EP11. Social Security IRMAA Explained: 5 Key Things for Retirement Planning

UNDERSTANDING SOCIAL SECURITY IRMAA: WHAT YOU NEED TO KNOW BEFORE RETIREMENT

In this episode, Emlen discusses the Income Related Monthly Adjusted Amount (IRMAA) as it relates to Social Security benefits. He breaks down the five key things to be aware of when considering IRMAA and its potential impact on retirement planning.

Key Points:

#1 Understanding the Income Bracket Determination: Learn how the IRMAA is calculated based on modified adjusted gross income from the prior two years.

#2 Being Aware of Different Income Tiers: Explore the income thresholds and updates that may affect premium payments for high income earners.

#3 Impact on Premiums: Understand how IRMAA will increase Medicare Part B and Part D premiums based on specific income levels.

#4 Notifications and Appeals: Be informed about the notification process and the opportunity to appeal elevated premiums based on current year earnings.

#5 Retirement Planning: Consider the potential impact of IRMAA on Medicare premiums when approaching retirement and consult with financial and tax professionals for effective income management strategies.

Host’s Advice:

Stay informed about changes in rules and regulations related to retirement planning and understand the implications of drawing Social Security benefits at different ages. Additionally, carefully plan for retirement income to avoid unexpected financial burdens during retirement.

For personalized assistance with retirement planning, visit www.gennexwealth.com to schedule an appointment with the expert team.

Thank you for watching!

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EP10. What You Need To Know About Estate Planning

WHAT YOU NEED TO KNOW ABOUT ESTATE PLANNING!

In this video, Emlen discusses the important topic of estate planning. He covers the five major decisions that need to be made in an estate plan, including selecting beneficiaries, choosing a method of distribution, picking a successor trustee, appointing a healthcare power of attorney, and naming a guardian for minor children.

Tune in to our latest episode to learn all that you need to know about estate planning!

Key Points:

#1 Understanding the role of beneficiaries in estate planning

#2 Exploring different methods of asset distribution

#3 Choosing the right person or entity as a successor trustee

#4 The importance of a healthcare power of attorney in making medical decisions

#5 Considering the role of a guardian for minor children

If you want to seek assistance from Gen Next Wealth in navigating these life transitions be sure to follow us on these platforms:

Website | gennextwealth.com

Facebook | www.facebook.com/gennextwealth

Instagram | @emilesmattingly

Linked In | www.linkedin.com/in/emlen-miles-mattingly

Twitter | @emilesmattingly

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Ep. 9 Overcoming the Fears of Retirement

In this episode of Emlen Miles-Mattingly provides insights on how to overcome the fears associated with retirement. He emphasizes the importance of having clarity, harmony, and focus when it comes to retirement planning. Emlen discusses various aspects to consider, such as income sources, savings, pensions, and Social Security. He also highlights the significance of understanding your desired retirement age based on family longevity and managing debt. Additionally, Emlen emphasizes the need to focus on developing a retirement plan that aligns with your goals and executing it effectively. Tune in to gain valuable insights and tips for a fear-free retirement.

Tune in to our latest episode to learn how to overcome the fears of retirement. Discover how to manage debt and plan for your retirement.

Key Points:

#1 Clarity: Understand where your retirement income will come from, including retirement accounts, savings accounts, pensions, and Social Security.

#2 Harmony: Ensure that all the elements of your retirement plan work together smoothly, considering factors like desired retirement age and housing situation.

#3 Focus: Develop a clear plan, determining when and how the income will be received, the projected longevity of the retirement funds, and how to address debts effectively.

If you want to seek assistance from Gen Next Wealth in navigating these life transitions be sure to follow us on these platforms:

Ep. 8 Investment Return vs Investor Return

Some people are confused about the difference between investment return and investor return, and this confusion often leads to costly mistakes.

In this episode, we go over the difference between investment return and investor returns. Investor returns are influenced by investors’ decisions and emotional reactions, while investment return refers to the success of an investment over a defined period of time. We also emphasize the importance of consulting with financial experts during unpredictable market periods, as emotions can lead to mistakes in investment strategies. Having a long-term plan in place is crucial. Moreover, for peace of mind and achieving financial goals, it is important to seek professional assistance if you don’t already have a plan or advisor.

Tune in to our latest episode to learn the difference between investment return and investor returns. Discover how working with financial experts during unpredictable market periods and having a solid long-term plan can make all the difference. 

Key Points:

#1 Understanding investment return

#2 How emotions can impact investor returns

#3 Tempering enthusiasm 

#4 Being more optimistic during challenging periods

#5 Importance of having a well-defined strategy and working with a financial professional

If you want to seek assistance from Gen Next Wealth in navigating these life transitions be sure to follow us on these platforms:

Ep. 7 5 Things to Consider When You are Ready to Retire

When planning for retirement, many of us believe that having savings is enough. However, there are still many factors to consider.

In this episode, we will discuss the things to consider when you are ready to retire. First, it’s essential to manage your expenses because understanding your expenses and debts, including mortgages and vehicle costs, is crucial to determine what will remain the same and what will change in your retirement. Additionally, evaluate your health insurance options, especially if you are retiring before the age of 65 and need to bridge the gap until you receive Medicare. Remember the importance of having a clear plan to fully enjoy your retirement.

Ready to make the most of your retirement? Tune in to this episode for essential tips on managing expenses, navigating health insurance, and creating a clear retirement plan. 

Key Points:

#1 Importance of understanding and managing expenses in retirement

#2 Healthcare options and expenses in retirement

#3 Retirement goals

#4 Estate plans

#5 Understanding Social Security

If you want to seek assistance from Gen Next Wealth in navigating these life transitions be sure to follow us on these platforms:

Ep. 6 Annuities 5 Things You Should Know

We must always keep in mind that before investing, we should first understand its complexity, risks, and benefits.

