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They mentioned in the video when interest rates go up lump sum goes down. I'm in the same boat. I think they will cut interest rates within the next three or four months. One thing, they didn't mention is the possibility of delaying taking it.The other thing they didn't mention is.How safe is it?What if the company goes out of business?I think they are insured to a certain amount.

@@Sky1 well sir mine is a private pension plan and the long term payment would only be about £30 weekly and I need to claim housing benefit so it would be taking all that with the rent and could involve alot of hassle your opinion please

Hi! Thanks for watching. As you know, the cost is based on several factors, including age, whether you smoke, how many people are covered on your plan, the health insurance company, your location, the benefit design, and your household income. It can be a big difference compared to what you are paying under your employer's health care plan.

Hi Rob. We are sorry you feel that way, and wish you the best in retirement!

Hi Rob. Thanks for watching. COBRA is an option for some people who want to retire before Medicare eligibility. For some, the additional health care cost at age 63.5 is worth the 18 extra months of retirement. The additional health care cost is not for others, and they choose to work until they are Medicare eligible. We like to ensure people know their options and help them understand how these choices will impact their retirement plan.

Hi! Thanks for watching. Taking advantage of COBRA to retire before Medicare eligibility is a good strategy if it makes sense financially and the insurance plan provides you with the coverage you need.

Hi Frank, Yes, you are correct! COBRA coverage only lasts 18 months, so someone considering working until age 65 could retire at age 63.5 and use COBRA for 18 months until Medicare eligible. If you have any more questions, go to RetireReadyCall.com to schedule a call with one of our retirement planners. Thanks for watching!

It's true, COBRA can be pricey. For some, its worth the extra cost. A retirement planner can help you look at all your income sources to learn how retiring before Medicare eligibility can impact your plan. Go to RetireReadyCall.com to schedule a call. Thanks for watching.

Hi Mark. Thanks for watching and sharing your perspective. Retirement can become a necessity and not optional due to declining health. Alternatively, we find that many of the families and individuals we work with, love their jobs and have rewarding careers- they just come to a point (whether it's at age 55 or 75) where they want to spend more time on hobbies, travel, and grandkids. Some fully retire, while others partially retire. Their motivation shifts, it doesn't go away. Our goal is to help them fund their retirement lifestyle.

Thanks for your comment. A cost-of-living adjustment (COLA) is an increase made to Social Security and Supplemental Security Income (SSI) to counteract the effects of rising prices in the economy-called inflation.

Hi Toni! Thanks for watching, that's a good question. RMD stands for required minimum distributions. RMDs are the minimum amounts you must withdraw from your retirement accounts each year. You generally must start taking withdrawals from your traditional IRA, SEP IRA, SIMPLE IRA, and retirement plan accounts when you reach age 73. For some, RMDs can cause a big tax headache in retirement. If you'd like to talk to a retirement planner about tax savings strategies, go to RetireReadyCall.com to schedule a call.

Thanks for watching! We understand COBRA can be pricey, but for some, having the option is worth the extra cost. A retirement planner can help you look at all your income sources to see how the decision to retire before Medicare eligibility impacts your overall plan. Then, you can decide if $1600 a month is worth retiring a year and a half earlier than planned. Go to RetireReadyCall.com to schedule a call with one of our retirement planners.

We hope you are using the savings to plan for the retirement of your dreams! Thanks for your comment; we hope it will inspire others to work with a retirement planner to create a plan!

That’s a lot higher than Maine but I’m also looking at the lower out of pocket. All the best

Congrats! This is the power of a comprehensive retirement plan. Thanks for watching!

Hi Megan. That is a great question. The traditional IRA contribution limit and the 401(k) contribution limit are separate. For 2023, you can contribute $22,500 to a 401(k) (the limit will be $23,000 in 2024). The traditional IRA contribution limit for 2023 is $6,500 (increasing to $7,000 in 2024).

yep $175 a month plus dental you have to pay for too!!!!!!!!!!!!!!!!!

