Social Security Retirement Benefits

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When it comes to planning for retirement, few topics generate as much curiosity and concern as Social Security. After all, Social Security benefits can form a significant part of your income in retirement. Many people find the rules surrounding Social Security confusing and even intimidating. Questions like “When should I apply for Social Security benefits?” “How does Social Security work?” and “What happens if I make a mistake?” are common concerns. In this guide, we will explore the ins and outs of Social Security retirement benefits to help you maximize your payout and avoid costly mistakes.

One of the most critical decisions you’ll make as you approach retirement is determining when to start drawing your Social Security benefits. Timing your application correctly can mean the difference between a comfortable retirement and having to make unnecessary sacrifices. This blog will walk you through everything you need to know—from the optimal time to apply for Social Security benefits to how your benefits might be taxed, reduced, or even withdrawn. Whether you’re considering early retirement or planning to wait until age 70, understanding these nuances will empower you to make the best decision for your future.

Common Questions About Social Security Retirement Benefits

When it comes to Social Security, there are several commonly asked questions that can affect your retirement strategy significantly. These include:

  • When and How to Apply for Social Security Benefits: Knowing the right time to apply for Social Security can maximize your benefits. The application window opens four months before your desired start date, which can be as early as age 62. However, the longer you wait—up to age 70—the higher your monthly benefit will be. It’s generally advisable to start the application process three to four months before your chosen start date, especially since the Social Security Administration (SSA) can experience backlogs. The smoothest way to apply is online at the SSA website, which offers various tools to help you calculate your benefits based on different starting ages. Alternatively, you can apply over the phone or in person at your local Social Security office, though these methods may take longer and could require waiting for an appointment.
  • Understanding Maximum Social Security Retirement Benefits: Your Social Security benefits are based on your highest 35 years of earnings, with a cap on how much you can earn each year that contributes to Social Security taxes. For example, in 2024, someone who has consistently earned at or above the maximum taxable amount (around $160,000-$170,000 annually) could receive up to $2,710 per month if they start benefits at age 62, $3,822 at full retirement age (67), or $4,873 if they delay benefits until age 70.

Full Retirement Age and Its Impact

Your full retirement age (FRA) is the age at which you are eligible to receive 100% of your Social Security benefits. FRA used to be 65, but it has gradually increased to 67 for those born in 1960 or later, reflecting longer life expectancies. Deciding when to apply for Social Security benefits can be influenced by your need for income, health, and whether you plan to continue working. It’s important to note that if you claim Social Security benefits before your FRA and continue to work, your benefits could be reduced if your earnings exceed certain limits. However, once you reach your FRA, you can earn any amount without affecting your Social Security benefits.

IRA Withdrawals and Their Impact on Social Security Benefits

One common concern is how withdrawals from IRAs or other retirement accounts might affect Social Security benefits. While earned income (such as wages or self-employment income) can reduce your Social Security payments if you start benefits before FRA, withdrawals from IRAs, pensions, annuities, or rental income do not count against your Social Security benefits. However, it’s essential to understand how these withdrawals might affect the taxation of your Social Security benefits. Depending on your overall income, including withdrawals from retirement accounts, up to 85% of your Social Security benefits could be subject to federal income tax.

Withdrawing Your Social Security Claim

What happens if you decide to start receiving Social Security benefits and then change your mind? Perhaps you took benefits early because you were out of work, but now you’ve found a new job, or maybe your financial advisor has recommended a different strategy. The SSA does allow you to withdraw your Social Security claim, but there are conditions. You must withdraw your claim within 12 months of your initial application, and you must repay all the benefits you and your family received. This can be a complex and time-consuming process, so it’s critical to be sure about your decision when you first apply.

Protecting Yourself Against Social Security Scams

Unfortunately, Social Security scams are on the rise. These scams can come in many forms, including phone calls, emails, and even text messages, where scammers impersonate SSA officials. They may threaten legal action, claim your Social Security number has been suspended, or demand immediate payment. Remember, the SSA will never threaten you or ask for personal information or payment over the phone or email. If you receive a suspicious call or message, it’s best to hang up and contact the SSA directly through their official channels. Never give out personal information unless you are sure you are dealing with the SSA.

Tax Considerations for Social Security Benefits

Many people are surprised to learn that Social Security benefits may be taxable, depending on their income level. The IRS considers “provisional income” when determining the taxation of Social Security benefits. Provisional income includes your adjusted gross income, nontaxable interest, and half of your Social Security benefits. If you are single and your provisional income is between $25,000 and $34,000, up to 50% of your benefits may be taxable. For married couples filing jointly, this range is $32,000 to $44,000. If your income exceeds these amounts, up to 85% of your benefits could be subject to tax. It’s crucial to factor this into your retirement planning to avoid any unexpected tax bills.

Maximizing Your Social Security Benefits

To maximize your Social Security benefits, it’s vital to understand how your earnings history, age, and life expectancy impact your payments. Delaying benefits until age 70 will result in the highest monthly payout, but this strategy may not be suitable for everyone. Health considerations, the need for immediate income, and other personal circumstances must be weighed against the potential financial gains of delaying benefits. Additionally, coordinating benefits with a spouse can add another layer of strategy. For example, one spouse might claim early while the other delays, providing a balance between immediate income and future growth.

Preparing for Social Security in Your Financial Plan

Incorporating Social Security into your retirement plan is more than just knowing when to apply. It’s about understanding how it fits into your overall financial picture, including how it interacts with other income sources, impacts your tax situation, and supports your retirement goals. Consulting with a financial advisor can provide personalized guidance, especially when dealing with the complexities of Social Security and retirement planning. They can help you navigate decisions around the timing of benefits, tax implications, and potential withdrawal strategies.

Conclusion

The complexities of Social Security retirement benefits can be daunting, but with careful planning and a clear understanding of the rules, you can make informed decisions that best suit your needs. Remember, there are no one-size-fits-all answers. The best approach is to consider your personal financial situation, health, and retirement goals.

Have some questions about this blog? We offer a complimentary phone call that you can schedule with us on our website. If we can’t answer all your questions in just 15 minutes, we’ll guide you to the next steps to find the answers you need. Schedule your complimentary call with us to learn more about Social Security Retirement Benefits in Retirement.

August 26, 2024 Weekly Update

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We do love it when someone refers a family member or friend to us.  Sometimes the question is, “How can we introduce them to you?”   Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage.

