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Exploring the Reality of IRMAA in Light of a Real-life Situation
Medicare’s income-related monthly adjusted amount (IRMAA) regulation can, and often does, catch seniors in specific situations unaware. LA Times columnist Liz Weston, a Certified Financial Planner, offers an explanation of how this regulation impacts beneficiaries taking a large one-time withdrawal from…
A Quick Recap of the Social Security Insolvency Probem
In case you’re just getting to know Social Security’s much-discussed financial woes, an article posted recently by Kotys Wealth Professionals on valpolife.com will give you a quick update. It’s sort of like the “elephant in the room” puzzle when it…
Annual Notice of Change is arriving soon
It’s that time of year again when all those Medicare ads flood your mailbox. But before you throw out all that mail, there is one you should keep and read. It is your Annual Notice of Change or ANOC. Why?…
What you need to know about filing for Social Security
Are you thinking about filing for your Social Security benefits in 2025? Although you may have a basic idea of your benefits, several rules could result in less money than anticipated. Kailey Hagen outlines the three things you need to…
Is anyone paying attention to Social Security?
Molly Dahl, Congressional Budget Office’s Chief of Long-Term Analysis, testified in front of the Senate Budget Committee on the fiscal health of the Social Security Trust funds. “The Social Security trust fund will run out of cash in fiscal year…
Medicare has two trust funds
How are Medicare claims paid? Medicare has two trust funds – Hospital Insurance (HI) Trust Fund and Supplementary Medical Insurance (SMI) Trust Fund -accounts held by the U.S. Treasury. Heather Hobbs explains how Medicare is paid for and who pays…
A working estimate of next year’s COLA
Do you know how the Social Security Administration calculates the annual cost-of-living adjustment? The simplistic version: Based on changes to the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the third quarter of the year, from…
Why you should not rely on working in retirement
According to a new survey by CNBC and SurveyMonkey, over 25 percent of workers intend to work in retirement. However, research has shown that workers “often retire earlier than planned, perhaps due to a layoff or poor health.” Granted, it…
H.R. 3784 Victims of Identity Theft Act
The U.S House of Representatives H.R. 3784, the Improving Social Security’s Service to Victims of Identity Theft Act, was passed unanimously by the Ways and Means Committee. The bill will force the Social Security Administration to streamline its processes for…
Has auto-enrollment in retirement plans worked?
Has auto-enrollment for employees into the company’s retirement plan worked? According to new research, these features helped less than previously thought. Why? “In the real world, looking at how people behave — people leave jobs, cash out their 401(k)s or…