Working Past 65? Avoid These HUGE Medicare Mistakes
If you're working past 65, make sure you avoid these HUGE Medicare mistakes. Learn about Medicare premiums, Part B late penalty, and deferring Part B in this video!
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★☆★ABOUT THIS VIDEO★☆★
0:00 Intro
0:23 Defer Part
0:51 Original Medicare Benefits
3:30 Medicare Supplements
6:38 Medigap Enrollment
8:46 Late Enrollment Penalty
10:01 AEP
10:26 Social Security
The first mistake is waiting to start saving for retirement. While it’s never too late, it’s also never too early! And if all you can put aside is a small amount, that is certainly better than
And don’t just let your money just sit there. Make it work for you. In addition to a savings account and emergency fund you can grow your money by investing in the stock market, contributing to an HSA or FSA when available, opening an IRA, or maxing out your 401K.
Starting in the 1980s, pensions rapidly began disappearing, as the defined contribution 401(k) plan dominated. Unlike with pensions, 401(k) plans don't offer guaranteed retirement payouts, which are instead determined by the performance of the 401(k) investments
Sorry to say, they are not the same and not as good.
401Ks require participation from you and your employer. There are several ways to maximize your 401K.
First and foremost, if possible match your employer’s match. If your employer is willing to match 5%, contribute at least 5%, 10%, then at least 10%. If not, you are leaving free money on the table.
Also, if you are a higher earner, you may want to contribute up to the pre-tax limit to lower your taxable income.
This is not the end of the story. Remember there can be hidden dn management fees with 401Ks. These can majorly cut into your returns. Your account may charge you to have someone else select your investments and manage your account. You can do this yourself and possibly eliminate some of those hidden fees.
Another big mistake has to do with social security. You may get lower payment if you start collecting too soon.
Another huge potential mistake has to do with health insurance, specifically Medicare. Here are of the biggest medicare mistakes:
Part B Late Enrollment
Medicare Advantage
Medigap
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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