Here are this week’s items:

Portfolio Update:  Murs and I have recorded our portfolio update for August 26, 2024

CLICK HERE TO WATCH THE UPDATE

De-Risking Your Investment Portfolio as You Approach Retirement

Radon, Murs and guest Certified Financial Planner, ™ Nick Hymanson, discuss de-risking your investment portfolio for retirement.  They explore strategies to manage and reduce risk, emphasizing the importance of personalized retirement planning.

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De-Risking Your Investment Portfolio as You Approach Retirement

The market can be a volatile place, and as you transition from the accumulation phase of your life to the distribution phase, the stakes are higher than ever. You might find yourself asking, “Is it time to play it safe with my investments?” The answer isn’t as simple as it may seem, and a one-size-fits-all approach doesn’t work here. The goal is to secure your financial future by strategically managing risks without sacrificing the potential for growth.

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De-Risking Your Investment Portfolio for Retirement

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As you near retirement, the excitement of leaving the workforce and enjoying your golden years can be accompanied by a looming sense of uncertainty—particularly when it comes to your investment portfolio. The market can be a volatile place, and as you transition from the accumulation phase of your life to the distribution phase, the stakes are higher than ever. You might find yourself asking, “Is it time to play it safe with my investments?” The answer isn’t as simple as it may seem, and a one-size-fits-all approach doesn’t work here. The goal is to secure your financial future by strategically managing risks without sacrificing the potential for growth.

In today’s fast-paced financial landscape, de-risking your investment portfolio requires more than just shifting from stocks to bonds. A comprehensive understanding of the various risks you face in retirement and how best to mitigate them is a good place to start. We’ll explore this complex topic by discussing the nuances of risk management, the importance of personalized retirement planning strategies, and the potential pitfalls of reacting out of fear rather than planning with foresight. If you’ve been wondering whether it’s time to adjust your investment strategy, you’re not alone—and this blog can help you organize your thoughts on this process.

Understanding Risk in Retirement Planning

Your mindset behind investment risk can shift as you get closer to retirement. What you previously considered to be a minor market fluctuation can now have a significant impact on your long-term financial security. The first step in de-risking your portfolio is understanding the various types of risks that can affect your retirement plans.

One of the most obvious risks is market risk. If your investments are heavily tied to equities or even bonds, you’re at the mercy of market movements and economic shifts. While the market has historically trended upward over the long term, short-term downturns can be particularly damaging when you’re nearing or in retirement. A single downturn could significantly reduce the value of your portfolio, leaving you with less capital to draw upon in your retirement years.

Another critical risk to consider is the sequence of returns risk. This risk refers to the order in which you experience investment returns. If you experience significant losses early in retirement, it can have a lasting impact on your portfolio’s ability to sustain your lifestyle, even if the market recovers later. In essence, early losses can deplete your assets more quickly when you’re simultaneously withdrawing funds for living expenses.

Inflation risk is another factor that can decrease your purchasing power over time. As costs rise, the value of your fixed income streams may diminish, leaving you with less buying power. This is particularly concerning in today’s economic climate, where inflation rates have been higher than average in recent years. A well-constructed portfolio should account for this risk, ensuring that your assets continue to grow, at least in line with inflation, if not faster.

Longevity risk—the risk of outliving your money—is a fear that many retirees share, regardless of their wealth. With people living longer than ever before, it’s crucial to plan for a retirement that could last 30 years or more. Proper planning can help you navigate these risks, ensuring that your money lasts as long as you.

Real-Life Scenarios: The Need to De-Risk

Now, let’s walk through some real-life scenarios. It can be helpful to highlight the emotional element when discussing the importance of de-risking your investment portfolio for retirement.

Imagine a client who is just a year or two away from retirement. Throughout their career, they’ve been fully invested in equities—riding the highs of the market with little concern for downturns. However, as retirement looms closer, they experience a sudden market drop that reduces their portfolio from $1 million to $900,000. Though they’re not yet withdrawing funds, the loss is a realization that their retirement security is at risk. This loss prompts them to reconsider their strategy, understanding that what worked during their working years might not be suitable as they transition into retirement.

Another scenario involves a long-time client who started with a relatively aggressive investment strategy in their early 50s. As they approach their 60s, the volatility of the market becomes more concerning. A recent market dip of 5-10% serves as a wake-up call, prompting them to seriously consider de-risking. They realize that while they’ve accumulated a substantial nest egg, the time has come to focus on preserving what they have rather than chasing further growth. This shift in mindset is crucial as they recognize that protecting their assets is now their top priority.

Strategies for De-Risking Your Portfolio

We’ve covered the types of risk and looked at some scenarios that emphasize the significance of de-risking your investment portfolio for retirement, but how does it work? Next, we’ll outline some strategies.

  1. Diversification: One of the most basic principles of investment risk management is diversification. This means spreading your investments across various asset classes—such as stocks, bonds, and cash—to reduce exposure to any single risk. Diversification can help smooth out returns and protect your portfolio from significant losses in any one area.
  2. Shifting Asset Allocation: As you near retirement, it’s common to shift your asset allocation to a more conservative mix. This might mean reducing your exposure to equities and increasing your holdings in bonds or other fixed-income assets. The idea is to reduce volatility and preserve capital, even if it means accepting lower returns.
  3. Creating a Safety Bucket: Another effective strategy is to create a “safety bucket” within your portfolio. This involves setting aside a portion of your assets in safer investments—such as high-quality bonds, cash, or fixed annuities—that are less likely to lose value in a market downturn. This safety bucket can provide you with peace of mind, knowing that you have a stable source of income to cover essential expenses, even during turbulent times.
  4. Utilizing Structured Notes: Structured notes are another tool that can help manage risk. These are debt securities that can be customized to provide specific risk-return profiles. For example, you might invest in a structured note that offers principal protection with the potential for limited upside based on market performance. This allows you to participate in market gains while protecting against significant losses.
  5. Incorporating Annuities: Annuities can be a valuable component of a de-risked retirement portfolio. By purchasing an annuity, you can create a guaranteed income stream that lasts for your lifetime, regardless of market conditions. This can be particularly beneficial for covering essential expenses, reducing the pressure on your other investments to generate income.
  6. Rebalancing Regularly: Regular rebalancing of your portfolio is crucial as you approach retirement. This means periodically adjusting your asset allocation to maintain your desired level of risk. For example, if a strong stock market has increased the equity portion of your portfolio, rebalancing would involve selling some stocks and reallocating that money into more conservative investments.

