Are You on Track for Retirement? Tips & Tricks!

Are You on Track for Retirement? Tips & Tricks for Retirement Planning!- Call us at iHealthBrokers today at 888-410-0344. Our services are 100% Free!

Curious about how your retirement savings compare to the national average? Want to retire early or comfortably at 65? Join us in today's video as we discuss retirement basics, Social Security, Medicare, and a health insurance saving hack to boost your retirement account. Don't forget to subscribe for more informative content every week!

★☆★ABOUT THIS VIDEO★☆★
0:00 Intro
0:50 Retirement Savings
5:22 Social Security
9:02 HSA Investments
12:59 Medicare Basics
19:56 Final Thoughts

Looking forward to retirement? Let’s talk about two big retirement topics: Social Security and Medicare.
So one of the biggest questions surrounding social security is who to collect. Let’s start there.

The minimum age to claim benefits is 62.1 If you are turning 62 and need the income from Social Security to support yourself, you can start claiming your benefits now. However, if you have enough other income to keep you going until you are older, you may want to delay increasing the size of your monthly benefit.

The size of your monthly Social Security benefit depends on several factors, including how much you earned over the years, the year you were born, and the age when you started claiming—down to the month.

You’ll receive your full monthly benefit if you start claiming when you reach what Social Security considers your full retirement age (FRA), sometimes also referred to as your normal retirement age. FRA was 65 when Social Security began, but it has been raised to 67 for anyone born in 1960 or later.

Now that you understand your FRA, you also need to understand how retiring at different ages affects your benefits.

Remember, you can claim social security benefits prior to reaching your FRA. However, you will receive a smaller payment. And those benefits will not increase once you reach your FRA, you will have a smaller payment for the rest of your life. These numbers may become important when calculating your Medicare payment. We’ll discuss that later in the video.
Similarly, if you wait until after your FRA, you will receive a larger payment. This goes up until age 70, so no need to wait longer than that.

Original Medicare is Part A and Part B. Part A is your hospital insurance and Part B is your Outpatient or Medical insurance.

There are actually two separate premiums: Most people do not pay for Part A. If you or your spouse have worked for at least 40 quarters (which is basically 10 years) and paid into Medicare payroll taxes, then there is no premium for Part A.

Part B is what we need to discuss. Your premium for Part B is based on your income.

If you have any further questions, please feel free to contact us here at iHealthBrokers at 888-410-0344 or https://ihealthbrokers.com/


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