Author Topic: Do I need a tax person, a financial planner, or to be a smarter person?  (Read 2076 times)

Ladychips

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My husband and I are retiring in July (whoohoo!).  Between us, we have several pots of money (traditional iras of tax deferred money from previous employment, tax deferred at both places of current employment, roths, taxable).  Unfortunately, my husband has been diagnosed with terminal cancer, and his current prognosis is the same as our retirement date (although he is doing really great right now and we are both hopeful we can retire and have some quality time together).

My husband’s situation is fairly straightforward.  He is old enough to draw from his accounts penalty free and he will be eligible for medicare before we retire.  Together we fall under any kind of income threshold that would affect his medicare costs.

My situation is not so straightforward.  I will be 55 at retirement and have limitations on which accounts I can and cannot draw from.  And depending on what moves we make at retirement, those limitations may or may not change.  And although together our income won’t cause us to be under any kind of medicare cost effects, alone I may have some issues.  Additionally, my income will go up substantially over the next few years assuming my husband’s prognosis is correct.  Widow’s social security benefit at 60, my social security at 65-70, rmds at 70/72. 

If/when I lose my husband, I will need to withdraw funds from our accounts for living expenses.  Based on my readings here, I know I want to keep my income fairly steady (which means Roth conversions) throughout my lifetime.  But also based on my readings, decisions I make at retirement/my husband’s death dramatically affect what I can do going forward.

Although I think I am somewhat knowledgeable, taxes are not a strong area for me and that there are pitfalls of which I am unaware (for example, I just read a few weeks ago that I can’t do a roth conversion on an inherited IRA unless I make it my own…).

I reached out to my tax guy who referred me to another person in his firm.  I visited with that guy who now wants me to talk to a financial planner.  I had a strong negative reaction to that (although I have now agreed to do so...he can't hurt me in a conversation).  I am confident with what I’m doing in terms of saving.  It’s just the withdrawal I have concerns about.

Do I need a different tax guy?  Do I need a financial planner?  Or do I just need to become a smarter person? And if I need to become a smarter person, I need some guidance on how to do that.  I've been reading and reading (and my brain is running in circles).  I appreciate any advice you all might have to offer.

On a side note, on rereading my post, I want to make clear that I know I am incredibly privileged.  I also feel like my post somewhat indicates that I'm waiting on my husband to die so I can spend his money.  I will tell you that I wish my husband would live forever.  But the reality is, he isn't going to, and I'd prefer to make decisions while my brain is somewhat clear rather than when I am overwhelmed with grief at living without him.

Gone Fishing

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Re: Do I need a tax person, a financial planner, or to be a smarter person?
« Reply #1 on: September 24, 2020, 02:32:48 PM »
I'd retire today, enjoy the time with my spouse, and sort the rest out later.  Do just enough to make sure you don't end up with a huge tax bill and/or penalty.

secondcor521

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Re: Do I need a tax person, a financial planner, or to be a smarter person?
« Reply #2 on: September 24, 2020, 02:35:53 PM »
Sorry to hear about your husband's health.  You're smart to try to figure out some of this stuff now, when you have more time, mental energy, etc.

I tend to be a nerd about these kinds of things, so I'm a big fan of DIY.  You sound like you want to learn and are willing and able to do so, so I would encourage you to learn.

Learning is something you can do stepwise.  In half an hour, you can add up all of your assets and see if they are 25 times your expenses.  In another half an hour, you can take your expenses, assets, and income streams, put them into FIREcalc or cFIREsim and see if you're going to be OK.  If you're OK, then you can move on to trying to optimize your taxes with various things like Roth conversions, QCDs, etc.  There are lots of advanced strategies, but honestly the basics will take you a long way and probably as far as you need to go.

RMDs are now not required until the year in which you turn 72.

As far as learning goes, I would encourage you to go to authoritative and trustworthy sources.  There are, as I bet you know, a lot of people out there trying to make money off of people who have some money - some are well intentioned, some are not.  Their information may be inaccurate or biased.  So trust sources like irs.gov, vanguard.com, fidelity.com, and schwab.com over annuity and insurance salespeople, timeshare representatives, and (unfortunately) many retirement and investment advisors.

Read, ask specific questions, and make sure the answers you get are ones that you understand, make sense to you, are from sources you trust and are ethical and compentent.  Make sure they are reasonable, and are backed up with common sense and relevant, reliable, accurate data.  If you get overwhelmed, either take a short break from learning, or narrow your focus to a smaller part of what you are struggling with.  You'll get there over time, and maybe sooner than you think.

