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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 12023
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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Than typing. I will need to talk to someone who knows about

Customer Question

Than typing. I will need to talk to someone who knows about Reagans 702 benefit. Do you have knowledge of this. Also, my accountant suggested I speak with someone about my SS and having it updated do to new information I came across. He feels that I was not told several things about my benefits.
JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else important you think the Retirement Accountant should know?
Customer: Yes, lots. I need to sit with someone to uncomplicated things. For instance I was married for 23 years and my ex worked for ibm. I believe I am entitled to the small pension that he has, as I was married to him during that time. Have lots of questions. I can't talk faster than typing. Is it possible to get an appointment or can the questions be answered here
Submitted: 1 month ago.
Category: Social Security
Expert:  Lane replied 1 month ago.

Hi. My name's Lane. I can help you here.

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I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice on three continents since 1986.

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First, the 702 plan is not what it seems. It is nothing more than a veiled way of marketing a permanent life insurance policy.

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The Palm Beach Research Group has put out promotional materials that attempt to make it sound like an unbelievable retirement plan that the government tries to hide from "average Americans" and something that only the rich have used so far.

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They refer to them as "702 Accounts" or also "702j" or "7702" accounts, presumably in an attempt to make them sound more like true retirement plans like a 401k, 402b, 457, etc. They are twisting IRC Code Section 7702, which deals with tax treatment of permanent life insurance, into something it's not (NOT the first time a life insurance agent had used deceptive practices to sell life insurance.

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But yes, I can help with anything related to Social security and company pensions. The CFP and Certified Retirement Plan Specialist training and experience will be helpful there.

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We can't do a "sit down" unless you're in the Atlanta Area, but I'd be happy to make an offer for a phone consult, where we can discuss these items and you can give me enough detail about your husband and his time at IBM for me to do some digging there.

Expert:  Lane replied 1 month ago.

I'd be more than happy to make an offer for a phone consult to discuss the other things.

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You certainly qualify for a divorced spouse benefit if he is taking benefits AND a survivor benefit when he passes.

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Also, I can check on the IBM benefit for you, but we'd need to speak.

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Let me know

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Lane