Featured Archives - Coliday | Courses & Coaching
Category Archives for "Featured"

A few of our most popular posts

Medicare Update: What to do about Annoying Medicare Marketing Vultures

(LISTEN - Audio transcript from video) 

In this vlog I share my opinion on the Medicare Marketing Vultures that surface during the AEP (Annual Election Period) time of year and what you can do about it.

(WATCH)

I'm here to talk to you a little bit more about Medicare and this time of year called AEP which is annual election period and the scammers that are going to try and get into your head and try and steal away your business and steer you towards something that isn't true.

MEDICARE UPDATE
Annual Enrollment Period
Oct 15th - Dec. 7th


And the marketing activities of people who are very unethical about this calling you and telling you you have better options better things that are available and perhaps you do but for the most part if you're happy with your plan or you're going into a plan you don't want somebody misleading you just to get your business for a sale.

I don't operate that way! I look at things completely different and try and be very transparent and uphold a high level of ethics. I'm not here for the sale. I'm here to help you because this is a lifelong activity for you when you move into the Medicare world.  If you have any questions or you're getting inundated- and every year a lot of clients call me and say I'm getting all these calls, and I'm get all this stuff in the mail and I'm getting texts and I'm making me question do I have the right plan?


My first question is, has the plan been working for you? Typically they say that's working great with no problems at all. I say it is just the scammers, the vultures that are out there trying to get your business and it happens every year at this time. Unfortunately I can't do anything to stop it but if you do need help you do have questions, this is the time of year you can leave a comment below or you can email me text or call and I'd be happy to help you.

Hopefully this information and video will help you or someone you know.

Once you've watched the video, call, text or schedule an online appointment for additional information and a free consultation.

(949) 216-8459

Thank you for the opportunity to serve you!

I look forward to helping you build a better future. Understanding your many options will help you develop the critical skills you need to succeed.  

With Your Success In Mind,
Craig

Picture with my wife Karyn, Mammoth Lakes, CA

Problems accessing? Click Here.

Craig Colley
CA Lic. #0I48609 | TX Lic. #2231474 | TN Lic. #24395 | FL Lic. # W74383085

Coliday Insurance | Consulting
Email: ccolley@coliday.com

Cell / Text: (949) 216-8459
Laguna Niguel, CA 92677
www.coliday.com

Medicare Update: Make a List of Your Prescriptions For AEP Annual Election Period

(LISTEN - Audio transcript from video) 

This is another Medicare Update on the importance of making a list of your prescriptions. A current list with the frequency, dosage, name and whether it's a generic or brand name. 

(WATCH)

Make sure they will still be on your plan going forward and this is very important to do because with a PDP - prescription drug plan this is the only time of year during AEP (the annual election period which is October 15 through December 7th) to do so.

MEDICARE UPDATE
Annual Enrollment Period
Oct 15th - Dec. 7th


This is also the time when you can make adjustments to your plans if you have a Medicare Advantage Plan.. Make sure you put your list together ahead of time so you've got plenty of time to make adjustments and pick the right plan if in fact you need to make a change. I'd be happy to help you.

Hopefully this information and video will help you or someone you know.

Once you've watched the video, call, text or schedule an online appointment for additional information and a free consultation.

(949) 216-8459

Thank you for the opportunity to serve you!

I look forward to helping you build a better future. Understanding your many options will help you develop the critical skills you need to succeed.  

With Your Success In Mind,
Craig

Picture with my wife Karyn, Mammoth Lakes, CA

Problems accessing? Click Here.

Craig Colley
CA Lic. #0I48609 | TX Lic. #2231474 | TN Lic. #24395 | FL Lic. # W74383085

Coliday Insurance | Consulting
Email: ccolley@coliday.com

Cell / Text: (949) 216-8459
Laguna Niguel, CA 92677
www.coliday.com

8 Tips for Self-Care When You Have Cancer

(LISTEN - Audio transcript from video) 

A cancer diagnosis tends to dominate all aspects of our lives. From tests, waiting for results, treatment, side effects, surgeries, it can make us feel an unimaginable amount of fear and frustration.

The complete lack of control from our situation seems daunting and often hopeless. As grim as it may seem there are many things we can control for a better experience living with the big “C”. We can still make decisions and choices that will help us navigate this unfamiliar territory on this unexpected journey.