HTH.

slappy

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Re: Do I need a tax person, a financial planner, or to be a smarter person?
« Reply #3 on: September 24, 2020, 02:44:13 PM »
I'd retire today, enjoy the time with my spouse, and sort the rest out later.  Do just enough to make sure you don't end up with a huge tax bill and/or penalty.

Yes, I agree. Is there life insurance money that could bridge the gap, OP? Will you need to retire anyway to help care for him? I'm sorry you are in this difficult situation.

Ladychips

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Re: Do I need a tax person, a financial planner, or to be a smarter person?
« Reply #4 on: September 24, 2020, 03:37:37 PM »
I appreciate the quick responses so far!  Thanks so much for taking the time!

It seems I left out quite a bit in my post!

If we COULD retire, we WOULD retire but we are not eligible until July.  We are going the moment we can. We are both fortunate enough to have quite a bit of sick/annual leave should that become necessary before we retire.  As for life insurance, that's a maybe.  We both have it through work.  I don't know if he will carry it after he retires or not.  I'm not willing to ask him to carry it when we don't need it.

I'm also not worried about the front side.  By that I mean, we have plenty of money.  I've run the numbers and run the numbers.  I am confident we have enough.

Where I am hung up is what is the best way to withdraw money (which accounts) and what is the best way to do roth conversions so that when I am 72, I am not forced to withdraw so much in RMDs that it puts me in a higher tax bracket and causes me issues with medicare.  And I don't know the best way to figure this out.

@secondcor521, I like your idea of breaking it into smaller pieces.  But what I've found so far is that changing one small piece affects the whole.  And that's where I'm having the issue.  Here's the best example I have.  As his wife, I can 'inherit' his IRA and make it my own or I can just start withdrawing it as if I were him (no penalty even though I'm not 59 1/2).  That seemed like a fine plan.  But his IRA is big enough that I'll need to convert some of it.  I recently read that I can't convert an inherited IRA unless I have made it my own.  But then I can't withdraw it until I'm 59 1/2. So now I have to figure out which other chunk of money to take between 55 and 59 1/2.  I have a taxable account, but then my RMDs would be crazy huge at 72 (crazy huge is an absolutely relative term...we don't have THAT much money).  And so the wheel starts spinning...

Dee18

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Re: Do I need a tax person, a financial planner, or to be a smarter person?
« Reply #5 on: September 24, 2020, 03:45:55 PM »
So very sorry to hear of your husband’s illness.

I second secondcor’s advice and add a couple thoughts.  Before you meet with the financial planner, take a couple weeks to gather information and develop your questions and a possible plan.  My employer gave me a free session with a financial planner (because they were ending our pension plan) and I found it very helpful to review my plan in that one hour.  I would also meet with an estate attorney to review any current will or trust and see if there is any legal matter that would be best handled now.  For example, if there are bank accounts in his name only, it might be easier to go ahead and have your name added now. 

A few random bits:  You will be able to withdraw from your husband’s IRA accounts when you inherit them, based on his age.  For this reason, you probably will not want to roll your husband’s traditional IRA accounts into yours.  From the facts you provided, I suspect you will not need to withdraw from your accounts, but if you do need to there are ways to do it (and many MMM blog posts about “how to withdraw from IRA early”). One thing to discuss with the financial planner is whether there is any benefit to doing Roth conversions at this point.  In my case, that was not a wise financial choice (even considering the impact on Medicare when I in the future). This was partly because I had rolled over a 403(b) account from a former employer into an IRA (on the advice of a Fidelity representative! I now do not rely on the advice of an investment company employee until I have confirmed it with at least one other source.)  Roth rollover was the one issue where I really wanted the independent planner’s advice. Your husband should be eligible for Social Security Disability payments once he can no longer work.  Any life insurance benefits that you receive will not be subject to income tax.  You may also want to look at what your employee benefits are for leave to care for your husband. 

If you google “financial planning for widows” you will find a lot of free preliminary information, even some workbooks, to help you think of all the various issues involved.  As you come across specific issues, people on MMM will be happy to discuss them.  Best wishes to you.

terran

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Re: Do I need a tax person, a financial planner, or to be a smarter person?
« Reply #6 on: September 24, 2020, 03:55:52 PM »
Sorry about your husband. Not much to say other than "that sucks!"

