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Social Security and Medicare Planning

Coordinate Social Security benefits with your overall retirement planning. Know how to maximize your Social Security benefit to maximize your retirement income.

Balanced Retirement Plan

Balanced Retirement Plan

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 can 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 IRMA…..What did you do with your IRMA 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 IRMA and how does it affect you? 
  • Can you appeal IRMA?
  • How do you avoid increased Medicare premiums?
  • What do you do with your IRMA 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 IRMA? IRMA 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 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.

Financial Planning

Financial Planning

In today’s economic and ever changing environment, it’s more important than ever to formulate a coordinated, balanced approach to putting together your personalized financial plan.

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Tax Strategies

Tax Strategies

While we help you achieve your financial goals, it is imperative to evaluate your unique tax situation. We will perform a comprehensive tax review to highlight opportunities for optimal positioning while incorporating tax law changes and projections into your planning and investment strategies. 

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