(WATCH)

Part 1 of 4

Part 2 of 4

Part 3 of 4

Part 4 of 4

Self-care is one of the best ways to start. Caring for ourselves is not selfish or self indulgent.
It is a practical way to deal with our new normal.

Routine self-care practices can change and even eliminate some of the unfavorable effects of anxiety, stress and sleep disorders commonly experienced when dealing with cancer.

Insight...
"Not everything about having cancer is negative.
It changes your perspective. Suddenly every aspect of life becomes more meaningful than ever before".


It is entirely possible to change your viewpoint and fragile disposition by the choices you make each and every day.  You can choose to have a good day or you can choose to have a bad day. 


Here are some ideas to help you have a better day… every day.

  • Slow down. Find time for you, your body and mind. Don't let other people's agendas dictate what you do with your time and your energy.
  • Make and take time for yourself. Start a hobby such as gardening, crafts, art, dancing, cooking and enjoy more music and reading.
  • Start a journal. Write poetry, lyrics, stories, letters (remember you don’t have to send them) or start a blog.
  • Nourish your body. Eat the best foods possible for your condition. Your body is capable of doing amazing things when it receives an abundance of fortified foods for proper nourishment.
  • Light exercise and spend more time with people you care about. Taking a walk, stretching, light calisthenics and cardio workouts are extremely beneficial. Getting out and moving around helps to motivate one to socialize more with others. It does so much good to keep your mind and body focused on the positive things life has to offer. 
  • Prioritize sleep. Getting proper rest is essential to help with healing or recovery.
  • Protect your time. Saying "no" when you would usually say “yes” is crucial when overwhelmed.
  • They do care. Don’t hold your friends and family hostage if they lack some interest in your journey with your disease. They still love and care about you. Realize they are busy with their lives, just like you.


Hopefully this information and video will help you or someone you know.

Once you've watched the video, call, text or schedule an online appointment for additional information and a free consultation.

(949) 216-8459

Thank you for the opportunity to serve you!

I look forward to helping you build a better future. Understanding your many options will help you develop the critical skills you need to succeed.  

With Your Success In Mind,
Craig

Picture with my wife Karyn, Mammoth Lakes, CA

Problems accessing? Click Here.

Craig Colley
CA Lic. #0I48609 | TX Lic. #2231474 | TN Lic. #24395 | FL Lic. # W74383085

Coliday Insurance | Consulting
Email: ccolley@coliday.com

Cell / Text: (949) 216-8459
Laguna Niguel, CA 92677
www.coliday.com

Medicare Update 2022 Plan B Rate & Deduction Increases

(LISTEN - Audio transcript from video) 

Today I’m talking about Medicare rate and Part B deductible changes for 2022. 

 So what does this mean? 

 Part B of Medicare is the 80 percent that Medicare covers for medical purposes, doctors, specialty visits like radiation, chemotherapy, lab tests etc.  It has a premium associated with it. If you are drawing social security and receiving your social security benefit you'll see that's already been deducted. You may be paying out of pocket because you haven't drawn social security yet, which is an out-of-pocket expense usually paid on a quarterly basis.

(WATCH)

 In any given year only 9-11% of people need to change plans, so chances are you won’t need to do anything.

This is also the period during which people on Medicare Advantage Plans can choose to drop their Medicare Advantage Plan to return to Traditional Medicare.

Any plan changes made during this AEP will go into effect on January 1st, 2022.

MEDICARE UPDATE

In 2022 Part B is increasing to $158.50 

Largest increase we've seen in six years


In 2021 that amount was $148.50. in 2022 all estimates are showing it's going to be $158.50 which is the largest increase we've seen in about five or six years. 

 Part b deductible is going from $198 to $203. Those are the estimated numbers and not so much of an increase there. 

If you have a Medicare Advantage plan some plans have zero premium and other plans have a little bit of premium associated with them. Different from a Medicare supplement plan but those are actually going down a little bit. The national average was around $21 to $22 and it's going down to $19 so a little bit of a break there. 

 In most prescription drug plans (PDP) there is a deductible built in that you have to meet before some of the coverage kicks in and in 2021 that number was $435. Now the deductible is going to $445 for 2022. Those are the estimates that I have thus far. 

 As for carrier increases for Medicare supplement plans we're not exactly sure but typically they're 2 to 3 percent and sometimes as high as 4, 5 to six percent. It depends on the economy and what's going on that year and now with Covid it's really hard to say what exactly is going to happen but you can always expect a rate increase. What else is new right? However if you have a Medicare advantage plan and you do have a zero premium plan there is no rate increase. Your max out of pocket expense may be a little bit more or a little bit less depending on the plan and the changes for the next planned period which is 2022 starting January 1st. 