My guess is you can handle this (especially with help on the forum), and might have a hard time finding a tax person or financial planner who will be very helpful. Early retirement (difficulty accessing retirement accounts, and health insurance concerns) is kind of a niche thing, which I wouldn't expect most advisors to be as familiar with as people on this forum.

It sounds like if anything you expect your financials to improve if he dies, so I'd second the suggestion to retire now and spend the time together.

One thing that stuck out to me is your mention of inherited IRAs. An exception to those rules are IRAs inherited from a spouse. If these are his IRAs that you're referring to then they'll act exactly like your own IRAs, so you'll just let the custodian know about his death and then they'll be yours to do with as you want including Roth conversions and no withdrawal issues until you hit RMD age (which is now 72 as already mentioned).

If you wait until the year your turn 55 to retire then you can withdraw from your workplace 401(k)/403(b) without penalty. This is an IRS rule, nothing to do with your employer (some people are confused on that point), but your employer's withdrawal options come into play. Some employers don't allow partial withdrawals which limits the usefulness of this feature. If this is the case you can withdraw everything, keep a certain amount out for spending over the next however many years, and roll the rest over to an IRA.

Since your husband is eligible to withdraw from his retirement accounts and his lifespan is uncertain you might consider withdrawing enough to last you until age 59.5 considering all other funding sources and income. Of course, you can also always withdraw from your accounts and pay a 10% penalty, so don't push yourself into a tax bracket more than 10% over what you'd be in if you just took out the money you needed to spend in a year.

Remember that you also have access without penalty to any taxable accounts you have and to the contributions in any Roth accounts you or your husband have.

You will file married filing jointly in the year your husband dies, you only become a single filer the following year at which point you get about 1/2 the space in each tax bracket.

Since you're too young for medicare you'll need health insurance when you retire. The first step I would take is to take a look at healthcare.gov (or your state's exchange) to get a cost estimate. Taxable income plays a role here too as subsidies are based on income. You'll be able to get lots of help on the forums if you have questions about this.

And last, don't drive yourself crazy with all this. Some people (like me) find diving into the rule based world of the tax code enjoyable and empowering through a sense of control, but if you're not that type of person don't worry about perfection. I'm sure this is a stressful time, and if you don't get it exactly right it might cost a bit of money, but it's not the end of the world. The absolute worst case is you end up paying a 10% penalty on non-qualified withdrawals from your retirement accounts.

cchrissyy

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Re: Do I need a tax person, a financial planner, or to be a smarter person?
« Reply #7 on: September 24, 2020, 04:17:40 PM »
As for life insurance, that's a maybe.  We both have it through work.  I don't know if he will carry it after he retires or not

sorry about all this! i just want to add one thing - some life insurance pays out while you are living with a terminal diagnosis. i'm pointing this out in case it applies here and would change either one of your ability to retire sooner.

secondcor521

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Re: Do I need a tax person, a financial planner, or to be a smarter person?
« Reply #8 on: September 24, 2020, 04:40:44 PM »
@secondcor521, I like your idea of breaking it into smaller pieces.  But what I've found so far is that changing one small piece affects the whole.  And that's where I'm having the issue.  Here's the best example I have.  As his wife, I can 'inherit' his IRA and make it my own or I can just start withdrawing it as if I were him (no penalty even though I'm not 59 1/2).  That seemed like a fine plan.  But his IRA is big enough that I'll need to convert some of it.  I recently read that I can't convert an inherited IRA unless I have made it my own.  But then I can't withdraw it until I'm 59 1/2. So now I have to figure out which other chunk of money to take between 55 and 59 1/2.  I have a taxable account, but then my RMDs would be crazy huge at 72 (crazy huge is an absolutely relative term...we don't have THAT much money).  And so the wheel starts spinning...

An alternative would be for your husband to split his IRA into two accounts.  This is perfectly permissible and has no tax consequences.  After he passes, roll one of the IRAs into your own to use for Roth conversions, and leave the other one in his name and withdraw from that one for spending needs.  It sounds like you are capable of figuring out the rough amounts to be put into each one.

I know of no issues with that plan.  I know he can certainly have multiple IRAs - I don't but many people do.  And I know of no rule or law that says you can't elect different choices for different accounts, and I know a fair amount about this stuff.  But if you decide to look at this approach, of course do your own due diligence.

