As retirement approaches, one of the most overlooked yet financially significant aspects is the cost of aging. With longer life expectancies and rising healthcare costs, your medical expenses can be one of the largest costs you will face in retirement (next to taxes). A private room in a nursing home can exceed $100,000 per year, while in-home care services quickly add up as well.
2025 is here and so is this handy checklist to help you focus on key financial aspects this year.
Smart Year-End Money Moves to Make in December As the year winds down, December offers a unique window of opportunity to make strategic financial moves. These actions can optimize your tax situation, bolster your savings, and set you up for a financially healthy new year. Here are eight smart money moves to consider before the clock strikes midnight on December 31.
Navigating the complexities of Medicare costs during retirement can be daunting, especially when it comes to the Income-Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your Medicare Part B and Medicare Part D premiums if your income exceeds certain thresholds. Fortunately, there are strategies to potentially reduce this surcharge and maximize your retirement healthcare budget.
Master Medicare Open Enrollment 2024: Essential Tips and Advice With the Medicare open enrollment period in full swing, beneficiaries face crucial decisions about their healthcare coverage. This annual window gives you the chance to review and adjust your Medicare plans, ensuring you have the most suitable coverage for your needs and budget. With changes in Part D prescription drug plans, Medicare Advantage plans, and potential updates to premiums and costs, it's essential for you to stay informed and take action.
At Seaside Wealth Management, we understand that one of the greatest fears facing retirees is the possibility of outliving their savings. Ensuring that your money lasts throughout your retirement requires careful planning and consideration of numerous factors. Today, we’ll share key strategies to help you achieve financial security and peace of mind in your golden years. From understanding longevity and managing living expenses to making smart investment choices and timing your Social Security benefits, we’ve got you covered!