Pitfalls to Avoid in De-Risking

Another aspect of understanding de-risking is being aware of and avoiding common pitfalls associated with fear-based decisions.

One of the most common mistakes is moving too much of your portfolio into cash or other ultra-conservative investments. While this might feel safe in the short term, it can leave you exposed to inflation risk and reduce the long-term growth potential of your portfolio. Over time, the purchasing power of your money could decline, making it harder to maintain your standard of living in retirement.

Another pitfall is attempting to time the market. When some investors feel spooked by a market downturn, they may sell off their investments at a loss with the hope they will avoid further declines. However, this approach often backfires, as it’s nearly impossible to predict when the market will recover. Investors who sell during a downturn may miss out on the subsequent rebound, which can significantly harm their long-term returns.

A more balanced approach involves sticking to a well-thought-out plan that includes diversification, regular rebalancing, and a mix of growth and safety-oriented investments. This strategy helps you navigate market volatility without making quick, emotionally based decisions that could jeopardize your financial future.

Customizing Your De-Risking Plan

Ultimately, de-risking your portfolio is not a one-size-fits-all process. It needs to be customized to your unique situation, considering your risk tolerance, retirement goals, and financial needs. This is why working with a financial planner who understands your specific circumstances is so valuable.

Your de-risking plan should start with a conversation about your comfort level with risk. How much loss are you willing to tolerate before you start to panic? Understanding this will help shape your investment strategy, ensuring that it aligns with your emotional and financial needs.

Once you’ve identified your risk tolerance, the next step is to build a diversified portfolio that balances growth potential with capital preservation. This might involve a mix of stocks, bonds, and other assets, as well as guaranteed income products like annuities. The goal is to create a portfolio that can weather market fluctuations while providing you with the income you need in retirement.

The Conclusion: Take the Next Step

This blog was jam-packed with information, and you may have some questions. Our complimentary 15-minute call is an opportunity for you to connect with us and discuss your questions. If we can’t answer all your questions in just 15 minutes, we’ll guide you to the next steps to find the answers you need. Schedule your complimentary call with us and learn more about De-Risking Your Investment Portfolio for Retirement.

By taking the time to de-risk your portfolio thoughtfully, you can approach retirement with confidence, knowing that you’ve taken the necessary steps to protect your financial future.

August 12, 2024 Weekly Update

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We do love it when someone refers a family member or friend to us.  Sometimes the question is, “How can we introduce them to you?”   Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage. Here are this week’s items:

Portfolio Update:  Murs and I have recorded our portfolio update for August 12, 2024

CLICK HERE TO WATCH THE UPDATE

What Documents Should I Keep on File in Retirement?

Radon and Murs discuss the crucial documents you need to keep on file as you approach or enter retirement. It’s not uncommon to feel overwhelmed by the amount of paperwork accumulated over the years, especially when it comes to tax returns, legal documents, and health care records. This episode offers valuable insights on how to manage your important documents effectively to ensure peace of mind during retirement.
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What Documents Should I Keep on File in Retirement?

When you’re preparing for retirement, it’s easy to get caught up in the excitement of leaving the workforce and enjoying a more leisurely pace of life. But amidst all the planning and anticipation, one critical area often gets overlooked keeping the right documents on file. Whether it’s tax returns, health care information, or legal papers, knowing what to keep and for how long can save you from unnecessary stress down the road..
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What Documents Should I Keep on File in Retirement? – Key Reasons to Reevaluate Now

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When you’re preparing for retirement, it’s easy to get caught up in the excitement of leaving the workforce and enjoying a more leisurely pace of life. But amidst all the planning and anticipation, one critical area often gets overlooked keeping the right documents on file. Whether it’s tax returns, health care information, or legal papers, knowing what to keep and for how long can save you from unnecessary stress down the road.

Imagine a scenario where you need to access a crucial document—perhaps a tax return from a few years back or a legal paper that validates your estate plan—and you can’t find it. The peace of mind that comes with knowing exactly where your important documents are stored is invaluable, especially in retirement. This blog will guide you through the key documents you should keep on file during retirement and the reasons why it’s time to reevaluate your document storage strategy.

Understanding the Importance of Document Management in Retirement

One of the most common questions retirees ask is, “What documents do I need to keep on file, and for how long?” This is especially pertinent when it comes to tax returns, but it extends to a variety of other critical documents as well. Having your paperwork organized and readily accessible can make a world of difference when unexpected situations arise, whether it’s an audit, a medical emergency, or a legal matter.

Tax Documents: What to Keep and for How Long

Tax documents are among the most critical records to keep during retirement. The general rule of thumb is to retain your tax returns and supporting documents for at least three years. This timeframe aligns with the IRS’s statute of limitations for audits. However, if you’re concerned about the possibility of an audit, particularly if you have more complex tax returns, you might want to extend this period to seven years.

Supporting documents include W-2s, 1099s, and any records of deductions, such as medical receipts or charitable donations. Keeping these documents organized and easily accessible is crucial in case you need to reference them for future filings or audits. Digital storage solutions can be particularly helpful here, allowing you to scan and store these documents in a secure online location, thus saving space and reducing clutter.

Healthcare Documents: Protecting Your Health and Your Finances

Healthcare is another area where having the right documents on hand is essential. If you have a Health Savings Account (HSA), it’s vital to keep records of your medical expenses. The IRS requires proof that the money withdrawn from an HSA was used for qualified medical expenses. This means keeping receipts and any relevant documents for as long as your HSA is active.

Additionally, if you have Medicare, you should keep your Medicare Summary Notices for at least one year or until your bills are fully paid. If you are transitioning from another form of health insurance to Medicare, be sure to retain your notice of credible coverage until you are fully enrolled. This documentation will help ensure that you don’t face any penalties when enrolling in Medicare Part D for prescription coverage.

Legal Documents: Safeguarding Your Rights and Wishes

Legal documents such as wills, powers of attorney, and healthcare directives are crucial in ensuring that your wishes are respected as you age. These documents should be kept in a secure location, such as a safe deposit box or a home safe, with copies available to trusted individuals like your financial advisor or executor. It’s also wise to keep digital copies stored in a secure, encrypted online storage service, which can be accessed easily in case of emergency.

If you are married, your marriage certificate and any prenuptial agreements should be kept on file, especially if there was a name change involved. Similarly, divorce decrees and military discharge papers are essential documents to retain, as they can affect benefits and legal rights.

