Oct 14

Social Security and Medicare Decisions on the Horizon for Baby Boomers

by Anthony Farella

Two of the biggest concerns for aging baby boomers are longevity risk (i.e., not outliving your money) and rising healthcare costs.  Social Security and Medicare are programs that we all pay into and expect to partially address these concerns.  Social Security is often a cornerstone of a well thought-out retirement plan.  It is adjusted for inflation, is tax-advantaged, will continue as long as you live and is backed by a government promise.

Social Security
Deciding when to start Social Security benefits is one of the most important decisions aging baby boomers will make.  The Social Security Administration www.ssa.gov/ has a wealth of resources available online.  And the local office representatives can provide the facts given your own personal circumstances.  However, they will not give you advice on when to start taking Social Security.  Our firm took a look at the options and summarized the information in a recent blog post on our website www.rockbridgeinvest.com/medicare-etc-cost-emphasis/.  While we are not experts on all aspects of Social Security, we can help evaluate your options and provide excellent resources to assist you with making this very important decision.

Medicare
Retiree healthcare costs are also a major growing concern for baby boomers.  Many will delay retiring to age 65 when they become eligible for Medicare health benefits.  Our resident expert, Dick Schlote, has been navigating the Medicare maze for the past few years and has agreed to write a series of blog posts on the subject.  You can find his first Medicare blog post on our website www.rockbridgeinvest.com/medicare-etc-cost-emphasis/.

Our main job at Rockbridge is to prudently manage our clients’ investment portfolios.  We also strive to expand our knowledge in other important areas of financial planning, such as Social Security and Medicare.  We continue to develop our website into an excellent resource for our clients and friends of the firm.

About the Author

Tony Farella, is a Certified Financial Planner® and a Principal Founder of Rockbridge Investment Management.  Tony is a contributor to Forbes, CNN Money, NAPFA’s FI Guide, Advisor Perspectives and local tv, radio and print publications.  Tony is the board director for NAPFA New England-Mid Atlantic Region), previous board member of the Financial Planning Association of CNY, acting Board Member of the Downtown Syracuse YMCA, as well as the Board of Directors for Countryside Credit Union.
Learn more and/or Contact Tony »


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