CNBC Feature – Medical costs take big bite out of Social Security benefits
- CNBC, Dan McGrath, financial planning, Health Care, Healthcare Costs, Medicare, Retirement, Social Security
Social Security planning is a major focus for financial advisors and their clients — and with good cause. If you look at the data and statistics from Social Security, the reason is clear: Among elderly Social Security beneficiaries, 53 percent […]Read more
Fidelity Investments $245,000 health care cost estimate is less than truthful and they know it
- Fidelity Health Care, Fidelity Investments, Health Care, Healthcare, Healthcare Costs, Medicare, Retirement
Fidelity Investments $245,000 healthcare cost estimate is less than truthful and they know it! Fidelity Investments is at once again at it in terms of espousing healthcare wisdom. They announced their new projections on what retirees can expect to incur as […]Read more
Planning for healthcare in retirement – some pros & cons of investment products
- 401(k), financial planning, Health Care, Healthcare Costs, Life Insurance, Medicare, Retirement, Roth, Roth 401(k), Roth 403(b), Social Security
As you may already know by now, you will have a mandatory expense in retirement known as health coverage, and surprise! – it will be determined by the amount of income you will have in retirement.
In 1993 there were changes to Social Security’s Program Operations Manual System (POMS). A person receiving Social Security Retirement benefits must also accept Medicare Part A, or else face the penalty of having to forfeit all current, future, and even past Social Security benefits.
Granted, Medicare Part A is free if you meet the same 40 quarters definition for Social Security. But Medicare Parts B & D are not free, and they both come with a late penalty for delaying enrollment past age 65. There are also surcharges to the Part B & D premiums for anyone earning “too much” income.
The income test that is used, as defined by Social Security, is “your adjusted gross income plus any tax exempt interest you may have or everything on line 37 and 8b on the IRS form 1040.” The technical term for this income is Modified Adjusted Growth Income, or MAGI.
Some examples of income that are part of MAGI: Wages, Social Security, most Capital Gains, all Dividends, Rental & Pension Income, withdrawals from most retirement savings plans, and even most Annuities.
Unfortunately, certain Medicare premiums and all surcharges due to income, along with any late penalties, are automatically deducted from any Social Security benefit you may receive. So what you think you may be getting in terms of a benefit may not actually be what you ultimately receive.
Below is a list of some of the popular retirement options, and how they may or may not affect your future health costs. (more…)Read more
Save Social Security??? Then increase the benefits for everyone!
Over the years there has been plenty of rhetoric about Social Security becoming insolvent in the very near future. So far those predictions have not come to fruition. However, recently the rhetoric has been ramped up again. Syndicated radio talk show host Mark Levin has dedicated countless hours on the subject. Barons has written numerous articles on it. Now there are even Congressmen who are taking up this issue. What is surprising is that in order to actually save Social Security all that is needed is to provide even more benefits than before. (more…)Read more
Another Debt Crisis could mean more to the U.S. Postal Service and Retirees
- Baby Boomers, Congress, Dan McGrath, Debt Crisis, Demographics, financial planning, Health Care
While the Debt Ceiling debate is once again starting to make some headlines, not enough attention has been focused on rules put into place giving the federal government ways to still keep spending, no matter what. In 2012, the Treasury […]Read more
Sex changes in prisons, not the only high health costs tax payers will face
- Doctors in Prison, Gotti, Health Care, Healthcare, Inamtes health, Prison, Prison costs, Retirement
Many in this country have by now heard about the most recent case of a California inmate successfully suing that state for a sex change, setting taxpayers back about $100,000.
A federal judge ruled in favor of the inmate, stating that under the 8th Amendment within the United States Constitution, any denial of treatment “violates her rights to adequate medical care.
On the surface, this may seem absurd: a man, who committed a crime and was sentenced to spend time in jail, can receive funds to undergo a complete sex change.
But believe it or not, if the person who is imprisoned can prove that the services to be rendered to them are behavioral, then that person is protected by the 8th Amendment, which states that “no cruel and unusual punishment can be inflicted.”
Thus, services have to be rendered, and such was the case in Massachusetts where a “transsexual inmate convicted of murder” was “entitled to a taxpayer-funded sex change operation as treatment for her severe gender identity disorder.” (more…)Read more
Is it misinformation or something more sinister?
- Affordable Care Act, Dan McGrath, EBRI, Fidelity, Fidelity Health Care, Fiduciary Responsibility, Health Care, Healthcare Costs, Healthcare Costs in Retirement, Healthview, Market watch, Medicare, Part B, Part D, Retirement, Taxes
Survey after survey confirms that one of the most major concerns investors have is planning for their health costs in retirement, and rightly so.
With legislative changes coming from both Congress and the President, the course of this expense that everyonemust have has taken some drastic turns in the not so distant past.
Some of the changes have altered not only the overall costs of this expense (such as being penalized for having too much income, or the threat of debts possibly being passed to the next generation if not planned for accordingly), but the biggest change in the last 25 years is that these costs are now mandatory. (more…)Read more
5 Reasons why you need an Annuity that the Motley Fool will never tell you
- Annuities, Filial Support Law, financial advisors, Health Care, Healthcare, Healthcare Costs, Medicare, Retirement, Social Security
For the past few years, the Motley Fool has been releasing articles on the five worst things that you can do with your money. Their latest advice (brought to you by Sean Williams, a “Fool” since 2010), does not make sense in the big picture of retirement, especially when your health care costs are factored in, but does your health really matter to the financial industry?Read more
Merrill Lynch survey – top retirement concern is health care costs
- CMS, CNBC, financial advisors, financial planning, financial plans, Health Care, Health Costs, Healthcare, Healthcare Costs, Medicare, Merrill Lynch, Retirement
According to a recent survey conducted by Merrill Lynch it would appear that, for people 50 years old and older, the major concern in retirement was the overall cost associated to health care.Read more
Why was the Affordable Care Act created?
As the year known as 2014 comes to a close and the new year of 2015 creeps closer the subject of the Affordable Care Act (ACA) may start to overtake the conversation of Americans as the Individual Mandate may finally be enforced throughout the country.
The question, at times, that has been raised at many conferences and seminars I have spoken at has been “why was the Affordable Care Act even been created” especially as it would seem that it may not be all that affordable and that many people seem to be diametrically opposed to it.
The answer, believe or not, can actually be found in the law itself as it clearly states, with in HR 3590, on pages 124 through 134 of the “Individual Responsibility” section the reason why.Read more