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Retirement Revealed

Retirement Revealed

Jeremy Keil

In the Retirement Revealed podcast, Jeremy Keil, CFP®, CFA shows you how to turn your retirement savings into retirement income. Listen in as Jeremy and his guests guide you towards making smarter retirement, investment, and tax planning decisions. Get free resources and learn how to have Jeremy and his team develop your own Retirement Revealed income plan at 5stepRetirementPlan.com. For important disclosures, see www.keilfp.com Keil Financial Partners may utilize third-party websites, including social media websites, blogs, and other interactive content. We consider all interactions with clients, prospective clients, and the general public on these sites to be advertisements under the securities regulations. As such, we generally retain copies of information that we or third parties may contribute to such sites. This information is subject to review and inspection by

221 - How will Trump Impact My Retirement Plans?
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  • 221 - How will Trump Impact My Retirement Plans?

    Understanding how the results of the 2024 election could affect your decisions in retirement.

    It’s natural to wonder if political shifts will impact your financial decisions. Many are predicting major changes in legislation and economic strategy due to the results of the 2024 election, and while there is merit in anticipating major changes, I find that there are some general principles of managing your retirement plan that can help you navigate the uncertainties that come with changing winds of politics. With that said, let’s dive into some of the most common questions I’ve been hearing related to finances out of the 2024 election.

    Why Elections Don’t Change Core Investment Principles

    Each election season, it’s easy to get swept up in the latest political shifts. Maybe the stock market reacts positively or negatively, but does that mean you should make knee-jerk changes to your portfolio? Not necessarily. I often say this on my podcast and to my clients: the key to investment success isn’t trying to predict market swings based on elections or political figures—it’s about aligning your portfolio with your needs and timeframe.

    Consider this: if you’re looking to use your funds in the short term, your investments should reflect that, emphasizing stability over volatility. Long-term needs, on the other hand, can typically tolerate a bit more fluctuation because they have more time to recover from market swings. Elections, presidents, and political shifts come and go, but your personal timeline and financial goals remain constant.

    The Fed, Interest Rates, and Presidential Influence

    I often get asked how presidential elections and Federal Reserve decisions might interact and affect the economy. In the latest example, we saw the Fed drop interest rates recently, coinciding with the election. People wonder if this shift is tied to who holds office, but in reality, the Federal Reserve operates independently. Fed Chair Powell, for instance, has firmly asserted the Fed’s independence from political influence. The Fed’s mission is to focus on economic stability and not to sway with each political wind.

    What does this mean for you as an investor? It reinforces the idea that you shouldn’t base your decisions on political shifts. Whether a president wants to cut taxes or pursue particular economic policies, your portfolio’s health is still more dependent on your timeline and objectives.

    Social Security: Will It Be There for You?

    Social Security will likely go under the microscope in the next few years, particularly in relation to the taxation of benefits. Recent conversations have raised concerns about potential changes to Social Security taxes, especially with the suggestion that taxes could be lowered or even eliminated on benefits. While lower taxes sound appealing at first, they come with trade-offs. If taxes on Social Security benefits were reduced to zero, for example, that would cut about $50 billion annually from the Social Security trust fund—a significant portion of its funding.

    If Social Security taxes decrease, it could mean fewer funds for future benefits, impacting the program’s sustainability. While no one can predict the future, the key takeaway here is that while tax reductions may have personal appeal, it’s essential to think about the policy implications. 

    Should You Be Doing a Roth Conversion Now?

    With the election results, many people are wondering if they should speed up their plans to convert to a Roth IRA. Historically low tax rates, thanks to recent policy changes, have made Roth conversions attractive. However, if recent election results signal that the current administration may extend these lower rates, the urgency to convert may diminish.

    Still, a Roth conversion can provide substantial benefits if it aligns with your tax strategy. For many retirees, spreading out Roth conversions over multiple years can minimize tax impact. But remember—financial planning software and tax calculators work on assumptions, which often don’t account for policy changes. Flexibility and the ability to adjust over time will always serve you well.

    Maximizing Your 401(k) Contributions

    Another common post-election topic revolves around new contribution limits for 401(k) plans. For 2024, contribution limits have increased slightly. If you’re aiming to max out your 401(k), it’s worth recalculating your contributions to take advantage of this extra room. And for those between ages 60 and 63, there’s a new opportunity to put aside even more with catch-up contributions. However, while an extra $500 or so may not seem significant, compounding can make a difference over time, so don’t overlook these adjustments if you’re nearing retirement.

