It’s time to open the mailbag once again and see what’s on your mind. As always, we do our best to answer your questions on the podcast with the information we have.
The first question we tackle today comes from someone who retired and started their Social Security benefit but just got a job offer that she wants to take. So what needs to be considered from a Social Security standpoint before accepting that job?
The most important thing to keep in mind is that if you’re not at your full retirement age yet and you’re drawing your benefit already, there are limits to how much income you can make before you start losing a significant chunk of that benefit money. Another thing you might wonder about is whether your benefit might increase if you begin paying into the program again with the new job, but that’s probably not going to change much.
The next scenario on the show we’ll discuss is from someone that got an unexpected tax bill but doesn’t have enough cash to cover everything. So should they take withdrawals out of retirement accounts to pay the bill? Since he’s 60, he can access the retirement accounts without a penalty so that’s the good news. There are a few different considerations to think through before you make those withdrawals though so you’ll want to see what the IRS payment plan options are as well.
The last question we have on the show today is from someone who has basically lived as divorced even though they haven’t made it official. This has its benefits like being able to file jointly but what potential issues could come down the road if they ever make it official? We’ll talk through a few of the things that comes to mind in this situation but it’s not one that’s uncommon.
No matter what questions you have, we’re here to offer you the chance to meet and discuss the financial concerns on your mind. Take advantage of our Money Map review to get the process started.
1:16 – Mailbag question on Social Security
2:21 – So many Social Security considerations
4:35 – Mailbag question on paying a large tax bill
6:47 – Mailbag question on financial consequences of divorce
“We always felt our financial needs were in very capable hands. Alex Angst is great to work with. Our advisor always made us feel he had our best interests at heart and explained things so we could understand them.”
“We’ve been clients of Johnson-Brunetti for > 10 years. We’re enjoying a comfortable retirement as a result. Many thanks to Joel and our CFP, Eric Hogarth. I wish we had plugged into this decade approach back when we were in our 30s.”
“Working with Johnson Brunetti has had a positive impact on my life by providing me with the knowledge, confidence, and peace of mind to move forward with my retirement plans. The process of getting to this point, through their guidance, has been informative and pleasurable.”
“I view your company as one that puts my interests first. I think that is very uncommon and very refreshing. “
“Matt does an awesome job! So easy to understand and he listens to our concerns and addresses them! happy I chose your firm!”
“I have been pleased with the help and service I have received from the company. I have met several team members on Eric’s team and have found all of them very well prepared to meet with me when reviewing my portfolio. I always feel that I am an important customer and appreciate that very much. I hope the firm continues to focus on the customer and maintains its great service. I think you do a great job for someone like me!!!! I’m happy I chose your firm!”
Investment Advisory Services offered through JB Capital, LLC.
Insurance Products offered through JN Financial, LLC.
Atlanta • Boston • Hartford | Tel: 800-208-7233
JB Capital LLC is a federally registered investment adviser under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply any level of skill or training. Information presented is for educational purposes only and is not intended as an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.
Johnson Brunetti is a sponsor of WFSB Better Money, WCVB Better Money Boston, WSB-TV Better Money Atlanta, WTNH Money Wisdom, and WTIC Money Wisdom.