Many older Americans rely on Medicare for their health care needs. But it’s not always easy to figure out what’s covered and how much it will cost. Medicare benefits change from year to year, and 2021 is bringing an increase in premiums for participants. The good news is, there are other ways to save on Medicare costs.
Thinking about where to invest your money can be overwhelming and confusing, especially for those who are unfamiliar with all options for investing. If you’d like to take advantage of the ease of stock trading with the diversification of mutual funds, exchange-traded funds (ETFs) can potentially give you the best of both worlds.
During the early years of your retirement, be extra conservative when drawing income from your investments. The reason is because a drop in the market value of your portfolio, when you begin taking withdrawals, could have a devastating impact on the future value of your investments. This is referred to as the sequence rate of return risk, and is unique for income investors.
In my thirty-plus years of providing financial advice, more often than not, I have found family relationships are greatly strained when inheritance passes from one generation to the next. Parents tend to act as mediators between children. However, once mom and dad are gone, brothers and sisters are prone to fight more often and more aggressively.
Before I share my story of how I saved 90% on my one and only prescription medication, I want to start off with a bit of a rant. There are parts of our health care system that badly need fixing. This account illustrates one such area. As you will read, my savings started with several complaints to my insurance company about the cost of my medication.