Retirement Planning

Transitioning from Private Health Insurance Plans to Medicare As you approach retirement age, you may be anticipating transitioning from your private insurance to Medicare, which is a federal health insurance program that provides coverage to individuals who are 65 years or older. It’s important to consider a wide range of factors involved in making the transition to help ensure that you are getting the most appropriate coverage for your needs. Here are some of the critical factors to consider: Medicare Eligibility Medicare eligibility begins at 65 years of age. This is called your Initial Enrollment Period (IEP). It lasts for seven months, starting three months before you turn 65 and ending three months after the month you turn 65. For example, if your birthday falls on a date in May (outside of May 1st), your Medicare eligibility would be from February to August that year. If your birthday [...]

Social Security, the program you may have spent a lifetime paying into, is designed to offer stability, supplemental income, and other valuable benefits that can play a role in your overall financial strategy after you retire. We've pulled together answers to 10 questions our clients ask most frequently regarding Social Security. If you are nearing retirement, this Q&A is designed to help you better understand what to expect from Social Security. 1. How are Social Security Benefits Calculated? Social Security benefits are typically computed using "average indexed monthly earnings." This average summarizes up to 35 years of a worker's indexed earnings. Social Security applies a formula to this average to compute the primary insurance amount (PIA). The PIA is the basis for the benefits that are paid to an individual. In general, the higher your earnings (up to $160,200, the maximum taxable amount in 2023), the higher your [...]

Senior care costs can be overwhelming, particularly when long-term care is required due to illness or medical conditions. With the number of seniors in the U.S. expected to rise exponentially by 2030, it's crucial to be prepared for these expenses. In this blog post, we'll explore the various costs of senior care and provide tips and resources for your financial strategy. Understanding the Limitations of Medicare and Supplemental Health Care Insurance Medicare, the federal health insurance program for seniors, has limitations regarding long-term care coverage. It only covers up to 100 days of skilled nursing care under specific conditions and doesn’t cover assisted living costs. Many seniors opt for supplemental insurance policies, also known as Medigap insurance, to bridge this gap. These policies can range from $50 to $300 per month, depending on coverage limits and deductibles. Seniors who cannot afford health care costs may qualify for [...]