    The Proposed Change to Capital Gains Tax and Inflation Indexing

    If you’ve heard discussions about the potential for capital gains to be indexed to inflation, you might be wondering how this could affect your portfolio. This proposal aims to adjust the taxable amount on long-term investments by accounting for inflation. For example, if you bought a stock for $10 and sold it for $20 after ten years, indexing for inflation might mean that only $7 of that $10 increase would be taxed as a capital gain.

    If enacted, this could benefit investors by reducing the tax burden on long-term gains, but it’s still just a proposal. My advice here is simple: let’s wait until we see concrete policy before making changes to your investment approach. Holding onto stocks for the long term, regardless, continues to be a beneficial strategy.

    Keep Politics Out of Your Portfolio

    Finally, let’s talk about the elephant in the room: political affiliation. Time and again, I’ve seen clients worried about market performance based on who wins an election. Yet history has shown that the market has performed relatively consistently over time, regardless of the president. So rather than making decisions based on who’s in office, focus on what matters to you: when you need the money, the type of risk you’re comfortable with, and what you hope to achieve.

    This election cycle has been no different from the last in terms of stirring up financial worries. But staying steady and focusing on your plan has always been the winning approach for those in or approaching retirement. Elections are just a moment in time, while retirement requires a well-thought-out strategy that you can maintain through all of them.

    Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!

    Subscribe to Retirement Revealed to get new episodes every Wednesday.

    Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337

    Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify 

    Additional Links:

    – “TRUMP WINS, NOW WHAT FOR YOUR INVESTMENTS?” – Mr. Retirement YouTube  – “Why You Need to Rebalance Your Investments (2024)” – Mr. Retirement YouTube

    Connect With Jeremy Keil:

    Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Retirement Revealed Book an Intro Call with Jeremy’s Team

    Disclosures:

    Content

    Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.

    Liability

    Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.

    No Tax Advice

    Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.

    No Investment Advice

    The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.

    Investment Risk

    Investments may increase or decrease significantly. All investments are subject to risk of loss.

    General Disclosure

    Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.

    Wed, 13 Nov 2024 - 23min
  • 220 - Retiring Next Year? Do THIS With Your Retirement Savings!

    5 Steps to prepare your savings within 12 months of your retirement.

    When you’re on the verge of retirement, say within the next 12 months, you might think you’ve done everything you need to do: saving diligently, investing wisely, and maybe even attending a webinar or two. But have you truly prepared for the retirement you want? Based on real-life examples from my financial planning practice, I’ve found that many retirees wait too long to make crucial decisions about their savings and investments. Today, I’ll share some insights to help you avoid common pitfalls and ensure you’re ready for retirement when the time comes.

    Waiting to Plan Can Cost You

    Recently, I looked at data from our retirement webinars and noticed something surprising: most people attend our webinars after they’ve retired, not before. While it’s a good idea for anyone to join these webinars regardless of where you’re at in the retirement process, doing so before you retire could make a significant difference in the quality and security of your retirement.

    If you’re planning to retire next year, you should start taking concrete steps now. Market fluctuations, unexpected health issues, or even company layoffs could drastically alter your timeline. Proactive planning is essential, especially when you’re this close to retiring.

    Lessons from Real-Life Retirees

    Let me share two real stories from my clients that illustrate the importance of early retirement planning. In the fall of 2019, I met with a gentleman who was planning to retire on April 1, 2020. He liked our five-step retirement plan but decided to wait until he officially retired to start working with us. Unfortunately, just before his planned retirement date, the stock market dropped by 12% in a single day, and his portfolio took a significant hit. In March 2020, the market crash coincided with the onset of the COVID-19 pandemic, further complicating his situation. He contracted COVID-19 and ended up postponing his retirement every year—for 4 years. Starting his retirement plan earlier would have likely reduced the impact of the market downturn on his retirement savings and helped him hit his retirement target.

    Another couple I worked with in 2019 were also approaching retirement, about two years out. After reviewing their portfolio, we discovered that they were taking on more risk than they realized. We adjusted their investments, cutting their exposure to market volatility by half. When the market dropped in March 2020, they were able to sustain their retirement plan because of the work we had done to restructure their portfolio. They stayed on course and retired exactly on time, enjoying their post-retirement life with grandkids and the retirement income they had planned for.

