Retirement Revealed

Examining key takeaways and trends uncovered in the Allspring Global Investments Retirement Survey results with Nate Miles, Allspring head of Global Client Strategy.

Identifying the right start dates for Social Security depending on your unique situation, when your Social Security benefit will send you your first check based on your birthday, and IRMAA cost strategies. Every month I take an episode of “Retirement Revealed” to answer listener questions about retirement, Social Security and real life financial scenarios that I think other listeners could benefit from exploring. This month, we dive into a topic I recently produced a video on–which I’ll provide a link to below)--a clarifying question about Social Security income related to Medicare and a closer look at income-related monthly adjustment amount (IRMAA). 0:45 - Social Security Scenario: I turned 67 in January. My wife will be 62 in October. She does not have Social Security on her own. We both expect to live to 82. When should we each start? The optimal timing for claiming Social Security benefits takes into account individual life expectancies rather than relying solely on averages. I recommend people use a service like www.longevityillustrator.org to find your own personalized life expectancy estimate. Another important thing to keep in mind is the strategy that can come into play for couples with an age gap. You may be able to maximize your survivor benefit by delaying one of your benefits. 5:08 - SS + Medicare Question: I will claim Social Security when I turn 70 on Dec. 22. Will I receive my first check in December or January? Will my Medicare come out of that? Social Security benefits are typically paid the month after your birth month. You have to have lived through your Social Security month in order to collect your first check. Medicare operates similarly–and yes, it is taken out of your Social Security. If you’re taking Medicare but you aren’t yet on Social Security, you’ll have to set up a different way to pay for Medicare. One way that works for many people is using “Medicare Easypay” and have your payment automatically deducted from your savings or checking account. 9:09 - Income-Related Monthly Adjustment Amount (IRMAA): We have to pay extra for Medicare this year. Is it every year? How is it calculated and can I avoid that? When dealing with IRMAA, it’s important to proactively plan your income to minimize costs. IRMAA income thresholds are calculated based on your income 2 years prior, and if your income is higher than the threshold, you pay more for your Medicare coverage. Knowing this threshold is $120,000 in income for a single person and $206,000 for a married couple allows you to plan ahead with how you structure your income and avoid paying that extra amount for Medicare on an annual basis. If you’ve got questions you’d like to have answered in a future episode of “Retirement Revealed” be sure to fill out the information on the yellow box to the right of this post. Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes! Subscribe to Retirement Revealed to get new episodes every Wednesday. Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337 Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify Additional Links: Longevityillustrator.org SSA: The United States Social Security Administration How to Know When to Start Social Security - Mr. Retirement Video Connect With Jeremy Keil: Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Retirement Revealed Book an Intro Call with Jeremy’s Team Disclosures: Content Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only. Liability Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs,

Downsizing is the go-to strategy for people planning for retirement, but what if there’s a better way? Author and journalist Marni Jameson joins Retirement Revealed to explain how to "rightsize” in retirement to ensure the quality of your home and belongings match your investment of time and energy.

There’s the typical timing to file for Social Security and the optimal way. Are they the same thing? In this episode of “Retirement Revealed,” Jeremy dives into a 3 step process to evaluate the best time to start taking Social Security and how to gather more accurate information to make informed retirement decisions.

Retirement means your “career” has ended, but it doesn’t mean your impact and meaning are finished. Carl Landau, host of the “I Used to Be Somebody” podcast and co-author of “Pickleball for Dummies” explains what it means to be “un-retired” and how he coaches retirees to find meaning and adventure in retirement.

Exploring how to approach cash gifting to your children, how to best utilize IRAs in retirement and how to lower your lifetime tax payments by planning out IRA conversions.

Marcia Mantell, author of books on retirement & Social Security planning for women, joins Jeremy Keil to discuss the unique challenges and opportunities that await many women in retirement.

Examining 3 simple but powerful steps to help you prepare for retirement, exploring your options on important aspects of retirement people often skip and creating realistic projections for your retirement spending.

Tune in to learn about what unretirement is and what it looks like from Richard Eisenberg’s retirement story. | Keil Financial Partners

Diving into listener questions about Social Security scenarios, lifetime tax savings predictions, short term money budgeting factors and more. Develop a more informed retirement plan by listening to this episode.

Which health tests do you need in your 40s, 50s, and 60s for a healthy retirement? Tune in to learn about the importance of health screenings and lifestyle choices for a healthy retirement.

Tune in to learn about the importance of understanding life expectancy for effective retirement planning. | Keil Financial Partners

What is it like to go from dreaming about retirement to actually being retired? Tune in to learn about the realities of retirement.

We’ve recently received a bunch of questions from our listeners and today Jeremy answers the first batch! Tune in to learn about Social Security, required minimum distributions, and annuities.

Conventional retirement wisdom is sound, but people make these 3 common mistakes when following it. Learn these 3 common retirement mistakes and what other options are available for your retirement plan.

Is your retirement plan flawed? Tune in to learn about the shortcomings of modern financial planning.

When you die, will you be able to look back at your life and say that you lived a regret-free life? Tune in to learn about how to live a regret-free life.

Have you unlocked your ultimate potential? Tune in to learn about how to unlock your ultimate potential.

“Can elections (and their outcome) significantly impact my finances?” This is a common question we get every time an election year is on the horizon! Tune in to learn about the potential impact of the 2024 elections on your retirement plan, plus how to navigate the looming changes in tax laws and Social Security.

There are only 10 days left in the tax year. What can you do right now to maximize your refund? Tune in to learn about strategies for maximizing tax refunds and retirement savings.