Hello! Contribution limits apply to both a traditional IRA and a Roth IRA. The total contribution you can make to all of your traditional IRAs and Roth IRAs for 2023 can't be more than $6,500 ($7,500 if you are age 50 or over). Contribution limits apply to the traditional 401(k) and Roth 401(k) in the same way. The total contribution you can make to your 401(k) (traditional or Roth) is $22,500. You can contribute an additional $7,500 if you are age 50 or older, for a total of $30,000 in 2023. If you have any additional questions, please feel free to schedule a 15 Minute Retirement Check-Up Call at calendly.com/marketing-640/discovery-call?month=2023-09

Thank you! Our goal is to educate pre-retirees and retirees so they can make informed retirement decisions. We are so glad that you found this video to be helpful.

Thank you very much for your kind words. We are happy to hear that you are enjoying our channel!

Hello Chintan! Thank you for watching our videos. We are glad that you are finding them to be informative and helpful. Thanks for the question! Yes, you can contribute to both. For 2023, the maximum amount you can contribute to your 401(k) (traditional and Roth) is $22,500. If you are age 50 or over, you can contribute up to $30,000. For 2023, the IRA (both Roth and traditional) contribution limit is $6,500. If you are 50 or over, you can contribute an additional $1,000 for a limit of $7,500. The Roth IRA income limits for 2023 are less than $153,000 for single tax filers and less than $228,000 for those married and filing jointly.

Hello Lye! Thanks for watching. We are glad that you are finding this content helpful. Some of our income videos discuss spending in retirement, including the three phases of spending that most retirees go through and how to develop a retirement income plan. If you'd like to discuss a more specific scenario, you can speak directly with a Retirement Planner by scheduling a 15 Minute Retirement Check-Up Call at MerkleRetire.com.

The "buying the dip" strategy can work well as part of a long-term investment and income plan. We use a bucketed income approach, so retirees will continue to receive income regardless of the market cycle. An integrated and well-constructed income plan allows retirees to receive the income they need and wait out the market downturn while buying the dips. The market will go through its cycles many times, so you should focus on creating a long-term plan to deliver short-term income while integrating small tactical strategies like "buying the dip.". Good question. Thanks for asking!

Thank you Robert!

Yes, you are correct. Medicare Part A is mandatory when collecting social security.

Create a retirement plan that includes an optimized social security election decision, based on all of your retirement planning factors. These factors could include the monthly amount of income that you need plus methods to maximize your other income sources. Your retirement plan may confirm that you taking social security at age 62 is a good idea or it may give you a better strategy. Having a customized retirement plan makes decisions like when to take social security, a much easier decision.

@@MerkleRetirementPlanning My SS statement is all I really need to make this decision.

how old are you?

Thank you David, we appreciate your kind words!

@@MerkleRetirementPlanning My pleasure, indeed.

I disagree... closer to 5 seconds.

Good morning! Yes, there is no exemption for paying the Federal Insurance Contribution Act (FICA) payroll taxes that fund the Social Security and Medicare systems. If you have more questions about Medicare and your retirement, schedule your 15 Minute Retirement Check-Up Call with one of our Retirement Planners or our Director of Medicare at merkleretirementplanning.com/schedule-a-visit/

@@MerkleRetirementPlanning Even if I am no longer on a payroll?

Yes, there is still no exemption for paying the Federal Insurance Contribution Act (FICA) payroll taxes that fund the Social Security and Medicare systems. If you have more questions about Medicare and your retirement, schedule your 15 Minute Retirement Check-Up Call with one of our Retirement Planners or our Director of Medicare at merkleretirementplanning.com/schedule-a-visit/

@@MerkleRetirementPlanning FYI, I called SSA 800 number and representative told me no because I am no longer employed. I clarified by then asking should I be paying FICA taxes even though no one is deducting from my SSDI and LTD. Is SSA telling me wrong?