    Don’t Wait for a Perfect Moment—It May Never Come

    One of the biggest mistakes I see is people waiting for the “perfect” retirement date or market condition before they take action. A couple of my clients were planning to retire at the end of 2020, hoping to continue growing their 401(k)s until the final day. But when the market dropped by 30% in March 2020, they panicked, moved their investments into cash, and were then laid off in June. Then they called me in July, after they were forced to retire, after the market dropped, after they moved to cash and missed on the market recovery. These clients missed out on market recovery because they had no plan in place to adjust their investments as they neared retirement. Instead of trying to time the market or wait until the last minute, take action now to safeguard your savings.

    The Retirement Red Zone: Why Timing Is Critical

    If you’re within 10 years of retirement, you’re in what’s often called the “retirement red zone.” This period, which extends five years before and five years after your retirement date, is when market volatility can have the most significant impact on your retirement. During this time, a sudden market drop can lead to substantial losses that could take years to recover from, affecting the income you’ll have in retirement. By planning ahead and adjusting your portfolio, you can reduce the likelihood of such risks.

    Key Steps for Pre-Retirees

    So, what should you do if you’re planning to retire in the next 12 months? Here are five critical steps to take:

      Estimate Your Retirement Spending (SPEND)
      One of the easiest ways to estimate how much you’ll spend in retirement is by looking at your current take-home pay. Whatever shows up in your checking account now is likely what you’ll spend in retirement. Adjust this number for any anticipated changes, like paying off a mortgage or increased healthcare costs. Review Your Income Sources (MAKE)
      Retirement doesn’t mean you stop earning money. You’ll have Social Security, and possibly a pension or income from investments. Make sure to evaluate how you can maximize these sources. For example, delaying Social Security can increase your monthly benefit, especially if the higher earner in your household waits to claim. Plan for Taxes (KEEP)
      Taxes in retirement can be complicated, and they often fluctuate depending on your income level. Develop a strategy to manage taxes over your lifetime, rather than focusing on reducing them in any given year. This way, you’ll keep more of your savings in the long run. Reassess Your Investment Strategy (INVEST)
      As you approach retirement, it’s essential to rethink your investment strategy. You’ll no longer have the luxury of time to recover from market downturns. Consider dividing your assets into short-term and long-term buckets. Money you’ll need in the next few years should be in more stable, low-risk investments, while funds for later years can remain in growth-oriented assets. Plan Your Legacy (LEAVE)
      Finally, think about what you’ll leave behind. This includes not only financial assets for your loved ones but also a plan for managing any remaining debts or expenses. Planning your estate properly ensures that your legacy benefits your heirs without complications.

    Start Your Planning Now

    If you’re planning to retire soon, don’t wait until your retirement date to start making these critical decisions. By planning ahead, you’ll have peace of mind knowing that your savings are protected, and you’re set up for a successful retirement. For more guidance, visitFiveStepRetirementPlan.com and get started today!

    Remember, it’s always better to be proactive. If you’re unsure where to begin, reach out, and let’s create a plan tailored to your needs.

    Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!

    Subscribe to Retirement Revealed to get new episodes every Wednesday.

    Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337

    Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify 

    Additional Links:

    www.5stepretirementplan.com  “Is Your Retirement Facing a Midlife Crisis?” – Retirement Revealed, guest David Blanchett

    Connect With Jeremy Keil:

    Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Retirement Revealed Book an Intro Call with Jeremy’s Team

    Disclosures:

    Content

    Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.

    Liability

    Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.

    No Tax Advice

    Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.

    No Investment Advice

    The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.

    Investment Risk

    Investments may increase or decrease significantly. All investments are subject to risk of loss.

    General Disclosure

    Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.

    Wed, 06 Nov 2024 - 16min
  • 219 - Widows Rising Together: Turning Grief into Goals with Lynn Banis

    Learn how to turn your grief into goals in order to make the most of your next chapter in life.

    Today’s episode of Retirement Revealed touched on something deeply personal and profoundly moving. My guest, Lynn Banis, shared her story of navigating a series of heartbreaking losses: her mother, brother, dog, and husband, all within a short span of time. For anyone, that’s a staggering amount of grief to process. Yet, through it all, Lynn found a way to rebuild her life and find a new purpose.

