With retirement becoming a reality for many people in their sixties, decisions about how much and when to apply the protection becomes the driving force behind many of the financial decisions they make. The following Sound and Practical Financial (SPF 15) tips can help: Understand your full retirement age, which is currently 66 for people born between 1943 and 1954 and increases by phases each birth year after. If you were born anytime after 1960, your full retirement age is currently 67. Your benefits and any applicable spousal benefit will be reduced incrementally if you choose to begin taking Social Security before you hit your full retirement age (FRA). Know exactly what your Social Security monthly benefit will be before you turn it on, and factor this into your retirement budget. According to the Social Security Administration, the benefits an average wage earner will receive is designed to replace about 40% of pre-retirement income. The maximum monthly benefit in 2021 for someone who retires at FRA is $3,113 and the average benefit will be $1,522. Ask yourself if you are ready to retire if this will be your main source of income. It is important to understand that you don’t have to claim Social Security when you retire. If you retire before you reach your FRA, and have other resources that will allow you to do so, you should consider delaying your Social Security benefit to allow that money to grow. This will increase the size of the benefit you will receive each month for the rest of your life. Delaying your payments until your reach FRA will also mean you can leave a higher benefit for your surviving spouse once you pass away. If you are married, you can take one spouse’s benefit early while letting the other’s grow. Sit down with a fiduciary advisor who can run a Social Security analysis on your accounts and offer you some… | Read More »
Fall means beautiful colors! and honey crisp apples! and football! and the start of Open Enrollment Period for both your Medicare Advantage and Medicare prescription drug coverage. It runs from Oct. 15 through Dec. 7. If you have any questions about your coverage, please don’t hesitate to give us a call. Our in-house insurance department stands ready to walk you through the often complicated Medicare landscape and can help you choose the level of health and prescription drug coverage you need. Our agents also can help you analyze your existing coverage so you can head into 2020 with confidence. Call us today to set up an appointment. Don’t wait! Winter is just around the corner and so is the end of the open enrollment period.
Health insurance, one of the most important decisions you’ll make regarding your retirement, also can be the most confusing. We’re here to help. Our education-focused approach to financial planning means we’ll always take the time to explain our recommendations and to answer any questions you might have. As Medicare season approaches, our insurance department and our fiduciary advisors stand ready to help you sift through all the information bombarding your newsfeeds, phonelines and postal mailboxes. Medicare, the federal insurance plan for people 65 and older, younger people with certain disabilities and people suffering from end stage renal disease, requires participants to choose specific coverage plans and make their decisions within one annual window of time. The program involves three parts: Part A covers hospital insurance, including inpatient hospital care, skilled nursing facility, hospice, lab tests, surgery and home health care. Part B covers medical insurance, including doctor and other health care providers’ services and outpatient care, durable medical equipment, home health care, and some preventive services. Part D covers prescription drugs And Part C, or Medicare Advantage, bundles all three to varying degrees. The annual Medicare Election period for 2020 coverage runs from October 15, 2019, to December 7, 2019, during which time you can make changes to various aspects of your coverage. If you didn’t enroll in a Medicare Part D plan when you were first eligible, you can do so during the general open enrollment, although a late enrollment penalty may apply. Another enrollment period to keep an eye on is the Medicare Supplement Open Enrollment Period, which is different than the annual fall open enrollment period. This is a once in a lifetime six-month window that begins once your Part B is in effect an allows you to obtain insurance that supplements your federal insurance plan. The beauty of the Medicare Supplement Open Enrollment Period is that you don’t have to answer any health questions during this… | Read More »