Today on Your Money, Your Wealth® podcast 348 with Joe Anderson, CFP® and Big Al Clopine, CPA, how to calculate your modified adjusted gross income (MAGI) for Medicare IRMAA (Medicare Income-Related Monthly Adjustment Amount), calculating your Social Security benefit when you’re planning to FIRE (that is, reach Financial Independence and Retire Early), calculating family Social Security benefits when you have minor children, and devising a strategy to qualify for the Obamacare Affordable Care Act subsidy. Plus, doing Roth conversions prior to early retirement, and untangling stock options, long-term incentives, and restricted stock units. Show notes, free resources, Ask Joe & Al On Air: https://bizlink.to/ymyw-348
00:00 – Intro
00:52 – How is MAGI Calculated for IRMAA – Medicare Income-Related Monthly Adjustment Amount? (Robert, MN)
08:56 – Register for the Medicare Made Clear webinar on Wed 10/20: https://event.webinarjam.com/register/206/1nyk9iqz
09:46 – Family Social Security Benefits and the Affordable Care Act Subsidy (Edward, VA)
15:51 – Calculating Social Security When Planning FIRE: Financial Independence, Retire Early (Marcos, Kansas City)
21:38 – Download the Social Security Handbook for free: https://purefinancial.com/white-papers/social-security-handbook/?utm_source=youtube.com&utm_medium=podcast&utm_campaign=YMYW
Schedule a free financial assessment: https://purefinancial.com/lp/free-assessment/?utm_source=youtube.com&utm_medium=podcast&utm_campaign=YMYW
22:28 – Roth Conversion Strategy Before Early Retirement (Annie, TX)
33:01 – Long-Term Incentives (LCIs), Stock Options, and Restricted Share Units (RSUs) (Tim, PA)
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CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
AIF® – Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.
#SocialSecurity #Medicare #Early Retirement