 AEP is the time of year called annual election period from October 15 through December 7th where you can switch, make plan changes or disenroll from a Medicare advantage plan or change your prescription drug plan. If with a Medicare advantage plan, the drug plans are built inside the plan under one umbrella so to speak. If you have a Medicare supplement plan, you typically have a second plan called a prescription drug plan (a pdp) for your drug coverage and this is the time of year during AEP you can change that plan or modify it. I Suggest that you take a look at that and if you have someone who helps you with this make sure you get together with them.

Step 1 of 2: Watch this video ‘Medicare Update 2022 Plan B Rate & Deduction Increases’. Please do this before anything else as the video contains important rate and deduction changes.

Step 2 of 2: Once you've watched the video, call, text or schedule an online appointment for additional information and a free consultation. (949) 216-8459

Thank you for the opportunity to serve you!

I look forward to helping you build a better future. Understanding your many options will help you develop the critical skills you need to succeed.  

With Your Success In Mind,
Craig

Picture with my wife Karyn, Mammoth Lakes, CA

Problems accessing? Click Here.

Craig Colley
CA Lic. #0I48609 | TX Lic. #2231474 | TN Lic. #24395 | FL Lic. # W74383085

Coliday Insurance | Consulting
Email: ccolley@coliday.com

Cell / Text: (949) 216-8459
Laguna Niguel, CA 92677
www.coliday.com

Medicare AEP Annual Election Period

(LISTEN - Audio transcript from video)

Your mailbox is full, the TV ads are running and endless Facebook and Instagram ads are posting.

This year, more than ever, so much misinformation is gushing into your life from every vantage point that you might believe everything in the Medicare world is changing. It's NOT!

My #1 goal has always been to give you the TRUTH so you can make confident coverage choices. (Watch 59 Sec.Video) your text here.

(WATCH)

 In any given year only 9-11% of people need to change plans, so chances are you won’t need to do anything.

This is also the period during which people on Medicare Advantage Plans can choose to drop their Medicare Advantage Plan to return to Traditional Medicare.

Any plan changes made during this AEP will go into effect on January 1st, 2023.

MEDICARE UPDATE

Annual Enrollment Period is Approaching

Oct 15th - Dec. 7th


Many people confuse this Medicare Open Enrollment Period as the time they can change their Medicare Supplement or Medigap Plans, too, but Medigap/Medicare Supplement insurance is not subject to this annual "AEP" Enrollment Period.

This video and information below will help you determine what you need to do and how I can help.


Many people confuse this Medicare Open Enrollment Period as the time they can change their Medicare Supplement or Medigap Plans, too, but Medigap/Medicare Supplement insurance is not subject to this annual "AEP" Enrollment Period.

This video and information below will help you determine what you need to do and how I can help.

Step 1 of 2: Watch this video ‘Medicare Update 2023 Annual Enrollment Period’.Please do this before anything else as the video contains important dates and plan options.

Step 2 of 2: Once you've watched the video, call, text or schedule an online appointment for additional information and a free consultation. (949) 216-8459

Thank you for the opportunity to serve you!

I look forward to helping you build a better future. Understanding your many options will help you develop the critical skills you need to succeed.  

With Your Success In Mind,
Craig

Picture with my wife Karyn, Mammoth Lakes, CA

Problems accessing? Click Here.

Craig Colley
CA Lic. #0I48609 | TX Lic. #2231474 | TN Lic. #24395 | FL Lic. # W74383085

Coliday Insurance | Consulting
Email: ccolley@coliday.com

Cell / Text: (949) 216-8459
Laguna Niguel, CA 92677
www.coliday.com

Protect Yourself from Free Mask Offer for Medicare Number Scam

As a AHIP Certified Medicare Advisor I was notified by the medicare.gov regarding this Scam Alert and now I am sharing the information with you.

Free masks for your Medicare Number? Don't fall for it.  

Have you gotten robocalls, text messages, or emails offering free face masks? Or maybe you've seen social media posts about free COVID-19 testing kits, "cures," or protective equipment?

Unfortunately scammers are using the COVID-19 pandemic to try to steal your Medicare Number and personal information. If anyone reaches out to get your Medicare Number or personal information in exchange for something, you can bet it's a scam.1

What to do

1. Hang up!
2. DO NOT give them money or personal information!
3. Report the scam at https://www.medicare.gov/forms-help-resources/help-fight-medicare-fraud/how-report-medicare-fraud!

