Retirement

Advice of Maximizing Social Security benefits – please follow the law.

With the current world pandemic brought on by the Coronavirus aka Covid-19 financial advice on what to do is flowing and yet again within that advice federal law is being neglected – it is sort of like Groundhog Day, but with a lockdown. CNBC is back at with its aptly titled “This costly Social Security […]

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Taking prescription drugs? You should know about the Tier Structure before retirement.

Retired, thinking about retiring, planning on ever retiring? Next question: taking prescription drugs for a chronic illness? If answering yes to these questions you should take note on how Medicare works with prescription drugs, specifically with the Tier Structure when it comes to what you are responsible for paying. Prescription drugs are covered thru Medicare by […]

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Most and Least Affordable States to Reside in for Original Medicare Coverage

In retirement, when it comes to health coverage there is only Medicare. Here is a breakdown of the most and least affordable states to reside in for of Original Medicare that includes a Part D Drug Plan and a Medigap Plan G policy: With the cost of Medicare coverage reaching over $405,000.00 this year for a […]

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What are Supplemental Plans?

What are Supplemental Plans?  Supplemental Plans, commonly referred to as “Medigap” Coverage are health insurance policies that work in-conjunction with Original Medicare. They are administered by Private Insurance Companies and are regulated by the Centers for Medicare/Medicaid Services (CMS). Medigap Plans are broken into 11 different types of plans, A thru N that each cover […]

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2020 Medicare Premiums and Costs

The Centers for Medicare and Medicaid Services (CMS) released the 2020 Medicare premiums and costs that impact retirees for 2020. Unfortunately, the news doesn’t seem to bring a lot to be merry about for the upcoming year. Here is a breakdown of what retirees on Medicare should expect in upcoming costs for 2020: Part A […]

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Guess what? The government thinks you are rich

Good news! The government thinks you are rich and they are about to tax you accordingly. Bad news! Your financial advisor doesn’t see the problem they created and you don’t feel rich. Where the disconnect happens is once you are retired, you will enroll in Medicare and begin taking Social Security. Within Medicare there is […]

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That Traditional 401(k) is bad for your health

The alarm has been sounded, we have been told that Social Security retirement may go bust and this has prompted a renewed call for employees to utilize Traditional 401(k) plans in order to save more for their retirement. The question though; What if that Traditional 401(k) plan winds up being bad for your health? Yes, Traditional […]

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Impact of Medicare’s IRMAA. Not all income is created equal

Since 2007, with the passing of the Medicare Modernization Act in 2003 and the Affordable Care Act in 2010 by Congress, Medicare has placed a surcharge, known as the Income Related Monthly Adjustment Amount (IRMAA), on top of the current Medicare Part B and Part D premiums for those retirees who earn too much income. […]

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You need an Annuity: the reason federal regulations

There is plenty of financial advice screaming that you should stay away from Annuities, but the truth, when you apply federal regulations, is the simple fact that, yes, if you are relying on Social Security in any way you need an Annuity. The reason is quite simple: due to federal regulations your Social Security benefit […]

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