To clarify a bit, I was meaning to break down your learning into little pieces.  "Learning about personal finance" might seem a daunting topic, but "learning your options for inheriting spousal IRAs", "learning about life insurance", "learning about health insurance" might be manageable.  If those are even too big, you can break it down even further - learn about an one specific option for inheriting a spousal IRA, or find out if work life insurance can be continued after you leave, or learn what an ACA marketplace is.

You're doing the right thing by making a plan and checking to see if it works.  Find a simple, workable plan, and then go from there.  I will add that although there appear to be lots of rules and restrictions, if you have a decent amount of funds (which you seem to), there are almost always solutions that work well.  You just have to keep asking about issues (like you just did in the part I quoted above), collecting options for addressing them (yours of looking at other piles of money, mine of splitting your husband's IRA, there are others), evaluate them, and then pick the best one.  Then repeat the whole process if you want to - take your new workable plan, look for issues, collect options, evaluate options, pick the best one.  Keep going until you're satisfied with the results (or get sick of reading IRS publications :) ).

What do you mean by retirement eligibility in July?  What do you lose if you quit today?  If you have more than enough money, you may want to give whatever it is up for the time with your husband.
« Last Edit: September 24, 2020, 04:43:12 PM by secondcor521 »

trollwithamustache

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Re: Do I need a tax person, a financial planner, or to be a smarter person?
« Reply #9 on: September 24, 2020, 06:44:53 PM »
I'd say talk to the financial planner and see what he says but dear god be careful signing up with him.   If your spouse where to pass away, you want assets in trusts so they step up in basis. For some reason, typically the financial advisor makes this recommendation and not the accountant. Who knows why, but seems to be how it is.

My suspicion is new you need a new tax guy. Once you are retired, you get to pick your income.  I find it odd that the CPA passed you on like this because, well, all the financial planning a pro can help you with is CPA tax planning stuff.

Sandi_k

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Re: Do I need a tax person, a financial planner, or to be a smarter person?
« Reply #10 on: September 24, 2020, 07:14:09 PM »
So, you have two tax years (2020 and 2021) for conversions as a married couple, if his prognosis is terminal by next July.

If I were in your shoes (and I am so sorry to hear about your DH's diagnosis!), I would:

- Look at your current combined income.

- Look at your current federal marginal tax rate (22% - up to $171k) or 24% (income between $171,051 to $326,600?).

Note that in 2022, you will likely file as single, which means you make half the income, but the conversions of any IRAs will move you into a higher bracket faster.

I would choose to convert AS MUCH AS POSSIBLE, up to the max of the 22% bracket. That's a no brainer. I'd have to decide how much to convert into the 24% marginal tax bracket - probably just enough to allow you to access funds up to age 59.5, when the penalty no longer applies.

The only problem is that if you don't already have a Roth IRA with money in it, you can only access the conversion funds without penalty after 5 years of "seasoning."

A helpful writeup on conversions is at the Mad Fientist site:

https://www.madfientist.com/how-to-access-retirement-funds-early/

Best of wishes to you as you navigate this terrible journey.

Runrooster

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Re: Do I need a tax person, a financial planner, or to be a smarter person?
« Reply #11 on: September 24, 2020, 07:26:24 PM »
An alternative would be for your husband to split his IRA into two accounts.  This is perfectly permissible and has no tax consequences.  After he passes, roll one of the IRAs into your own to use for Roth conversions, and leave the other one in his name and withdraw from that one for spending needs.  It sounds like you are capable of figuring out the rough amounts to be put into each one.

What do you mean by retirement eligibility in July?  What do you lose if you quit today?  If you have more than enough money, you may want to give whatever it is up for the time with your husband.
+1 

I did a quick google search and it told me that terminal cancer diagnoses tend to be generous.  So, what if his 9 months to live is really 6 months? And what if those last 3 months are spent very ill and in pain?  I know its hard to accomplish much of a bucket list (travel, cruises) or even connect with far flung family due to covid-19.  But please, please use all your annual leave, sick leave, and at least 12 weeks of FMLA leave if you really "can't" retire early.  Really, what will they do? take out this years 401K match?  You didnt mention a pension for either of you.

msbutterbean

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Re: Do I need a tax person, a financial planner, or to be a smarter person?
« Reply #12 on: September 25, 2020, 08:28:12 AM »
Not really on point to your questions in the original post here, but I also wanted to say how sorry I am to hear about your husband. I don't reply much on the forums but I read a lot, and I recognize your username because I'm often touched by your generous and compassionate responses to other people. Sending good thoughts your way as you navigate the next few months.

