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“IRMAA” Causes Bump in Medicare Premium
“IRMAA” is an acronym for “Income-Related Monthly Adjustment Amount” and it’s sometimes a big surprise for certain Medicare beneficiaries who have a big income bump in a prior year. The catch is that each year’s Medicare Part B (coverage for…
The Different Types of Social Security Benefits
The Social Security website contains over 10,000 pages to fully describe the various twists and turns which may affect your benefits. Workers’ benefits are different from spousal benefits, which are different from survivor benefits, which are different from children’s benefits,…
The Retirement Savings Conundrum
It’s hardly new news, but a recent survey has revealed that many people of all ages feel they aren’t saving enough, or haven’t saved enough, for their future retirement. That has been a fairly consistent survey finding for years, but…
A Historical Perspective on COLA (the Cost of Living Adjustment)
It sure gets a lot of attention in the fall of each year, especially from seniors on Social Security, but many who are affected really have no idea how the Cost of Living Adjustment (COLA) has evolved over the years.…
Should You Claim Social Security at 62?
Actually, more people claim Social Security at age 62 than at any other age, despite the fact that most financial advisors will counsel you to wait longer to get a higher benefit. Indeed, most people (over 85%) already know that…
About Predatory Medicare Advantage Marketing
If you watch TV at all, you cannot have missed the recent barrage of advertisements about Medicare Advantage plans, offering what seems to be almost too-good-to-be-true insurance coverage. The ads make you feel like you’d be neglectful to not call…
Many Don’t Understand How Medicare Works
A recent survey revealed that many American workers do not understand how Medicare, the program they will rely on for healthcare after age 65, actually works. That lack of knowledge can lead to making poor healthcare decisions in retirement which…
Can You Get the Maximum Social Security Payment? Probably not, and here’s why.
Thanks to a historically high cost of living adjustment, all of Social Security’s numbers are going up in 2023, including the maximum amount of monthly benefit payable. But there are some pretty high hurdles that must be jumped before getting…
More on When to Claim Social Security
In this informative article by Adam Levy appearing at Tulsa World, the author elaborates on several additional things you should consider as you decide when to claim your Social Security benefits, chief among them being your health, your marital status…
Social Security Changes for 2023
Of course, by now almost everyone has heard that Social Security beneficiaries will get an 8.7% bump in benefits starting in 2023. That is the topic covered by Tom Margenau in his inimitable style in this Arizona Star article. But…