Health care costs in retirement: Medicare Facts & Myths
(BPT) – As their 65th birthday looms, many people eagerly anticipate the affordable access to health care that Medicare will provide. After all, Medicare covers everything, right? Not exactly. Because of this common misconception, many peopleare caught off guard when they realize that each one of the dozens of Medicare options available to them comes with its own set of out-of-pocket cost implications. In fact, a survey of the newly retired found 43 percent are spending more on health care than they had planned & have a hard time understanding Medicare Facts & Myths.
The more you know about Medicare plans and costs, the better prepared you’ll be to avoid unpleasant surprises. Think you’re savvy enough to discern myth from fact when it comes to your health care costs in retirement? Read on to put your knowledge to the test.
Myth: When comparing Medicare plans, it’s best to choose the lowest-premium option to help minimize your costs.
Fact: While premiums are an important factor when choosing a health care plan, they should View full post…
Posted: September 21, 2018 Under: Insurance By: BPT
Do You Know What’s More Important – To Save for Retirement First or Your Child’s College?
This topic is a hot potato in many respects. Should the parent’s primary responsibility be to save for the child’s education first or to save for retirement? The answers to that question will vary depending upon who responds – the parent or the child.
As parents, we know all too well how high college costsare and the student loan problems that exist today. We all want our children to be successful and have many of the financial advantages that we didn’t have. Student loans now average $35,000 to $37,000 per college graduate, and no parent wants this burden for their child.
However, many financial advisers are of the opinion that a parent can take better care of the child if they take care of themselves first. By this, they mean that the parent should save for retirement first, then college. Following are some of the reasons View full post…
Posted: August 28, 2018 Under: Retirement By: Gust Lenglet
If you’re employed by a firm that has a 401(k) plan, you know how to save for retirement…it’s a no brainer. But suppose you’re an entrepreneur who just started a new business?
More often than not, saving for retirement isn’t a priority at this time. The new business isn’t making a profit and cash flow is very limited due to the high start-up costs. As a matter of fact, some entrepreneurs use current retirement accounts to fund the new business, which is not a good idea.
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