Asset and Debt-Related Documents: Tracking Your Financial Health

When it comes to managing your assets, particularly in retirement, keeping records of your investments, property, and any outstanding debts is vital. For example, investment statements, particularly year-end summaries, should be kept on file until you file your tax return. While most financial institutions now store these records online, it’s important to ensure that you have access to them and understand how long they will be available.

One of the more complicated aspects of financial management in retirement is tracking the cost basis of your investments. Since 2012, custodians are required to track and report the cost basis of securities, but for older investments, this responsibility may fall on you. Keeping detailed records of the purchase price and any associated costs of your investments can save you significant headaches when it comes time to sell.

Property and Debt Documents: Proof of Ownership and Liability

For properties you own, including your primary residence, vacation homes, or rental properties, keep deeds, titles, and any settlement statements in a safe place. If you have made improvements to a property, retaining receipts and records is crucial for tax purposes, as these can impact your capital gains tax when you sell.

If you have debt, such as a mortgage or car loan, keep records of your loan agreements, payment history, and any communication with your lender. This documentation is important not only for tax purposes but also to protect your interests if any disputes arise.

Insurance Policies: Know What You’re Covered For

Insurance is another critical area where documentation is key. Keep your life insurance policies, homeowners, and auto insurance details, and any long-term care insurance documents in an easily accessible location. These documents will outline the coverage you have and can be crucial in the event of a claim. For instance, knowing the specifics of your long-term care policy can help you or your loved ones make informed decisions about your care.

Retirement Accounts: Tracking Contributions and Distributions

For retirement accounts like IRAs and 401(k)s, it’s essential to keep records of your contributions and distributions. Documents like Form 5498, which reports IRA contributions, and Form 8606, which tracks non-deductible IRA contributions, should be kept on file to ensure accurate reporting to the IRS. If you’ve made any Roth conversions, keep those records as well to substantiate your tax-free withdrawals later on.

These records not only help you manage your retirement funds effectively but also protect you in the event of an audit or when making decisions about your retirement strategy.

Why Reevaluate Your Document Management Now?

As you settle into retirement, it’s easy to overlook the importance of keeping your documents organized and up to date. However, doing so is not just about staying on top of paperwork; it’s about protecting yourself, your family, and your financial well-being. By taking the time to evaluate and organize your documents now, you can ensure that you have everything you need when you need it, without the stress of searching for misplaced papers.

Moreover, digital storage solutions have made it easier than ever to keep your documents safe and accessible. By scanning and storing your documents online, you can reduce physical clutter and improve your ability to manage your important records.

In conclusion, keeping your documents organized in retirement is a vital part of protecting your financial health and ensuring that your wishes are respected. Whether it’s tax records, healthcare documentation, legal papers, or insurance policies, knowing what to keep and for how long can make all the difference in your peace of mind and your ability to enjoy retirement to its fullest.

If you want to understand all this a little better, we offer a complimentary phone call that you can schedule with us on our website. If we can’t answer all your questions in just 15 minutes, we’ll guide you to the next steps to find the answers you need.

Schedule your complimentary call with us to learn more about what documents you should keep on file in retirement.

July 22, 2024 Weekly Update

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We do love it when someone refers a family member or friend to us.  Sometimes the question is, “How can we introduce them to you?”   Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage.

Here are this week’s items:

Portfolio Update:  Murs and I have recorded our portfolio update for July 22, 2024

CLICK HERE TO WATCH THE UPDATE

2025 Medicare Part D Overhaul in Retirement- Key Changes in Prescription Drug Coverage

Radon and Murs discuss the upcoming changes to Medicare Part D in 2025, bringing on their in-house healthcare specialist, Shawn Southard. The discussion highlights significant updates to prescription drug coverage that will impact beneficiaries, especially concerning cost reductions and structural changes due to the Inflation Reduction Act of 2022.

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2025 Medicare Part D Overhaul in Retirement- Key Changes in Prescription Drug Coverage

As the calendar turns to 2025, the landscape of Medicare Part D and Prescription Drug Coverage is poised for significant changes. These updates, driven by the Inflation Reduction Act of 2022, aim to ease the financial burden on beneficiaries but come with their own set of implications. In this comprehensive guide, we’ll delve into the major shifts…

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2025 Medicare Part D Overhaul – Key Changes in Prescription Drug Coverage

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As the calendar turns to 2025, the landscape of Medicare Part D and Prescription Drug Coverage is poised for significant changes. These updates, driven by the Inflation Reduction Act of 2022, aim to ease the financial burden on beneficiaries but come with their own set of implications. In this comprehensive guide, we’ll delve into the major shifts in Medicare Part D, to help you navigate through the changes and understand what they mean for your prescription drug coverage. 

A Brief Overview of Medicare Part D 

Before diving into the 2025 changes, let’s take a second to review the basics of Medicare Part D. Medicare Part D is a federal program that subsidizes the costs of prescription drugs for Medicare beneficiaries. It is an optional benefit offered to everyone with Medicare and is provided through private insurance companies that Medicare approves. 

Part D plans cover both brand-name and generic prescription drugs at participating pharmacies. Each plan has its own list of covered drugs, known as a formulary. The structure typically includes a deductible, an initial coverage period, a coverage gap (often referred to as the “donut hole“), and catastrophic coverage. 

The Inflation Reduction Act and Its Impact on Medicare Part D 

In 2022, President Biden signed the Inflation Reduction Act, a comprehensive piece of legislation aimed at curbing inflation and reducing costs in various sectors, including healthcare. One of the key aspects of this act was to address the escalating costs of prescription drugs for Medicare beneficiaries. 

The act introduced several phased changes to Medicare Part D, starting in 2023, with the most significant adjustments slated for 2025. Let’s break down these changes year by year: 

Changes Implemented in 2023 

  • No Cost for Part D Vaccines: All vaccines covered under Part D became free of cost, eliminating deductibles and cost-sharing for beneficiaries. This was particularly beneficial during the COVID-19 pandemic, as it ensured access to essential vaccines without financial barriers. 
  • Insulin Cap: A $35 monthly cap was introduced for insulin, significantly reducing out-of-pocket expenses for beneficiaries who rely on this life-saving medication. 

