Calculating health costs in retirement
- Healthcare Costs, Medicare, Medicare Modernization Act, MediGap, Part B, Part D, Retirement
When it comes to calculating health costs in the retirement it may not be as complicated as first thought as the tools, for the most part, are there. Why this may not be as difficult as first thought is that […]Read more
Chris Christie’s plan to save Social Security by taking away your benefit. Unfortunately it has already be done!!!
- 401(k), Chris Christie, Dan McGrath, Fidelity Health Care, Healthcare Costs, Medicare, Medicare Modernization Act, Social Security
Do you ever get the feeling that the country has either checked out as a whole, or has been brought back to life by Dr. Frankenstein using Abby Normal’s brain?
New Jersey Governor Chris Christie announced his steps to save the Social Security program for the entire country the other day in New Hampshire, and the frightening part is that he’s either just laughing his ample arse off because he knows that too many Americans have no idea what has already happened to them, or he too is truly Abby Normal.
Mr. Normal’s plan – that is, Gov. Chris Christie’s plan – is to “reduce Social Security benefits for retired seniors earning more than $80,000 and eliminating the benefit entirely for individuals making $200,000 and up in other income, along with raising the retirement age to 69 from 67”.
Here is the punchline, folks: IT HAS ALREADY HAPPENED! (more…)Read more
Medicare Means Testing (IRMAA)
- ACA, Affordable Care Act, Dan McGrath, financial planning, Healthcare Costs, Income, IRMAA, Means Testing, Medicare, Medicare Modernization Act, Part B, Part D
Within Medicare if you are earning too much in retirement will be subject to higher premiums than others through its Income Related Monthly Adjustment Amount or IRMAA. What is it? As defined by Medicare: “If you have higher income, the […]Read more
February 2018: A possible wake-up call for financial planning.
- Employee health insurance, Employer. Corporations, financial advisors, financial planning, Healthcare Costs, Medicare Modernization Act, Retirement, Social Security
One of the greatest concerns the general public has is how to fund for all of the costs associated with health care in retirement. The proverbial elephant in the room is the simple fact that this one expense is either not being addressed at all, or, at best, the probability of it being properly planned for is low.
Believe it or not, having to have health coverage in retirement has been mandatory for more than two decades now. In order for a retiree to collect and keep receiving their Social Security benefit, they must also accept Medicare when eligible. Again, this expense has never been factored into a financial plan.
The problem lies in the fact that not only is Medicare not free, as it does have specific costs which are deducted directly from any Social Security benefit a retiree may receive, but that it is also means tested.Read more
President Obama’s myRA. A brilliant idea.
- financial advisors, financial planning, Healthcare, Medicare, Medicare Modernization Act, President Obama, Retirement
The myRA was announced during President Obama’s January 2004 State of the Union Speech to much fanfare from political pundits an the media and after a few months, even though those in the financial industry seem to be set against it, the Treasury is moving forward on it.
This proves, again, that when it comes to your Social Security and the costs associated to your health in retirement the very same political pundits that are bashed on a consistent basis actually know more about what is best for not only retirees, but also the nation. (more…)Read more
Should you plan for the cost of your healthcare – your Social Security benefit may depend on it
- Health, Health Care, Health Insurance, Healthcare, Medicare, Medicare Modernization Act, Retirement, Social Security, Taxes
The common sense answer would, obviously, be of course you should, but when the stats are tallied and the facts shown it would appear that the common sense answer is not being applied at all, and this may wind up costing you more in retirement than just your health.
According to Sun Life’s Flying Blind Survey less than 8% of all Americans have ever planned for the cost of their healthcare and this includes planning for Long-Term Care as well and the problem runs even deeper than just being a line item in your budget.
Why? The answer is simple, your health costs will consume a large portion of your Social Security benefit in retirement thanks to a rule change that automatically deducts certain premiums and any surcharges from your Social Security benefit.Read more
Something your financial advisor won’t tell you: your Social Security benefit will be lower than you think.
- financial advisors, financial planning, financial plans, Health Care, Healthcare, Medicare Modernization Act, Retirement, Social Security
The buzz in the financial industry is all about Social Security; there are seminars daily on the subject, software programs by the dozens that help people plan for it, and whole practices that are designing themselves around it to build a better retirement for you. However, what is the one little thing that every financial professional seems to forget?
The expenses!Read more
While you are looking at Obamacare, something else just happened to your retirement
- Health, Health Care, Healthcare, Medicare, Medicare Modernization Act, MMA, Obamacare, Presidential Budget, Social Security
While you are looking at Obamacare, something else just happened to your retirement. Instead of trying to decipher what may happen to investors, the real problem is is what will happen to investors in the future due to legislation that has already been implemented well before Obamacare was even thought of.
There are 3 key pieces of legislation that have to be understood in order to properly plan for retirement: (more…)Read more