As a Retirement Planner, each year I eagerly await the release of J.P. Morgan’s Guide to Retirement. It is essentially a booklet of retirement charts filled with great information impacting retirees. Making it even better, it often highlights things that are regularly overlooked by just about anyone (including professionals) planning for retirement today. With that in mind, I have selected 10 charts that I think everyone transitioning into retirement should… Read More
Medicare Premiums & Deductibles Increasing in 2020
In 2020, Medicare Part B premiums and deductibles will be increasing. Most enrollees will see their premiums increase by ~7%, from $135.50 to $144.60 per month. This is a $109.20 annual increase. The annual deductible for Part B coverage will also increase by ~7%, going from $185 in 2019 to $198 in 2020. These increases are roughly in line with the Medicare Trustees Report for 2019 that estimated that the… Read More
Medicare FAQs
Last week, I wrote about the differences between Medigap and Medicare Advantage plans. In writing that, I realized there are many Medicare FAQs that I hear so often. When do you need to enroll? How do you enroll? What does it cover? What is not covered? What is it going to cost? Will IRA distributions affect your Medicare premiums? And so on. Instead of searching all over the web trying to find… Read More
Medigap or Medicare Advantage Plans
As an advisor working with retirees, one of the most common questions I am asked is, “Should you choose Medigap or a Medicare Advantage Plan?” Before I get to that, I’ll lay out an example for why this choice exists in the first place and then we can get into the weeds of these two plan options. I’ll also provide pros and cons for each coverage type and who each… Read More
Medicare Part B Premium Estimates through 2028
The Medicare Trustees Report for 2019 was just released and the following table shows Medicare Part B premium estimates through 2028. You can see in the table below (page 189 of the report) that the current Medicare Part B monthly premium for 2019 is $135.50 per person and they anticipate this to increase to $226.50 per person by 2028. This is an estimated increase of almost 6% per year. See… Read More
How to Avoid the Lifelong Medicare Penalty
Most people seem to be aware that there is a penalty for late-enrollment into the Medicare program. Unfortunately though, most people are unaware of how significant the penalty is. It is actually one of the steepest penalties that the federal government imposes on retirees. Perhaps second only to the 50% penalty for failing to withdraw Required Minimum Distributions. Making matters worse, the Medicare penalty is not a one-time penalty. It… Read More
How to Pay for Long Term Care
If you’re like the majority of retirees, you are probably worried about your future health whether that’s simply needing help in your later years or Alzheimer’s. And there is a good chance that your worrying is well-placed as according to AARP, approximately 52% of people who turn 65 today will require some sort of long-term care (LTC). Not surprisingly, women are more likely than men to need care (58% vs… Read More