Changes for 2024 

  • Elimination of Cost Sharing in Catastrophic Phase: Previously, after reaching the catastrophic coverage phase, beneficiaries still had to pay about 5% of their drug costs. Starting in 2024, this cost-sharing was eliminated, making prescription drugs essentially free for beneficiaries in this phase. 

The Major Overhaul in 2025 

2025 brings the most significant changes to Medicare Part D, reshaping the program in several ways to reduce costs for beneficiaries and streamline the coverage process. 

1. Reduction of Out-of-Pocket Maximum 

One of the most impactful changes is the reduction of the out-of-pocket maximum. Previously, beneficiaries had to spend over $8,000 out-of-pocket before reaching the catastrophic coverage phase. In 2025, this threshold will be lowered to $2,000. This dramatic reduction will provide substantial financial relief to beneficiaries who face high drug costs. 

2. Elimination of the Coverage Gap (“Donut Hole”) 

The infamous “donut hole” or coverage gap, where beneficiaries had to pay a higher percentage of their drug costs after spending a certain amount, will be completely eliminated in 2025. This change means that the confusing and often burdensome phase where beneficiaries faced higher out-of-pocket costs will no longer exist. 

3. Introduction of Mandatory Discounts by Manufacturers 

To offset the elimination of the coverage gap, drug manufacturers will be required to provide mandatory discounts on brand-name drugs. These discounts will be 10% during the initial coverage phase and 20% during the catastrophic phase, ensuring that beneficiaries continue to receive cost savings on their medications. 

4. Shift in Cost Sharing 

The cost-sharing responsibilities between Medicare, drug plans, and beneficiaries will be restructured. Medicare will reduce its share from 80% to 20% in the catastrophic phase, while drug plans will increase their share from 20% to 60%. This shift aims to balance the financial load and ensure that drug plans contribute more significantly to the cost of prescription drugs. 

5. Introduction of a Payment Plan for Out-of-Pocket Costs 

A new feature starting in 2025 is the Medicare Prescription Payment Plan Program. This program allows beneficiaries to opt into a payment plan to spread out-of-pocket costs over 12 months. This change will help those who struggle to pay their drug costs upfront, offering a more manageable way to handle expenses without incurring interest. 

Potential Implications and Preparations 

While these changes bring about positive shifts in cost reduction, they also have potential implications that beneficiaries should be aware of. 

Higher Premiums 

With the increased financial responsibility on drug plans, it’s expected that premiums for Medicare Part D plans may rise. Beneficiaries should be prepared for potential increases in their monthly premiums, and it’s crucial to review plan options during the annual enrollment period to ensure the best coverage for their needs. 

Fewer Plan Choices 

The restructuring of cost-sharing and the introduction of mandatory discounts may lead to some plans exiting the market. Beneficiaries might see fewer plan choices in their geographical area, making it essential to review available plans carefully during the enrollment period. 

Stricter Formularies and Prior Authorizations 

To manage costs, drug plans may tighten their formularies, potentially excluding some higher-cost drugs. Additionally, there may be an increase in the need for prior authorizations and step therapy, where beneficiaries must try lower-cost drugs before moving to higher-cost options. Staying informed about these changes and working closely with healthcare providers to manage medications will be vital. 

What You Should Do Now 

Given these significant changes, it’s more important than ever for Medicare beneficiaries to review their prescription drug coverage. Here are steps you can take: 

  1. Review Your Current Plan: Look at your current Medicare Part D plan to understand how the upcoming changes might impact your coverage and costs. 
  1. Compare Plan Options: During the Annual Enrollment Period (AEP) from October 15 to December 7, compare different Part D plans to find the best coverage for your needs. Pay attention to premiums, formularies, and cost-sharing structures. 
  1. Consult with a Medicare Specialist: If you’re unsure about how these changes will affect you, consider consulting with a Medicare specialist. They can provide personalized advice and help you navigate the complexities of Medicare Part D. 
  1. Stay Informed: Keep up with updates and changes to Medicare Part D by following reliable sources and attending informational sessions. Staying informed will help you make the best decisions for your healthcare coverage. 

If you want to understand all this a little better, we offer a complimentary phone call that you can schedule with us on our website. If we can’t answer all your questions in just 15 minutes, we’ll guide you to the next steps to find the answers you need. 

Schedule your complimentary call with us to learn more about the 2025 Medicare Part D Overhaul – Key Changes in Prescription Drug Coverage. 

By following these steps and staying proactive, you can ensure that you are well-prepared for the upcoming changes to Medicare Part D and continue to receive the best possible prescription drug coverage. 

July 15, 2024 Weekly Update

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We do love it when someone refers a family member or friend to us.  Sometimes the question is, “How can we introduce them to you?”   Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage.

Here are this week’s items:

Portfolio Update:  Murs and I have recorded our portfolio update for July 15, 2024

CLICK HERE TO WATCH THE UPDATE

Social Security at 62 vs 67 in Retirement

Radon and Murs discuss whether to take Social Security at age 62 or wait until the full retirement age of 67. This is one of the most frequent and challenging questions they encounter from clients. They emphasize that the decision involves multiple factors and cannot be answered by simply searching online. Through a detailed example featuring their colleague Taylor, they explore the considerations that influence this significant choice.

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Social Security at 62 vs 67 in Retirement

Retirement planning is a multifaceted and often complex process, especially when it comes to deciding the right age to start drawing Social Security benefits. This blog aims to dissect the pros and cons of taking Social Security at 62 versus waiting until 67, using insights from a detailed financial planning podcast discussion.

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Social Security at 62 vs 67: A Comprehensive Guide

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Retirement planning is a multifaceted and often complex process, especially when it comes to deciding the right age to start drawing Social Security benefits. This blog aims to dissect the pros and cons of taking Social Security at 62 versus waiting until 67, using insights from a detailed financial planning podcast discussion.

Introduction to the Decision

Retirement is a significant milestone, and deciding when to start drawing Social Security benefits is a critical part of that journey. Social security benefits can begin as early as age 62 or as late as age 70. The later the begin date, the higher the benefit amount. For that reason, the choice of when to begin benefits is a common dilemma faced by many. Each option has its own set of advantages and potential drawbacks, and the best choice depends on individual circumstances, financial goals, and life expectancy.

The Scenario

Let’s consider a scenario where a couple, Jim and Jane, are both 61 years old and planning to retire at 62. They each earn $150,000 per year, have prioritized saving for retirement, and as such, have managed to accumulate substantial assets in their retirement accounts. Their primary question is whether to start taking Social Security benefits at 62 or to live off their savings and wait until their full retirement age of 67.