    It’s a journey that many face, especially in retirement, when life can take unexpected turns. Retirement is often painted as a time of relaxation, but for Lynn, it became a period of profound transformation, starting with a hurricane and a broken hip.

    Caring for Her Mother: A Labor of Love

    Lynn’s journey into this new chapter began when her 100-year-old mother faced a life-threatening hurricane. Lynn asked her brother to bring their mother to safety, but a fall led to a broken hip, a major setback for anyone, let alone someone of her age. At that moment, Lynn became her mother’s primary caregiver until she passed at the remarkable age of 106.

    What stands out here is not just the care that Lynn provided but the fulfillment she found in fulfilling a promise she had made long ago: to never let her mother be alone. “It was a blessing for both of us,” she shared. In that space, amidst the challenges of caregiving, Lynn found purpose. Her retirement took on a new meaning as she honored her commitment to her mother, a relationship that shaped her identity during this difficult time.

    The Weight of Multiple Losses

    Within three years, Lynn lost her mother, her brother, and then her husband. These were not the ordinary transitions into the golden years of retirement but rather a succession of grief. Her husband’s death, in particular, hit the hardest, coming unexpectedly and leaving her in a state of shock. As she described returning home to an empty house, it’s easy to imagine the profound loneliness and confusion she felt.

    Lynn shared something so many can relate to: brain fog. This sense of disorientation, where even simple tasks become difficult and decision-making seems impossible, is common in the grieving process. “I always tell my clients not to make any big decisions for at least a year,” she advised, pointing to the risk of making life-altering choices during this period when your mind is not thinking clearly. And yet, she admits she didn’t follow her own advice.

    The Healing Power of Action

    Despite her own advice to wait, Lynn found herself downsizing her home. She moved, sold her house, and embarked on a new chapter. The busyness of moving kept her distracted, but her body eventually sent her a message to slow down. After settling into her new home, Lynn fell ill, a sign that her grief and exhaustion had caught up with her.

    But this period of illness also led to an epiphany. In the quiet moments, Lynn realized that she had a new purpose—one built from her experiences of loss. Rather than letting the grief define her, she decided to use it as a catalyst for helping others. As she said, “I don’t care how old I am. I’ve been through this several times. I can help other people.” And so, she began her new venture of supporting widows and others through their own journeys of grief.

    Finding Purpose in a New Reality

    One of the most powerful insights Lynn shared was how she, and others like her, have to grapple with losing not just loved ones but also the future they had envisioned. Retirement is often seen as a time of freedom and joy, but when the future you planned is no longer possible, you’re left asking, “What now?”

    Lynn spoke about the importance of finding a new purpose. This isn’t just about “moving on” but about actively creating something new from the ashes of loss. For her, it meant realizing that she still had so much to offer. “You need to find your purpose. What are you all about? What sets you on fire?” she asked. These are questions that anyone facing a major life transition can relate to.

    For Lynn, it became clear that she wanted to help others who were struggling with loss, especially widows. She noted that many widows struggle with their identity after losing their spouse, feeling stuck in the label of “widow.” Lynn encourages them to redefine themselves as individuals with a new life ahead of them. “You’re not just a widow; you’re a single person now, with the opportunity to create your life,” she explained.

    Creating a New Identity and Legacy

    Lynn’s story is one of hope. Even after tremendous loss, she found a way to honor both her past and her future. She talked about creating an environment that supports who you want to be, surrounding yourself with people and things that nurture your new identity. It’s a reminder that even after loss, there is still room for growth, purpose, and joy.

    As a psychologist and coach, Lynn now helps others do the same. She helps them align their values and beliefs, quiet their negative self-talk, and open their minds to new possibilities. In doing so, they begin to see a clear vision of the life they want to build moving forward.

    Lynn’s story is a powerful testament to the resilience of the human spirit. Even in the face of profound loss, she found a way to create something new—something meaningful. And in doing so, she’s not only rebuilt her own life but is helping others to do the same.


    If Lynn’s story resonates with you and you’re looking for support in your own retirement or transition, feel free to reach out. At Keil Financial Partners, we’re here to help you navigate life’s unexpected changes and create a plan for a fulfilling and purposeful retirement. 

    Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!

    Subscribe to Retirement Revealed to get new episodes every Wednesday.

    Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337

    Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify 

    Additional Links:

    Contact Lynn Banis – lbanis@ameritech.net  Widows Rising Together – Facebook – https://www.facebook.com/profile.php?id=61567127332821 

    Connect With Jeremy Keil:

    Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Retirement Revealed Book an Intro Call with Jeremy’s Team

    Disclosures:

    Content

    Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.

