Social Security, Tax Deductions, and 401(k) Advice: Q&A #2035

August 29, 2020

Social Security, Tax Deductions, and 401(k) Advice: Q&A #2035

Jim and Chris discuss listeners’ questions relating to Social Security, standard tax deductions as a result of the CARES Act, and 401(k) advice for a younger investor.

(5:45) A listener from New Jersey wonders what happens to employer Social Security contributions when the employee has maxed out their Social Security with a different employer.

(17:45) George from Kentucky asks about needing to inflate his PIA estimate given by the Social Security Administration in order to accurately reflect his estimated benefit at full retirement age.

(32:20) A Hawaiian listener has a question about Social Security spousal benefits and minimizing the impact of GPO (Governmental Pension Offset).

(47:00) Georgette from Texas asks about her standard tax deductions for 2020 and the impact of the CARES Act.

(50:00) A 35-year-old listener looks for advice on managing his 401(k).

Check out the background of firms and investment professionals on SEC’s Adviser Info Page.

Jim Saulnier and Associates | 970-530-0556 | 506 East Mulberry Street, Fort Collins, Colorado 80524

Ed Slott Advisor recognition requires an advisor to be well versed on the rules and regulations regarding IRAs. The advisor must attend two live training sessions and pass two written exams annually to remain in the program. Jim Saulnier & Associates, LLC (“RIA Firm”) is a registered investment adviser located in Fort Collins, CO. Jim Saulnier & Associates, LLC may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Current registered states: CA, CO, PA, TX, WA, IL Insurance products and services are offered and sold through James H. Saulnier, a Colorado licensed insurance producer, only in those states in which he is reciprocally licensed or qualifies for an exemption or exclusion from licensing requirements. Current reciprocal insurance licensing in these states: AZ, CA, CA, CN, FL, HI, IA, MA, MD, NY, PA, SC, TN, TX, VA, WA, WI, WY Click here for a more detailed disclosure.