Money

In 2006 I converted a 401k via a 72T mechanism that put the proceeds into a variable annuity (VA). I have been drawing a monthly benefit from that account to date. I was recently advised that I have the opportunity to convert the variable annuity to a life annuity by relinquishing the balance in the account. If I do this I will receive a monthly benefit equal to or greater than the one I am currently receiving. If I don't convert and the account goes to zero due to withdrawls and/or market conditions then the account ceases and I get nothing. There is no choice ofcourse and I will be conerting to the life annuity. However, I have two concerns/questions relating to RMD: 1 - The Variable Annuity (VA) has been accepted as satisfying the RMD which I started in 2023 (the year I became 73). If I convert to the Life Annuity (LA) will that also satisfy the RMD (the amount will be sufficient). The RMD during the VA was based on the fact that the account was originally a deferred retirement

There has been many "discussions" about Car Insurance on this site. Many of us are on a FIXED INCOME in Retirement or LOW INCOME still working. Now there are OPTIONS like Public Transportation or maybe Uber. But I saw recently where Uber has been PULLING OUT of certain locations. Anyway, would luv to hear from you guys!  👵

Throughout the web site here, I see AARP advertising a membership discount of $4.00 if you agree to AUTOMATIC RENEWAL. I don't ever agree to AUTOMATIC RENEWAL for any subscription type service, be it a membership to an organization, a magazine, or a club. For the last five years, I have had an AARP membership for a total of $31 with no AUTOMATIC RENEWAL required. Imagine my surprise when I received a renewal notice that wanted $63 for the next five years.....a 100% increase. On top of that they wanted to place me in an AUTOMATIC RENEWAL program. As I have said before, when it comes to subscriptions, and you aren't satisfied with the renewal terms, call the entity....be it XM radio, a magazine, or even, AARP. I called and tried to negotiate the same terms I had the last five years. I figured that wasn't going to be offered again and I was right....however.......I did negotiate a renewal of $45 for five years without an AUTOMATIC RENEWAL requirement. That is a 25% dis

If you have set up your mySocialSecurity account you are able to name your choice of a Representative Payee (RP) then each year the SSA will send you a letter stating who they currently on file for you.   You can change it at any time. SSA does not recognize your POA even if you have one - they need to have this RP on your file.  The RP acts on your behalf in managing your SS benefit when for some reason you can’t.    This goes for managing your benefit to your benefit to being able to change your address on the SS file or talk to them about any SS matter.So do it today - set one up.  If they don’t have this named authority, then if something happens it just makes it really hard for someone to act for your - and in some situations, the SSA could actually appoint someone or some institution to handle your affairs. SSA.gov - Identify someone to manage benefits for you You also need to do a designate on Medicare - the person you want to be

ANY COMMENTS?  🤔  NOW RETIRED, WHEN I WAS WORKING - ALWAYS RECEIVED A REFUND!  👵 FROM THE ARTICLE - SEE ARTICLE FOR MORE. Don’t panic — but do pay the tax tab. By  Patricia Amend, AARP. Published March 29, 2024. Bills are a fact of life, though some require more urgent attention than others. Ignore your brother-in-law because you still owe him $50 from last year’s poker game, and you’ll get the cold shoulder. Ignore your debt to Uncle Sam, and the consequences will be much more costly. *** USE LINK AT BOTTOM OF THIS POST TO READ THIS ARTICLE *** [1] Then enter Email Address you used to sign in to use This Site.   [2] Then enter the password you use.   [3] Lastly, there are 3 LETTERS that will "pop up" as their SECURITY CHECK. Enter those.   [4] Then click log in.     https://www.aarp.org/money/taxes/info-2024/large-tax-bill-money.html

I need help completing the form for claiming amounts due in the case of a deceased beneficiary.Question #1...name of surviving widow - that's me...I entered my SS#, I answered "yes" to living in the same household with the deceased at the time of death...my question is with the last part: "Was he or she entitled to a monthly benefit on the same earnings record as the deceased at the time of death?" Yes or No?We were both over 70 and were claiming our own SS benefit based on our own earnings records. His is a larger amount...so I am awaiting an appointment with my local SS office to switch that over...but in the meanwhile I am confused by the "entitled". I think the right answer is NO...because I have my own earnings record...but i don't want to mess this up.Thank you in advance. 