    Liability

    Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.

    No Tax Advice

    Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.

    No Investment Advice

    The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.

    Investment Risk

    Investments may increase or decrease significantly. All investments are subject to risk of loss.

    General Disclosure

    Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.

    Wed, 30 Oct 2024 - 23min
  • 218 - Master Medicare with These 6 Simple Steps

    Learn how to master Medicare and get the coverage you need at the best rate available.

    Too many people are guilty of making Medicare either too complicated or too simple. How do you find that middle ground? Last week’s episode of “Retirement Revealed” with Melinda Caughill was an extensive deep-dive into Medicare that provided impactful information related to making your Medicare decision. This week I’m breaking down the simple 6 step process to mastering Medicare based on Diane Omdahl’s book “Medicare for You”.

    1. Timing Your Medicare Enrollment

    One common misconception is that you must enroll in Medicare at age 65. While many people do, it’s not a one-size-fits-all rule. If you’re already receiving Social Security benefits, your enrollment is automatic. However, if you’re not, you’ll need to sign up manually. Consider your employment status and current health coverage. Many people are unaware that if you’ve got coverage through a group health plan from a current employer (either yours or your spouse’s), you might be able to delay your Medicare enrollment without penalty.

    2. Choosing Your Medicare Path

    Deciding between Original Medicare and Medicare Advantage is a crucial step. Original Medicare includes Part A (hospital insurance) and Part B (medical insurance) and gives you the option to add Part D for prescription drugs and Medigap policies for additional coverage. Medicare Advantage, on the other hand, bundles these services and often includes additional benefits. Consider your healthcare needs, budget, and flexibility preferences when making this choice. Remember, transitioning between these options down the line can be challenging, so weigh your long-term needs carefully.

    3. Selecting the Right Plan

    Once you’ve chosen your path, it’s time to select a plan. This often involves sifting through numerous brochures or consulting with an insurance agent. I suggest finding an independent brokerage insurance agent, preferably one who represents multiple companies to get a comprehensive view. In some regions, you might find both Medigap and Advantage plans offered by various companies. Your choice should align with your healthcare providers, drug prescriptions, and budget. Be cautious of biases; sometimes, agents might suggest plans with higher commissions.

    4. Enrolling in Medicare

    Enroll in Medicare well ahead of your birthday month to ensure you’re covered when you turn 65. The enrollment process is straightforward and can be done quickly online at ssa.gov. Registering early avoids gaps in coverage and ensures you’re ready to select your preferred plan when needed. Remember, enrolling in Medicare is the first step before selecting any specific Medigap, Advantage, or Part D plan, as you’ll need your Medicare number to proceed with these.

    5. Enroll in a Plan

    Take advantage of tools available like the Medicare.gov Plan Finder to assess your options. This resource helps you compare plans based on coverage, cost, and your healthcare needs. If this feels overwhelming, Melinda Caughill’s platform, HeyMOE.com, offers personalized assistance in finding the most cost-effective drug coverage plans. Keep an open mind and explore all available resources to make informed decisions about your Medicare options.

    6. Annual Coverage Review

    Medicare isn’t a one-time decision—it requires an annual review. Plans change, as do your health needs, so reassess your Medicare coverage every year. Changes in network providers, drug formulary updates, or shifts in your medical needs necessitate a yearly evaluation to ensure you’re still on the best plan. Use tools like the Medicare.gov Plan Finder for yearly assessments, or consult services like HeyMOE.com to avoid missing critical updates or cost-effectiveness opportunities.

    By following these six steps, you can manage your Medicare choices with confidence, ensuring that your healthcare in retirement aligns with your personal needs and financial strategies. 

    Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!

    Subscribe to Retirement Revealed to get new episodes every Wednesday.

    Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337

    Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify 

    Additional Links:

    www.medicare.gov – Medicare Open Enrollment https://www.medicare.gov/plan-compare/ – Medicare Plan Finder www.heymoe.com – Annual Open Enrollment Plan Reminder & Evaluator, Melinda Caughill “Medicare for You” by Diane Omdahl: https://www.i65.com/store/medicare-for-you-book 

    Connect With Jeremy Keil:

    Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Retirement Revealed Book an Intro Call with Jeremy’s Team

    Disclosures:

    Content

    Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.

