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Old 05-24-2015, 10:17 PM
 
Location: home state of Myrtle Beach!
6,272 posts, read 18,925,451 times
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Quote:
Originally Posted by nicet4 View Post
Having SS come back and recapture a month of benefits has to bite especially with all the other expenses involved in losing a loved one.
[/b]
This will be me if he goes before me which could be likely since he is older by almost 10 years.
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Old 05-25-2015, 01:59 AM
 
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new studies are showing that using both a single premium immediate annuity income and permanent life insurance coupled with your own investing has beaten just buying term and investing on your own.

it has provided more income and more for heirs in 65% of every monte carlo scenario run .
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Old 05-26-2015, 09:49 AM
 
Location: Florida
4,379 posts, read 3,718,272 times
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Quote:
Originally Posted by mathjak107 View Post
new studies are showing that using both a single premium immediate annuity income and permanent life insurance coupled with your own investing has beaten just buying term and investing on your own.

it has provided more income and more for heirs in 65% of every monte carlo scenario run .
Very interesting or should I say surprising.
I would have though fees would have been to high. Of course if you die close to the time you got the life insurance I can see why it would win. Can you add a link to the studies? I want to see the assumptions used. Especially what happens when the life insurance policy runs for 20 or 30 years or more.
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Old 05-26-2015, 12:56 PM
 
527 posts, read 1,093,124 times
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Your dad will lose his wife's SS benefit of $612/month ($7300/year)
The $612 is a check to her, not them.

His filing status will change to single for tax year 2016, not this tax year 2015. For 2015 taxes, he can still file joint,
so he doesn't have to think about that until tax season April 2017
but if as you say, his/their SS was their only income, when he crunchs the numbers, he will probably not pay any tax, as he probably didn't filing joint.

He will also stop paying for your mother's Medicare and if she has it, supplimental plan and plan D policy.

He will also receive a one time $250 check upon her passing.
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Old 05-26-2015, 12:58 PM
 
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Quote:
Originally Posted by rjm1cc View Post
Very interesting or should I say surprising.
I would have though fees would have been to high. Of course if you die close to the time you got the life insurance I can see why it would win. Can you add a link to the studies? I want to see the assumptions used. Especially what happens when the life insurance policy runs for 20 or 30 years or more.
Improving Retirement Outcomes with Investments, Life Insurance, and Income Annuities - Forbes
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Old 05-26-2015, 05:19 PM
 
Location: Florida
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Thanks
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Old 05-27-2015, 07:30 AM
 
Location: Cape Elizabeth
425 posts, read 388,722 times
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Quote:
Originally Posted by HollyhockGarden View Post
And, unfortunately, the last month's check will be taken back by SSA. For example, my father died on the 29th day of the month. At the beginning of the month he was doing fine -- driving, going to grocery store, volunteering playing music at nursing homes, just living life. Received his direct deposit SS check as usual. Then, went through the month, paying usual expenses. Then, toward the end of the month, started feeling bad and went to hospital. After couple of days, they determined his gall bladder should come out. Well, that did not go as projected and we lost him on the 29th. Funeral directors, as required by law, notify the SSA of deaths. Then someone at that end does the status change, and the money for the "current" month, which is really for the "previous" month, is taken back out of the account. I'm sorry you having to go through this with your mom. It is a hard time for you, and especially your dad. I glad you are there for him!
As you stated at the end of your post, SS pays the month after for the month before. So, the check that arrived in the month he died was for the month before and he was due it. The check that arrived the month after he died was for the month of death, and unfortunately, no one is due the check for the month they die- even if they die on the last day. That is a law governed by Congress and has always been the case, since the inception of SS.

However, if there was a surviving spouse, they would be due the widow's benefit for that month
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Old 05-27-2015, 08:14 AM
 
48,516 posts, read 84,032,619 times
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Quote:
Originally Posted by mathjak107 View Post
yes .
Last I knew IRS booklet has a page on figuring if you need to file a return; some don't.
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Old 05-30-2015, 07:30 PM
 
Location: Florida
4,379 posts, read 3,718,272 times
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I went back and read the research. Very interesting. The concept seems valid. Moves the risk of longevity and running out of money to an insurance company pool. Be interesting to see additional research.

However, I think the assumption is that the whole life insurance premium is paid out of the policies at age 65, i.e. not out of the retiree's monthly retirement income. I wonder how good that assumption is. I think this is the weak part and the likelihood of the policy's earnings beaning able to pay the premium at retirement was not addressed in the research. I also note that an insurance company sponsored the research.

I think Pfau is an excellent researcher and if I was in my 20's or 30's I would keep this as an option to consider.
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Old 05-30-2015, 08:06 PM
 
Location: home state of Myrtle Beach!
6,272 posts, read 18,925,451 times
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Quote:
Originally Posted by boater1 View Post
He will also receive a one time $250 check upon her passing.
Mom got this as a direct deposit very quickly after Dad passed.

Quote:
Originally Posted by ilovemycat View Post
As you stated at the end of your post, SS pays the month after for the month before. So, the check that arrived in the month he died was for the month before and he was due it. The check that arrived the month after he died was for the month of death, and unfortunately, no one is due the check for the month they die- even if they die on the last day. That is a law governed by Congress and has always been the case, since the inception of SS.

However, if there was a surviving spouse, they would be due the widow's benefit for that month
The payment date will change and while they take both benefits back, you get the widow benefit a week or two later; and there is no communication, the transfers just happen with direct deposit.

Disabled get paid one Wednesday, Surviving spouse on another Wednesday, etc.
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