Social Security and Medicare Planning

It is imperative when working with a financial planner that social security and medicare planning be part of the overall financial planning process. Social security can encompass 30-40% of a retirees income. At Advanced Financial Concepts, Inc. we look at social security as an asset which needs to be considered in overall planning for retirement income. For married, widowed or divorced individuals, often times, social security benefits go unclaimed because of being uninformed of the rules leaving thousands of dollars of entitled benefits on the table. Medicare premiums can also be quite expensive due to Income Related Monthly Adjustment Amount (IRMAA). Income planning to combat medicare premiums subject to IRMAA can potentially save hundreds of dollars per month if properly designed. Our knowledge of both the social security and medicare programs is invaluable to our clients and their financial planning process.