@Devo - Retirees who are drawing Social Security get annual increases in benefits equivalent to to inflation rate (CPI). That’s much better than my state pension which has no inflation adjustments

what state has constant pensions? from retirement day 1?

Stable-Value (SV) Rates, 12/1/23
TIAA Traditional Annuity (Accumulation) Rates
No changes
Restricted RC 7.00%, RA 6.75%
Flexible RCP 6.25%, SRA 6.00%, Newer IRAs 5.20%
TSP G Fund hasn't updated yet (previous monthly rate was 5%).
Options outside of workplace retirement plans include m-mkt funds, bank m-mkt accounts (FDIC insured), T-Bills, short-term brokered CDs.
#401k #403b #StableValue #TIAA #TSP
https://ybbpersonalfinance.proboards.com/post/1269/thread

I can’t argue with the OP’s general conclusion that on average Americans are better off financially than they were prior to the beginning of the pandemic in March 2020. You can measure that in a lot of ways: home values, employment numbers, wages, etc. Reminds one of the 6’ fella who drowned in a river that was on average 5 feet deep.
One likely reason so many are better off is that the U.S.economy quickly rebounded from the pandemic induced trauma owing in no small part to substantial monetary stimulus by the Federal Reserve and also fiscal stimulus in the form of “stimulus checks” mailed directly to millions of Americans (under both the Trump and Biden administrations). How this comparison (March ‘20 with Today) ) relates to the investment process and what we as a community of investors should concern ourselves with? That’s a different question.
Lost in the discussion is the toll the 2022 stock market crash had on retirement savers. Unlike younger investors who could dollar average in when prices were low, seniors suffered outsized losses (see linked articles) in their retirement accounts. And there is some evidence now to suggest that more Americans are taking early hardship withdrawals from their 401K accounts - which I think @Baseball_Fan mentioned. (see linked articles).
Average American's retirement balance falls 4% as more and more savers dip into their later life savings to make ends meet”
https://www.dailymail.co.uk/yourmoney/401k/article-12771113/401k-account-balance-falls-quarter.html
How's your 401k doing after 2022? For retirement-age Americans, not so well
https://www.usatoday.com/story/money/personalfinance/2023/10/08/401k-balances-havent-recovered-from-2022-for-retirement-age-americans/70998934007/
BofA Report Finds Average 401(k) Balances Up Nearly 10% in 2023; More Participants Taking Hardship Withdrawals
https://www.prnewswire.com/news-releases/bofa-report-finds-average-401k-balances-up-nearly-10-in-2023-more-participants-taking-hardship-withdrawals-301895607.html

