Tag: IRMAA
When Should High-Net-Worth Retirees Take Social Security? (Ep. 102)

When Should High-Net-Worth Retirees Take Social Security? (Ep. 102)

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Planning for retirement comes with many choices that can shape long-term comfort and confidence.

Small shifts in timing, taxes, and income strategy can influence how well your resources support the life you want to enjoy.

In this episode, Josh Leonard breaks down how Social Security fits into a broader retirement plan for high-net-worth individuals, explaining how timing, tax brackets, portfolio design, and future goals work together. He highlights why delaying benefits can reduce risk, how tax planning affects income decisions, and why Social Security should be coordinated with the full financial picture.

Key Insights:

  • Why higher savings create more flexibility around Social Security timing
  • How IRMAA can affect Medicare costs when income rises unexpectedly
  • How delaying benefits can lower long-term risk and support lifetime income
  • How portfolio restructuring reduces unnecessary taxes from mutual fund gains
  • Why Social Security choices must connect with tax, investment, and legacy planning
  • And more!

Resources:

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How Recent Retirement Laws May Affect Your Future (Ep. 95)

How Recent Retirement Laws May Affect Your Future (Ep. 95)

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New laws have reshaped retirement planning, and staying informed could mean the difference between saving money and paying avoidable taxes.

In this episode, Josh Leonard explains the impact of Secure Act 1.0 and 2.0 on retirement planning and why constant plan updates are necessary. He highlights how changes to RMD ages, IRA rules, and Medicare surcharges can affect retirees, especially those who have saved diligently. 

Josh also shares practical strategies to prepare for the evolving legal environment without overreacting to proposals.

Josh discusses:

  • Changes from Secure Acts 1.0 and 2.0, including increased RMD ages and IRA contribution rules
  • How automatic 401(k) enrollment and escalation can benefit retirement savings
  • The “Good Saver” tax issue and why early tax planning is essential
  • Medicare IRMAA surcharges and how to minimize them with intentional withdrawals
  • Why regularly reviewing and adjusting your financial plan matters more than ever
  • And more!

Resources:

Connect with Josh Leonard: 

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