Social Security Benefits, IRMAA, RMDs, Annuities, and Beneficiaries: Q&A #2452

December 28, 2024

Social Security Benefits, IRMAA, RMDs, Annuities, and Beneficiaries: Q&A #2452

Jim and Chris discuss listener and forum questions relating to Social Security benefits, IRMAA, RMDs, annuities, and beneficiaries. Chris kicked off the episode with a bold dare, promising listeners the “best show of the year” since it’s the last one for 2024. Jim took the challenge seriously, turning it into a record-breaking two-hour extravaganza with seven questions. (Hopefully Chris has learned his lesson!)

(10:45) The guys address a Social Security question on a financial services forum Jim follows.

(22:30) A listener follows up on a prior episode to ask about spousal and child-in-care benefits when Social Security’s family maximum is already reached.

(35:45) A listener provides a PSA about successfully using form SSA-44 multiple times to reduce IRMAA.

(40:30) George asks for clarification on whether the end-of-year IRA balance for RMDs is based on the market value at the opening or closing of December 31st.

(45:15) A forum post prompts a discussion about how a lifetime income benefit from an IRA annuity is valued when converting to a Roth IRA. (Correction: Jim incorrectly described the process for valuing a publicly traded security for “step-up in basis” purposes. The correct method is to average the high and low on the date of death, not the open and close.)

(1:03:00) Jim and Chris address a post-SECURE Act forum question: Are RMDs required in 2024 from an inherited IRA if distributions were already taken in prior years?

(1:14:45) The final forum question explores whether naming a contingent beneficiary on an IRA is necessary if the primary beneficiary is a trust.

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