FUNDS. Another piece on high yearend CG distributions. (This piece by Lauren Foster seems to be based on a longer piece by @LewisBraham in the Guide to Wealth supplement, see below)
INCOME from EM dividend-stocks – CEMDX / CEMIX with holdings in Brazil, China, Greece, Mexico.
RETIREMENT. The good news is that Americans have $39 trillion in RETIREMENT ACCOUNTS. But the bad news is that only 54.3% have defined-contribution (DC) retirement accounts, 13% have traditional defined-benefit (DB) pensions, and accounting for overlaps, that leaves lots of Americans without ANY retirement funds beyond Social Security (1935- ). The average balance in DC accounts is only $86K. In the very old days, people worked until they died. Pensions were a creation of Industrial Revolution to make room for younger employees by luring older workers to “retire”, and the first retirement fund was by American Express in 1875. It didn’t catch on right away, and then the Great Depression came (1930s), and the SSA was created. Employees liked old pensions, but employers saw them as growing liabilities. According to the father of 401k, Ted BENNA, 401k was by accident from the short 869-word section (subtitled 401k) in the 1978 revenue Act that allowed pretax employer and employee contributions for retirements (unclear who slipped that in). Companies caught on to this quickly, and by 1983, there were already 7.1 million 401k accounts, now 60 million accounts. The great shift from old pensions to 401k/403b also started. But 401k/403b aren’t perfect, and while auto-signups and auto-escalations have helped, that hasn’t been enough (especially for lower-income and self-employed groups and small businesses). (By Kenneth Pringle who has authored some great historical pieces)
Supplement, GUIDE TO WEALTH.
Yearend tips for portfolios: Max 401k/403b, make IRA contributions and/or Roth conversions, payoff high-rate debt, deploy some tech profits into bonds, rebalance if far from targets, consider alternatives, keep cash in higher-rate money-market funds. Some stock and bond ideas are also included.
Several high 2023 yearend mutual fund distributions are mentioned: IYVAX, KLCKX, FMXKX, CREEX, DHSCX, JPDEX (tax-aware!), BTIIX (SP500!). Heavy outflows and/or manager change are reasons. The ETFs avoid this problem due to their tax-efficient design. There are also direct-indexed accounts that can do TLH; some of these accept mutual funds (in-kind) that they can slowly adjust with TLH. Mutual fund holders with huge CG distributions may also sell them ahead if their unrealized gains are not large. For individuals, excess TLH net losses beyond $3K/yr offset of ordinary income can be carried over to future years. Tax issues don’t matter in tax-deferred/free accounts. Charitably inclined may contribute highly appreciated securities to DAFs or directly to charities (but one has to itemize to claim charitable deductions). (By @LewisBraham at MFO)
Top yearend ideas from 5 financial pros:
Cheryl HOLLAND/Abacus: Family talks about finances around holidays.
Patrick FRUZZETI/Rose-Hightower: TLH, QCDs, CRTs from IRAs, DAFs.
Matthew SPRADLIN/Godfrey & Spradlin-Steward Partners: 529s – split w/spouse to max state tax benefits; use 5-yr forward for 5x annual contributions (but cannot contribute more for 5 years), individual 401k for proprietors.
Indrika ARNOLD/Colony Group: Gifting with purpose – it’s a good feeling when gift recipients benefit from gifts while you are around.
Mark MUMFORD/Hollow Brook: TLH, gifts.
LINK
Those interested may also check the International Roundtable in Part 1.

@hank: "mutual fund. One conceived back in the ”dark ages” (1986)."
How about 8/31/1976, the inception date of the first publicly available VFINX? 1986 could be a typo too.
In some retirement accounts, similar indexed funds existed even earlier.
BTW, Dave Ramsey made a fool of himself recently when he said on his show that 8% w/COLA withdrawals from all-stock funds were safe and berated others for being alarmists with only 4% w/COLA. He was shown to be incorrect almost immediately in that if one started with 8% w/COLA withdrawals in 01/2000 and an all-stock fund, money would have run out by now.

AF, the champion of the class-mess, can split taxable and retirement classes of its mutual funds into separate funds, close/freeze all taxable classes, and then turn them into ETFs. So, a multistep, slow process.

A brief story on QLTY and active etf's at CNBC that is not behind a paywall.

According to GMO’s website, as of November 17th, the ETF’s top holdings include Microsoft, UnitedHealth and Johnson & Johnson
″[These companies] can do things competitors can’t. Moats around their business. They have strong balance sheets,” he said. “These are battleship companies that are going to remain relevant and important going forward.”
Yet, the stocks’ performance is mixed so far this year. Microsoft is up almost 54% so far this year. Shares of UnitedHealth are virtually flat while Johnson & Johnson is down more than 15%.

Random thoughts generated:
Anybody that looks at M* could understandably feel moated out.
However, MOAT doesn't actually own any of those three in its top ten. Surprised me.
And this from the same article:

ETF Store President Nate Geraci sees active ETFs as natural evolution in the industry.
“If you think of an active manager attempting to generate after tax alpha, the ETF wrapper helps lower that hurdle. It offers a better chance at outperformance,” Geraci said.
He adds ETFs can give active managers a better chance at long-term success.

Random question springs to mind:
Has buying the cap-weighted market lost it's luster? Since January 2000 the CAGR for VFINX has been 6.37, if I have set this up correctly.
I know I haven't done better than that, but I like cash. OTOH, it's paying off now since we aren't liquidating assets to finance our lifestyle in retirement.
DODGX, for one, has done better, with a CAGR of 8.93%. And they only charge a penny more than QLTY.
VFINX did win the fin de siecle of the 20th century. It was a lot easier to make money in the market in those days.
YMMV
BTW,my amateur interest in naval history prompts me to add that battleships have not been relevant for a very long time.

