Read about topics to help you age well, enjoy your retirement years, and navigate the intricacies of Medicare and Social Security.
See the attached chart for a high level view of which states are the most "tax friendly" for seniors.
If you click on the link below, there is additional information, including a state by state assessment of the picture for retirees.
Every Medicare recipient wants to understand their costs, especially when they go up each year. On November 6, 2020, the Centers for Medicare & Medicaid Services (CMS) announced its price increases for 2021. Here are four Medicare cost increases taking effect January 1, 2021 that you need to be aware of and understand.
The cost increase Medicare recipients are most interested in is Part B's monthly premium. For 2021, the base rate is increasing from $144.60 in 2020 to $148.50 in 2021. This is an increase of 2.6%, and only increases the Part B premium by $3.90 per month. But if you're retired and on a fixed income, such as Social Security (which is only increasing 1.3% in 2021), this is probably not a welcome increase.
If you earn over $88,000 per year as a single, or $176,000 for married filing jointly, rates are going up based on your income level, as shown in the table below.
At the very young age of 71, Bruce Springsteen has released his latest album, Letter to You, and a film of the same name that records the making of the album.
Many of the songs are about growing older and death. Yet in his article Bruce Springsteen and the Art of Aging Well in The Atlantic, author David Brooks calls the album "both youthful--loud and hard-charging--and serene and wise." Brooks also says "Letter to You is rich in lessons for those who want to know what successful aging looks like."
Active aging is now a decades-long phase of life. According to the International Council on Active Aging, it embodies fully engaging in life within all seven dimensions of wellness:
The Social Security Administration just announced a 2021 cost-of-living adjustment (COLA) of 1.3%. From the Social Security Administration's website:
"The 1.3 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021."
COLAs are implemented automatically based on the annual increase in consumer prices. This has been happening automatically since 1975, when legislation from 1972 took effect. Since that time, Social Security beneficiaries don't have to wait for a special act of Congress to receive a benefit increase.
There are a few other changes. They include:
Social Security is probably the most complex area to understand and navigate for pre-retirees and retirees. Compared with Medicare, it certainly has the most moving parts, nuances, and unique situations, which is saying a lot because Medicare is also quite complex.
Our newest book, Social Security Basics, provides the information you need to make an informed decision about when (at what age) to start collecting Social Security benefits. It's the most asked question—and hardest to answer—about Social Security. We do our best to cover all the angles to provide you with the confidence you need to make this all-important decision. This includes addressing whether you should consider collecting Social Security benefits early, before your full retirement age.
We also cover some specific topics that impact a significant number of people. They include:
It's launch time again! We're super excited to release our newest book, Medicaid for Seniors Basics. It explains how the Medicaid for seniors program for long-term care can help those who have a low in come and have exhausted their assets can pay for the long-term care they need.
It explains the income and asset requirements, how the non-applying spouse is affected, and important concepts such as:
This book can be your lifeline to paying for essential care for yourself or a loved one.
You can find this book in the Aging Energized shop.
We are very excited to announce the launch of our third course, Social Security Basics. As you're planning your retirement, understanding how Social Security works is key to knowing what your financial situation will look like. Decisions you make about when you start collecting Social Security benefits impact how much you'll receive each month. You can retire as early as age 62 and collect less than your full retirement age, or you can wait until age 70 and collect more. Understanding how this works is key to knowing when to make the leap into retirement.
The course covers many other topics, including spousal benefits (if you're divorced, did you know you may be entitle to collecting Social Security benefits based on your ex-spouse's earning history?), survivor benefits, tax considerations, how to apply for social security benefits, and much more.
The course is simple and straight forward. It includes 7 video lessons, each with a handy download summarizing what's included in...
Medicare and Medicaid sound similar, but they're actually very different. Each provides different types of assistance to help with healthcare. Both are government programs, but they are very different. Medicare is provided by the federal government (the Social Security Administration). Medicaid is provided by state governments and varies from state to state. Medicare is available to anyone age 65 and older who has worked at least 10 years in the U.S., and at any age to people with disabilities. Medicaid is only available to people with limited income and assets.
Let's look at the other differences.
Medicare is federal healthcare insurance for people 65 years of age or older. You can get Medicare under age 65 if you have a qualifying disability, including end stage renal disease (ESRD) or ALS. Medicare covers inpatient or hospital care (Part A), outpatient services (Part B), and prescription drugs (Part D). Other plans, such as Medicare Advantage (Part C) and Medigap are...
Have you visited Medicare's web page for finding and comparing nursing homes? You can enter a ZIP code, city and state, or just a state to find nursing homes and compare their ratings for health inspections, staffing, and quality measures. If you're lookig for a nursing home for yourself or a loved one, this information is extremely helpful.
But with COVID-19 and the pandemic, there are more reasons wto be concerned about nursing homes. many of the most serious COVID-19 outbreaks have been in care facilities. This means that new tools are needed to determine which care facilities have not only the best ratings, but also have the fewest COVID-19 cases.
In early June 2020, the Centers for Medicare and Medicaid Services (CMS, or CMS.gov) started posting its first set of underlying COVID-19 data for nursing homes. This is part of their effort to require nursing homes to inform residents and their families of COVID-19 cases in their...
Aging Energized has released a new eBook, Medicare Basics. Unlike many Medicare books currently available, this book is current with 2020 Medicare information. It starts at the beginning and works through the basic information you need to know about Medicare. After a short overview of Medicare's parts, you learn the details of when you need to sign up. This information alone is worth the price of the book, because it can save you from the late penalties that can become part of your Medicare premium for the rest of your life if you sign up for Medicare late.
The book then goes on to explain each of Medicare's parts in detail. This empowers you to choose the best Medicare plans for your personal situation.
Throughout the book, recommendations and guidance are provided to help you understand how information pertains to you. Examples and a case study are used to communicate key points. The closing chapters go into detail about different scenarios for what plans a person might choose and...