Social Security / Medicare

“What is your opinion on social security? Am I better off taking social security at age 62 or waiting until 66 or 70?”

“I am concerned about what healthcare costs are going to be for me when I retire. I’m afraid all my savings will be used up for care when I get older.”

I hear variations of statements and questions like these often. Maybe you have asked or said similar things yourself. Clients are correct to ask these questions and address the issues; sooner than later.

Too often financial advisors are not well-equipped to answer these questions correctly or fully. Frequently, I see individuals take social security benefits too early or much later than is in their best interest because no one could show them why doing one or the other was most appropriate. Taking social security early may be the very best thing for one person but another may benefit in multiple ways by delaying benefits. A number of factors go into making this decision and the best answer is not the same for everyone.

Few advisors understand how to explain how to determine the cost of Medicare and related health-care expenses in retirement. Most clients assume there is there is no way to know how to plan for these expenses. They just know the cost will be higher than they want to pay and possibly more than they can afford. Rarely will an advisor delve into this area to help their clients understand what the costs will actually be and the best ways to pay for those costs.

I have made it a priority to work with clients to implement the best strategies for each to maximize social security income and minimize Medicare costs. Sources and amounts of income drive Medicare premiums.I would like to help you go into retirement with the knowledge you need to make good choices related to your income and prepared to manage health-care related expenses in the best possible manner.  

Call us to schedule a time to begin your review and get the critical answers you need on these two components of your retirement plan.