Understanding Social Security Benefits

Social Security benefits are calculated based on your highest 35 years of earnings. The Social Security Administration (SSA) provides an online tool where individuals can view their estimated benefits at different retirement ages. For Jim and Jane, their estimated benefits at full retirement age (67) are $3,800 per month each.

Financial Considerations

  1. Income Needs and Expenses: Jim and Jane’s current monthly expenses are $8,000, which includes living expenses, travel, and leisure activities. Their home is paid off, simplifying their financial needs somewhat.
  2. Retirement Savings: Both have IRAs worth $750,000 each, making a total of $1.5 million in retirement savings. They are also contributing the maximum allowable amount to their 401(k) plans.
  3. Social Security at 62 vs 67: If they start taking Social Security at 62, their benefits will be reduced by approximately 30%, resulting in around $2,660 per month each.

Analysis of Different Scenarios

Taking Social Security at 62

  • Immediate Income: Starting benefits at 62 provides immediate income, reducing the need to draw down their retirement savings.
  • Reduced Benefits: The benefits are reduced by 30%, impacting the total amount received over their lifetimes.
  • Impact on Assets: By starting benefits early, Jim and Jane can preserve more of their retirement savings. However, the lower monthly benefits could result in less overall income if they live a long life.

Waiting Until 67

  • Higher Monthly Benefits: Waiting until 67 increases their benefits to $3,800 per month each, providing a more substantial income.
  • Drawdown of Assets: They will need to rely on their savings to cover expenses from 62 to 67. This could significantly deplete their retirement accounts.
  • Long-Term Impact: Higher benefits from 67 onward can provide more financial security in later years, but this assumes they live long enough to benefit from the increased payments.

Detailed Financial Projections

Using financial planning software, we can project the impact of each option on Jim and Jane’s retirement assets:

  1. Retiring at 62 and Taking Benefits at 62:
    • Initial drawdown from savings to supplement reduced Social Security benefits.
    • By age 90, their projected net worth is $3.1 million, assuming no major unforeseen expenses or market downturns.
  2. Retiring at 62 and Waiting Until 67:
    • Larger drawdown from savings to cover expenses until 67.
    • By age 90, their projected net worth is $2.9 million, slightly less than if they had taken benefits at 62.
  3. Waiting Until 70:
    • This option maximizes Social Security benefits but requires substantial drawdown from savings until benefits start.
    • By age 90, their projected net worth is $2.8 million, the lowest among the three options.

Holistic Approach to Decision Making

When deciding on the optimal age to start taking Social Security benefits, it is crucial to consider several factors:

  1. Life Expectancy: If there is a family history of longevity, it might make sense to delay benefits to maximize lifetime income.
  2. Current Health Status: Poor health might favor taking benefits earlier to ensure some benefits are received.
  3. Retirement Lifestyle: Desired lifestyle and spending patterns during retirement play a significant role in this decision.
  4. Tax Implications: Social Security benefits are taxable, and the timing of withdrawals can impact overall tax liability.
  5. Other Income Sources: Availability of other income sources, such as pensions or rental income, can influence the decision.

Conclusion

The choice between taking Social Security at 62 versus waiting until 67 is not a one-size-fits-all decision. For Jim and Jane, starting benefits at 62 appears to be slightly more advantageous in terms of preserving their retirement assets. However, this decision is highly individualistic and should be made based on a comprehensive analysis of personal financial situations, health, and retirement goals.

Financial planning tools and consultations with financial advisors can provide valuable insights and help make an informed decision. Ultimately, the goal is to ensure a comfortable and secure retirement, with Social Security benefits complementing overall financial plans effectively.

For personalized advice and detailed financial planning, consider consulting with a retirement planning expert. Understanding the nuances of Social Security and integrating it into a broader financial plan can significantly impact the quality and security of your retirement years.

By considering the various factors and projections discussed, you can make a more informed decision about when to start taking your Social Security benefits. This comprehensive analysis should help you weigh the pros and cons and choose the best path for your unique situation.

If you want to understand all this a little better, we offer a complimentary phone call that you can schedule with us on our website. If we can’t answer all your questions in just 15 minutes, we’ll guide you to the next steps to find the answers you need.

Schedule your complimentary call with us and to learn more about holistic wealth management.

July 8, 2024 Weekly Update

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We do love it when someone refers a family member or friend to us.  Sometimes the question is, “How can we introduce them to you?”   Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage.

Here are this week’s items:

Portfolio Update:  Murs and I have recorded our portfolio update for July 8, 2024

CLICK HERE TO WATCH THE UPDATE

Andrew Opdyke – 2nd Quarter Economic Update for Retirement

Radon and Murs speak with Andrew Opdyke as he provides his expert analysis on the current economic landscape and what to expect moving forward. They discusses the divergence within the economy, the issues with the banks, the recession and market volatility, and much more.

CLICK HERE TO LISTEN TO THE PODCAST

 

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2nd Quarter Economic Update for Retirement

As we navigate through 2024, the economic landscape is evolving in intriguing ways, shaped by the Federal Reserve’s strategic moves, the unique dynamics of an election year, and the ripple effects of global events. Join us as we discuss the latest trends, market performances, and economic forecasts, providing you with essential insights to stay ahead in these transformative times.  

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Economic Update: 2nd Quarter 2024

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Welcome to the Secure Your Retirement Blog’s 2nd Quarter Economic Update! As we navigate through 2024, the economic landscape is evolving in intriguing ways, shaped by the Federal Reserve’s strategic moves, the unique dynamics of an election year, and the ripple effects of global events. Join us as we discuss the latest trends, market performances, and economic forecasts, providing you with essential insights to stay ahead in these transformative times.  

By covering topics like the Fed’s surprising rate cut predictions and the enduring strength of key market sectors, our goal for this update is to equip you with the knowledge to make informed financial decisions and secure your retirement future. 

 The Fed’s Mid-Year Checkup 

 One of the most notable events as we reached the halfway point of 2024 was the Federal Reserve’s mid-year meeting in June. Entering the year, the Fed had signaled plans for three rate cuts, and the market anticipated as many as six. However, the Fed’s June meeting painted a different picture. Despite earlier expectations, inflation had not moved as anticipated, and economic growth continued. Consequently, the Fed adjusted its forecast, now planning just one rate cut for the year.  