@stillers, you got to the right place. Invesco/VZ is a leader in the equal-weight fund space and has a whole bunch of them. Most are ETFs, but some OEFs also. For the fund you found, there are multiple classes with varying availabilities.
VADAX, Investor class, ER 0.53% (high), no-load/NTF at Fido and Schwab. May have front-load elsewhere.
VADDX, Institutional class, ER 0.28% (so-so), min only $1K. It seems that Invesco has restricted access and that may be why Fido and Schwab don't offer it on their platform.
VADFX, Retirement R6 class, ER 0.19% (lowest). Restricted to large plans.
AUM in all classes $6.1 billion.
But there is a huge ETF version RSP, ER 0.20%, AUM $41.2 billion. That seems like the best deal for retail investors as the general choice is VADAX or RSP.

FUNDS. Go-anywhere moderately-aggressive-allocation (70-90% equity) EKBAX (ER 1.1%; no-load/NTF at Fidelity, Schwab) invests in stocks (45% tech, 29% industrials) and bonds (including HY, convertibles). Manager Margret PATEL was a HY specialist in her former career (at Wells Fargo, Pioneer, Third Avenue, Northstar). (By @lewisbraham at MFO)
EXTRA, FUNDS. THEMATIC funds have been disasters for investors (but they do sound interesting). Moreover, investors have poor timing with those – the M* investor-returns lag the fund TRs badly. Most big firms offer such niche/thematic ETFs – Fidelity, Blackrock/BLK (ICLN), Invesco/IVZ, etc; others also offer them, ARKK, DRIV, etc.
INCOME. Treasury FRNs (=< 2 year maturity) have rates that reset weekly to 3-month T-Bill auctions rate, so their effective duration is just 1 week. These can be bought at monthly auctions via brokerages or Treasury Direct, or in the secondary market. There are funds – USFR, TFLO, both with the ER of 15 bps. The interest is exempt from state/local taxes. Interest in FRNs grew after the Fed started to increase rates in mid-2022 (so, don’t look for long performance histories). (Finally, the FRNs are getting the media attention they deserve) (Be aware that now there are 3 types of floating-rate (FR) funds – Treasury FRNs, corporate FRs, junk FRs/BL (these have done well this year), so pay attention to which ones you are buying/holding.)
RETIREMENT. Some healthcare groups and doctors may not accept MEDICARE ADVANTAGE (MA; Part C), or that may change annually. Issues may be related to reimbursement rates and prior approvals. So, check whether your healthcare provider is in/out-network. The MA plans combine Parts A (hospitals), B (doctors), D (meds) with other supplementary coverages (eye, dental, gym). Almost 50% of Medicare-eligible people now use MA. Common enrollment periods are OEP Oct 15 – Dec 7, MA OEP Jan 1 – Mar 31; be sure to check the possible changes. (Also check plan’s formulary for any changes to your meds’ tiers)
LINK

I have been struggling to determine the tax impact of converting my IRA to my Roth IRA
There are lots of calculators that calculate RMDs but this is the only one I found that will calculate what the extra taxes AND Medicare IRMAA will be. I checked a couple of the levels and I think it is quite accurate. You can set the tax bracket you want to stay in also.
https://www.newretirement.com/retirement/roth-conversion-calculator/

Wish I had a dollar for every prediction out there. Mostly just folks gassing. But I suspect in a few rare cases intended to influence markets for their own benefit. ISTM money is made in markets when they move in ways the masses are not expecting.
@Yogibearbull - Byron Wien was a class act. I began taking an active interest in my retirement assets in the mid 90s. Wien was in his prime at that time - often cited / quoted in financial publications. Well balanced perspective. Those “predictions” ISTM were more of a fun “gig” and not his normal approach to investing. Highly personable in interviews. A humble fella,

I saw a 5.8% yield on a 10 year CD through my Fidelity brokerage account.
The bank can call the rate and I haven’t checked the penalty for early withdrawal but I imagine it would be harsh.
I assume the chances of the bank keeping the rate at 5.8 are slim to none seeing as how interest rates are bound to dip sooner than later.
Which begs the question why would anyone invest in a CD under these conditions? And why would a bank even offer such a high rate knowing fully well it will most likely go down in the current state of the economy.
I want to invest in a 5 or 10 year CD as I am nearing retirement and am in a preservation state of mind. I would take a 5% rate in a heartbeat.

