Mullooly Asset Management
Mullooly Asset Management
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Does Claiming Social Security Early Affect Medicare?
• 19 minReady for a deep-dive into the complex world of social security benefits and retirement planning? Brace yourselves as Brendan and Casey unravel the nuances of social security, Medicare and more. We'll be discussing the cost of living adjustment (COLA) - a critical aspect designed to keep up with inflation, and we’ll be comparing the 2024 COLA set at 3.2% with the average COLA of 2.3%. We'll also explore how recent inflationary spikes have prompted individuals to rethink their retirement strategies – a silver lining, perhaps, in these challenging times. The discussion doesn't end with the COLA update; the guys dive into the trends of people claiming social security benefits early. Curious about how these patterns have evolved? Stick around as we explore how factors like life expectancy, better education about waiting for benefits, and earnings limit influence these decisions. We'll also illustrate the link between claiming social security benefits and enrolling in Medicare Part A and navigate the tricky waters of healthcare expenses in retirement planning. In addition, we’ll share some golden nuggets on maintaining a low taxable income, with essential tips on diversifying your savings streams and the strategic use of 401k and brokerage accounts. So come join us for this comprehensive guide on maximizing your social security benefits.
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