Last week we highlighted our Medicare resource partner, Paul Davis and shared part 1 of his article, 10 Medicare mistakes.  This week we continue with part 2.    Choosing the least expensive health care option at 65 thinking you can change to the better plan later when you need it.  You have an open enrollment at 65 to choose from all of the options in the marketplace.  Medicare supplement plans will require health history questions to enroll at a later date.  Medicare supplement plans are … [Read more...]

This week we would like to highlight our Medicare resource partner, Paul Davis.  Paul has been in the health insurance industry for more than 33 years, specializing in Medicare and Medicare Advantage plans. If you have a question about Medicare or would like to find the best Medicare and Medicare Supplement plan options, I encourage you to get in touch with Paul.  Here are several ways to contact him: … [Read more...]

There are some circumstances in which it makes sense to suspend Social Security benefits that are being received now in order to receive higher benefits in the future.   It could be the circumstance in which a Social Security benefit was activated early based upon incomplete or poor advice that needs to be reversed.   It could be a circumstance in which an individual did not think that they would be working before full retirement age but later took on employment that was subject to … [Read more...]

Nearly all types of income in retirement can create a potential tax trap for Social Security benefits to be taxed as well. This includes not only work income but distributions from traditional IRA accounts and even passive income such as rental income. Distributions from a Roth IRA accounts, though, do not count toward income for the purpose of how much of your Social Security benefit gets taxed, assuming that the Roth IRA account has been in place at least five years and you are over the age … [Read more...]

When seeking advice on Social Security claiming, one must be careful who to consult.   A lot of Social Security advice that gets implemented is based on conversation with friends and family or around the water cooler with co-workers, comparing the age that they claimed benefits.   Everyone's circumstances are unique and so one temptation may be to go directly to the Social Security Administration for advice about claiming strategies, bypassing all other sources. … [Read more...]