You should fully research the penalties for early withdrawal before you invest. Wells Fargo and Morgan Stanley both pay 5.05%, for 5 year, non-callable CDs, through Fidelity. However, the penalties for early withdrawal will be very different as "brokerage" offered CDs at Fidelity, compared to the penalties you would pay if bought them directly from the banks.

@BaluBalu, great catch!
It seems that nonpublic classes were launched on 7/5/23 (advisory & retirement a/c) and have gathered $2.3 billion AUM already (M* shows the total for all available classes). Apparently, all tickers have been valid since then. But as the filing notes, public "Investor" and "I" classes will become available on 11/8/23.
This is an interesting phased way to launch new funds. It's unlike Vanguard's new fund launch nearby with a silly "Subscription period" (LINK).
From SEC/Edgar filing for PHEFX / PHEIX / PZHEX,
"The fund’s Investor and I Classes will become available to the public for purchases beginning on November 8, 2023.
The Z Class is only available to funds managed by T. Rowe Price and other advisory clients of T. Rowe Price or its affiliates that are subject to a contractual fee for investment management services. There is no minimum initial investment and no minimum for additional purchases."
Edit/Add. FWIW, these tickers are NOT recognized yet at Price-Retail or Price-Institutional, but are recognized at Yahoo Finance, M*, etc.

I saw a 5.8% yield on a 10 year CD through my Fidelity brokerage account.
The bank can call the rate and I haven’t checked the penalty for early withdrawal but I imagine it would be harsh.
I assume the chances of the bank keeping the rate at 5.8 are slim to none seeing as how interest rates are bound to dip sooner than later.
Which begs the question why would anyone invest in a CD under these conditions? And why would a bank even offer such a high rate knowing fully well it will most likely go down in the current state of the economy.
I want to invest in a 5 or 10 year CD as I am nearing retirement and am in a preservation state of mind. I would take a 5% rate in a heartbeat.

