FINANCIaL
FIELd NOTES
How to Appeal Higher Medicare Premiums
Social Security mails a letter in November that tells you if you are subject to higher premiums - otherwise known as “IRMAA” or Income-Related Monthly Adjustment Amount. The cost is based on your income from two years prior. For 2022, you would have received a letter in November 2021 telling you your premiums based on your 2020 income.
This is the extent of the information that Social Security uses to determine how much you will pay. They don’t know anything about what has changed since 2020 or why 2020 was possibly an abnormal year for you. Because of this, it is your job to appeal if you feel the premiums don’t accurately reflect your income…
U.S. Debt - Can We Fix A $30 Trillion Problem?
Since 2008, US debt as a percentage of GDP has ballooned from 40% to nearly 100% - the highest levels we have seen since the end of WWII when the US issued all those War Bonds.
While the debt levels in the country are a tremendous concern, there are two larger themes at play that give us some hope for the future…
Why Your Social Security Statement Is Probably Wrong
“These personalized estimates are based on your earnings to date and assume you continue to earn $XXX,XXX per year until you start your benefit.”
When you receive your Social Security estimate, it assumes you will work until you collect benefits, and that is not always the case…
Is Social Security Running Out?
Will there be anything left when I retire? Will my benefit get cut? These are some of the most frequent questions I get when it comes to someone’s retirement plan.
And the media loves to talk about the Social Security problems. Fortunately, there is data to answer these questions…
Is Hyperinflation Coming?
A few weeks ago, on the heels of the highest inflation reading in 30 years (5.9%), Jack Dorsey, the founder of Twitter and Square, tweeted the following -
“Hyperinflation is going to change everything. It’s happening.”
It instantly sparked a lot of concern, and then debate. Exactly what is “hyperinflation” and are we heading toward it?
Making Sense of Medicare, Part 2 – The Cost
Last week, in Part 1, I reviewed the 5 pieces to Medicare and the 2 main ways to get Medicare coverage.
This week, in Part 2, I will outline the cost for the 2 options.