By Elaine Floyd, CFP ® Survivor benefits are one of the most valuable—and under-appreciated—forms of Social Security. Maximizing this form of life insurance requires planning while both spouses are alive and also following the death of one spouse. A maximum earner we’ll call David, who is age 62 now and who claims his benefit at age […]
By Elaine Floyd, CFP ® If you have lost a spouse (condolences to you) and are between the ages of 60 and 70, it will be important for you to consider your Social Security claiming options. If you are entitled to both a survivor benefit based on your spouse’s work record and a retirement benefit based
Survivor Benefits for Widows 60–70 Read More »
By Elaine Floyd, CFP ® If you did not work long enough to qualify for a Social Security benefit based on your own earnings—or if your benefit is significantly less than your spouse’s benefit—you may qualify for a spousal benefit based on your spouse’s earnings. But you’ll need to know the rules! To qualify for a
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
Medicare and COBRA Read More »
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
Group Medicare Advantage Plans Read More »
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
Delayed Retirement Credits Read More »
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
Appealing the IRMAA Read More »
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
What if Your Ex-Spouse Has Died? Read More »
By Richard Atkinson Retirement is a totally new stage of life. With some careful prioritizing—and collaborating with your financial professional—you can design a working plan for retirement that may surpass all your expectations. When most people think of retirement, they imagine leaving a job they’re tired of, getting out of the rat race, and leaving
Developing a Realizable Vision for Retirement Read More »