM rule. Jim and Chris continue on without “Grasshopper” for a listener PSA following up on the Chip and Dale/Chippendale banter from a previous episode and questions on pension deferral past RMD age, insurer service after inheriting a 403(b), single premium deferred annuities (SPDAs), and the timing of annuity purchases as financial understanding declines with age. George follows up on a recent episode’s COBRA discussion, noting that a non-Medicare spouse is limited to 18 months of coverage when the qualifying event is retirement at 64.5. A listener asks for an explanation of the Retirement Insurance Benefit Limit (RIB-LIM) and wonders whether, after both spouses claimed at 62, a surviving spouse would receive the higher earner’s monthly benefit or something more. The guys receive a PSA following up on the Chip and Dale/Chippendale banter from a previous episode, explaining the history of the names and which came first. A pension recipient wonders whether a pension office is correct that the deferred portion of a pension held in a 401(a) can stay deferred past age 73 while RMDs begin, as a way to remain in the 24% tax bracket. Jim and Chris revisit an earlier question about a delayed 403(b) inheritance, as the follow-up asks why anyone would buy an annuity from an insurer that struggled to process a simple inheritance. Georgette wants to know whether a five-year, 4.4% single premium deferred annuity (SPDA) purchased with funds from an IRA was a good move and what to consider when it matures. A longtime DIYer asks whether waiting until a Minimum Dignity Floor shortage arrives to buy an annuity conflicts with the goal of the younger self protecting the older self. The post COBRA, Social Security, Pension Deferral, Annuities: Q&A #2642 appeared first on The Retirement and IRA Show.
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About The Retirement and IRA Show
What do you get when you combine two knowledgeable CFP® PROFESSIONALS (one also a well-informed COLLEGE FINANCE INSTRUCTOR)? If you mix in relevant financial information and a healthy dose of humor you get the Retirement and IRA Radio Show! JIM SAULNIER, a CERTIFIED FINANCIAL PLANNER™ Professional with Jim Saulnier and Associates who specializes in retirement planning for clients across the country, CHRIS STEIN, a Finance Instructor at Colorado State University who is also a CERTIFIED FINANCIAL PLANNER™ Professional, offer real-world knowledge on a diverse range of topics including Social Security planning, investing for your retirement, the fundamentals of 401(k) and IRA accounts. Jim and Chris make learning about your retirement both educational and entertaining!
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