As we detailed in the last blog (Understanding Your Social Security Options), although you can start receiving your Social Security benefits at age 62, it really pays to wait. The longer you wait to take your benefits (between the ages of 62 and 70), the higher your monthly benefits are than if you took your Social Security early. So, what if I wait? To put this into perspective, here’s an example of what those different benefit amounts would look like…
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Understanding Your Social Security Options
For many Americans, Social Security is an extremely valuable tool in generating the retirement income that they need to be comfortable. Because of its importance, I strongly recommend exploring all of your options before you make a decision on when to claim it. The most common age that people take their Social Security benefits is age 62, right when they are first eligible. Now this may be because they simply need the income, and I certainly understand that. However, there…
My Awful Morning
I have been spending this month in Prescott AZ, about an hour and a half north of Phoenix. Even though it’s close to hot and dry Phoenix, they get all four seasons here – including a huge snow storm the last couple days. At first I was excited for the change of pace, but then reality hit me: I was born and raised in sunny California and have no idea how to drive a car in snow. It wasn’t a…
I’m Not Making This Mistake Again
A couple weeks ago the girlfriend and I took a little vacation to Vegas to see the city and take a break from everything. One day we went to the Mob Museum and saw some of the gangsters that were later made famous by Martin Scorsese in Casino and Goodfellas (I highly recommend watching both). After that we were looking for something for dinner, and I made a big mistake: I let her have full control over the restaurant selection….
How Much Will Medicare Cost?
Healthcare is a major expense in retirement and while Medicare is a federally run program (via payroll taxes), it is not free. Before you head into retirement, it’s important to understand how much it’ll cost you. According to the most recent studies by Fidelity, after age 65, you can expect to spend approximately $5,000 per person for your medical expenses. In today’s episode, I want to break down some of those costs. Because Medicare is a multi-part system, the easiest…
Top 3 Common Medicare Mistakes to Avoid
Medicare is designed to help you manage your healthcare costs in retirement. Most individuals can get a significant portion of their healthcare costs covered by Medicare. However, the process of applying to Medicare to get the benefits you need can be a bit complicated and mistakes can wind up being quite costly. It is important that you understand what Medicare has to offer so you can minimize out-of-pocket costs and keep your premiums low. Here are the top 3 common…
Need a Break From CNN, Fox News and Your Facebook Feed?
Around 9 months ago, I was introduced to a personal development speaker named Jim Rohn. I’ve mentioned him before in some of my videos and emails, but if you haven’t heard of him, I would definitely recommend looking up his books/speeches (after you finish reading this email, of course). Anyway, Jim was diligent about encouraging people to be very mindful of what information you allow into your mind. He saidyour mind was a mental factory, and whatever ingredients you put into…
3 Key Things to Know About Medicare
We’ve all heard about Medicare and have a general understanding that it goes hand-in-hand with retirement. If you’re on the journey of figuring it all out, it’s best to start at the basics. When you are working, your health insurance is often provided by your employer. Once you retire you need to get your own health insurance and to help with this there is Medicare. Medicare is a federal health insurance program for individuals 65+ and younger people with disabilities….
What’s The Difference Between Medicare Advantage and Medicare Supplement
A common misconception when it comes to Medicare is that once you sign up, you get all the health care coverage you need. While Original Medicare (Part A and Part B) covers hospitalizations and doctor visits, for many, there are still significant gaps in coverage, which is why there are products like Medicare Advantage and Medicare Supplement. To pick the right plan for you, you must first understand the difference between Medicare Advantage and Medicare Supplement. Here’s what you need…
Help! How Do I Enroll In Medicare Advantage?
I was recently asked about the process of enrolling in Medicare Advantage and I thought I’d take the time to write a quick post to help clarify the process. Many of the sites that explain the program make it out to be more complicated than it actually is. Here’s what you need to know. What is Medicare Advantage? A Medicare Advantage plan is essentially a Medicare health plan offered by Medicare-approved private companies. These health plans combine Medicare Part A…