AARP has represented and helped senior citizens in many different categories over the years.  AARP has assisted in major role in Washington to help persuading our politicians to continue helping our American senior citizens.  But there is one area I don't think AARP has considered nor the politicians in Washington DC .  As my wife and I have reached the age of 65, it has become extremely burdensome to carry her student loan payments.  Yes, my wife cumulate the student loans later in life and she went back to school and graduated with her degree in 1997, but still carries the student loan payments of over, $400 a month.   With Washington giving away money to help young folks with children and stimulus money benefits in lump sums to millions of Americans help them through the hard times of this pandemic, there is still a need to help senior citizens that are carrying the student loans into the retirement years.  Theref

Consumer Cellular did it to me for the last time. First, there's the weak signal everywhere, even though they are using other networks, whose own subscribers have good signals. Then came the relentless upward creep in price, though the unexplained "compliance fee." (They pretend this is something different from a regular old price hike.) But today I woke to email saying that I was taken off the unlimited plan — with no word on what the new plan was — and no longer eligible for the illusory two for $55 plan — with no indication of what new price they were going to charge me. Was this phishing? I went to the web site to check. It was down. Page load times with many minutes and no information was ever served up. So then I called. I waited half an hour while the recorded voice told me about Consumer Cellular's "award-winning customer service." When I finally got through to a human, she told me that all AARP plan customers got this message, and all the time I'd wasted wa

IS YOUR BANK/CREDIT UNION/FINANCIAL ADVISORY FIRM ON THIS LIST?  🤔  MINE IS NOT - TRUIST BANK!  😎 FROM ARTICLE - SEE ARTICLE FOR MORE. By Natalie Missakian, March 12, 2024. Banks, credit unions and financial advisory firms are arming their employees with the information and training needed to recognize and stop financial exploitation before it happens. This month, AARP gave 167 financial organizations our BankSafe Trained Seal, acknowledging their commitment to fighting financial exploitation, which costs older adults more than $28.3 billion a year in the U.S. (when factoring in cases that go unreported). https://blog.aarp.org/fighting-for-you/bank-safe-financial-exploitation-prevention-seal

 

My 13 year-old grand-daughter has a sizable check from a life insurance payout. She, my DiL, and I are going to see lawyer, but I want to get a better understanding of how to protect her money. Not that I don't trust lawyer's, but I don't trust lawyers. I know what I would advise her if whe was 18, but I'm just not cognizant of the rules that apply to minors. I'm thinking, for now, she should put most of the money in 7 or 11 month CDs at 5% from Wells Fargo. She does want to get her own brokerage account as she has helped me with mine for several years. She does want to use some to help her mom, but most will be invested.1. can/should she get a revocable living trust with her mom as co-trustee or such2. can/should she get a checking account within the trust or outside the trust?3. can/should she get a brokerage account within the trust or outside the trust?

I'm planning to retire at the end of May. If I let my employer know now, to give them time to restructure or find a new employee, they just might choose to let me go early. I could then apply for unemployment benefits, presumably. Should I then put off applying for retirement benefits from SS until after unemployment has run out? But if I do, wouldn't I be required to "look for work" to qualify for unemployment benefits, even though I'm still planning to retire in a couple of months? Presumably I can't apply for unemployment while also receiving SS retirement benefits?I should mention that I'm in California, since the rules may be different here than elsewhere. It's been about 20 years since I've had to deal with the EDD, but I recall them pretty adamant about the "looking for work" clause to qualify for benefits. If I'm taking retirement benefits I'm presumably not looking for work. Even if I don't take my retirement benefits, I'm really not going to be wasting time looking for a job

I receive a mailer today on this bill that would guarantee us our Social Security benefits with cost of living increases and not allow Congress/Senate to redistribute our funds. Wondering what AARP's position is on this bill? Is there a partisan catch? Or is this something we should be writing our representatives on? Thanks!

WHY ARE THEIR DATES DIFFERENT? (April 17 in Maine and Massachusetts) SINCE RETIRING, I DO ALOT OF FRIENDLY BARTERING WITH OTHER SENIORS = NO IRS INVOLVEMENT. ANYONE ELSE AVOIDING THEM?  🤔 Three ways to make tax time more difficult, plus two things you shouldn’t be anxious about. FROM THE ARTICLE - SEE ARTICLE FOR MORE. As the April 15 tax filing deadline approaches (April 17 in Maine and Massachusetts), it’s very possible you’re getting nervous. After all, it’s been widely reported that 2022 legislation granted the IRS nearly $78 billion for goals including the hiring of thousands of new agents and an increase of its audit rate. By Penelope Wang, AARP. Published March 05, 2024. https://www.aarp.org/money/taxes/info-2024/mistakes-irs-trouble.html

 50% increase in 2 years. Disappointed in AARP. 

