It’s that time of year again: Medicare Annual Enrollment Period. There are new commercials and ads popping up every day during these months where Medicare enrollment is possible. This can make enrolling far more confusing than it needs to be. The annual enrollment period spans from October 15th to December 7th.
During this time, Medicare beneficiaries are allowed to switch their Medicare Advantage plan or their Part D Prescription drug plan, if they want or need to. There are different reasons to change your plan, or at least look into changing these plans. One of the most important things to remember is that, if you have a Medicare supplement, this can be changed anytime during the year, and not just during open enrollment.
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Making the decision to use professionals to help with financial planning is great, but how do you choose the right professionals? Financial planning is full of confusing jargon.
Fiduciary and suitability are terms you’ve probably come across when looking for this type of help, but do you actually know the difference between the two terms? The professionals at Cardinal Advisors act at a fiduciary level, while including suitability, when assisting you with financial planning and we’ll tell you why.
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Retirement is a time full of change, especially in regards to finances. From the way you are receiving money to the way you are spending money, these changes will inevitably affect your taxes. Not properly preparing for retirement can be costly. Below are four factors that will change and what you should keep in mind when preparing for retirement.
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For many people, the thought of dying is easier to deal with than the thought of becoming incapacitated. What I find, is a lot of folks that are in their 60s and 70s, they don’t want to deal with the thought of incapacity. Denying the problem doesn’t make it go away.
At Cardinal Advisors, we see the consequences of not planning for incapacity and death mostly when proper legal documents were not executed or updated. Not only does this make it harder on the family, but all the money and assets can be handled differently than the wishes of the deceased. To avoid this, there are four basic documents you should have in place in order to strategize estate planning and life insurance before you die, which include: financial power of attorney, health-care power of attorney, HIPAA release, and a will.
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While most people understand the importance of life insurance, many do not understand the importance of annuities. As life insurance protects your family from early death, annuities are a form of insurance that protects you from living too long.
Annuities are a criticized insurance product, but this is often due to a lack of understanding. If annuities are purchased by the wrong person for the wrong reasons, of course it is a bad deal; But, for many people, annuity insurance can be a great deal under the right circumstances.
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You’ve been putting money away for years thinking retirement was a distant point that would never come. Now, it has arrived as promised, and you get to enjoy the benefits of your planning and saving. But the planning doesn’t stop here. If you don’t continue to plan the details of your retirement account you could lose some of your hard earned savings Required Minimum Distributions (RMDs) are just another of a long line of acronyms and jargon you’ll need to become familiar with in order to plan effectively.
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Considering all the details around end of life care can be daunting. People often put off planning because they are uncomfortable even thinking about it. Retirement is hard enough, but preparing for an extended period of incapacitation isn’t something many want to consider. Ignoring this highly likely possibility, though, not only could negatively impact you, but also your loved ones. Depending on the type of care, yearly costs are often somewhere between $50,000 and $80,000. Rather than be caught off guard, our four main solutions offer ways to be prepared financially. These solutions are not mutually exclusive; they can be mixed to provide the best coverage for your situation. Continue reading “Long Term Care Funding Help”
Some of the most important decisions you will make regarding your retirement surround Social Security. Despite this, many in our area, including Raleigh, Cary, and Durham, as well as nationwide, make quick decisions that end up costing them money they might not be able to afford losing. Here are a few general ideas to consider on Social Security that will help you maximize your benefits.
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If you are approaching 65, or have recently reached that milestone, it is time to celebrate your independence. You now have the opportunity to become even more independent when it comes to your health coverage.
Medicare Offers Choices
Many Americans pay into Medicare their whole career, but are not aware of all the options they have available to them once they reach the age of eligibility. Medicare is one of the great ways our country encourages independence. We love to have choices. So, when it comes to Medicare, what are they?
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