You may have heard the old saying “what you do not know will not hurt you”. Well, when it comes to retirement planning there could be nothing farther from the truth.
For instance, did you know:
- Taking your Social Security benefit at 62 vs at 70 will permanently reduce your monthly benefit amount
- Taking your Social Security benefits BEFORE your FULL RETIREMENT AGE (FRA) could negatively impact your spousal benefits (for those of you that are married).
- If you were married for at least 10 years you are eligible for spousal benefits from an ex-spouse.
- Medicare is NOT free. If you have not worked enough years (quarters) Part A may have a premium. Part B has a premium and Part D has a premium. Total monthly premiums for Medicare including a MEDIGAP policy for a couple could be as much as $400!
- Medicare premiums are most often deducted from your Social Security benefit checks.
- You are required to sign up for Medicare at age 65, even if you are still working. Failure to do so may result in a penalty.
Navigating pre-retirement and retirement can be complicated. If you have any questions on what you should or should not be doing to prepare for retirement, or what to do now that you are retired, please give our office a call or fill out our form here for a complementary, comprehensive retirement analysis.
We look forward to meeting with you soon!
Mike Frost – Mach 1 VP & Financial Advisor
Advisory services offered through Coppell Advisory Solutions, LLC dba Fusion Capital Management, which is registered as an investment advisor with the SEC and only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. SEC registration does not constitute an endorsement of the firm by the Commission and does not imply that the advisor has achieved a particular level of skill or ability. All investment strategies have the potential for profit or loss. Third party ratings and recognitions are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor by any client nor are they representative of any one client’s evaluation.