When someone comes to you and tries to sell you a service or some repair work, ask to see their driver license. If they don't have one, or refuse - close the door. If they show it to you, check to see that it belongs to the person holding it; make sure it is current; make sure it is from YOUR state. Then use your phone to take a picture of it. Now, if anything goes wrong, you can find them...and so can the police.

I applied for benefits in July of 2023 but changed my mind and decided not to retire. I sent in all the paperwork to stop my benefits but I am still receiving payments.  (As a side note, it has been 7 months and SS still has not completed this process.  I have called on a regular basis every month and they keep telling me my withdrawal is still in process.) I understand I will need to pay back 100% of the net amount of what I have received.  My question is will I receive a refund of the taxes withheld for 2023 and 2024 once social security has completed the withdrawal process? I had 20% tax withheld from each payment.  I'm fairly certain I had to pay additional taxes outside of the 20% which left me with taxes owed to the IRS for 2023.  

I know oldsters beyond my age got essentially a free ride, but I am at the leading edge of people who have massive student debt with little chance of paying this off. When will AARP take note and begin working for relief?

 After years of rubbish from AARP I am not renewing My membership. Constantly sending useless forms to sign, that never see the light of day.  The scare methods AARP uses on Seniors is laughable.  Most articles are just rehashes over and over.  Most of their Info is known already.  By the way Joanne  what does the AARP Lobbyists actually do ??    Disgusting. I hope others will follow My lead and CANCEL Their Membership.  BYE-Bye.

401(k) hardship withdrawals are on the rise, but NEW employer emergency savings accounts could help stem tide. By Tamara E. Holmes. Published February 28, 2024. https://www.aarp.org/retirement/planning-for-retirement/info-2024/retirement-plan-emergency-expenses.html

I will reach full retirement age in about 6 months. I'm still working full time at a job I thoroughly enjoy and am in very good health. My social security benefits at 66.5 is approximately $2700 monthly and will increase $800/month if I wait until age 70. I plan to work until 70 regardless. I've been advised by a consultant at Edwards Jones to start drawing at full retirement age and investing the $2700 until I retire at 70. (42 months X $2700 = $113,400) not counting the dividends (appoximately 6%). In theory that sounds great, but when I quit working my social security check will still be $800 less per month. Would love some opinions and/or advice.

I am 68 years old and have delayed taking Social Security. Spouse is 64. She doesn't qualify for benefits, so she would be receiving a portion of mine when I pass. Would there be any difference in her benefit amount if I started receiving payments now vs. if I hadn't begun to receive payments at the time of my death? Also, if I began taking benefits now and subequently passed away, could my surviving spouse decline payments until she reachers her FRA of 67, and then receive the maximum benefit?Thanks so much!  

------Identity Theft, Imposter Scams, Unemployment Scams, more…-----On Scams and Frauds - US Government website---- Google "USA Gov + On Scams and Frauds"

This one takes the cake, I found another new fan club for on Facebook for Alan Jackson -Great Country Legend,  shows Alan Jackson’s Daughter as creater of this fan club. I liked it and joined. Then I started getting  hammered with instant messages from what is pictured as his daughter. Wanted me to join a place where I could speak with her Father Alan Jackson. I declined. I double clicked on the creater profile her picture and read further to see many things about Nigeria 🇳🇬. Nothing on her family . I deleted & blocked this site. They apparently try to get you to join something where there will have a fake voice of Alan Jackson and it will cost you $$$$$$ a big scam. Spoiler (Highlight to read)  

I did a couple searches before starting this topic, but 'robocall' and 'phone' got so many hits I couldn't sort through them all.  It's a simple question: I recently received a voicemail on one of my phone numbers that was a robocall.  The information accompanying the voicemail indicated that the call originated from one of my other phone numbers.  This is the 1st time I've seen this kind of obvious spoofing.  Just wondering if anybody else has seen it?