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Medicare penalties
Medicare Penalty refers to the additional costs imposed for not enrolling in Medicare or its components (like Part D) during the designated enrollment periods. Understanding how these penalties are calculated and how long they last is essential to managing your…
Turning 70 this year?
Are you turning 70 this year and have not started your Social Security benefits? You should sign up for your benefits since you will stop earning delayed retirement credits. Delayed retirement credits result in an increased monthly benefit amount of…
RMDs start in the year you turn 73
Retirement accounts like 401(k)s and traditional IRAs give you a tax break by lowering your taxable income; however, withdrawals are subject to taxation. Yes, the year you turn age 73, you are required to make withdrawals. If you don’t, it…
Operationalizing the scope of the Medicare drug negotiations
The Inflation Reduction Act of 2022 allowed Medicare to directly negotiate the prices of certain high-expenditure, single-source drugs without generic or biosimilar competition. The first set of negotiated prices will take effect in 2026. The Centers for Medicare and Medicaid…
Social Security Administration moves from old programming language sparks fears
Some experts feel that DOGE’s effect in eliminating fraud at the Social Security Administration is misplaced. This concern stems from new reports that the Social Security Administration plans to migrate from an old COBOL computer programming language to a more…
Are you thinking of relocating when you retire?
One thing most, if not all, retirees fear is- running out of money. You saved all your life for your retirement nest egg, but how do you keep the nest egg from going broke? One area you may need to…
How to calculate your full retirement age
You can start your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits only when you reach your full retirement age. So, how do you find out what your full retirement age is?…
Why the new identity verification requirements matter
The Social Security Administration, On April 14th, will adopt new identity verification requirements for those individuals applying for retirement, survivor benefits, spousal benefits, and those who want to change their direct deposit information. If you cannot prove your identity online…
My Social Security account portal went down temporarily.
If you tried to sign into your Social Security account on Monday but could not do so, don’t be alarmed. The portal went down temporarily. “The website itself remained operational during the incidents, but some people may have experienced a…
The latest Medicare scam
A new Medicare scam is on the rise, entitizing seniors to “free” or at “no cost to you” genetic testing. These scammers try to convince you by saying it will help detect certain diseases, such as cancers. They will arrange…