Jim and Chris discuss listener questions on Social Security family maximum and suspending benefits, a listener PSA on IRMAA premiums, a listener PSA on Medicare premiums, a listener PSA on Social Security claiming strategies, Roth contribution rules, and Roth conversion disadvantages.
(4:30) George asks how the combined family maximum benefit works when two retirement records are combined to increase the family limit for auxiliary benefits paid to a spouse and two minor children.
(16:00) A listener asks what additional factors should be considered when suspending a Social Security benefit at full retirement age and restarting at 70 after previously claiming early.
(30:15) The guys share a PSA in which a listener states that IRMAA is a premium rather than a tax because Medicare enrollment is optional.
(37:45) Georgette shares her objections to Chris describing the base Medicare premium as “free” and explains why she feels that is misleading.
(44:30) A listener offers a couple of PSAs, first sharing their thoughts on Nokbox, then sharing an article on a Social Security claiming strategy they believe could help people concerned about sequence of returns.
(51:00) The guys answer a question about how a 529-to-Roth IRA transfer affects the annual Roth contribution limit when part of the rollover is gains.
(56:30) Jim and Chris address what disadvantages exist when choosing a Roth conversion instead of a non-RMD IRA withdrawal when both would be taxable.

Show Notes:
NokBox

Social Security | Readjust your claiming strategy | Fidelity

The post Social Security, IRMAA, Medicare, Roth Contribution Rules, Roth Conversions: Q&A #2549 appeared first on The Retirement and IRA Show.

Chris’s Summary
Jim and I review the QLAC 1098-Q and walk through how this form reports premiums, fair market value, and contract status. We compare it to Form 5498, outline how the fair market value and excess annuity payments can be used under Secure Act 2 Section 205 with other IRAs, explore the age-85 and surviving-spouse reporting rules, and touch on listener PSAs about using QLACs as part of a broader self-funded long-term care approach.

Jim’s “Pithy” Summary
Chris and I use the QLAC 1098-Q as a way to show how the IRS keeps tabs on your QLAC and why that little form matters more than people think. I talk about it as the “kissing cousin” of Form 5498, walk through how box 3 tracks cumulative premiums against the current $210,000 lifetime limit, and explain how the fair market value and projected income give the IRS what it needs while also giving you the data to run the Section 205 strategy after Secure Act 2.

Then I get into the strange rule that says the company only has to send 1098-Qs until age 85 or death for the original owner, contrast that with the different rule for a surviving spouse, and spell out why it could be a real problem if the insurer stops providing a usable fair market value once income has been turned on. We kick around how that interacts with the prohibition on DIY fair market value calculations, the inability to get a QLAC quote after age 85, and why advisors and clients are going to care which companies keep sending this information even when they technically don’t have to. On top of that, I read listener emails about using QLACs alongside self-funding long-term care and push back on the idea that you only insure things you are “sure” you’ll need.

The post The QLAC 1098-Q: EDU #2549 appeared first on The Retirement and IRA Show.

Jim and Chris discuss listener questions on IRMAA brackets and several QLAC topics including RMD interaction, suitability, payout values, and purchase timing.

(19:30) A listener wonders if their lower 2024 income will automatically reduce their 2026 IRMAA even though it doesn’t qualify for an SS-44, or if they must contact the SSA.
(25:15) George asks whether going above certain income thresholds in 2025 could keep IRMAA lower in 2027 because of inflation adjustments.
(34:30) The guys weigh whether QLAC income, once it begins, can offset RMDs on other IRA holdings.
(54:00) Georgette wants to know who is a good candidate for a QLAC, how it is purchased, and which features to consider.
(1:05:00) A listener seeks guidance on determining early- and late-start payout values for a QLAC and whether those values are fixed or variable.
(1:10:15) Jim and Chris consider whether buying a QLAC earlier leads to higher payments at the same deferral age and what factors affect purchase timing.

The post IRMAA Brackets and QLACs: Q&A #2548 appeared first on The Retirement and IRA Show.

Chris’s Summary
Jim and I discuss QLAC use cases in the context of retirement income planning and how the Treasury Department designed these annuities to function. We walk through when someone might consider using one, how the absence of cash value affects planning decisions, differences among providers on turning income on early, the impact of mortality credits on later-life payouts, and how QLACs can help stabilize the post-delay period for people focused on long-term secure income.

Jim’s “Pithy” Summary
Chris and I take a deeper dive into QLACs by taking what we talked about last week and looking closer at where these things might fit into a retirement plan. The Treasury Department set QLACs up with no cash value, which locks them straight into that verb-annuity world we often talk about. That design wasn’t about selling a new product—it came out of watching people’s IRAs get hammered in 2008 and realizing some retirees needed secure income for the older version of themselves. Like so much in retirement planning I see these products as part of the negotiation between the younger you and the older you.

