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What you need to know about Medicare Advantage plans
Medicare open enrollment –annual election period (AEP)- refers to an enrollment period from October 15th through December 7th, during which Medicare plan enrollees can reevaluate their existing Medicare coverage. If you are 65 or older, you have probably received a…
The new contribution limits for 2024
Good news for individuals saving for retirement- the IRS announced the new contribution limits for 2024. The contribution maximums will increase by $500 for most retirement savings vehicles. Mike Winters reports on the 2024 contribution limits, but more importantly, picking…
Social Security replacement rates vary widely among retired workers
The original intention of Social Security was to replace 40 percent of an individual’s pre-retirement income with other retirement income from different sources to make up the balance. However, according to a report published by the National Institute on Retirement…
What do the Medicare Savings Programs cover for low-income Medicare beneficiaries?
The Centers for Medicare and Medicaid Services (CMS) finalized a rule to help low-income Medicare beneficiaries to the Medicare Savings Programs. What is the Medicare Savings Program? Medicare Savings Programs cover premiums and, in most cases, cost sharing for Medicare…
Don’t rush into claiming Social Security at 62
You can start receiving your Social Security retirement benefits as early as age 62; however, if you start receiving benefits early, your benefits are reduced. Yes, you have been paying into the system all these years, and you want to…
How working will affect your benefit amount
You can get Social Security retirement or survivor benefits and work. But, if you’re younger than full retirement age and earn more than a specific dollar amount, your benefits will be reduced or even stopped. However, there is good news…
Medicare Advantage isn’t right for everyone.
Medicare open enrollment – also known as the annual election period (AEP)- refers to an enrollment period from October 15th through December 7th, during which Medicare plan enrollees can reevaluate their existing Medicare coverage. It is also when those pesky…
Things you should be doing right now to maximize your future Social Security benefit
You are entitled to full Social Security benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to the age of 70, your benefit amount will increase by eight percent…
The average retired-worker benefit at age 62
You can start receiving your Social Security retirement benefits as early as age 62; however, if you start receiving benefits early, your benefits are reduced. There are advantages and disadvantages to taking your benefits before your full retirement age; however,…
If you’re not asking these questions, you should be
Open enrollment season has started for many people on Medicare and soon for the Affordable Care Act marketplace recipients. During this time, it is important to understand the changes to your plan and to anticipate your healthcare needs in the…