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What Did We Learn about Investments in 2023?

Reflecting on the tumultuous investment landscape of 2023, Buckingham Strategic Partners distilled invaluable insights into their “Top 10 Investment Lessons of 2023.” ...

The post What Did We Learn about Investments in 2023? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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What Does the IRS’s recruiting efforts mean for taxpayers?

The IRS’s recent intensification in recruitment to address wealthy taxpayers is raising eyebrows among high-net-worth ...

The post What Does the IRS’s recruiting efforts mean for taxpayers? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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Entrepreneur Estate Plans For Those Who Choose To 1) Ready, 2) Fire, THEN 3) Aim

Estate planning for business owners, particularly those known for impulsive decision-making, requires a nuanced approach. ...

The post Entrepreneur Estate Plans For Those Who Choose To 1) Ready, 2) Fire, THEN 3) Aim first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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Social Security and Medicare: Strategic Planning for the Upcoming Year

Every October, the Social Security Administration announces potential changes in Social Security benefits for the upcoming January, influenced by the rate of inflation. For 2024, the increase in Social Security benefits is projected to be smaller than in 2023. This raises questions about the implications for Medicare costs. The blog addresses these concerns and offers advice on managing Medicare expenses effectively.

The cost-of-living adjustment (COLA) for 2024 is set at 3.2%, increasing the average monthly retirement benefit by approximately $59, reaching $1,906. Recipients of Social Security benefits should expect notification of this increase through their online accounts by December’s end, with the new rates effective from January. Although this increase is less than the 8.7% rise seen in 2023, it remains above the 20-year average of 2.6%.

A critical question is whether this COLA will be sufficient to balance rising Medicare costs. Medicare Parts B and D, which cover medical services and prescription drugs, respectively, often experience annual cost fluctuations. Social Security typically offsets Medicare Part B premiums against its benefits, which could diminish the impact of any increase in Social Security benefits. For 2024, the standard premium for Part B is expected to rise by $9.80 to $174.70.

Moreover, increased Social Security benefits could inadvertently hike your Medicare costs if your income crosses certain thresholds, affecting premiums for both Part B and D. The determination of these premiums considers your income from two years prior.

To keep Medicare costs in check, it’s advisable to consult financial professionals for strategic tax planning, including considerations for income-related monthly adjustment amounts (IRMAA). Regular reviews of your Part D plan are recommended to ensure it aligns with your needs. Recent legislative changes, such as those introduced by the Inflation Reduction Act of 2022, are set to reduce healthcare costs for Medicare beneficiaries. These include capping Medicare Part D costs and limiting insulin-related expenses.

Considering these factors, consulting a financial advisor becomes crucial. They can offer tailored strategies to balance your Social Security benefits and Medicare costs effectively. If you’re not currently working with a financial advisor, the team at Omni360 is ready to assist. We encourage you to reach out for a comprehensive discussion of your financial situation and explore optimal strategies for your needs.

For more detailed information, please refer to the original article at Buckingham Strategic Partners.

Schedule your free Exploratory phone call

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can be of assistance.

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listings and become a part of an amazing team.

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Listen in, Join the Conversation!

Recent Posts
What Did We Learn about Investments in 2023?

Reflecting on the tumultuous investment landscape of 2023, Buckingham Strategic Partners distilled invaluable insights into their “Top 10 Investment Lessons of 2023.” ...

The post What Did We Learn about Investments in 2023? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
What Does the IRS’s recruiting efforts mean for taxpayers?

The IRS’s recent intensification in recruitment to address wealthy taxpayers is raising eyebrows among high-net-worth ...

The post What Does the IRS’s recruiting efforts mean for taxpayers? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
Entrepreneur Estate Plans For Those Who Choose To 1) Ready, 2) Fire, THEN 3) Aim

Estate planning for business owners, particularly those known for impulsive decision-making, requires a nuanced approach. ...

The post Entrepreneur Estate Plans For Those Who Choose To 1) Ready, 2) Fire, THEN 3) Aim first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more