Medicare may call you in
some situations but will never

  • Threaten you
  • Suspend your Medicare Number
  • Demand immediate payment from you
  • Require payment by cash, gift card, pre-paid debit card, or wire transfer
  • Ask for gift card numbers over the phone or to wire or mail cash

What to look out for

The call or email says "free masks for your Medicare Number? Don't fall for it!

Someone asking you to pay a fine or debt with retail gift cards, wire transfers, pre-paid debit cards, internet currency, or by mailing cash.

Scammers pretend they’re from Medicare, Social Security or another government agency. Caller ID or documents sent by email may look official but they are not.

Callers threaten you with arrest or other legal action.

Protect yourself, friends, and family!


I hope this information on the Medicare Scam Alert was helpful. Please share with your family and friends. Contact me with any questions or concerns.

As always, plan wisely my friends,

Finding a reputable and trusted partner to assist you with your social security, Medicare, financial & insurance needs is of vital importance.  I will work hard to find the best programs, coverage and rates that fits your budget and your needs. Contact me at 949-216-8459 or ccolley@coliday.com

Click here for other articles about Medicare 

Information and materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice. The above information is not intended to provide, and should not be relied on for, tax, legal, accounting or investment advice.
Coliday / Craig Colley is not giving any financial , tax or legal advice, is not a financial advisor and is not affiliated, employed or endorsed by the SSA, Medicare.gov. or any other government agency.

Is the Coronavirus infecting your money?

This might be the time to look at finally diversifying a portion of your portfolio into something safe. My clients this week did not lose a dime in their safe money accounts because of the way we have it set up.

Transcription from Video: (easier to watch the video)

Hello there Craig Colley  here again. Today we are talking about the Coronavirus. Is it infecting your money? now once again I'm here to not alarm you but to arm you. I'm gonna make three quick points.

Number one: the stock market. this is a stock tracker on my phone that I track every day and every day this week has been all red across the board. So if you have money in the market the majority of what you have made from the beginning year has been wiped out at this point and continues to decline. something to consider. not a good place to be a lot of people will say buy and hold but do you want to buy and hold and lose ever?  my clients don't 

Number  two:  this virus they say is affecting three major industries; travel, investments and life insurance. there are many things to consider when it comes to that along with the tariff wars and this is a presidential election year. so lots of all the things going on.

Number three: this might be the time to look at finally diversifying a portion of your portfolio into something safe. my clients this week did not lose a dime in their safe money accounts because of the way we have it set up.

You're going to have some things  throughout your lifetime with bills and expenses like taxes, utilities, health care costs, insurance premiums they're never going to go away. we can construct a plan so the essentials are taken care of and that's what I've done with many of my clients. I'm offering that to you today to finally take a look at it. It will only take a few minutes by just clicking the link below. This way you can actually be more aggressive in your other investments because you'll have safe money management for the essentials that you're going to need going forward. 

It's the time to check it out. click the link below. don't put it off again and I look forward to speaking with you soon. Let's not let that coronavirus infect  your money. let's quarantine it. who knows when a solution  is going to come.  We hope and pray it comes soon but in the meantime there are many things you can do to prepare and I encourage you to do so.Until that time I hope to speak with you soon. take care,  God bless and have a great day.


Interested in learning more about retirement income through annuities? Please contact me and I will clearly explain what options are available. FYI: remember you do not need to have a 401k to have a tax deferred annuity. Please share with your family and friends. Contact me with any questions or concerns.

As always, plan wisely my friends,

Finding a reputable and trusted partner to assist you with your social security, Medicare, financial & insurance needs is of vital importance.  I will work hard to find the best programs, coverage and rates that fits your budget and your needs. Contact me at 949-216-8459 or ccolley@coliday.com

Click here for other articles about Annuities 

Information and materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice. The above information is not intended to provide, and should not be relied on for, tax, legal, accounting or investment advice.
Coliday / Craig Colley is not giving any financial , tax or legal advice, is not a financial advisor and is not affiliated, employed or endorsed by the SSA, Medicare.gov. or any other government agency.

1 Various reference sources: Investment News, USA today, Yahoo Financial

Annuities are coming to 401(k)s

The SECURE ACT will make it possible for employer-sponsored plans to add insurance products to their retirement plans.

