Social Security and Medicare Planning

Social Security is more important to a balanced retirement plan than most people realize. For many, Social Security represents a “longevity” paycheck. For some it represents a retirement bucket of money that could be as big as one million dollars over their lifetime. You owe it to yourself to learn the strategies that could potentially add hundreds of thousands of dollars to your Social Security benefits.

Understanding how Social Security benefits work can be a challenge.  Lots of rules and complex formulas to understand. Many folks make decisions with incomplete or incorrect information could end up costing them valuable dollars. We can help.

Claiming Social Security is one of the most important pieces of your overall retirement plan. Knowing how and when to claim takes a well-developed strategy.  You need to understand your options – and the implications on your savings and how much you will pay in taxes. Social security can be the cornerstone of your retirement plan because of its inflation-protected income stream. Helping you to ensure against the risk of running out of money.  

You should:

• Coordinate benefits with your spouse for more lifetime benefits
• Coordinate benefits with other retirement assets
• Minimize your taxes so you can maximize all of your retirement assets

Understanding how social security benefits are taxed, when to take your benefits and how and when you need to sign up for Medicare or a Medicare supplement is critical to your financial success in retirement.

Medicare and IRMAA…..What did you do with your IRMAA letter?  Why did you get one?  How do I keep my Medicare premiums low?  You should know the answers to the following questions:

• What is IRMAA and how does it affect you? 
• Can you appeal IRMAA?
• How do you avoid increased Medicare premiums?
• What do you do with your IRMAA letter?
• What strategies are available to help keep Medicare premiums low?
• How will increased Medicare costs, taxes and healthcare potentially deplete my retirement money?

What is IRMAA? IRMAA is a federally mandated tax on higher earners.  The Income-Related Monthly Adjustment Amount (IRMAA) is not a tax per se, but it is an added fee you will pay for Parts B and/or D if your income is above a certain level. Your gross income is based on your wages (including tips), income from businesses/investments, interest earned, unemployment benefits, and alimony. Learn how to structure your portfolio to potentially minimize this tax. 

Let us help you! We will review your current situation and make recommendations to help you coordinate Social Security, Medicare, and retirement savings to live your best life.