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Blog Posts, Social Security

Should You Take Social Security at Age 62?

Most people become eligible for social security benefits at age 62. Some feel that they should claim as soon as possible to “get the most out of” what they’ve paid into social security. Others decide to retire early and claim their guaranteed income as soon as they can. Claiming social security at age 62 rather… Continue reading Should You Take Social Security at Age 62?

Blog Posts, Medicare

What is Medicare Part D?

What is Covered Under Medicare Part D? Medicare Part D covers a variety of prescription drugs. Medicare Part D is an optional benefit for those with Medicare. Medicare Part D plans and Medicare Advantage Prescription plans specifically list which brand-name and generic prescription drugs they cover. For more information about what your Medicare Part D… Continue reading What is Medicare Part D?

Blog Posts, Medicare

What is Medicare Part A?

What is Covered Under Medicare Part A? Generally, Medicare Part A covers inpatient hospital care, skilled nursing facility care, skilled nursing facility inpatient care, hospice care, and home health care. However, there are restrictions on what Medicare Part A will pay. Conditions, restrictions, and more information can be found on the Medicare website. Does Medicare… Continue reading What is Medicare Part A?

Blog Posts, Financial Planning

Step 1 of the Financial Planning Process: Discovery

Everyone has a story and the objective of discovery is for us to learn yours. Discovery involves getting to know you—everything from your goals and dreams to your needs and concerns. What Does Discovery Involve? We start with the basics. We’ll ask about your family, details about where you work, and salary information, if applicable.… Continue reading Step 1 of the Financial Planning Process: Discovery

Blog Posts, Financial Planning, Investment Planning

What are the Contribution Limits for SEPs for 2020?

The most an employer can contribute to a SEP in 2020 is 25% of compensation up to $57,000. There is no catch-up contribution for participants over 50 years old. Additionally, only employers can contribute to SEP accounts. Employees may not make contributions. SEPs are also called SEP IRAs or Simplified Employee Pension Individual Retirement Arrangements… Continue reading What are the Contribution Limits for SEPs for 2020?

Blog Posts, Medicare

What is Medicare Part B?

What is Covered Under Medicare Part B? Generally, Medicare Part B covers medically necessary services and preventative services.  This includes a variety of outpatient medical services and certain services in hospitals.  For example, Medicare Part B covers or partially covers medically necessary ambulance services, diagnostic lab tests, chemotherapy, physical therapy, and surgical procedures. What if… Continue reading What is Medicare Part B?

Blog Posts, Financial Planning, Investment Planning

What are the Contribution Limits for Individual 401(k)s for 2020?

The most that you can contribute as a self-employed person in your Individual 401(k) in 2020 is $57,000 if you are under 50 years old. If you are over 50 years old, the amount increases to $63,500. Individual 401(k) contributions are made up two parts; an employee contribution and an employer contribution. The maximum employee… Continue reading What are the Contribution Limits for Individual 401(k)s for 2020?

Blog Posts, Social Security

Should I Take Social Security at 70?

There are benefits to waiting until age 70 to claim social security. For example, waiting until age 70 will provide you with the highest net monthly payment. However, you should consider factors including your  life expectancy, your spouse’s social security strategy, and your financial needs. Waiting until age 70 to claim social security is not… Continue reading Should I Take Social Security at 70?