By Elaine Floyd, CFP ® Imagine getting a letter from SSA saying that they overpaid you, that you were not entitled to the benefits you’ve been receiving, and that you must now repay $59,000 in benefits that should not have been paid to you. This is what happened to the client of one of our financial …
By Elaine Floyd, CFP ® COBRA is the temporary insurance that allows people to remain insured for 18 months (or sometimes longer) after leaving employment. It is designed to give people time to get another job or find a different health plan. Aside from the expense—terminated employees must now pay the entire premium themselves—it works well …
By Elaine Floyd, CFP ® Changes in marital status always call for a review of the financial plan. As you’re considering how taxes, estate planning, and retirement goals may be impacted by marriage, divorce, or death of a spouse, don’t forget about Social Security and Medicare. Here’s a rundown of common marital events among baby boomers …
By Elaine Floyd, CFP ® A relatively new animal has popped up in the world of Medicare insurance and it has the potential to both negatively affect retirees’ health care and cost taxpayers more money. It’s the employer group Medicare Advantage plan. Like a regular Medicare Advantage plan, an insurance company promises to provide all care …
By Elaine Floyd, CFP ® It is common knowledge by now that if a person applies for their Social Security benefit after full retirement age (FRA), the benefit will include delayed retirement credits (DRCs) of 8% per year up to age 70. This is enough to entice savvy people—especially higher earners—to claim at 70 even if …
By Elaine Floyd, CFP ® Oops. It’s easy to violate a rule when the rule doesn’t make much sense to begin with. We are talking, in this case, about the rule that prohibits contributions to a Health Savings Account for anyone enrolled in any part of Medicare. As HSAs have become the plan of choice for …
By Elaine Floyd, CFP ® Something everyone still working after age 65 should know about is how to appeal the IRMAA. Amid the long checklist of things you must do at retirement, this can easily be overlooked, causing you to pay more in Medicare premiums than you need to. The IRMAA was instituted in 2007 as …
By Elaine Floyd, CFP ® If you were married more than ten years and your ex-spouse has died, you may be entitled to a divorced-spouse survivor benefit equal to the amount of his Social Security benefit at the time of his death. If it’s higher than your own benefit, you can switch. This is true even …
By Elaine Floyd, CFP ® A common question among people in their 60s is this: If I keep working, will my Social Security benefit go up? An even more common question is this: If I take a part-time job at a lower salary, will it cause my Social Security benefit to go down? To answer these questions, …
Will Working Longer Help—Or Hinder—Your Social Security Benefit? Read More »
By Elaine Floyd, CFP ® Widows between the ages of 60 and 70 who qualify for both a survivor benefit based on their deceased spouse’s work record and a retirement benefit based on their own record have a unique opportunity to coordinate the two benefits to maximum advantage. They can start a reduced survivor benefit as …
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