[et_pb_section admin_label="Section" fullwidth="on" specialty="off"][et_pb_fullwidth_header admin_label="Fullwidth Header" title="He said She Said..." background_layout="light" text_orientation="left" header_fullscreen="off" header_scroll_down="off" parallax="off" parallax_method="off" content_orientation="center" image_orientation="center" custom_button_one="off" button_one_letter_spacing="0" button_one_use_icon="default" button_one_icon_placement="right" button_one_on_hover="on" button_one_letter_spacing_hover="0" custom_button_two="off" button_two_letter_spacing="0" button_two_use_icon="default" button_two_icon_placement="right" button_two_on_hover="on" button_two_letter_spacing_hover="0" subhead="Success Story of the Month - February 2017"]
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By David S Edge
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While assisting many folks and couples with their selections of retirement planning options, we often run into pre-conceived notions about retirement, especially misinformation about Medicare. We will hear things like, “Well, my neighbor told me that her mother…. Or my cousin’s sister told us…”
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At times we just have to shake our heads!
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Marge and George were just such folks. We spent the first thirty minutes of their appointment dispelling all the things they thought they knew about retirement. Here is a short list of items we discussed.
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Marge stated they could get full Social Security retirement benefits at age 62.
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Correct answer: Full retirement age for Social Security is age 66. The benefit amount will be approximately 8% less for each year taken earlier. But you can take the discounted amount as early as age 62.
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George thought that he didn’t have to get a Part D Prescription Drug Plan along with his Medigap plan because his HR department stated that Part D was voluntary.
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Correct answer: While Part D is voluntary, what his HR department rep didn’t explain was that for each month he didn’t have a Part D, he would be penalized later when he did add Part D. The penalty grows each month he doesn’t have his Part D, and this penalty never goes away!
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George’s HR department told him he had to turn on his Part A of Medicare when he turns age 65.
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Correct answer: If you continue to work with an employer coverage plan, you do not need to do anything.
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George also thought he could continue to contribute to his HSA
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