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Podcast Episode 290: Old IRAs, Rollovers, and Spousal Benefits – Mailbag
Created: February 3, 2023
Modified: February 6, 2023

Podcast Episode 290: Old IRAs, Rollovers, and Spousal Benefits – Mailbag

What You’ll Learn:
On today’s episode, we’ll dive into the mailbag to answer a few financial questions that we’ve been asked recently. The topics we’ll tackle today are what to do with old IRAs, rolling over retirement accounts, and Social Security benefits for ex-spouses. If you’ve been curious about any of these financial planning items, then you’ll want to listen to this show.

On today’s episode, we’ll dive into the mailbag to answer a few financial questions that we’ve been asked recently. The topics we’ll tackle today are what to do with old IRAs, rolling over retirement accounts, and Social Security benefits for ex-spouses. If you’ve been curious about any of these financial planning items, then you’ll want to listen to this show.

The first question is about what to do with the money in old IRA. Is it best to catch it out or should you do something more with it?  Well, when it comes to deciding what to do with your old IRAs there is no one-size-fits-all answer. However, depending on the types of investments you’re holding in that IRA, cashing out may not be the best option. For example, if you have a traditional IRA with pre-tax dollars invested in it, cashing out could trigger tax and/or penalties.

The next question is about rollovers. Is it best to do a rollover all at once or is okay to rollover some now and some later?  Well, it’s usually best to rollover the entire amount at once, but if you need to do a partial rollover that is an option. However, keep in mind that partial rollovers can be more complicated and there may be tax implications depending on the situation.

Finally, let’s talk about Social Security ex-spouse benefits. Do ex-spouses qualify for these benefits?  Generally speaking, yes. If you’ve been married for at least 10 years and are now divorced, you may be eligible to receive Social Security benefits based on your ex-spouse’s work record. In order to qualify, there are a few requirements you’ll need to meet, but generally speaking, ex-spouses do qualify for Social Security benefits.

We hope this episode has given you some helpful information about what to do with old IRAs, rolling over retirement accounts, and Social Security ex-spouse benefits. If you have any additional questions or would like more detail, take advantage of our Money Map review process.

Here are a few of the things we discuss in this episode:

1:55 – Mailbag question 1 – Should I cash out an old IRA?

3:22 – More accounts doesn’t mean more diversification

5:02 – Mailbag question 2 – Is it okay to do a rollover now and in the near future or all at once?

6:48 – Mailbag question 3 – Can I collect on my ex-husband’s Social Security benefit?

7:40 – Why you want to get the Money Map retirement review 

Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.

Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.

Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.

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