Social Security & Medicare
Explore a wealth of resources, including in-depth articles, practical tools, and engaging videos, all crafted to empower you in making confident choices about your Medicare and Social Security benefits.
Social Security & Medicare Basics
Make informed decisions regarding your Medicare and Social Security benefits.
Featured Content
Medicare Explained: Eligibility, Benefits, Costs, and More!
Since most Medicare recipients wish they better understood the program, we’re happy to cover the basics here including eligibility, benefits, costs, and more!
Article
Medigap Explained: Coverage, Benefits, and How It Works
While retirees often encounter many surprises, one of the most common is looming Medicare coverage gaps. Thankfully, Medigap plans are there to help.
Article
What are Medicare Advantage Plans and How Do they Work?
Over 34 million (or 54%) Medicare beneficiaries are enrolled in a Medicare Advantage plan. Find out if these plans are right for you.
Article
How to Maximize Your Social Security Benefits
In this post, we’ll outline various approaches on how to maximize your Social Security benefits so you can enjoy retirement to the fullest.
Article
Meet IRMAA:
The Medicare surcharge that catches retirees by surprise
IRMAA, or "income-related monthly adjustment amount," is an additional charge (in some cases a few hundred dollars) that may be added to your Medicare Part B and Part D premiums if your income exceeds a specific threshold.
The 2-Year "IRMAA Look-Back" Trap
IRMAA is based on your tax returns from two years prior. Therefore, Medicare premiums for age 65 are based on your tax return from age 63 and so on.
You can work and collect Social Security benefits simultaneously
While you can continue working and receive Social Security benefits simultaneously, doing so can temporarily reduce the dollar amount of your monthly check.
Benefits can be temporarily reduced
If you’ve never heard of IRMAA or are unaware of Medicare surcharges, read this post to avoid any unpleasant surprises down the road.
Social Security & Medicare Terms to Know & More!
Impress your financial advisor—or at least win the next round of Medicare and Social Security trivia at a party!
Social Security
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The Social Security Administration (SSA) is required by law to prevent inflation from eroding the purchasing power of benefits paid to recipients and does this via COLA, (cost-of-living adjustments), automatic benefit amount increases initiated by the SSA.
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You can begin receiving Social Security benefits at age 62 but aren’t entitled to 100% of them until you reach your full retirement age (FRA).
This number is based on your birthdate; if you were born after 1960, your full retirement age is (currently) 67. Knowing this number helps determine the overall impact any post-retirement employment will have on your Social Security benefits.
Medicare
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A health savings account (HSA) is an account you can use to pay for qualified out-of-pocket healthcare expenses including deductibles and copays, designed specifically to help people with high-deductible health insurance plans (HDHP) cover such expenses.
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IRMAA—which stands for “income-related monthly adjustment amount”—is the additional amount (surcharge beyond Medicare premiums) charged to higher-income beneficiaries.
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Long-term care (LTC) is defined as help you may need with “activities of daily living” (ADLs) for longer than three months due to injury, health, or cognitive impairment such as dementia, memory loss, or Alzheimer’s.
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Our country’s Medicare program consists of four parts (A, B, C, & D) that each cover specific services.
With Medicare Parts A and B (also known as “Original Medicare”), the government pays providers directly for patient services: covering patient care in a hospital or skilled nursing facility, in-home hospice, and limited home healthcare services (Part A) as well as medical services and supplies necessary to treat health conditions (Part B).
Social Security
Did you know that among Social Security beneficiaries age 65+, 39% of men and 44% of women rely on Social Security for at least half of their income? Explore our library of Social Security articles for expert guidance and practical tips to help make the most of your benefits.
Want to meet with a CFP® professional to discuss your retirement challenges?
Medicare
A recent Harris Poll survey indicates more than 7 out of every 10 Medicare participants over age 50 wish they had a better understanding of the program! Our comprehensive library will help you navigate your Medicare options with confidence.
Want to meet with a CFP® professional to discuss your retirement challenges?
Popular Questions
Find answers to common questions people ask us about retirement planning.
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Unfortunately, a one-size-fits-all approach won’t work when trying to calculate how much you’ll need to save for retirement as the answer ultimately depends on income, goals, and preferred lifestyle. Several retirement rules of thumb can help guide you, however.
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Yes, many retirement benefits are indeed taxable, but it all depends on the type of benefit and your individual circumstances.
Social Security benefits are sometimes partially taxable based on total income, for example, while traditional IRA and 401(k) withdrawals are generally taxed as ordinary income. Qualified withdrawals from Roth IRAs and Roth 401(k)s are typically tax-free, whereas pension income is typically taxable at the federal level (with some states imposing additional taxes).
Be sure to review the specific rules for each type of retirement benefit and consider your overall income when planning for taxes in retirement.
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You can have multiple retirement accounts if you’d like, with no legal limit to the number you can own. You might contribute to a 401(k) or similar plan via your employer, for example, while also personally maintaining one or more IRAs (traditional or Roth). Annual contribution limits do apply across all accounts of the same type, meaning having more isn’t advantageous in this regard.
We’re an independent Registered Investment Advisor (RIA).
Here’s what makes our retirement planning firm a little different from our competitors:
A fiduciary standard of care
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The Vision experience
With dedicated technology and the support of our in-house team of professionals, our financial advisors have the resources they need to deliver a superior experience to every client.
An integrated approach
We quarterback your other fiscal partners—such as attorneys, accountants, and insurance agents—to help coordinate all aspects of your financial life.
Collaboration with a dedicated CFP® professional
No matter your engagement level with us, your financial advisor will possess robust expertise and top credentials in the industry: upholding the highest standards with respect to ethics, objectivity, and professionalism.
A variety of engagement options
A breadth of choices means it’s easy to work with our firm, regardless of whether you’re just starting out or have accrued significant assets.
Introducing our “Am I on Track” service.
If you’ve recently googled “retirement calculator” to learn whether or not you’re on track to enjoy the retirement you envision, you’re not alone; according to Semrush, a leading marketing insights company, web users perform over 100,000 monthly searches for this exact phrase.
If you’re like most people, however, you know a retirement calculator is far too simple a tool to answer specific questions such as “Can I retire at age ____ (fill in the blank)?” or “At what age can I confidently retire?”
This is precisely where our “Am I On Track?” service comes into play; we’ll collect your financials and gather insights on your retirement goals to churn out an actual score (from 0 to 100) indicating how likely you are to reach your retirement goals. Not on track after all? We’ll outline actionable steps to get you back on course.
Our “Am I On Track?” service comes fully loaded with the following benefits:
Find out if you’re on track to retire—or the age when you can do so comfortably!
Investment portfolio analysis
Our investment review will identify your risk score and compare your current investment allocation to your ideal allocation—arming you with the knowledge you need to make any necessary changes.
Tax-planning observations
We’ll analyze your most recent income tax return to identify potential tax-planning opportunities as they relate to your current situation. Some examples include tax-efficient investment recommendations, wealth-building strategies, and strategies to maximize your charitable giving.
Social Security review
We’ll assess the degree to which Social Security (vs. other sources of income) will meet your spending needs, determining the best time to claim so you can maximize SS benefits.
Retirement map
We’ll apply everything we know about you to determine whether or not you’ll achieve your retirement goals, providing retirement income projections and thus allowing you to take any corrective action to ensure you’ll enjoy a comfortable and stress-free retirement.
Pricing and Other Considerations
Recommended for investors aged 50+, our “Am I On Track?” service includes a one-time fee of $590 due upon engagement.
See if our expertise matches with your needs.
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