https://www.sec.gov/Archives/edgar/data/1005020/000093041323002416/c107242_497.htm
497 1 c107242_497.htm
Virtus Duff & Phelps International Real Estate Securities Fund (the “Fund”),
a series of Virtus Opportunities Trust
Supplement dated November 1, 2023, to the Summary Prospectuses and the Virtus Opportunities Trust Statutory Prospectus and Statement of Additional Information (“SAI”) pertaining to the Fund,
each dated January 27, 2023
Important Notice to Investors
On November 1, 2023, the Board of Trustees of Virtus Opportunities Trust voted to approve a Plan of Liquidation of the Virtus Duff & Phelps International Real Estate Securities Fund, pursuant to which the Fund will be liquidated (the “Liquidation”) on or about December 13, 2023 (“Liquidation Date”).
Effective November 17, 2023, the Fund will be closed to new investors and additional investor deposits, except that purchases will continue to be accepted for defined contribution and defined benefit retirement plans, the Fund will continue to accept payroll contributions and other types of purchase transactions from both existing and new participants in such plans, and the Fund will allow reinvestment of distributions from existing shareholders. Investors should note that the Fund’s investments will be sold in anticipation of the Liquidation and may be sold in advance of November 17, 2023.
At any time prior to the Liquidation Date, shareholders may redeem or exchange their shares of the Fund for shares of the same class of any other Virtus Mutual Fund. There will be no fee or sales charges associated with exchange or redemption requests.
Prior to the Liquidation Date, the Fund will begin engaging in business and activities for the purposes of winding down the Fund’s business affairs and transitioning some or all of the Fund’s portfolio to cash and cash equivalents in preparation for the orderly liquidation and subsequent distribution of its assets on the Liquidation Date. During this transition period, the Fund will no longer pursue its investment objectives or be managed in a manner consistent with its investment strategies, as stated in the Prospectuses. This is likely to impact the Fund’s performance. The impending Liquidation of the Fund may result in large redemptions, which could adversely affect the Fund’s expense ratios. Those shareholders who remain invested in the Fund during part or all of this transition period may bear increased brokerage and other transaction expenses relating to the sale of portfolio investments prior to the Liquidation Date.
On the Liquidation Date, any outstanding shares of the Fund will be automatically redeemed as of the close of business, except shares held in BNY Mellon IS Trust Company custodial accounts, which will be exchanged for Class A shares of the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund, and any contingent deferred sales charges will be waived.
Shareholders with BNY Mellon IS Trust Company custodial accounts should consult the prospectus for the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund for information about that fund. The proceeds of any redemption will be equal to the net asset value of such shares after the Fund has paid or provided for all charges, taxes, expenses and liabilities. The distribution to shareholders of these liquidation proceeds will occur as soon as practicable, and will be made to all Fund shareholders of record at the time of the Liquidation. Additionally, the Fund must declare and distribute to shareholders any undistributed realized capital gains and all net investment income no later than the final liquidation distribution. To the extent that the Fund has experienced redemptions prior to the date the Fund distributes any realized capital gains and net investment income, the remaining shareholders at the time of the distribution(s) may bear increased tax liability due to receiving a higher proportion of the distribution(s).
Although shareholders are expected to receive proceeds of the Liquidation in cash, proceeds distributed to shareholders may be paid in cash, cash equivalents, or portfolio investments equal to the shareholder’s proportionate interest in the net assets of the Fund (the latter payment method, “in kind”). Shareholders who receive proceeds in kind should expect (i) that the in-kind distribution will be subject to market and other risks, such as liquidity risk, before sale, and (ii) to incur transaction costs, including brokerage costs, when converting the investments to cash.
Because the exchange or redemption of your shares could be a taxable event, we suggest you consult with your tax advisor prior to the Fund’s liquidation.
Investors should retain this supplement with the Prospectuses and SAI for future reference.
VOT 8020 DPIM Int. RE Liquidation Supplement (11/2023)
===================================================================
Virtus Stone Harbor Emerging Markets Debt Allocation Fund,
Virtus Stone Harbor High Yield Bond Fund
and Virtus Stone Harbor Strategic Income Fund (the “Funds”)
each a series of Virtus Opportunities Trust
Supplement dated November 1, 2023, to the Summary Prospectuses and the Virtus Opportunities Trust Statutory Prospectus and Statement of Additional Information (“SAI”) pertaining to the Funds named above, each dated September 28, 2023
Important Notice to Investors
On November 1, 2023, the Board of Trustees of Virtus Opportunities Trust voted to approve a Plan of Liquidation of the Virtus Stone Harbor Emerging Markets Debt Allocation Fund, Virtus Stone Harbor High Yield Bond Fund and Virtus Stone Harbor Strategic Income Fund, pursuant to which the Funds will be liquidated (the “Liquidation”) on or about December 13, 2023 (“Liquidation Date”).
Effective November 17, 2023, the Funds will be closed to new investors and additional investor deposits, except that purchases will continue to be accepted for defined contribution and defined benefit retirement plans, the Funds will continue to accept payroll contributions and other types of purchase transactions from both existing and new participants in such plans, and the Funds will allow reinvestment of distributions from existing shareholders. Investors should note that the Funds’ investments will be sold in anticipation of the Liquidation and may be sold in advance of November 17, 2023.
At any time prior to the Liquidation Date, shareholders may redeem or exchange their shares of the Funds for shares of the same class of any other Virtus Mutual Fund. There will be no fee or sales charges associated with exchange or redemption requests.
Prior to the Liquidation Date, the Funds will begin engaging in business and activities for the purposes of winding down the Funds’ business affairs and transitioning some or all of the Funds’ portfolios to cash and cash equivalents in preparation for the orderly liquidation and subsequent distribution of their assets on the Liquidation Date. During this transition period, the Funds will no longer pursue their investment objectives or be managed in a manner consistent with their investment strategies, as stated in the Prospectuses. This is likely to impact the Funds’ performance. The impending Liquidation of the Funds may result in large redemptions, which could adversely affect the Funds’ expense ratios. Those shareholders who remain invested in the Funds during part or all of this transition period may bear increased brokerage and other transaction expenses relating to the sale of portfolio investments prior to the Liquidation Date.
On the Liquidation Date, any outstanding shares of the Funds will be automatically redeemed as of the close of business, except shares held in BNY Mellon IS Trust Company custodial accounts, which will be exchanged for shares of the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund, and any contingent deferred sales charges will be waived.
Shareholders with BNY Mellon IS Trust Company custodial accounts should consult the prospectus for the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund for information about that fund. The proceeds of any redemption will be equal to the net asset value of such shares after the Funds have paid or provided for all charges, taxes, expenses and liabilities. The distribution to shareholders of these liquidation proceeds will occur as soon as practicable, and will be made to all Fund shareholders of record at the time of the Liquidation. Additionally, the Funds must declare and distribute to shareholders any undistributed realized capital gains and all net investment income no later than the final liquidation distribution. To the extent that a Fund has experienced redemptions prior to the date the Fund distributes any realized capital gains and net investment income, the remaining shareholders at the time of the distribution(s) may bear increased tax liability due to receiving a higher proportion of the distribution(s).
Although shareholders are expected to receive proceeds of the Liquidation in cash, proceeds distributed to shareholders may be paid in cash, cash equivalents, or portfolio investments equal to the shareholder’s proportionate interest in the net assets of the Funds (the latter payment method, “in kind”). Shareholders who receive proceeds in kind should expect (i) that the in-kind distribution will be subject to market and other risks, such as liquidity risk, before sale, and (ii) to incur transaction costs, including brokerage costs, when converting the investments to cash.
Because the exchange or redemption of your shares could be a taxable event, we suggest you consult with your tax advisor prior to the Funds’ liquidation.
Investors should retain this supplement with the Prospectuses and SAI for future reference.
VOT 8470 SHIP EMDA/HYB/SI Liquidation Supplement (11/2023)