The SECURE ACT provided a gateway to get annuities into 401(k)s, and many plans could begin to incorporate those insurance products as soon as this year. The new, wide-ranging legislation will lead to substantial changes in the private sector retirement savings system, including several provisions that could affect how workers view retirement income and annuities.

FYI: You do not need to have a 401k to have a tax deferred annuity. They are available to anyone who qualifies.

Currently, annuities are seldom included as options within 401(k)s. Most people do not realize the same tax advantages of 401k's also applies to dollars rolled into an annuity. With RMD's (required minimum distribution) being moved back to 72 from 70½ (applicable to those individuals who turn 70½ after December 31, 2019) is also an advantage for retirement planning with the new Secure Act.

The new law will lead over time to an enormous amount of annuities included as common practice instead of being the anomaly and make it easier for plan sponsors to add annuities to their plan menus. Under the SECURE Act, in-plan annuities are portable, as 401(k), 457 and 403(b) plans can make distributions between trustees after a participant leaves an employer for a new job. The new rules also help shield plan sponsors from lawsuits by providing a so-called “safe harbor” for their selection of annuity providers. Litigation is a major concern for employer-sponsored retirement plans, and a lack of clarity on the factors sponsors must consider in choosing insurers and their products has kept annuities from being widely used in DC (defined-contribution) plans for years, the insurance industry has contended.

One requirement in the new law could encourage savers to give more consideration to annuities

Annual 401(k) statements will be required to show an estimate of a participant’s monthly income in retirement if their projected balances were used to buy an annuity.

That aspect of the law will not become effective until the Department of Labor passes a regulation outlining how the retirement income disclosures must be presented.

With an increased focus on people spending down their assets, one of the issues a participant may face is how are they going to figure out the right allocation to make to a guaranteed-income product.

One option could automatically shift a participant’s assets from target-date funds to managed accounts over time. The managed accounts allow allocations to annuities. Participants will certainly need guidance on how to start withdrawing their account balances and may have a hard time making the mental shift to start spending down their plan [assets].

Once plan participants retire, they can take a distribution from their accounts or roll their assets into an IRA but after that, many people leave the money untouched until they hit the age at which they’re required to start taking distributions.

There’s a lot more opportunity to help participants through the experience and many people say...

they really love the idea of guaranteed income, but they don’t love the idea of annuities.

This usually comes from a complete lack of understanding of how annuities work and how beneficial they can be in the right situation.

Once participants begin seeing retirement income estimates on their statements, that could change their savings habits and make them more open to the idea of insurance products. In addition to lifetime income annuities, plans will likely also consider fixed indexed annuities and structured annuities.

For employers, adding retirement income options to plans makes sense, both from a practical and freedom to choose standpoint. The first companies to begin adding annuities to their plans will likely be large firms that have long-tenured and highly compensated employees. One of the problems that employers might face is when their employees get to retirement age, if they don’t feel ready to retire, they won’t. By addressing retirement income, a business will be able to manage their workforce more effectively.

An annuity option will be extremely beneficial to both the employer and employee.


Interested in learning more about retirement income through annuities? Please contact me and I will clearly explain what options are available. FYI: remember you do not need to have a 401k to have a tax deferred annuity. Please share with your family and friends. Contact me with any questions or concerns.

As always, plan wisely my friends,

Finding a reputable and trusted partner to assist you with your social security, Medicare, financial & insurance needs is of vital importance.  I will work hard to find the best programs, coverage and rates that fits your budget and your needs. Contact me at 949-216-8459 or ccolley@coliday.com

Click here for other articles about Annuities 

Information and materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice. The above information is not intended to provide, and should not be relied on for, tax, legal, accounting or investment advice.
Coliday / Craig Colley is not giving any financial , tax or legal advice, is not a financial advisor and is not affiliated, employed or endorsed by the SSA, Medicare.gov. or any other government agency.

1 Various reference sources: Investment News, USA today, Yahoo Financial

Protect Yourself from Social Security Scams

As a certified Social Security Advisor I was notified by the Social Security Administration regarding this Scam Alert and now I am sharing the information with you.

