Search found 23 matches

by whyamihere
Wed Mar 04, 2020 1:58 pm
Forum: Personal Investments
Topic: Do Insurance Companies Limit How Much of Your 401K Savings You Can Invest in a SPIA?
Replies: 9
Views: 781

Re: Do Insurance Companies Limit How Much of Your 401K Savings You Can Invest in a SPIA?

Hello, this question is for anyone with actual experience with insurance companies while purchasing a Single Premium Immedite Income Annuity: Does the insurance company limit you to a certain percentage of your 401K that they will allow you use to purchase to purchase a lifetime immediate annuity? ...
by whyamihere
Fri Aug 02, 2019 6:23 pm
Forum: Personal Finance (Not Investing)
Topic: IUL life insurance question
Replies: 13
Views: 572

Re: IUL life insurance question

This type of insurance is usually used more for the tax-free access to the cash value during retirement years when you may not want to increase your MAGI or Modified Adjusted Gross Income. These policies usually have a wash loan feature where you can access a loan equal to the cash value of the pol...
by whyamihere
Fri Aug 02, 2019 5:56 pm
Forum: Personal Finance (Not Investing)
Topic: IUL life insurance question
Replies: 13
Views: 572

Re: IUL life insurance question

Elder relative has an IUL life insurance policy for $1 million. He wants to know whether it makes sense for him to keep paying it. He's been paying it for just over 7 years. Monthly payment is $2,000 so he's paid approx. $170,000 so far. Current cash value is $168,000, less surrender charge of $9,0...
by whyamihere
Wed Jul 24, 2019 10:48 am
Forum: Personal Finance (Not Investing)
Topic: Deferred Comp Impact - Part B Premium Appeal Question
Replies: 4
Views: 396

Re: Deferred Comp Impact - Part B Premium Appeal Question

I think it's worth a shot. You have nothing to lose by trying. No penalty for trying I don't think your retirement in 2015 will qualify as a life-changing event for tax years 2018, 2019 or 2020. Your work stoppage occured in 2015. You may need to apply under the "loss of pension income" option and ...
by whyamihere
Wed Jun 05, 2019 4:47 pm
Forum: Personal Finance (Not Investing)
Topic: Tax questions on insurance - accelerated benefit rider
Replies: 4
Views: 168

Re: Tax questions on insurance - accelerated benefit rider

If I elect to have an accelerated benefit rider and I receive insurance funds upon discovering I have at terminal illness, is that taxable? Assuming it's from a life insurance policy it would more than likely tax-free. Just as if you had died. The insurance company usually charges a processing fee ...
by whyamihere
Sat Jun 01, 2019 7:41 am
Forum: Personal Investments
Topic: Married to an S-Corp owner
Replies: 12
Views: 1374

Re: Married to an S-Corp owner

Additionally, no employees seem to be requesting a 401k or any kind of retirement benefit (always has seemed surprising to me, but this is a different industry than mine) None of the employees have been or are full time. They work from 2 to 4 days per week. It does not matter if the employees have ...
by whyamihere
Mon May 06, 2019 4:43 pm
Forum: Personal Finance (Not Investing)
Topic: Best Book on Medicare?
Replies: 6
Views: 739

Re: Best Book on Medicare?

Hi All: Approaching Medicare age and want to be prepared. What book would be best for boning up on Medicare? Depends on what type of information you're looking for. Are you concerned about IRMAAs? Or enrolling with health complications or pre-existing conditions? www CardinalGuide.com covered Medic...
by whyamihere
Wed Apr 10, 2019 1:40 pm
Forum: Investing - Theory, News & General
Topic: Conference call with 3(38) advisor and business manager
Replies: 4
Views: 379

Re: Conference call with 3(38) advisor and business manager

And neither the advisor nor the business manager will answer how the advisor is paid and who covers the administration costs of the plan. To be fair the business manager probably doesn’t know. You should ask for the Form 5500 filed by the Plan each year. It lists the costs for the plan. You have a ...
by whyamihere
Sun Mar 03, 2019 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare B filing question
Replies: 23
Views: 1308

Re: Medicare B filing question

Will be 65 in May, working with employer health ins coverage until May 31. Need medicare coverage to start June 1. HR gave me 3 sheets of paper to bring to SS office; one stating insurance ends May 31st. SS office wanted to enroll me in Medicare A and B starting May 1. I would pay for medicare B an...
by whyamihere
Mon Feb 18, 2019 10:52 am
Forum: Personal Investments
Topic: IRA Beneficiary - Fishy questions from case handler
Replies: 3
Views: 370

Re: IRA Beneficiary - Fishy questions from case handler

My aunt passed away recently and left her IRA to her 4 siblings. They all met with an employee (not my aunt's adviser if she had one) from UBS where the IRA is held. This young lady has been asking some rather odd questions regarding my mother's and her sibling's income, net worth, retirement plans...
by whyamihere
Mon Feb 18, 2019 10:12 am
Forum: Personal Investments
Topic: Mega Backdoor Roth Questions
Replies: 65
Views: 3470

Re: CPA Says I Need Specialist - Does this sound right?

I'm getting ready to set up a 401k plan that would allow the after tax contributions & in service distributions. I spoke to a couple of plan providers. I had a particular question about contribution deadlines and they both gave me the same answer. But when I posted about what I was told on this boa...
by whyamihere
Mon Feb 18, 2019 8:20 am
Forum: Personal Investments
Topic: Mega Backdoor Roth Questions
Replies: 65
Views: 3470

Re: CPA Says I Need Specialist - Does this sound right?