Stable-Value (SV) Rates, 11/1/23
TIAA Traditional Annuity (Accumulation) Rates
+25 bps except for Newer IRAs
Restricted RC 7.00%, RA 6.75%
Flexible RCP 6.25%, SRA 6.00%, Newer IRAs 5.20%
TSP G Fund hasn't updated yet (previous monthly rate was 4.75%).
Edit/Add, 11/1/23. TSP G Fund is at 5% for November.
Options outside of workplace retirement plans include m-mkt funds, bank m-mkt accounts (FDIC insured), T-Bills, short-term brokered CDs.
#401k #403b #StableValue #TIAA #TSP
https://ybbpersonalfinance.proboards.com/post/1236/thread

Certainly she can ask HR what she can do, recognizing that HR likely had nothing to do with her initial enrollment. I have my doubts about prospects for success, but there's no harm in asking.
CMS (Centers for Medicare and Medicaid Services) is the Medicare regulatory agency (authority) within HHS much as the IRS is the taxation regulatory agency within the Treasury Dept. And much as the IRS puts out Pubs which can have errors (they are not the regulations themselves), CMS puts out material for public consumption that can have errors. In both instances, errors are not common but they're certainly possible.
So when CMS says that disenrolling from non-premium Part A Medicare is against the law, it's possible that this agency is misstating its own regs. Not likely, but possible.
Here's CMS form 1763 for terminating Medicare coverage.
https://www.cms.gov/medicare/cms-forms/cms-forms/downloads/cms1763.pdf
It is titled: REQUEST FOR TERMINATION OF PREMIUM PART A, PART B, OR
PART B IMMUNOSUPPRESSIVE DRUG COVERAGE
It begins:

WHO CAN USE THIS FORM?
People with Medicare premium Part A or B who would like
to terminate their hospital or medical insurance coverage.

