エピソード

  • Widows Rising Together: Turning Grief into Goals with Lynn Banis
    2024/10/30
    Learn how to turn your grief into goals in order to make the most of your next chapter in life.
    続きを読む 一部表示
    24 分
  • Master Medicare with These 6 Simple Steps
    2024/10/23
    Learn how to master Medicare and get the coverage you need at the best rate available.
    続きを読む 一部表示
    30 分
  • The Ultimate Guide to Medicare Enrollment in 2024
    2024/10/16
    Melinda Caughill shares the secrets of Medicare enrollment in 2024, what to avoid and how to pick the right coverage. As Medicare Open Enrollment begins, the importance of understanding Medicare and making the right decisions during the enrollment period cannot be overstated. For this week’s episode of “Retirement Revealed” I sat down with Melinda Caughill, co-founder of 65 Incorporated, to discuss her playbook for Medicare in 2024. This open enrollment period is particularly crucial due to significant changes that will affect all Medicare enrollees. Here’s what you need to know to navigate these waters wisely. The Complexity of Medicare Choices Medicare decisions are not as straightforward as picking a plan. Many people mistakenly believe it’s a simple choice between Medicare Advantage and a Medigap supplement. However, the decision path involves understanding whether to stick with Original Medicare or shift to private, corporate-run Medicare options. Each choice comes with its own set of advantages and challenges. Original Medicare vs. Medicare Advantage Original Medicare: Under this path, the government serves as your healthcare provider, offering substantial coverage with reliable benefits. You add a Medigap policy to cover costs that Medicare doesn’t, and a Part D plan for prescription drugs. This provides predictable out-of-pocket costs but comes with monthly premiums. Medicare Advantage: This option, managed by private insurers, often advertises zero-dollar premiums and numerous perks such as dental and vision coverage. However, these plans require adherence to strict networks and prior authorization for services, creating potential hurdles in accessing care when you need it most. Timing Is Everything Understanding the right time to enroll or delay enrollment in Medicare is critical. For many, this means determining the best time based on current employment status or other personal circumstances. Each individual's situation requires a unique approach to avoid penalties and ensure adequate coverage. The Looming Impact of the Inflation Reduction Act The Inflation Reduction Act introduces a $2,000 out-of-pocket maximum for Part D drug costs, which initially sounds like a positive change. However, as part of the cost-shifting measures, private insurers may increase premiums significantly or change what drugs are covered to offset their increased financial burden. This change, effective in 2025, starts impacting decision-making now. It underscores the necessity of reviewing your current drug plans during the upcoming open enrollment. Choosing the Right Path When faced with a decision of which Medicare path to choose, it’s critical to think long-term. While Medicare Advantage plans are enticing with their low upfront costs, the rigidity and potential high costs of care down the line need to be carefully considered. Original Medicare generally offers broader access to providers and clearer costs. Avoiding Medicare Pitfalls One of the biggest traps that enrollees fall into is relying on Medicare insurance salespeople without understanding potential conflicts of interest. Sales agents earn commissions based on sales from limited portfolios, which doesn’t always align with what’s best for you. Seek independent guidance to navigate your options without bias. Tips for 2024 and Beyond Review Annually: Each year, from October 15th to December 7th, use the Medicare open enrollment period to reassess your Part D drug plan options and any Advantage plan changes. Plan Ahead: Stay informed about changes in Medicare that could impact costs, coverage, and your healthcare decisions. Seek Expert Advice: Use services like 65 Incorporated to ensure you’re making informed choices, especially if you’re approaching Medicare eligibility. Stay Informed on Policy Changes: The ramifications of the Inflation Reduction Act highlight a shifting landscape.
    続きを読む 一部表示
    54 分
  • 5 Ways to Supercharge Your Social Security Benefit
    2024/10/09
    Learn how to supercharge your Social Security benefit and potentially grow your lifetime income by over $100,000.
