The landscape of retirement is changing. The cost of living is rising and we are living longer than ever before. In episode 47 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA share financial tips for this new age of retirement and they welcome Medicare expert, Dr. Katy Votava to share her best ways of coping with rising Medicare premiums in 2016. Original publish date July 16, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.
Important Points:
00:00 – Intro
01:57 – “When you turn age 62 or 63, the income that you make is going to determine what your Medicare premiums are.”
07:58 – “A lot of you are probably overspending or will overspend for your Medicare coverage and healthcare coverage so we want to talk to Dr. Katy to figure out what the solution is there to make sure you keep a little more money in your pocket.”
12:11 – “We see five different expenses on the horizon that can threaten your lifestyle in retirement and that could dramatically impact anyone who’s thinking about retiring over the next five years.”
15:13 – “When you look at spending money in retirement you have to take a look at a lot of different factors and risks, and one of them is healthcare.”
16:32 – “Having an income strategy is key and look at all the potential risks in front of you.”
18:23 – Start of Interview with Dr. Katy Votava
19:22 – “People don’t know when to enroll and when they don’t have to. You need to get in at certain times – there are windows to get in and if you don’t when you need to, then you’ll have lapses and gaps in coverage and penalties down the road…enrollment periods are really key.”
21:45 – “I always say it’s important not to leave money on Medicare’s table because if you don’t tell Social Security about your change in circumstance, they won’t know. But if you meet the criteria, you can do your own reporting and then most people are granted that lower premium during that current year.”
23:32 – “At what age do you think people should start thinking about planning for Medicare?”
23:55- “It’s a really good idea to start planning by the time you’re 62.”
28:10 – End of Interview with Dr. Katy Votava
29:20 – “Medicare premiums are based upon your income level because different people pay different amounts to Medicare.”
34:17 – “A lot more people should be converting [to a Roth IRA] than you might think, and the reason for that is when you look at your future tax brackets in retirement, in many cases it’s higher than you think because of the income you’re going to be receiving.”
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IMPORTANT DISCLOSURES:
Pure Financial Advisors is a registered investment advisor. This show does not intend to provide personalized investment advice through this broadcast and does not represent that the securities or services discussed are suitable for any investor. Investors are advised not to rely on any information contained in the broadcast in the process of making a full and informed investment decision.
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are not intended as investment advice or to predict future performance.
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• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. As rules and regulations change, content may become outdated.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
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CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.
