Articles from the Newsletter
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Medicare and What to Know
Heading into retirement brings a slew of new topics to grapple with, and one of the most maddening may be Medicare. Figuring out when to enroll in Medicare and which parts to enroll in can be daunting even for the savviest retirees. There's Part A, Part B, Part D, Medigap plans, Medicare Advantage plans and so on.
Medicare is divided into parts. Part A, which pays for hospital services, is free if either you or your spouse paid Medicare payroll taxes for at least 10 years. (People who aren't eligible for free Part A can pay a monthly premium of several hundred dollars.) Part B covers doctor visits and outpatient services, and it comes with a price tag. Part D, which covers prescription-drug costs, also has a monthly charge that varies depending on which plan you choose. In addition to premium costs, you'll also be subject to co-payments, deductibles and other out-of-pocket costs.
For those who have not started Social Security, you will.....
Social Security and How it Works
When you’re years away from retirement, Social Security seems straightforward: You’ll leave your job, file for benefits and receive a monthly check for the rest of your life — boom! But in reality, getting the most out of Social Security is anything but simple. Here’s some things to know: -To be eligible for Social Security benefits in retirement, you must earn at least 40 "credits" throughout your career. You can earn up to (but no more than) four credits each year, so it takes 10 years of work to qualify for Social Security. -One of the best features of Social Security benefits is that the government adjusts the benefits each year based on inflation. -While you can collect Social Security benefits as soon as you turn 62, taking benefits before your full retirement age will spell a permanent reduction in your payments — as much as 25% to 30%, depending on your full retirement age....
Setting up a Retirement Plan
Is your business interested in starting up a new retirement plan for your employees? Several different plans are available and/or a combination of plans to maximize deferral. A tax credit of $500 per year, for 3 years of the plan is available to offset the cost of setting up the plan. See IRS publication 3998 for more detailed information or give us a call.