Results for "medicare"

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Wages can boost Social Security taxes, Medicare premiums

August 7, 2018

My recent column on how income from a job can temporarily reduce or even eliminate Social Security benefits claimed before full retirement age prompted some interesting questions from readers. Those questions allow me to clarify how earnings...

Social Security benefits lost 34% of their buying power since 2000

June 21, 2018

Social Security benefits have lost more than one-third of their buying power since 2000, according to a new study released Thursday by The Senior Citizens League, a nonpartisan advocacy group. "This is the biggest loss of buying power recorded...

2019 Social Security cost-of-living adjustment could top 3 percent

June 4, 2018

The annual Social Security cost-of-living adjustment for 2019 could top 3% in 2019, which would be the largest increase in seven years, according to a new estimate released by The Senior Citizens League, a nonpartisan advocacy group representing...

Countdown to retirement

May 3, 2018

I celebrated a major milestone with a group of friends recently. We met as newly minted teenagers in 1968 when we were freshmen in high school. Today, with most of us on the cusp of retirement, we took a trip to Charleston to commemorate 50...

Medicare trust fund will be exhausted in 2026, three years earlier than expected

June 5, 2018

The main trust fund behind Medicare, the U.S. health-care program for the elderly and disabled, will be exhausted in 2026, three years earlier than was projected a year ago, the government said Tuesday. Medicare's Board of Trustees blamed the...

How to take the Medi-scare out of retiree healthcare costs

October 23, 2017

I don't think it's a coincidence that Halloween and Medicare open enrollment season occur at about the same time each year. Although some people like to celebrate Halloween by dressing up as ghosts and zombies, for seniors, no costumes are needed...

How to appeal higher Medicare premiums

September 6, 2017

It's time to prepare higher-income clients for a nasty surprise that awaits some of them this fall. Notices of monthly surcharges involving both Medicare Part B and Part D premiums in 2018 will be sent to affected Medicare enrollees in October....

Roth conversions can boost Medicare premiums

May 22, 2018

The Tax Cut and Jobs Act of 2017 created generally lower tax rates for 2018 through 2025, presenting an enticing opportunity to convert traditional retirement savings to Roth accounts at today's lower rates. Under current law, individual income...

Timing is crucial for Social Security and Medicare

January 29, 2018

Sometimes the most important advice I can give readers is, "Don't do it!" For example, one reader wrote to me recently asking if she should collect benefits on her ex-husband's earnings record now, at age 65, and later switch to her own larger...

Medicare surcharge notices are shocking retirees

December 5, 2017

There's a new Grinch in town and her name is IRMAA. That's shorthand for the Income-Related Monthly Adjustment Amount notices that the Social Security Administration sends at the end of each year to inform Medicare enrollees how much they will...

What Medicare changes will mean for clients in 2017

December 14, 2016

Recently, I wrote about the estimated 22% escalation in Medicare Part B premiums and Parts B and D high-income surcharges. Contrary to what the Medicare Trustees projected, the Centers for Medicare and Medicaid Services (CMS) approved a 10%...

Recent rule changes to boost retiree health costs

April 30, 2018

Individually, recent updates to Medicare and Social Security rules may not have seemed like a big deal. But when taken together, seven changes to Medicare means testing, Social Security cost-of-living adjustments (COLAs) and Social Security...

Even the strongest retirement plans can be derailed by health care costs

February 26, 2018

Rising health care costs have long been the bane of working Americans, but most people don't give enough thought to how escalating health care costs in retirement can derail even the most solid financial plan. "While the exact cost varies for...

Medicare premiums and Social Security COLAs: Here's why retirees will pay up in 2018

November 21, 2017

Here's a riddle: How can Medicare premiums remain the same in 2017 and 2018 yet result in a 23% increase for millions of retirees? That's the quandary that many financial advisers will face next year when they try to explain to some retired...

Hedging against triple whammy of Medicare price hikes

October 18, 2015

The price tag for Medicare is expected to swell dramatically Jan. 1 as the result of several factors. It's expected that: •Medicare Part D premiums will grow 8% on average and by as much as 20% for some of the most popular Medicare prescription...

Last chance for clients to save on drug costs

December 1, 2017

There are only a few shopping days left—and I'm not talking about storming the local mall or clicking your way through Amazon.com to fulfill your loved ones' holiday wish list. I'm referring to something that can save older Americans significant...

How to optimize Medicare for those who have served in the military

June 7, 2016

In honor of those who have served in the military, including active duty and veterans, I am focusing this column on Medicare and the military. Whether active duty, retired military or veteran, there are important points of intersection and interaction...

Medicare rules are needlessly complex

October 9, 2017

People who collect Social Security benefits early are automatically enrolled in Medicare when they turn 65. But as increasing numbers of Americans delay claiming Social Security benefits until older ages when they are worth more, many of them...

How to help clients minimize the sting of 2016 Medicare premium rates

November 13, 2015

The Centers for Medicare & Medicaid Services (CMS) announced a host of new Medicare costs for 2016. Among them were the highly anticipated Medicare Part B 2016 premiums, Income Related Monthly Adjustment Amounts (IRMAA), deductible and $3 monthly...

8 scary retirement facts

October 30, 2017

On the spookiest holiday of the year, investors need look no further than the global stirrings with North Korea or the uncertainty about healthcare costs in the U.S. to produce some shivers. But here are 8 frightening retirement facts to inspire...

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