Medicare
Medicare planning is an important step for individuals over the age of 65, or those with certain disabilities. It is important to understand the different parts of Medicare and the costs associated with them, as well as which coverage options are best for any given situation. Medicare is divided into four parts, including Part A, B, C, and D. Part A covers inpatient hospital services, Part B covers outpatient services, Part C is a combination of Part A and Part B, and Part D covers prescription drugs. Each part has its own premiums, copays, and deductibles that individuals must pay, and it is important to consider which parts are necessary for each person’s situation. Additionally, there are supplemental plans available that can help pay for gaps in coverage. It is important to understand the cost and coverage of each option before making a decision. With careful consideration and planning, individuals can make the most of the Medicare coverage available to them.
Social Security
Social Security planning is one of the building blocks of a solid financial plan. It involves understanding the various requirements and benefits associated with Social Security, as well as how Social Security benefits can be maximized. It also involves considering how Social Security fits into an overall retirement plan. Social Security planning requires careful consideration of factors such as the current and projected tax rate, the age at which benefits can be claimed, and the impact on other benefits such as Medicare and supplemental income. Our President, Josh Millard, is a National Social Security Advisor (NSSA) allowing him to analyze various strategies that can be used to maximize benefits, such as spousal benefits, delayed retirement credits, and survivor benefits.
Tax Planning
Tax planning involves understanding the various tax laws and regulations and the different strategies available to minimize your tax liability and maximize your deductions. This includes understanding when and how to claim deductions and credits, as well as understanding which tax forms to use, and when to file. It also involves understanding the investment options that are available and how they can help you reduce your tax burden. Our firm understands the importance of this step and offers guidance on an ongoing basis.
Income planning
Retirement income planning is an important step in ensuring financial security in retirement. It involves the analysis of income sources, including Social Security, pensions, and other investments, to determine how much money will be available to cover expenses in retirement. It also involves planning ahead for any potential changes to income sources, inflation, and taxes. Other considerations include long-term care costs, estate planning, and healthcare. Retirement income planning can help retirees make the most of their resources and enjoy a comfortable lifestyle in retirement.
Asset Management
Asset management is an important part of retirement planning. It involves creating a plan for managing and investing funds to meet one's long-term financial goals. It includes diversifying investments and monitoring the performance of those investments. Asset management also requires being aware of potential risks, such as inflation and market volatility, and having a plan in place to handle them. Retirement planning is a long-term process and asset management is a key component to achieving financial security in retirement. By investing wisely and managing assets effectively, individuals can maximize their retirement savings and ensure a secure retirement.