    Liability

    Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.

    No Tax Advice

    Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.

    No Investment Advice

    The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.

    Investment Risk

    Investments may increase or decrease significantly. All investments are subject to risk of loss.

    General Disclosure

    Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.

    Wed, 23 Oct 2024 - 29min
  • 217 - The Ultimate Guide to Medicare Enrollment in 2024

    Melinda Caughill shares the secrets of Medicare enrollment in 2024, what to avoid and how to pick the right coverage.

    As Medicare Open Enrollment begins, the importance of understanding Medicare and making the right decisions during the enrollment period cannot be overstated. For this week’s episode of “Retirement Revealed” I sat down with Melinda Caughill, co-founder of 65 Incorporated, to discuss her playbook for Medicare in 2024. This open enrollment period is particularly crucial due to significant changes that will affect all Medicare enrollees. Here’s what you need to know to navigate these waters wisely.

    The Complexity of Medicare Choices

    Medicare decisions are not as straightforward as picking a plan. Many people mistakenly believe it’s a simple choice between Medicare Advantage and a Medigap supplement. However, the decision path involves understanding whether to stick with Original Medicare or shift to private, corporate-run Medicare options. Each choice comes with its own set of advantages and challenges.

    Original Medicare vs. Medicare Advantage

    Original Medicare:Under this path, the government serves as your healthcare provider, offering substantial coverage with reliable benefits. You add a Medigap policy to cover costs that Medicare doesn’t, and a Part D plan for prescription drugs. This provides predictable out-of-pocket costs but comes with monthly premiums. Medicare Advantage: This option, managed by private insurers, often advertises zero-dollar premiums and numerous perks such as dental and vision coverage. However, these plans require adherence to strict networks and prior authorization for services, creating potential hurdles in accessing care when you need it most.

    Timing Is Everything

    Understanding the right time to enroll or delay enrollment in Medicare is critical. For many, this means determining the best time based on current employment status or other personal circumstances. Each individual’s situation requires a unique approach to avoid penalties and ensure adequate coverage.

    The Looming Impact of the Inflation Reduction Act

    The Inflation Reduction Act introduces a $2,000 out-of-pocket maximum for Part D drug costs, which initially sounds like a positive change. However, as part of the cost-shifting measures, private insurers may increase premiums significantly or change what drugs are covered to offset their increased financial burden. This change, effective in 2025, starts impacting decision-making now. It underscores the necessity of reviewing your current drug plans during the upcoming open enrollment.

    Choosing the Right Path

    When faced with a decision of which Medicare path to choose, it’s critical to think long-term. While Medicare Advantage plans are enticing with their low upfront costs, the rigidity and potential high costs of care down the line need to be carefully considered. Original Medicare generally offers broader access to providers and clearer costs.

    Avoiding Medicare Pitfalls

    One of the biggest traps that enrollees fall into is relying on Medicare insurance salespeople without understanding potential conflicts of interest. Sales agents earn commissions based on sales from limited portfolios, which doesn’t always align with what’s best for you. Seek independent guidance to navigate your options without bias.

    Tips for 2024 and Beyond

      Review Annually: Each year, from October 15th to December 7th, use the Medicare open enrollment period to reassess your Part D drug plan options and any Advantage plan changes. Plan Ahead:Stay informed about changes in Medicare that could impact costs, coverage, and your healthcare decisions. Seek Expert Advice: Use services like 65 Incorporated to ensure you’re making informed choices, especially if you’re approaching Medicare eligibility. Stay Informed on Policy Changes: The ramifications of the Inflation Reduction Act highlight a shifting landscape. Keeping abreast of these changes ensures your decisions are proactive rather than reactive.

    Medicare has long-reaching implications, and navigating it successfully means more than just enrollment—it’s about understanding the full picture and getting the coverage that fits your specific needs. Whether you’re planning for the first time, reassessing your current coverage, or helping a loved one make these decisions, make the Medicare decision that fits your unique health and financial needs.

    Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!

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    Additional Links:

    www.i65.com – Melinda Caughill & Diane Omdahl, 65 Incorporated LinkedIn – Melinda Caughill www.medicare.gov – Medicare Open Enrollment

    Connect With Jeremy Keil:

    Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Retirement Revealed Book an Intro Call with Jeremy’s Team

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    Wed, 16 Oct 2024 - 53min
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