Is it possible that there's a different form for non-premium Part A beneficiaries to terminate coverage? Sure, but not likely since this form covers all other situations.
We can go back to the Wellesley College page with info from HSA Resources to observe some oddities.
First, this is an old page (not disqualifying, but curious). The pdf creation date is  11/22/2016. That's consistent with the fact that HSA Resources was acquired by Select Account in Dec 2016.
(FWIW, SelectAccount was renamed Further and acquired by HealthEquity in 2021.)
More important is how it suggests that disenrollment is dated differently depending on whether one is receiving SS checks. If you are receiving checks, it says that you are supposed to pay back any Medicare money spent on claims. Effectively, this is undoing the Medicare enrollment entirely. OTOH, it doesn't say that you have to refund Medicare benefits received if you're not receiving SS checks. It seems you are allowed to keep Medicare benefits received up to the time of disenrollment request.
What this page is doing is misquoting the rules for undoing registration for Social Security (not Medicare) benefits:

The request to withdraw a [Social Security retirement] application must be made in writing. Anyone who receives benefits based on the client's application must consent in writing to the withdrawal. Additionally, all benefits previously received must be repaid. This includes:

• Benefits received by family members;
  
• Money withheld for Medicare premiums;
  
• Money withheld for voluntary tax withholding; and
  
• Money withheld for garnishments.

https://www.journalofaccountancy.com/news/2023/mar/how-to-reverse-course-collecting-social-security.html
You have to repay the Medicare premiums not the Medicare benefits, from start until termination. That is, you have Medicare throughout, but the premium payments come from you and not your Social Security check if you undo those checks. And it terminates SS benefits, not Medicare enrollment.
The one item I have found that supports the idea that any Medicare Part A can be voluntarily terminated is in the Medicare statute itself (42 U.S. Code § 1395q(b)(1)):

An individual’s coverage period shall continue until his enrollment has been terminated—
(1) by the filing of notice that the individual no longer wishes to participate in the insurance program established by this part,

https://www.law.cornell.edu/uscode/text/42/1395q
That says only that such a filing will terminate coverage. It doesn't specify the conditions under which such filing is permitted. Such as being charged a Part A premium. Those conditions may be in the regs, which gets us right back to CMS.

COVER STORY “It’s Time to Stop Crying About BONDs and Buy Them Instead”. 2023 may (hopefully) end the worst-ever 3-yr stretch for TREASURIES. Other investment-grade bonds have also suffered. But the RATES are peaking, and focus should be on what comes next (rather than crying over the spilled milk). Hedge-fund manager Bill ACKMAN has covered his Treasury shorts. Yields are much higher now, and much of the bond return is from their starting yields. Bond prices are related to DURATION and longer-term bonds have more kick (up/down). Taxable bonds are oversold and are more attractive than comparable munis. INFLATION-expectations are moderate around +2.5%. Investment-grade bonds may resume their traditional BALLAST role and 60-40 portfolios also look attractive. RISKS include higher persistent inflation, the FED losing control to BOND VIGILANTES, reduced global DEMAND for Treasuries and DOLLAR. The high short-term yields won’t last and it’s time to extend duration/maturity through intermediate-term bonds and/or bond ladders. Mentioned are funds representing a broad spectrum: VMFXX, PFIAX, AGG/BND, OSTIX, BASIX, BINC (new).
Long-Treasury etf TLT is having a lousy year again (3rd), but investors continue to pour money into it (#3 etf inflows YTD) in the hopes of a turnaround soon (2024?). The better performing HY JNK may do the opposite.
(At MFO, ETF incorrectly hyperlinks to something. So, using etf to avoid that. @Charles)
INCOME. Attractive consumer-staples include CLX, HLN, KVUE (JNJ spinoff), LW, PG; etf XLP.
FUNDS. Ouch! If you own bond index funds, then you are suffering from a 3rd bad year. Indexing is difficult for bonds. Many issues are illiquid and may not trade often. Active bond funds may be desirable in specialized FI areas.
Core – Indexed AGG, BND
Core – Active VCORX
Multisector PONAX (these combine sovereigns, corporates, HYs, EMs)
HY – Indexed HYG
HY – Active BHYAX, RSIVX, VWEHX
Munis – Indexed MUB
Munis – Active HMOP, MDNLX, VWAHX
(by @LewisBraham at MFO)
FUNDS. BERKOWITZ’ LC value FAIRX is doing well YTD due to its 82% of assets in FL real estate developer St Joe/JOE (extreme concentration). Almost 33% of the $340 million AUM fund is held by Berkowitz’s family members and they don’t mind paying 1% ER. The AUM peaked after Berkowitz was named Manager of the Decade by M* in 2010, but there have been persistent outflows since then. Institutional holders may redeem the fund for JOE stock. Investor/personal returns (M* statistic on asset-weighted returns) have been poor. (by @LewisBraham at MFO)
Byron WIEN passed away at 90 (1933-2023). He was well-known for his annual lists of 10 Surprises, 20 Life Lessons, Summer Lunches in Hamptons, etc. His philosophy on predictions (and he made many) was that they were meant to be thought-provoking contemporaneously and it didn’t matter whether they turned out to be right or wrong (and he didn’t keep score himself, but others did). A world traveler, his mobility recently was limited by a hip injury, and he relied on Zoom. A nerdy Chicago kid, he was lucky to get into Harvard. His long career was at Morgan Stanley/MS (retired in 2001), Pequot, Blackstone/BX (2009- ). He was quoted often in the media and in Barron’s which did a Cover on him in 2016. He noted that sleep is more critical than diet or exercise. A multimillionaire, he lived modestly – he flew commercial; brought leftover restaurant food home; didn’t move from NYC to FL “because” he wasn’t a billionaire to avoid taxes. His philanthropy was for people who needed help and support rather than for arts and museums. He did endow 2 professorships at Harvard and also funded several scholarships there. He was married twice but didn’t have children and had many godchildren.
RETIREMENT. According to a study by MetLife/MET, 75% of employees could benefit from high-deductible health plans (that is poor naming/framing) and HSAs. But only 45% of employers offer HSAs and only 29% of employees use HSAs. The employee benefits are from lower plan premiums and because the HSA funds can be used tax-free for qualified medical expenses and in retirement (so, it’s like a super-401k/403b). HSAs are also portable. But HSA contribution must stop when Medicare begins; however, the HSA-funds can still be used for medical expenses. (Incorrect MFO hyperlink for HSA)
https://ybbpersonalfinance.proboards.com/board/12/market-insights

I'm not sure I'd call a related distributor (a la Fidelity, Vanguard, etc.) a third party, as that term often suggests independence. Rather, a distributor is a separate legal entity (whether independent or a subsidiary), perhaps a distinction without a difference.
The 40 basis points mentioned is more significant, as that's the rack rate that Schwab and Fidelity charge for NTF funds. They charge significantly less to carry TF funds, so the fund might be able to go that route instead. In addition, Fidelity and Schwab carry funds from a few families that decline to pay even this fee (they charge investors a higher TF instead). Realistically though, the brokerages are going to sell funds without charging for shelf space only if the funds are so popular that the brokerages benefit from carrying them anyway.
It also said that fee sharing arrangements do exist with some 3rd party firms.
The prospectus says only that these arrangements may exist. Also that shares are available directly or via retirement plans.

Generally, shares may be purchased, exchanged or redeemed through retirement plans or directly from the Fund. ...
The Adviser and/or its affiliates may enter into arrangements to make payments for additional activities... These payments are often referred to as revenue sharing payments”

https://secure.alpsinc.com/MarketingAPI/api/v1/Content/dgifund/the-disciplined-growth-investors-fund-pro-20230831.pdf
It's boilerplate - disclosing potential conflicts of interest. IOW, legalise. As stated on this page (I assume from the original website) linking to the prospectus: "Some people prefer legalise to English." (Okay, I admit it; I'm one of those people :-))
https://www.dgifund.com/geeks-lawyers
The SEC filings for the fund are here:
https://www.sec.gov/cgi-bin/browse-edgar?CIK=S000033265&action=getcompany&scd=filings
The fund is a series of the Financial Investors Trust, as are Seafarer Funds (SFGIX, SFVLX) and a variety of other funds. Here's the full prospectus for the trust:
https://www.sec.gov/ix?doc=/Archives/edgar/data/915802/000139834423016245/fp0084788-1_485bposixbrl.htm