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Financial Planning As You Retire

November 29, 2022 | Tom Peterson

Planning for retirement can bring many emotions – excitement, confusion, and even fear of the unknown. Having confidence in your financial well-being is one of the best ways to establish a joyful retirement. Here are some points to consider as you prepare to retire and plan financially for your golden years.

Tips for Financial Planning As You Retire

Health Care Costs

You are eligible for Medicare starting at age 65. (You may be eligible for Medicare earlier if you have a disability, End-Stage Renal Disease (ESRD), or ALS). Health care costs are one of the most significant expenses you could have during retirement, making it an important factor in your planning process. Original Medicare consists of Parts A (hospital insurance) and B (medical insurance). Medicare Part A can be back-dated 6 months from signing up, but not before your 65th birthday.

Read: Will Original Medicare Meet My Coverage Needs?

Once you join any part of Medicare, you should cease contributions to your Health Savings Account (HSA) to minimize effects on your tax bracket. Making HSA contributions while receiving Medicare will result in a tax penalty. Be sure to consult with a tax accountant for additional information.

Medicare Part A is generally premium-free; however, Part B costs vary with your income level. There is an income-related monthly adjustment amount (IRMAA) that you will want to review in order to understand your individual costs for Part B. Keep in mind that the income listed on your tax return from two years ago is what Social Security will use to assess your Part B premium. This means that as your income changes, your costs for Part B can also change.

Attend a FREE Medicare Seminar

Moreover, the government sets the costs for Part B, and this can change yearly. Many people opt for additional coverage, like a Medicare Advantage plan (Part C) or a Medigap and Part D plan. Each of these comes with additional costs that can vary greatly and even be affected by your IRMAA assessment. Contact our experienced Medicare insurance brokers to discuss your needs and get Medicare help.

Social Security Income

Social Security benefits are available to you as early as age 62. Full retirement age is based on the year you were born and is generally closer to age 67 (for 2022). The longer you delay taking this benefit, the more it will grow, with the maximum reached at age 70.

There are many points of consideration for when to take your benefit. You could be eligible for a spousal benefit, allowing your benefit amount to grow. This doesn’t affect your spouse’s benefit amount.

You may want to meet with a Social Security professional or talk to a financial advisor to better understand which benefit you should apply for and when. Working while receiving Social Security benefits before you retire can affect your benefit amount.

Annuities

Insurance companies offer a product known as an annuity. An annuity can provide you with reliable income in your retirement years. There are many ways you can set up an annuity. The decision process can be overwhelming and confusing, and annuities can be expensive.

Learn More About Annuities

At Twin City Underwriters, we have chosen annuity products that are very simple to understand, and charge no fees. You put money in and get all of your money back plus interest. The interest earned is offered at a fixed rate for the set term of the annuity. This may be a good option to consider as you prepare to retire.

At Twin City Underwriters, we know that individualized attention to a client’s personal situation and needs are especially important, which is why we take the time to understand you and your financial goals. Contact us to schedule an appointment with one of our experienced insurance agents.

Categories: Medicare, News Tagged With: annuity, insurance, medicare, medicare coverage, retirement, senior

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