Ladychips

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Re: Do I need a tax person, a financial planner, or to be a smarter person?
« Reply #13 on: September 25, 2020, 05:01:46 PM »
One thing to discuss with the financial planner is whether there is any benefit to doing Roth conversions at this point.  In my case, that was not a wise financial choice (even considering the impact on Medicare when I in the future). This was partly because I had rolled over a 403(b) account from a former employer into an IRA (on the advice of a Fidelity representative! I now do not rely on the advice of an investment company employee until I have confirmed it with at least one other source.)

@Dee18, thanks for your post.  Can you tell me more about what happened re. your 403(b)?

Since your husband is eligible to withdraw from his retirement accounts and his lifespan is uncertain you might consider withdrawing enough to last you until age 59.5 considering all other funding sources and income.

@terran What an excellent piece of advice!  It's one of those things that never crossed my mind and why I turned to the advice provided on this forum.

sorry about all this! i just want to add one thing - some life insurance pays out while you are living with a terminal diagnosis. i'm pointing this out in case it applies here and would change either one of your ability to retire sooner.

@cchrissyy I've never heard of life insurance paying out while living with a terminal diagnosis.  Any other details you can share?  It's certainly something I'll look into.

An alternative would be for your husband to split his IRA into two accounts.  This is perfectly permissible and has no tax consequences.  After he passes, roll one of the IRAs into your own to use for Roth conversions, and leave the other one in his name and withdraw from that one for spending needs.  It sounds like you are capable of figuring out the rough amounts to be put into each one.

I know of no issues with that plan.  I know he can certainly have multiple IRAs - I don't but many people do.  And I know of no rule or law that says you can't elect different choices for different accounts, and I know a fair amount about this stuff.  But if you decide to look at this approach, of course do your own due diligence.

@secondcor521 this is an interesting idea and I was wondering if this would work.  He currently has a tradition IRA that was from a old pension plan at a former place of employment.  He also has a 457 at his current place of employment.   If I understand you correctly, I can make different choices for inheriting these two pots of money.

I'd say talk to the financial planner and see what he says but dear god be careful signing up with him.  ....  I find it odd that the CPA passed you on like this because, well, all the financial planning a pro can help you with is CPA tax planning stuff.

@trollwithamustache  My thoughts exactly!!


@Sandi_k  That all sounds like excellent advice.  With taxes not being my strong area, I'll study up on this.  Fortunately, I do have a Roth so that's good news.  Thanks for the link.

@Runrooster I didn't mention a pension but we both have them and are hanging on until we are retirement eligible.  And in my case, my employer will pay my health insurance until I'm 65 (10 years!). So, no, we can't go early.  We have the leave if we need it, but we can't quit and ride off into the sunset until July.

@msbutterbean I think that's to sweetest compliment I've ever had.  Thanks for taking the time to comment.  I hope to see you posting more!

All - thanks so much for your input and your sympathies.  Both are much appreciated.

secondcor521

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Re: Do I need a tax person, a financial planner, or to be a smarter person?
« Reply #14 on: September 25, 2020, 05:32:36 PM »
An alternative would be for your husband to split his IRA into two accounts.  This is perfectly permissible and has no tax consequences.  After he passes, roll one of the IRAs into your own to use for Roth conversions, and leave the other one in his name and withdraw from that one for spending needs.  It sounds like you are capable of figuring out the rough amounts to be put into each one.

I know of no issues with that plan.  I know he can certainly have multiple IRAs - I don't but many people do.  And I know of no rule or law that says you can't elect different choices for different accounts, and I know a fair amount about this stuff.  But if you decide to look at this approach, of course do your own due diligence.

@secondcor521 this is an interesting idea and I was wondering if this would work.  He currently has a tradition IRA that was from a old pension plan at a former place of employment.  He also has a 457 at his current place of employment.   If I understand you correctly, I can make different choices for inheriting these two pots of money.

Yes, you understand me correctly.  Also, if the balances in the 457 and his IRA are not quite right where you need them to be, you could split his IRA into two accounts, so you'd have three pots of money:  IRA #1, IRA #2, and 457.  You could then make different choices for inheriting each of these three pots of money.

