How to maximize your Social Security and Medicare benefits with experts Mary Beth Franklin and Katy Votava.
WEALTHTRACK Episode #1344; Originally Broadcast on April 21, 2017
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MARY BETH FRANKLIN
- Maximizing Your Social Security Retirement Benefits
- Making the Most of Medicare: A Guide for Baby Boomers
No one ever said getting older was easy. However few Americans understand how complicated it can be to take full advantage of the two key entitlement programs we take for granted – Medicare and Social Security.
By one estimate, 95% of Medicare recipients overpay for their coverage and there is evidence that many Social Security recipients are not taking full advantage of that program and are actually leaving money on the table.
Our guests on WEALTHTRACK this week are devoting most of their careers to changing that equation, and helping Americans maximize both sets of benefits.
Mary Beth Franklin is Contributing Editor at InvestmentNews, a leading publication for financial advisors. She is a certified Financial Planner, an award winning personal finance journalist and a recognized expert on Social Security. The revised edition of her ebook, “Maximizing Your Social Security Retirement Benefits” was recently published.
Katy Votava is Founder and President of GOODCARE.com, a healthcare consulting firm for individuals, small businesses and financial planners. She is a registered nurse with a PhD in health economics and nursing. She is also a regular columnist for InvestmentNews and the author of the ebook, Making The Most of Medicare, A Guide for Baby Boomers.
Each has discussed these topics on WEALTHTRACK before but both believe now is an important time to revisit the programs because there have been some significant changes in each that occurred during the Obama years but are taking effect now. They can be very costly if not properly managed. How to do that is what we will cover this week.
If you miss the show on your local public television station you can always catch it on our website. You’ll also find a web exclusive EXTRA interview. Mary Beth Franklin gives her advice on the best strategies for same sex couples claiming Social Security. As always, we welcome your feedback on Facebook, Twitter or via the Contact Us link on our website. We read all of your comments.
Also this week, especially for WEALTHTRACK viewers, Katy Votava is offering a 20% discount code for purchases of the 4th edition ebook version of Making the Most of Medicare: A Guide for Baby Boomers. Click here to purchase, and enter the discount code WT20.
Thank you for watching, and make the week ahead a profitable and productive one!
MAKE SURE YOU ARE WELL INFORMED ABOUT BOTH SOCIAL SECURITY AND MEDICARE BENEFITS
- Get educated ahead of time
- If you are already collecting, review your and your spouse’s benefits
- Notify Medicare and Social Security if there is a change of circumstances to get benefits updated
MARY BETH FRANKLIN
Author, Maximizing Your Social Security Retirement Benefits
Author, Making the Most of Medicare: A Guide for Baby Boomers
Especially for WEALTHTRACK viewers, Katy Votava is offering a 20% discount on purchases of the 4th edition ebook version of Making the Most of Medicare: A Guide for Baby Boomers. Purchase here, and enter the discount code: WT20
FRANKLIN: BEST CLAIMING STRATEGY
- Invest time in figuring out your Social Security claiming strategy
VOTAVA: HAT TRICK OF INVESTING
Open a Health Savings Account (HSA) if eligible
- Contributions are tax-free
- Withdrawals are tax-free
- Investments grow tax-free
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MAXIMIZING SOCIAL SECURITY
Strategies for claiming Social Security can be tricky for anyone, but they are especially difficult for same sex couples. According to Social Security guru, Mary Beth Franklin anyone born on January 1, 1954 or earlier can take advantage of a strategy called filing for spousal benefits. If one spouse is collecting social security, the other can claim half of those benefits starting at age 66, let their own benefits keep growing by 8% a year and then switch to their own maximum benefits at 70. The same applies to divorced people as long as they were married for at least 10 years. Since same sex marriages were only legally recognized recently where does that leave them?