Interestingly, the Fed projected that key economic indicators like the unemployment rate and core inflation would remain stable. They anticipated an unemployment rate of about 4%, exactly where it was during their meeting, and core inflation to end the year at 2.8%, again mirroring the current rate. This status quo forecast suggests a delay in the rate cut cycle, with higher rates persisting a bit longer. This development is a critical aspect of our 2nd Quarter Economic Update, as it shapes expectations for the remainder of the year. 

 The Election Year Factor 

 With 2024 being an election year, there’s speculation about how political factors might influence the Fed’s decisions. The Fed aims to maintain political independence and typically avoids making significant moves around election time. Therefore, September is the first potential date for a rate cut, provided there are notable changes in economic fundamentals. However, the most likely scenario for a rate cut this year appears to be December. 

 It’s essential to recognize that election years often bring heightened emotions and volatility. Despite the debates and political maneuvering, the long-term impact on markets tends to be minimal. Historical data shows that markets move forward regardless of the party in power. Therefore, while elections dominate headlines, their short-term impact on economic fundamentals is often overstated. 

 Market Performance and Future Outlook 

 Despite the ongoing challenges with inflation and geopolitical issues, the stock market performed well in the first half of the year. If the second half mirrors the first, we could see a notably strong year for the markets.  

However, the question remains: will this trend continue? Market movements are often driven by a mix of earnings expectations, company fundamentals, and investor emotions. 

 For instance, there’s considerable excitement around artificial intelligence (AI) investments, with significant projects like the Intel plant in Ohio and the TSMC plant in Arizona. While these developments are promising, they also introduce a degree of caution, as market optimism sometimes outpaces actual progress. 

Historically, market movements have been influenced by interest rates and borrowing costs. Currently, we see higher-than-average market valuations, which suggests that future market performance will need strong fundamental support. Investors should be mindful of potential volatility and focus on long-term growth areas. 

  Recession Concerns 

 Entering 2024, there was considerable talk of an impending recession. Now, halfway through the year, the question remains: is a recession still a possibility? 

 According to the National Bureau of Economic Research (NBER), a recession is determined by multiple indicators, such as: 

  • employment 
  • consumer spending 
  • industrial production 

 While some areas have seen declines, consumer spending and employment indicators remain relatively stable. 

 The data shows that while we are not currently in a recession, there are signs of economic slowing. For instance, manufacturing orders have decreased, and sectors like auto sales and home sales are down. However, the strength of the economy, particularly driven by retirees and baby boomers, continues to support overall growth. 

 While a recession is not off the table, the likelihood of a severe downturn seems moderated by ongoing consumer activity and targeted investments in growth areas. 

 Geopolitical Issues 

 Geopolitical tensions, particularly involving Ukraine, Russia, and Israel, continue to impact the global economy. The disruption in the Red Sea area and the Suez Canal has led to increased shipping costs, affecting inflation and import prices. While Europe bears the brunt of these costs, the ripple effects are felt globally, including in the U.S. 

 The geopolitical landscape adds complexity to the Fed’s efforts to manage inflation. External factors like shipping disruptions and geopolitical unrest can drive inflation higher, complicating domestic policy decisions. Resolution of these conflicts could also ease inflationary pressures. 

 Social Security and Retirement 

 As a retirement planning-focused blog, we must address concerns about Social Security. Current projections indicate that without intervention, the Social Security fund could face significant shortfalls by 2033, potentially reducing benefits to 70-80% of their current levels. 

 However, there is hope. The next administration will likely prioritize addressing fiscal issues, including Social Security. Possible solutions include adjustments to retirement ages and tax policies. While changes are inevitable, those nearing or in retirement are likely to see their promised benefits, with more significant adjustments targeting future beneficiaries. 

 The U.S. remains in a strong demographic position compared to many other countries, with continued growth expected. While addressing Social Security requires difficult decisions, the nation’s substantial net worth provides a solid foundation for tackling these challenges. 

 Employment and Economic Strength 

 As we look forward to the remainder of the year, employment trends are a key concern. Early signs indicate potential rises in unemployment, particularly among younger demographics. If this trend continues, it could signal broader economic weakening. 

 However, the resilience of the economy, particularly driven by older demographics less impacted by borrowing costs, provides a buffer. The ability for people to find jobs and support their families remains a critical indicator of economic health. 

 Looking Ahead 

 In conclusion, our 2nd Quarter Economic Update highlights several key themes: the Fed’s cautious approach to rate cuts, the minimal long-term market impact of election-year politics, and ongoing geopolitical and social security concerns. While uncertainties remain, focusing on predictable elements and long-term growth areas can provide stability. 

 As we move through the year, the balance between economic caution and optimism will continue to shape our outlook. The resilience of the U.S. economy, supported by targeted investments and demographic strengths, offers a foundation for navigating these challenges. By staying informed and focusing on long-term strategies, we can better secure our financial futures. 

If you want to understand all this a little better, we offer a complimentary phone call that you can schedule with us on our website. If we can’t answer all your questions in just 15 minutes, we’ll guide you to the next steps to find the answers you need.  

Schedule your complimentary call with us and to learn more about holistic wealth management. 

July 1, 2024 Weekly Update

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We do love it when someone refers a family member or friend to us.  Sometimes the question is, “How can we introduce them to you?”   Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage. Here are this week’s items:

Portfolio Update:  Murs and I have recorded our portfolio update for July 1, 2024

CLICK HERE TO WATCH THE UPDATE

Understanding Holistic Wealth Management in Retirement– Beyond Just Investments

Radon and Murs discuss holistic wealth management, which goes beyond just savings and investments. While an investment manager looks at your investments or savings in your wealth accumulation phase, a holistic wealth manager helps you build a comprehensive retirement-focused financial plan.
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Understanding Holistic Wealth Management in Retirement– Beyond Just Investments

Learn all the data points we collect and focus on to help you build a comprehensive retirement-focused financial plan. You will also learn the advantages of having a holistic wealth manager to help you make major financial decisions in retirement that you might otherwise hesitate to make.
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Understanding Holistic Wealth Management in Retirement- Beyond Just Investments

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Holistic wealth management is what we do. If you listen to our podcast or read our blog, you’ve likely seen us use this term before. But what’s the difference between a holistic wealth management and an investment firm approach? 

In our latest podcast (listen to it here), we explain what holistic wealth management is and how it differs from an investment firm. 

CLICK HERE to Watch this Video

What is an Investment Advisor or Firm? 

