Results for "medicare"

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Medicare IRMAA surcharges to be adjusted for inflation in 2020

September 16, 2019

For the first time in a decade, the income brackets used to determine Medicare premium surcharges for high-income retirees will be indexed to inflation starting Jan. 1. As a result, some retirees may experience a reduction in their Medicare...

Clients worry about future Social Security cuts

August 12, 2019

A new survey underscores how important Social Security benefits are to older clients and shows many advisory clients fear that their lifestyles could be seriously curtailed if benefits were cut in the future as a result of the program's long-term...

Social Security and Medicare issues get personal

August 6, 2019

From time to time, I write a "dispatch from the retirement front" based on personal insights from living with a retired husband or fielding questions during girlfriend getaways about enrolling in Medicare and claiming Social Security benefits....

Don't be unnerved by health-care cost estimates for retirement

July 22, 2019

Retirees face a variety of risks: bear markets, inflation, uncertain lifespan and declining health and the associated costs. Among these, health and health-care costs are the top concern for the majority of retirees, according to a recent T....

How to suspend Social Security benefits

June 19, 2019

I often counsel readers about the option of suspending their Social Security benefits as a way to increase their future payouts. One reader had a simple question: How could he do it? "I claimed Social Security at 62 and I will turn 66 in December,"...

Educate clients on the reality of Social Security benefits

July 6, 2019

Year after year, despite handwringing from experts, nothing much seems to happen to address the draining of Social Security trust funds. Perhaps no one is worried because the well won't run dry for more than a decade, and much of the public...

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 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...

Confusion around Medicare enrollment

June 28, 2019

Sifting through my inbox, I've noticed an uptick in questions about when and how to enroll in Medicare. The source of most of the confusion relates to clients who continue to work past age 65. Medicare Part A, which is free to most retirees,...

Courses available to become a Medicare pro

April 12, 2017

Like it or not, clients near retirement often have burning questions about when to enroll in Medicare, particularly if they are still working. If they are enrolled in Medicare already, they may have questions about their premiums. Wouldn't it...

Choosing between a retroactive lump sum and a bigger monthly Social Security benefit

March 19, 2019

Jim Perry, a financial adviser with Edward Jones in Coral Gables, Fla., was surprised to learn that retirees who claim Social Security benefits after their full retirement age are eligible for up to six months of retroactive benefits paid in...

Medicare high-income surcharges to increase in 2019

November 20, 2018

Each winter, the calendar is filled with predictable holiday milestones: Thanksgiving, Black Friday, Cyber Monday, Giving Tuesday and for high-income clients, Irritating IRMAA Day. If you're not familiar with that last one, you will be when...

Future retirees often overestimate Social Security benefits

May 8, 2019

Chalk it up to wishful thinking, or merely misinformation, but many future retirees overestimate how much they are likely to receive from Social Security, according to an annual survey released Wednesday by the Nationwide Retirement Institute....

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...

Hints about Social Security COLA and Medicare premiums in 2020

May 6, 2019

Buried in the recent Social Security and Medicare Trustees' Report were some hints about next year's projected cost-of-living adjustments for Social Security benefits and likely increases in Medicare premiums for 2020. The fact that the Medicare...

Why healthy clients need to save more for retirement

July 8, 2019

Here's a counterintuitive thought: Healthy clients are likely to have higher medical costs in retirement than their less-healthy counterparts. Why? Because they are likely to live longer than average, and health-care costs tend to increase at...

The cost of putting off enrolling in a Medicare drug plan

April 15, 2019

I heard from a financial adviser in Florida recently who asked if there was anything her clients, a married couple ages 69 and 70, could do to avoid paying a delayed enrollment penalty for their new Medicare Part D prescription drug plan. "They...

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...

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....

Fidelity says retirees can expect to spend $285,000 on health care

April 2, 2019

A 65-year old couple retiring this year can expect to spend $285,000 on health care and medical expenses throughout retirement, according to an annual health care study done by Fidelity. For individuals, the estimate is $150,000 for women and...

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