In this episode, we will discuss how annuities can be complex and might not be the best investment for everyone. There are several potential drawbacks to consider, such as their complexity, high costs, lack of liquidity, limited market upside, and tax implications. When talking about complexity, there are several different types of annuities, but two of the popular ones are variable annuity, index annuity, and fixed annuity. It is also considered high cost because of the upfront commissions, which can range from 4% to 7%. It is important to fully understand these factors before investing in annuities.

Join us in unraveling the complexities of annuities and making informed investment choices. Tune in to our episode to discover the pros and cons you need to know before considering annuities. Your financial future depends on it!

Key Points:

#1  Annuities as complex financial products

#2 Complexities associated with annuities

#3 Annuities being costly

#4 Lack of liquidity

#5  Limited market upside

#6  Understanding the tax implications of annuities in retirement

If you want to seek assistance from Gen Next Wealth in navigating these life transitions be sure to follow us on these platforms:

Ep. 5 4% Withdrawal: Is It Enough?

When we retire, we often wonder how we can sustain our lifestyle for the rest of our lives with the savings we have.

In this episode, we’ll discuss many guidelines and spending strategies for your retirement. We will establish the “4% rule,” which states that pensioners should be able to live comfortably for up to 30 years on an annual withdrawal of 4% of their accumulated assets. Determining withdrawal plans also involves taking into account variables like retirement expenses, including unforeseen medical costs, market changes, and personal tax rates. So, it is advised to create a budget and seek professional advice to achieve financial security in retirement.

Tune in to this episode to learn more about the ‘4% rule’ and essential strategies for a worry-free retirement. Don’t leave your financial future to chance. Take the first step towards securing your retirement today. Remember, it’s never too early to start planning!

Key Points:

#1  Importance of saving for retirement and accumulating assets

#2 The 4% rule 

#3 How much are your expenses going to be in retirement

#4 Unforeseen expenses in retirement, such as medical expenses

#5 Impact of market fluctuations on withdrawal strategies

#6 Personal tax rate

#7 Budgeting and spending limits

If you want to seek assistance from Gen Next Wealth in navigating these life transitions be sure to follow us on these platforms:

Ep. 4 Is $1,000,000 Enough to Retire?

How far would 1 million go in retirement? In the past, a million dollars would have been sufficient for a comfortable retirement. Let’s explore in this episode if this still holds true today.

In this episode, we’ll discuss the importance of considering various factors such as location, expenses, healthcare costs, long-term care, taxes, and lifestyle choices in retirement planning. It is important to be aware of these factors and to seek personalized advice based on your individual circumstances.

Evaluating where you’re at will provide you with a solid starting point when planning for retirement. Tune in now!

Key Points:

#1  The Value of $1 Million

#2 The Impact of Location on Retirement Funds

#3 Impact of Investment Performance

#4 Changing Expenses in Retirement

#5 Importance of Health Care Expenses

#6  Long-Term Care Considerations

#7 Taxes in Retirement

#8 Lifestyle Choices in Retirement

If you want to seek assistance from Gen Next Wealth in navigating these life transitions be sure to follow us on these platforms:

Ep. 3 Social Security 62, 65, 67, 70?

We often overlook the significance of social security as we age or make the transition to retirement. However, understanding its importance can greatly benefit us later in life.

In this episode, We’ll talk about the various ages at which you can start receiving Social Security. In early retirement, which includes taking it at age 62, will result in a permanently lower benefit. Depending on the year of your birth, your full retirement age might range from 65 to 67 and if you wait until this age, your benefit will increase by about 8% annually. Although it may not always be possible, delaying until age 70 can have the most benefits. Taxes, investment performance, and family lifespan should all be taken into account while making a choice. 

Join us for this informative episode on Social Security and retirement options. By listening, you’ll gain valuable insights into when to start receiving Social Security. Don’t miss out on this essential guidance for securing your financial future!

Key Points:

#1  About social security and retirement options

#2 Social security at 62 (early retirement)

#3 Full retirement age at either 65 or 67 

#4 Benefits of delaying retirement until age 70

#5 Provisional income and its impact on taxation of Social security benefits

#6  Factors to consider in decision-making

If you want to seek assistance from Gen Next Wealth in navigating these life transitions be sure to follow us on these platforms:

Ep. 2 Emotional & Psychological Challenges During Retirement

Majority of people believe that retirement is a time for relaxation and freedom from daily life worries, however, retirees often discover they still face various challenges during this period.

In this episode, we’ll go through concerns that retirees face emotionally and psychologically, as well as solutions for overcoming them. When leaving a professional career, one difficulty is the loss of identity or purpose. It’s critical to restore your sense of self by engaging in interest-based hobbies and pastimes, such as reading or fishing. Next on the list are the common issues of loneliness and social isolation in retirement, both of which can impair health. People will have a lot of depressive thoughts when they are dealing with this loneliness and social isolation. So, in order to overcome this, socializing and getting help are required. To fully appreciate the planned activities and goals in retirement, keep in mind how important it is to focus on your emotional and psychological well-being.

Ready to learn more about the emotional and psychological aspects of retirement? Tune in to this episode for valuable insights and practical solutions. Don’t miss out on a happier, more fulfilling retirement journey!

Key Points:

#1 Loss of identity and purpose

#2 Reestablishing your purpose and identity 

#3 Loneliness and social isolation

#4 Mental health concerns in retirement

#5 Fear of outliving retirement savings

#6 Prioritizing mental health in retirement planning

If you want to seek assistance from Gen Next Wealth in navigating these life transitions be sure to follow us on these platforms: