Introduction to Social Security: Part I (Overview) Millions of Americans rely on Social Security as a source of income in retirement. Despite its importance, most only have a cursory understanding of the program – including how benefits are calculated, the best time to claim, and how much will be deducted from monthly disbursements to pay [...]
Understanding Basic Medicare: Parts A, B, D, and Supplemental Insurance Medicare enrollment and coverage can be confusing, and many Americans still mistakenly believe that Medicare will cover all or most of health care costs in retirement. The truth is original Medicare (Parts A and B) will only cover approximately 20 percent of total costs. In truth, [...]
Traditional health care plans failed to incorporate variables such as longevity, health care costs, and long-term care into retirement plans; however, the financial industry is evolving, and many firms are now utilizing these data points to create a more holistic approach to planning. With just a few client inputs, you can create personalized reports [...]
Because millions are entering the Medicare system every year, retirees are going to have to pay more money for fewer benefits and purchase supplemental coverage to fill in the gaps. Financial and health-related stability in retirement, a luxury enjoyed by most Americans since the passing of Medicare in 1965, will be replaced by the need [...]
For many Americans, affording retirement will be a challenge. Earlier generations of workers could rely on employer-sponsored pensions, generous Social Security cost of living adjustments, (COLAs) and supplemental health care plans to provide long-term financial support. Unfortunately, many current and future retirees have no such parachute, and here are some of the challenges they will [...]
Dear Advisor, As a seasoned financial professional, you are probably comfortable engaging clients in discussions about retirement investments and savings; however, when conversations turn to Medicare, Social Security and long-term care, you probably wish you had simple solutions to address these complex programs. What’s worse, when clients ask specific questions about topics like Medigap policies, [...]
Introduction to Social Security: Part II (Policy) Understanding FRA is important, but it is also necessary to understand how additional policies could potentially impact benefits. Working in Retirement For those who claim before FRA, Social Security’s Earnings Test will automatically reduce benefits to the extent your wages exceed the below (in 2017). Year Earnings [...]