An investment advisor or firm has its place in the investment industry and retirement. When you start in the process of accumulating wealth and saving money, you may need some guidance, and that is where one of these professionals can be beneficial. 

Some people prefer learning about the different types of investments and the financial vehicles open to them, but others prefer to have a professional handle their investments for them. 

A lot of people look for guidance and help on how to invest because they: 

  • Don’t have time to do it themselves 
  • Have a career 
  • Prefer to trust a professional to manage their money 

For many people, during their accumulation phase of life when they’re just starting to save, adding money to a 401k or IRA and wanting to put money into a brokerage account, this is the time that they begin working with an investment advisor. 

Investment advisors can help you grow your money, and a big part of this is selecting the right assets for your individual goals and needs. Asset allocation, which means diversifying your funds into multiple areas of the market for the long term, is another major reason people work with an advisor. 

However, if you have questions about the following, an investment advisor is not ideal: 

  • Tax implications 
  • Saving for a child’s college 

When you’re younger, you go to a pediatrician because they specialize in working with kids. As you get older, you go to an adult primary care doctor because they specialize in helping adults. Saving for retirement and investing are very similar because the team around you will need to change with your life circumstances. 

This is where holistic wealth management comes into play. We focus on and specialize in helping clients near or in retirement, and we help outside of investments. Investing money has been an integral part of Peace of Mind Wealth Management, and it’s still a major part of our business. Now, we’ve thoughtfully take it a step further. 

Ok, so what is Holistic Wealth Management? 

Retirement planning has a lot of moving parts, and while investing can help you reach your savings milestones and mitigate risks, it’s just one element of trying to secure your retirement. 

We started focusing on holistic wealth management because clients were coming to us with questions like: 

  • What do I do with my money? 
  • Will my money run out? 
  • How do I handle tax planning? 
  • When do I take Social Security? 
  • How do I navigate Medicare? 
  • How do I deal with long-term care? 
  • What should I do for estate planning? 

These questions have come up many times over the years. We noticed that there was a major need for a holistic wealth management firm that helps you grow your investments but goes well beyond what an investment firm offers. 

We handle the investment side of things, and when you have questions about taxes, Social Security, Medicare, and Estate Planning we can help you plan for those, too. 

Holistic management offers a focused plan that helps you get to and through retirement. 

Our holistic management process starts with a discussion. We’ll sit down together so you can get to know us, and we can learn all about you and your goals. To get started on building your retirement focused plan, we’ll need to know: 

  • Where you are today in terms of finances. 
  • Where you want to be and when. 

Instead of just focusing on investments, we’ll consider where income is coming in, expenses, tax planning, estate planning, healthcare, and the other nuances of life that can change when you retire. 

For example, if you’re under 65, your needs are different from someone who is older because your healthcare coverage options are a lot different. As you age, we help keep your retirement focused plan up to date, so all the pieces continue to fit together to secure your retirement. 

Working With a Wealth Manager 

A wealth manager handles retirement from multiple angles. You have the assets you need to retire, but what does retirement look like for you? We start the whole process by creating a retirement-focused financial plan. 

Let’s say that you are 60 and want to retire at 65. You need to know that your finances will last through retirement. 

We gather all the data points to know what you’ve done to save for retirement so far. We’ll look at how much you’re expected to receive from Social Security, what other concerns you may have, whether you have other sources of income and more. 

On the flip side, we’ll look at what you expect to spend in retirement. 

Many of our clients like to frontload the first ten years of their retirement to travel. Perhaps you want to travel around Europe for a few years. We need to know if this option is possible and what it means for your retirement. 

Once you begin withdrawing assets, there will be tax implications to consider. We have specialists that help you: 

Once you hit age 72-and-a-half or 73, you need to begin addressing required minimum distributions (RMDs). If you have pre-tax assets that you need to take money out of to satisfy an RMD, how does that change your tax situation? As a holistic wealth management firm, we can help our clients plan and strategize for these types of situations in one place.  

People often need help reaching the finishing line, and we walk them through things like: 

For us, this is holistic wealth management. We’re in meetings all the time where people have enough for retirement, but they have questions and concerns about much more than their investment accounts. 

We received questions today from people who want to switch homes or go from one home to a continuous care community, and they need help. Of course, some clients have questions on how to leave gifts to their grandchildren or how their dream vacation will impact their retirement. 

We love it when clients share their dreams and goals for retirement and having the opportunity to help them feel secure in their plan when achieving them. 

Recently, a client wanted to buy their dream car, a 69’ Chevelle, and we ran the numbers to find out if the client could afford it. We’re happy to tell you that the client could afford it, and they’ll be picking up the car in the next few weeks.  

A bigger purchase, like a dream car, can be a big decision when you consider how it may fit into your retirement plan. A holistic approach to “running the numbers” for this client went beyond looking at investments, and considered how the purchase would impact their retirement focused plan now and in the future. 

You need to ask which option is best for you: 

  • Investment advisor 
  • Holistic wealth manager 

Some people prefer to do everything themselves, and for these individuals, they may find that working with an investment advisor fits them best. You may want someone by your side who can handle everything for you, such as your tax planning and financial projections, which is the starting point for how we help to secure your retirement. 

If you want to understand all this a little better, we offer a complimentary phone call that you can schedule with us on our website. If we can’t answer all your questions in just 15 minutes, we’ll guide you to the next steps to find the answers you need. 

Schedule your complimentary call with us and to learn more about holistic wealth management. 

June 24, 2024 Weekly Update

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We do love it when someone refers a family member or friend to us.  Sometimes the question is, “How can we introduce them to you?”   Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage.

Here are this week’s items:

Portfolio Update:  Murs and I have recorded our portfolio update for June 24, 2024

CLICK HERE TO WATCH THE UPDATE

How Much Income Do I Need in Retirement?

Radon and Murs discuss the income needed during retirement. It’s important to understand that spending needs in retirement will differ significantly from your current earnings due to various factors such as taxes, savings, and job-related expenses.

CLICK HERE TO LISTEN TO THE PODCAST

 

CLICK HERE TO WATCH ON YOUTUBE

How Much Income Do I Need in Retirement?

Learn about a comprehensive approach to estimating retirement expenses by identifying costs that will decrease or disappear in retirement. You will also learn about expenses that will remain constant or increase during retirement and the importance of examining your current net income and expenses to understand your spending patterns better.

CLICK HERE TO READ THE BLOG