Money

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? 

I am a widow, age 65. Initially when I visited the local SS office and presented all my paperwork, I was told that I could start collecting my SS benefit whenever I choose, and then when I turn 66+4 months I can switch over to my late husband's benefit, which is significantly higher than mine. Based on this, I chose to start receiving my benefit in January 2024, since my 2023 income is too high to collect immediately. The understanding was that I would switch to my husband's benefit after age 66. I was given a phone appointment to get the paperwork started for this. The SS agent on the phone told me this was not possible; I couldn't start taking my benefit and then switch to my husband's at age 66+4, which is contrary to what I was told in person. I asked her 3 times to make sure I understood, and she reiterated that this is the case.  My question is, which agent is correct? I can't seem to find consistent information on this. 

Hello, I am a US citizen and eligible for social security. I am presently in US, but planning to move to India for extended duration. I have following questions: Will I get social security while I am in India?Is there any restriction on how long I can be abroad (India) for continuing getting social security? Thank you Kiran Bakshi 

II have been hearing and reading about a Bill being Passed to give SS Retirement and other SS recipients, A Stimulus check in February 2024.  Is this going to happen ??  Can't seem to get any Info. My Bank has heard nothing about it.  Just wondering if anyone has information on this. Replies would be helpful.

An insurance company representative confirmed to me that this is common with older people. I had a bill and was getting calls that it needed to be paid. I called the doctor’s office and they told me that it was paid in full. And I called the insurance company and they told me that they had paid, but the bill collector who kept calling said to me that if I didn’t pay, it would be turned over to a collection agency, and my credit would be at risk. In fact, they said, “why don’t you just pay it so it doesn’t get turned over to a collection agency.” Watch out for this one! If you know you paid, don’t get scammed.

 LOOKING FOR OPINIONS ON MAKING ROTH CONVERSIONS AT AGE (72) AND BEYOND.  I REALIZE THAT INCOME TAXES ARE UNIQUE TO THE INDIVIDUAL PAYER, BUT LOOKING TO SEE IF ANYONE OUT THEIR HAS DONE SOME RECENTLY IN THESE LATE YEARS.  MY CONCERN IS THE UPCOMIMG "TRUMP TAX CUT ERA" IS SET TO EXPIRE AT THE END OF 2025."  PLEASE WEIGH IN ON THE PRO'S AND CON'S.  THANKS!

I see so many class action lawsuits advertised. I suspect in most of these suits, the lawyers are making millions and the individuals in the class are making a couple of bucks. Maybe we need fewer lawyers. Two lawyers are in a bank when, suddenly, two armed robbers burst in. While one of the robbers takes the money from the tellers, the other lines the customers, including the lawyers, up against a wall and proceed to take their wallets, watches, and other valuables. The first lawyer shoves something into the other one’s hand. “What is this?” the latter asks without looking. “It’s that $100 I owe you.” 

Im starting social security benefits this year in June ( age 62) . How much can I make monthly in extra income ?  I have read 2 things — a) as much as I want this year  or b) 1680 per month ( or something close to that .  Does anyone know how that works ? 

🗣  By Donna Fuscaldo,   AARP. Published September 05, 2023. I just read this article! Comments are welcome. I will comment below. https://www.aarp.org/retirement/planning-for-retirement/info-2023/signs-you-are-not-ready-to-retire.html 

What do you like? What do you dislike (and what would you change)?

When I retired I began reading academic publications that were relevant to "retirement." I created a free resource... Designing Your Retirement is a free instructional manual to help retirees have happy, healthy, and fulfilling retirement. At 136 pages and containing more than 60 references, the Designing Your Retirement Manual is a data-driven methodology that will help retirees create the retirement they want. It can be downloaded, for free, in PDF and EPUB format from:https://ihaveanidea.us/designingyourretirement/  It can also be downloaded from Apple Books (free) and Amazon (for a nominal fee.) Hayward Zwerling, M.D.IHaveAnIdea.us