Income Related Monthly Adjustment Amounts (IRMAA) and Medicare Premiums

Interested in keeping your medical costs low in retirement? Failing to plan out key details could cost you if you’re not careful. Income Related Monthly Adjustment Amounts (IRMAA) for your Medicare Part B and Part D premiums are a prime example.

Let’s imagine that our good pal, Max Benny, doesn’t get along so well with his Aunt IRMAA. As a matter of fact, he tries to avoid her at all costs. Then one day, she shows up on the front porch, suitcase in hand, “My favorite nephew! Aren’t you glad to see me?” – I’ll take NO for 800, Alex.

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How NextGen Wealth Prepares Your Social Security Strategy

Deciding on when to draw Social Security based on only one or two factors could be a huge mistake.  As you approach retirement, your financial life doesn’t necessarily become less complicated.  In some ways it gets even more complex.

It may seem like making the right decision is pretty straightforward.  However, once you include all the different income, tax, and lifestyle variables, it isn’t that easy.  At NextGen Wealth, we help guide you through these decisions in a deliberate and methodical approach.

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How Should You Prepare if You're Forced to Retire Early?

Retiring early might sound nice, but not if you’re forced into it!  If you are forced to retire sooner than you planned, you’ll need to prepare yourself for your next chapter a bit abruptly.  You may not have saved as much money as you had hoped, or this may mean smaller dreams for you.

Regardless of what forced you to retire early, there are steps you can take to improve your financial position. Let’s talk about what you need to consider if you find yourself in this situation.

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What is the Best Social Security Withdrawal Strategy for Me?

Deciding when to draw social security benefits is one of the most important decisions you will make as a retiree.  Careful consideration of your specific situation and goals is a must.  Don’t wait until you’re eligible to make these important decisions.

NextGen Wealth takes a comprehensive look at the big picture and then “zooms in” on fitting social security benefits into your overall financial plan.  There’s a lot of guesswork in knowing your life expectancy and level of health in retirement.  However, we can still get a clear picture of when it may be best to turn on social security benefits.

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NextGen Wealth, LLC is a registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor, tax professional, or attorney before implementing any strategy or recommendation discussed herein. NextGen Wealth LLC is registered as an investment adviser in the states of Missouri and Kansas, and is notice-filed in the State of Texas. As such, it may only transact business with residents of those states and residents of any other state where otherwise legally permitted subject to exemption or exclusion from registration requirements.

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