The younger you has to decide how much certainty you want in the years when your body and your mind aren’t running at full speed. I talk about that all the time: we are degrading, and it doesn’t take much—like me tripping on a hike—to be reminded of it. A QLAC is one way to make life easier for the older you by guaranteeing income that covers the Minimum Dignity Floor when you may not want to be making complex decisions. Some insurers let you turn income on earlier, some don’t, and those differences matter. Chris brings in sample quotes, and when you see what mortality credits can do in your 80s, you understand why people might actually consider using one.

Not everyone needs a QLAC. A lot of you value flexibility and liquidity, and that’s exactly what you give up when you commit to something with no cash value. What I point out here is how easily the conversation around these annuities drifts into investment comparisons when that’s not what they’re built on. QLACs are insurance products, tied to longevity and mortality credits, and that’s the context they belong in. Understanding them inside that framework—what they can do, what they can’t, and how their structure differs from account-based assets—is the real goal of this discussion.

The post QLAC Use Cases and Planning: EDU #2548 appeared first on The Retirement and IRA Show.

Jim and Chris discuss listener questions on Social Security spousal benefits, IRMAA’s classification, concerns about buffer-style funds, the growing push toward private investments, and moving from mutual funds to ETFs.

(22:30) A listener presents a hypothetical asking whether the repeal of WEP/GPO could allow Georgette to receive a spousal benefit based on her ex-husband’s Federal Employee record.
(28:30) Jim and Chris review a listener’s question about when his spouse can file for her spousal Social Security benefit after he submitted his own application.
(37:30) The guys address a listener’s challenge to the explanation that IRMAA is an insurance premium rather than a tax.
(43:45) George asks about a recent AQR paper evaluating the effectiveness of buffer funds.
(1:01:45) A listener wonders whether the growing push toward private investments—such as private equity and private debt—means they should consider using them.
(1:10:45) Jim and Chris review a listener’s question on whether long-held mutual funds can be moved into ETFs without triggering large capital gains.

The post Social Security, IRMAA, ETFs, Private Investments: Q&A #2547 appeared first on The Retirement and IRA Show.

If you would prefer to miss Jim’s update on his broken-down truck and recent travels you can skip ahead to (12:45).

Chris’s Summary
Jim and I walk through QLAC rules and explain how qualified longevity annuity contracts fit into our Secure Retirement Income Process for people who want reliable income later in life. We look at how the Treasury Department designed QLACs after the 2008 market correction, how they work inside IRAs and employer plans, why mortality credits matter, and what Secure 2.0 changed for RMDs.

Jim’s “Pithy” Summary
Chris can’t hide his reaction when QLACs come up and one listener wondering why brings about today’s conversation. A QLAC is simply a very specific deferred income annuity the Treasury Department carved out after the 2008 market mess—its purpose was to let people secure future lifetime income inside IRAs and employer plans without RMD rules getting in the way.

I make the case that none of this is about chasing returns. It’s about recognizing that longevity insurance is a different tool entirely, one built around mortality credits and the power of deferring income to a later phase of life. We talk through how those credits work, how payout structures change when you share them or hold more back for beneficiaries, and why people get whipsawed by the industry: asset managers who never want assets to leave their books, and commission-driven annuity salespeople who try to turn everything into a product pitch.

A listener’s email raises a real-world concern—how to make sure the later years’ Minimum Dignity Floor is supported when a portfolio has had its ups and downs. QLACs come into the discussion as one answer to that problem, and I lay out who this kind of deferred lifetime income tends to help and the situations where people might consider using it inside their IRA.

The post QLAC Rules and Uses: EDU #2547 appeared first on The Retirement and IRA Show.

Jim and Chris discuss listener questions on Social Security claiming timing with a listener PSA on application details, Social Security earnings rules at FRA, estate planning organization systems, and restrictions for annuity payments.

(15:30) Georgette shares a PSA about the Social Security application process and asks whether applying for benefits to start the month she turns 70 ensures she receives all delayed credits.

(30:00) A listener asks how the earnings test applies in the months before full retirement age, what the 2026 limits are, and whether six months of retroactive benefits can be claimed at FRA without triggering the income test.

(43:15) The guys share a listener’s PSA on preparing the non-planner spouse, concerns about health-care constraints, and using an organizational system so a trusted friend can help without sharing passwords in advance.

(1:04:30) Jim and Chris discuss an annuity owner’s difficulty getting IRA annuity payments direct-deposited when the receiving account is titled in a Trust and ask how to address name–titled account mismatches.

The post Social Security,Estate Planning PSA, Annuity Payments: Q&A #2546 appeared first on The Retirement and IRA Show.

