Blog – Social Security & Medicare Planning
Collecting Social Security
Many people have reduced work hours, began working from home, or have been laid off because of the Covid-19 pandemic. Some individuals who were approaching their retirement years are now considering if they can retire earlier than planned. This is leading people to question when they can or should begin collecting Social Security.
More on your Financial To Do List
Last week, Jen’s post centered around some recommendations for starting to prepare for your 2020 income tax returns. Hopefully, you are reviewing accounts for tax harvesting of losses, considering Roth conversions, working to maximize itemized deductions if you are going to itemize, and getting your paperwork organized.
Medicare Supplements
Medicare open enrollment is here! In our October 15th post, we discussed Medicare Parts A, B, C & D. Do you know there are Medicare Supplement or Medigap policies available to help cover the costs of what Medicare does not cover? The terms Medicare Supplement and Medigap are used interchangeably and are the same policies. […]
Why Medicare Should Be Part of Your Retirement Strategy
The premiums and coverages vary, and you must realize the differences. Medicare’s open enrollment period runs from October 15 to December 7. If you are enrolling in Medicare for the first time, give yourself plenty of time. You may discover that it is much more complex than an employer-sponsored group health plan.1
Open Enrollment
For many employees, open enrollment is here. Soon, open enrollment will start for Medicare recipients to choose their benefits to supplement governmental benefits. We will discuss Medicare open enrollment in a later post.
Social Security Q & A
The last post written by Jen talked about the taxability of Social Security. I want to discuss collecting Social Security benefits. We hear a lot of questions, and hopefully, I can clear up some of the confusion.
Are Social Security benefits taxable?
Many people are shocked to discover when they begin collecting Social Security that part of their benefits can be taxable. Up to 85% of your Social Security benefits may be taxable at the federal level, depending on your other income. The taxability of Social Security varies from state to state. Most states do not tax […]