Scammers are pretending to be government employees. Scammers will try to scare and trick you into giving them your personal information and money. They may threaten you or your family and may demand immediate payment to avoid arrest or other legal action.1

DON'T BE FOOLED!
IF YOU RECEIVE A SUSPICIOUS CALL:

1. Hang up!
2. DO NOT give them money or personal information!
3. Report the scam at OIG.SSA.GOV!

Social Security may call you in
some situations but will never

  • Threaten you
  • Suspend your Social Security Number
  • Demand immediate payment from you
  • Require payment by cash, gift card, pre-paid debit card, or wire transfer
  • Ask for gift card numbers over the phone or to wire or mail cash
  • What to look out for

    The call or email says there is a problem with your Social Security Number or account.

    Someone asking you to pay a fine or debt with retail gift cards, wire transfers, pre-paid debit cards, internet currency, or by mailing cash.

    Scammers pretend they’re from Social Security or another government agency. Caller ID or documents sent by email may look official but they are not.

    Callers threaten you with arrest or other legal action.

    Protect yourself, friends, and family!

    • If you receive a questionable call, hang up and report it at oig.ssa.gov
    • Don’t be embarrassed to report if you shared personal information or suffered a financial loss
    • Learn more at oig.ssa.gov/scam
    • Share this information with others

    I hope this information on the Social Security Scam Alert was helpful. Please share with your family and friends. Contact me with any questions or concerns.

    As always, plan wisely my friends,

    Finding a reputable and trusted partner to assist you with your social security, Medicare, financial & insurance needs is of vital importance.  I will work hard to find the best programs, coverage and rates that fits your budget and your needs. Contact me at 949-216-8459 or ccolley@coliday.com

    Click here for other articles about Social Security

    Information and materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice. The above information is not intended to provide, and should not be relied on for, tax, legal, accounting or investment advice.
    Coliday / Craig Colley is not giving any financial , tax or legal advice, is not a financial advisor and is not affiliated, employed or endorsed by the SSA, Medicare.gov. or any other government agency.

    3 Drawbacks to Early Retirement

    Being early can be considered a virtue. Just think of some of the proverbs that we’ve all heard hundreds of times over the years: 

    “The early bird gets the worm.”

    “Early to bed and early to rise makes a man healthy, wealthy and wise.”

    There are many situations where being early can be a good thing. But when it comes to retirement, going too early can actually have drawbacks. That’s certainly not the case for everyone, but you’ll want to carefully evaluate your situation before you make any decisions.

    Early retirement can be an intriguing prospect for many people. No more 40-hour work weeks. No more setting the alarm clock every morning. You might even finally have time to chase those “someday” plans and dreams. But the challenges are addressed in a recent article from The Motley Fool, “3 Downsides to Early Retirement¹.”

    The first downside in the article deals with your retirement savings. Retirement itself can be expensive. If you want to retire early, it becomes even more so. You’ll need to save more because you’ll have more retirement years to cover financially. And you’ll have less time to save that money. How will you determine how much you should be saving?

    You may want to start by creating a retirement budget. This would entail weighing your current and potential expenses. Working with your financial services professional can help you determine an estimate of your monthly expenses and what you’d need to save now to be prepared for your early retirement date.

    For many retirees, healthcare is likely to be a major expense. When you combine Medicare premiums, Medicare gap coverage, long-term-care insurance, prescriptions and more, healthcare can become a large part of your budget. To reach an estimate of your monthly costs, you can add up the costs you already know, like fixed monthly costs of premiums and other anticipated amounts. Depending on your individual situation, you may consider increasing your monthly contributions to a Health Savings Account if you have years left before you retire.

    But that leads us to the second early retirement drawback: You won’t have access to Medicare until age 65. This means that any healthcare costs that you incur before you turn 65 will need to be accounted for as well.

    The third and final drawback is that part of your income in retirement is likely going to come from Social Security. But you can’t get that portion until you’re 62, at the very earliest. So, if you plan on retiring before 62, you’re going to need to rely on your personal savings for your monthly income. Also, if you decide to claim at age 62, you’ll lose out on a potentially higher benefit. Filing for your Social Security benefits at your full retirement age is the only way to ensure you get your full Social Security benefit.

    Retiring early may be your dream. But to make that dream a reality you’re going to have to address these challenges and more. You will need to save more money in less time. Find a way to cover your healthcare costs before Medicare is an option. And you’ll have to determine your monthly income before Social Security can be used as a supplement to your savings.

    Early retirement is not impossible. But it takes a thorough strategy.

    Ask how we can help you begin to address these challenges.

    Partial Article Source: ¹ https://www.fool.com/retirement/2019/10/03/3-downsides-to-early-retirement.aspx

    1 2 3
    >