I believe you are also able to rollover part of his 457 money into his IRA if that makes the balances more the way you need them to be.  I'm fairly certain that 457s often have good and flexible withdrawal options, so you'd probably want to look into that topic.  If I'm right on that point, you may want to leave most of the 457 money in the 457.

Point being, between splitting his IRA and doing a partial rollover of his 457, plus whatever other pots of money and income streams you have, you probably can get where you want to go with respect to Roth conversions, RMDs, and money to live on until you can access other funds.

If you're willing to post details of your plan in a case study, I'm sure people would be happy to give more specific suggestions.  Without knowing your ages, account balances, spending levels, income streams, etc. it's hard to do more than generalize.  Of course many people don't feel comfortable exposing that sort of information publicly (including me).

cchrissyy

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Re: Do I need a tax person, a financial planner, or to be a smarter person?
« Reply #15 on: September 25, 2020, 05:45:00 PM »
I've never heard of life insurance paying out while living with a terminal diagnosis.  Any other details you can share?  It's certainly something I'll look into.

I'm not an insurance expert and do't kow how common this is. I just remember it from my own policies. I just pulled out my own docs from two companies to refresh my memory. Hopefully you can find your full policy docs too. They pay half of the death benefit if your doctor says you are only expected to live 12 months.  One company called it "terminal illness accelerated benefit rider"  and the other one calls it "terminal illness accelerated death benefit".

terran

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Re: Do I need a tax person, a financial planner, or to be a smarter person?
« Reply #16 on: September 26, 2020, 12:21:58 AM »
The only problem is that if you don't already have a Roth IRA with money in it, you can only access the conversion funds without penalty after 5 years of "seasoning."

I think you might be confusing the two different 5 year rules. Taxable Roth conversions need to season 5 years no matter what to be accessed penalty free, regardless of whether a Roth IRA has been open 5 years. Here's a good explanation of both: https://www.kitces.com/blog/understanding-the-two-5-year-rules-for-roth-ira-contributions-and-conversions/

I'm fairly certain that 457s often have good and flexible withdrawal options, so you'd probably want to look into that topic.  If I'm right on that point, you may want to leave most of the 457 money in the 457.

secondcor is right, 457(b)s have no early withdrawal penalty, so they're a great option for pre 59.5 income. This benefit is lost of they're rolled over to an IRA. I don't know how inherited workplace retirement plans work (and it might depend on the employer). Hopefully they'll let you keep it in the plan as that would help bridge the gap to 59.5 without any extra fuss.

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Re: Do I need a tax person, a financial planner, or to be a smarter person?
« Reply #17 on: September 26, 2020, 12:08:54 PM »
I've never heard of life insurance paying out while living with a terminal diagnosis.  Any other details you can share?  It's certainly something I'll look into.

I'm not an insurance expert and do't kow how common this is. I just remember it from my own policies. I just pulled out my own docs from two companies to refresh my memory. Hopefully you can find your full policy docs too. They pay half of the death benefit if your doctor says you are only expected to live 12 months.  One company called it "terminal illness accelerated benefit rider"  and the other one calls it "terminal illness accelerated death benefit".
I’m also not an insurance expert but I am in HR and familiar with the policy documents for our plan. Early payout for terminal illness is absolutely one of our plan stipulations, and I would definitely look into it.

I’m so sorry about your husband’s diagnosis. I hope very sincerely that he exceeds their expectations. My thoughts are with you both.

TomTX

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Re: Do I need a tax person, a financial planner, or to be a smarter person?
« Reply #18 on: September 26, 2020, 08:37:34 PM »
If we COULD retire, we WOULD retire but we are not eligible until July.

My deepest condolences.

Are you vested in the pension? If you stopped working now, when would you be eligible to draw on the pension?

My current plan is to retire ~10 years before I can draw my pension. It sounds like you have plenty of assets - you can start drawing down retirement accounts without penalty if you use the 72t/SEPP method.

https://www.investopedia.com/terms/r/rule72t.asp

What happens to his pension when your husband dies?

Be aware that you can draw from a 457 upon separation of service without penalty. This is a good reason to keep it in a 457 if you can instead of transferring to an IRA.

Ladychips

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Re: Do I need a tax person, a financial planner, or to be a smarter person?
« Reply #19 on: September 27, 2020, 07:21:52 PM »
I appreciate all the responses.  You've given me much to investigate and think about!  What a wonderful forum!

 

Wow, a phone plan for fifteen bucks!