Chris’s Summary
With Jim away this week, I review the 2026 Social Security changes from the recently released SSA Fact Sheet covering the 2.8% COLA, the new taxable maximum, quarters-of-coverage earnings, and earnings test limits. I also walk through projected Medicare Part B premiums and the deductible, explain the hold harmless provision, and outline 2026 IRMAA brackets for joint and single filers, including how compressed brackets affect survivors.

Jim’s “Pithy” Summary
With me out in the Utah mountains chasing elk, Chris takes the mic solo to dig into the updated Social Security Administration Fact Sheet—and he brings plenty of insight to go with it! He explains how the 2.8% COLA will show up in January payments, what the new taxable maximum means for workers, and how the earnings test still trips up retirees earning wages before full retirement age. He even touches on the grace-year rule, breaking it down in the clear, detailed way only Chris can.

He also reviews projected Medicare changes, walking through the expected $206.50 Part B premium, the $288 deductible, and the timing behind the official release delays. From there, he unpacks the hold harmless provision—who qualifies, who doesn’t, and why IRMAA can still sting even with protections in place.

Finally, Chris connects it all to real-world planning, outlining the 2026 IRMAA brackets and showing how compressed thresholds hit surviving spouses hardest. He ties these updates back to our 2-1-0 Tax Ordering Number philosophy, showing how tax strategy, IRMAA, and retirement income all intersect.

The post 2026 Social Security Changes: EDU #2546 appeared first on The Retirement and IRA Show.

With Jim is away at a conference, Chris is joined by Jake to discuss listener questions on Social Security survivor benefits, and Roth conversion strategies.

(6:30) A listener asks how a widow can maximize her Social Security benefit when her late husband had not yet claimed his.

(14:15) George seeks guidance on figuring out if he and his wife need to do Roth conversions, and, if so, how much.

(40:00) The guys address a listener considering redirecting new Roth contributions to instead pay taxes on larger Roth conversions in a higher tax bracket for the next five years.

The post Social Security and Roth Conversion Strategies: Q&A #2545 appeared first on The Retirement and IRA Show.

Chris’s Summary
Jim and I explore retirement preparedness through a listener’s experience navigating a sudden medical diagnosis, relocation for care, and the challenges of bringing an uninvolved spouse up to speed. His reflections on estate planning, account access, and survivorship highlight how fragile assumptions can be—especially around health and timelines. The story reinforces our emphasis on planning that remains clear and functional even as circumstances change unexpectedly.

Jim’s “Pithy” Summary
Chris and I share one of the most personal emails we’ve ever received—written by a listener who now finds himself in a situation he never thought he’d face. He had a clear plan, a vision of his Go-Go years, and the confidence that he’d have time to enjoy them. Then life changed. A misdiagnosis. A serious illness. A move across state lines to be closer to proper care. And through it all, a deep reflection on what he hadn’t prepared for—and what he’s now urging others to think about.

This isn’t just a medical story. It’s about the ripple effects of life-changing events. There are a lot of questions to consider beyond what medical services are available before retiring somewhere. What happens when the spouse who never handled the finances suddenly has to run the show? What if they don’t know the passwords, the process, the plan? How do you prepare someone to make decisions they have little interest in and never expected to deal with?

And that’s what today’s conversation is really about—retirement preparedness in the real world. Not the kind built around ideal assumptions, but the kind that survives when those assumptions fall apart. We talk about the importance of simplicity, the vulnerability of aging, and why our Secure Retirement Income Process is designed to keep things clear, steady, and understandable—especially for the people left behind.

The post Retirement Preparedness and Planning Lessons: EDU #2545 appeared first on The Retirement and IRA Show.

Jim and Chris discuss listener questions on Social Security COLA timing, spousal claiming strategy, IRMAA tax treatment, Roth IRA rollovers from 529 plans, and a listener PSA on deferred annuity RMD rules.

(8:00) Georgette asks whether her initial Social Security benefit—approved in September for a December start—will reflect the January COLA increase.

(15:30) A listener with similar PIAs and ages to their spouse asks whether it makes sense for one to claim early and the other to delay until 70.

(30:30) George shares his realization that the IRMAA surcharge appears to be included in the SSA-1099’s taxable benefit amount, and calls it out in a PSA.

(50:30) The guys respond to George’s question about whether a $5,000 rollover from a 529 to a Roth IRA will be treated entirely as contributions for tax-free early withdrawal.

(1:08:00) Jim and Chris address Peter’s PSA about calculating RMDs when comparing DIAs and FIAs with GLWBs for a future income stream starting at age 75.

The post Social Security, IRMAA Taxation, 529 Rollover, Deferred Annuities: Q&A #2544 appeared first on The Retirement and IRA Show.