Isn't a CFP the specialty for tax planning? If you feel the need to talk to a specialist, I'd try to get a one time consult with a CFP. I strongly suspect the cost of doing so will negate much of the gain in optimized finances though, at least for someone already active on this forum. I've been int...
by whyamihere
Sun Feb 17, 2019 11:59 am
Forum: Personal Investments
Topic: non qualified variable annuity
Replies: 6
Views: 327

Re: non qualified variable annuity

We were told we had 2 options for distribution, either one lump sum, in which case we would end up giving about 8% more back in federal taxes or the 5 year option. I was not aware I could re-allocate my portion separate from other sibs. I have never read the annuity contract as another sibling is t...
by whyamihere
Sun Feb 17, 2019 10:48 am
Forum: Personal Investments
Topic: non qualified variable annuity
Replies: 6
Views: 327

Re: non qualified variable annuity

I have inherited a non qualified variable annuity along with my siblings.We have elected to take distributions over a 4 year period for tax purposes. Profits from the mostly US stocks have come to a little over $500,000. Cost basis and yearly premiums for the annuity are about $365,000. We took our...
by whyamihere
Sat Feb 16, 2019 2:19 pm
Forum: Personal Investments
Topic: Mega Backdoor Roth Questions
Replies: 65
Views: 3470

Re: CPA Says I Need Specialist - Does this sound right?

I suppose the real issue is that this CPA is a tax preparer but not a tax planner, if there is such a specialty. Isn't a CFP the specialty for tax planning? If you feel the need to talk to a specialist, I'd try to get a one time consult with a CFP. I strongly suspect the cost of doing so will negat...
by whyamihere
Sun Feb 10, 2019 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: Father in law died, what did he have? (MetLife Annuity)
Replies: 9
Views: 2197

Re: Father in law died, what did he have? (MetLife Annuity)

hmm. I doubt he cashed out his 401k because he has been taking RMDs from the account and they are labeled as such on the statement. As such I was hoping the entire $195k would be tax protected, but the RMD appears to be calculated on the $145k, so maybe the extra $50k would be taxable? Or perhaps i...
by whyamihere
Fri Feb 08, 2019 3:18 pm
Forum: Personal Investments
Topic: question on an inherited IRA
Replies: 24
Views: 1540

Re: question on an inherited IRA

Hello Bogleheads, I have lurked on this forum for a while and have gotten tons of insight. I have a question that I have been struggling with for a while. My Mother passed away a little over two years ago. My sister and I are the only beneficiaries of the estate. We have distributed everything but ...
by whyamihere
Sat Dec 30, 2017 8:32 pm
Forum: Personal Finance (Not Investing)
Topic: Need advice on Inherited? Annuity IRA Multiple Beneficiary
Replies: 10
Views: 1100

Re: Need advice on Inherited? Annuity IRA Multiple Beneficiary

I am surprised that an annuity can be inherited. Normally any annuity payments, especially single premium deferred annuity payments, stop with death of the owner. Many things are sold with annuity in their name that have nothing to do with annuities. Find out what this investment actually is. Ralph...
by whyamihere
Sat Dec 30, 2017 8:24 am
Forum: Personal Finance (Not Investing)
Topic: Need advice on Inherited? Annuity IRA Multiple Beneficiary
Replies: 10
Views: 1100

Re: Need advice on Inherited? Annuity IRA Multiple Beneficiary

Think of the IRA like a bucket: there was an annuity in your mother-in-law's IRA and now the wife and kids are inheriting the IRA. The insurance company can transfer the funds to another company, of the beneficiaries' choice, via a trustee-to-trustee transfer (for IRAs) or a 1035 (for the non-qualif...
by whyamihere
Fri Nov 24, 2017 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare Supplemental Plan F High Deductible
Replies: 18
Views: 1887

Re: Medicare Supplemental Plan F High Deductible

Plan F-HD is not going away. Just regular plan F. The gov't wants everyone the pay a little so no pay 100% plans. It isn't going away for anyone who has an Plan F now. They can keep coverage and continue to buy Plan F from other carriers (if offered by the carrier) but _new_ beneficiaries of Medica...
by whyamihere
Fri Nov 24, 2017 4:39 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare Supplemental Plan F High Deductible
Replies: 18
Views: 1887

Re: Medicare Supplemental Plan F High Deductible

If I do not choose this plan now, I would enroll in Plan G. Is there any reason or evidence that I should I be more concerned about the viability of Plan F HD than any other plan? If you choose Plan F HD and it becomes unavailable, I believe that is a qualifying event for Guaranteed Issue in Maryla...
by whyamihere
Fri Nov 24, 2017 4:32 pm
Forum: Personal Finance (Not Investing)
Topic: Chevron retiree Medigap question
Replies: 6
Views: 897

Re: Chevron retiree Medigap question

I know a CVX retiree who asked me the following question. Last year, CVX switched from a simple retiree group insurance system to a marketplace-type system for their Medigap (Medicare Supplement) insurance. This person signed up for a Blue Cross Blue Shield Medigap policy (Plan F, I think) for 2017...
by whyamihere
Wed Nov 22, 2017 8:24 pm
Forum: Personal Finance (Not Investing)
Topic: Long term care policy advice
Replies: 9
Views: 1015

Re: Long term care policy advice

Lapse rates for long-term care insurance policies were considerably lower than projected. This along with the increased claims rates and extended dementia/cognitive claims have forced a number of rate increases on policyholders. Some states will allow a higher rate than others but that can shift the...