    続きを読む 一部表示
    13 分
  • Don’t Fall for These 3 Common Medicare Myths
    2024/10/02
    Debunking 3 Medicare myths and examining the ways you can avoid falling for common Medicare mistakes.
    続きを読む 一部表示
    12 分
  • Is Your Retirement Facing a Midlife Crisis?
    2024/09/25
    David Blanchett discusses the survey results that reveal a building crisis among near retirees who are unprepared for retirement.
    続きを読む 一部表示
    27 分
  • How to Maximize FERS in 2024 (Federal Employee Retirement System)
    2024/09/18
    Understanding the options available to civil servants entering retirement under FERS. If you’re one of the 2 million people in the federal workforce, this post is designed to help you make the most of your retirement plan by understanding the Federal Employee Retirement System (FERS). As we head toward the end of the fiscal year, it's a great time to revisit how FERS works and how you can maximize your benefits. Breaking Down FERS: The Three Key Components Before we dive into the details, let’s recap the basic structure of FERS. There are three main components that federal employees need to pay attention to: Pension: A defined benefit that provides income based on your years of service and salary. Thrift Savings Plan (TSP): A defined contribution plan, similar to a 401(k), where you can contribute pre-tax or post-tax (Roth) dollars. Social Security: Just like most employees, you’ll also receive Social Security benefits, so don’t forget to factor this into your retirement planning. When thinking about retirement, it’s essential to plan not only for when to start your FERS pension but also when to tap into your TSP and file for Social Security. The coordination of these three components can make a big difference in your retirement income. Maximizing Your FERS Benefits Recently, I was asked by Money Geek how federal employees can maximize their retirement benefits. Two key strategies stand out: Maximize Your TSP Contributions: For 2024, you can contribute up to $23,000 to your TSP, with an additional $7,500 if you’re over 50 (catch-up contribution). The TSP is one of the most cost-effective retirement savings plans out there due to its low fees, so take full advantage of it! Know Your Full Retirement Age: Surprisingly, many people I talk to aren’t sure of their full retirement age (FRA) under FERS. Knowing this is crucial because it affects when you can receive your maximum pension benefit. For instance, retiring before age 62 or with fewer than 20 years of service could significantly reduce your pension payout. There are some important distinctions to be aware of, particularly if you retire before age 62 or with fewer than 20 years of service. For example, retiring at 61 with 19 years of service gives you only 19% of your high-3 salary as a pension. However, waiting one more year to reach age 62 and 20 years of service increases that to 22%—a 15% boost in your pension for life! That extra year could be well worth it. Understanding Your High-3 Average Salary Your pension is based on your high-3 average salary, which is the average of your three highest consecutive years of earnings. While this is often your final three years, it’s not always the case. It’s important to accurately estimate your high-3 salary when planning your retirement. Additionally, if you’ve had military service, you can potentially add military service credits to your federal service time. This could increase your pension benefit, so be sure to check your service record to ensure all your years are accounted for. Special Considerations for Specific Roles Certain federal roles, such as law enforcement officers, firefighters, and nuclear materials couriers, are eligible for enhanced pension benefits. For example, they receive 1.7% of their high-3 salary for the first 20 years of service, compared to 1% for most employees. Members of Congress are also eligible for the 1.7% rate, making it important to know which category you fall into. Steps to Take in the Years Leading Up to Retirement As you approach retirement, there are four steps you should focus on to ensure you’re on track: Maximize Your TSP Contributions: The more you contribute, the more you’ll have for retirement. For those over 50, make sure you’re taking advantage of the catch-up contribution. Confirm Your Full Retirement Age: Double-check your FERS records to know exactly when you’re eligible for full retirement.
    続きを読む 一部表示
    16 分
  • Improving Your Retirement Readiness: New Study Gives Top Tips
    2024/09/11
    Chet Bennetts explains how the results of a financial literacy survey focused on retirement finances impacts the way they are taught today.
    続きを読む 一部表示
    35 分