Social Security plays an important role in most retirement plans, and the Biden administration has proposed significant changes to the program. We will take a look at them, but before we do, let's look at the existing parameters. Eligibility Age The age of eligibility for Medicare is 65 for everyone, so you might think the Social Security eligibility age is just as straightforward. In fact, it's a bit more complicated. For people born between 1943 and 1954, the eligibility age is 66, and it … [Read more...] about Biden Administration Has Proposed Social Security Reforms
Retirement Planning
Some Out-Of-Pocket Medicare Costs Will Go Up in 2021
As elder law attorneys, we keep a finger on the pulse of government benefits for seniors, and Medicare is one of them. In this post, we are going to share some recently released information about the relatively modest out-of-pocket cost increases seniors will face in 2021. Four Distinct Parts Medicare is broken up into four distinct parts. Part A is the hospitalization component. There is not a monthly premium if you have earned eligibility through your payroll tax contributions. To … [Read more...] about Some Out-Of-Pocket Medicare Costs Will Go Up in 2021
2021 Social Security COLA News
As elder law attorneys, we keep a finger on the pulse of government programs that seniors rely on, and the existing parameters are updated annually. At the time of this writing, Medicare has not released their revised figures, but we can pass along some news from the Social Security Administration. Cost of Living Adjustment (COLA) Prices tend to rise, and when all or part of your income is fixed, this is a source of concern. Fortunately, Social Security usually provides cost-of-living … [Read more...] about 2021 Social Security COLA News
Retirement Destinations and Taxation
The active retirement years can be among the best years of your life if you take the right financial steps along the way to prepare yourself. If you are in a position to choose your ideal retirement lifestyle, you may consider relocation. Mild weather is a priority for many people, and there are other quality of life factors that enter the picture. These would include the dining scene, access to recreation and culturally enriching activities, and a highly rated health care system. On a … [Read more...] about Retirement Destinations and Taxation
Retirement Planning and Your Estate Plan
The earlier you begin planning for retirement the less you will need to save in the long run. In fact, you might be amazed to find out what a huge difference it makes to start saving earlier in your working career. To ensure that your retirement plan works as intended, however, it should be created in conjunction with your overall estate plan. An Oklahoma City retirement planning attorney at Parman & Easterday offers discusses how retirement planning fits into your estate plan. Retirement … [Read more...] about Retirement Planning and Your Estate Plan
The Downside of Taking Early Retirement
Most of us start thinking about retirement fairly early on in our working career. As we get closer to retirement age, we need to make a number of important decisions about our retirement. At what age we should begin accepting Social Security retirement benefits is one of those decisions. Before you decide to accept your retirement benefits early, an Oklahoma City retirement planning attorney at Parman & Easterday explains the downside of doing so. Understanding the Social Security … [Read more...] about The Downside of Taking Early Retirement
At What Age Should I Retire?
For millions of Americans, Social Security retirement benefits will play a significant role in their retirement planning budget. If you are one of these, you may be wondering at what age you should retire and start accepting your benefits. Because it actually matters, the Overland Park retirement planning attorneys at Parman & Easterday explain how the age at which you begin accepting Social Security retirement benefits will impact your benefit amount. The Social Security Retirement … [Read more...] about At What Age Should I Retire?
Why A New Job Means It Is Time to Talk with an Overland Park Elder Law Attorney
If you have a new job, you may want to think about talking to an Overland Park elder law attorney about your financial situation and your future planning. A new job is a time of new beginnings in your life. Maybe you have received a promotion and are earning more income, or maybe the new job offers different benefits than at your old position. An attorney can help you address the financial issues and opportunities your new position creates. Parman & Easterday has extensive … [Read more...] about Why A New Job Means It Is Time to Talk with an Overland Park Elder Law Attorney
Seniors Want A Say In Retirement Living Options
An elder law attorney provides help to seniors in taking control over their own future. One of the biggest concerns many people have as they get older centers around where they will live. If seniors are no longer able to live independently, decisions will need to be made about whether the senior should move into an assisted living or nursing home care community. This can be a very difficult situation, as there are often concerns about the quality of different facilities and about how care in a … [Read more...] about Seniors Want A Say In Retirement Living Options
Retirement Planning: Consider Limitations
When planning for possible retirement, you have a lot of things to think about. There is the matter of financing your active retirement years, and there are some additional expenses that could arise during your twilight years. Accumulating necessary resources can be challenging for many individuals. Social Security income is quite limited. Sometimes there are no easy answers. Full retirement can be elusive. Many people are deciding to continue to work even after they … [Read more...] about Retirement Planning: Consider Limitations
