Facts About Medicare Open Enrollment

Posted by Creekmur Wealth Advisors on 10:45 AM on October 1, 2020

How much do you know about the different coverage options?

Medicare’s open enrollment period runs from October 15 to December 7. If you are enrolling in Medicare for the first time, give yourself plenty of time. You may discover that it is much more complex than an employer-sponsored group health plan.1

When you enroll in Medicare, you pay multiple premiums for multiple types of coverage (Parts A and B, as well as the Part D prescription drug plan). Unlike a group health plan, there are no caps on out-of-pocket costs and a risk that you might have to pay a hospital insurance deductible more than once per year. Original Medicare also does not cover some costs that many seniors would like to cover, such as dental and vision care expenses.2

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Topics: Details about Medicare, Retirement, Medicare Enrollment

How Much Do You Really Know About Extended Care?

Posted by Creekmur Wealth Advisors on 12:36 PM on September 24, 2020

Separating some eldercare facts from eldercare myths.

How much does eldercare cost, and how do you arrange it when it is needed? The average person might have difficulty answering those two questions, for the answers are not widely known. For clarification, here are some facts to dispel some myths.

True or false: Medicare will pay for your mom or dad’s nursing home care.
FALSE. Medicare is not extended care insurance.1

Medicare Part A will pay the bill for up to 20 days of skilled nursing facility (SNF) care, but after that, you or your parents may have to cover some costs out-of-pocket. After 100 days in a SNF, you will have to cover all costs out of pocket. The only way to “reset the clock” for Medicare coverage of these services is if 

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Topics: Financial Planning, Insurance, Life Insurance, Retirement

Why Roth IRA Conversions May Now Be Advantageous

Posted by Creekmur Wealth Advisors on 10:42 AM on September 17, 2020

Thanks to a couple of factors, some investors are thinking about this move before 2020 ends.

Roth IRAs have attracted retirement savers since their introduction in 1998. They offer the potential for tax-free retirement income, provided Internal Revenue Service rules are followed.

Do Roth IRAs seem even more attractive these days? Perhaps. You can cite two factors: current tax rates and the passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act.

Roth IRAs differ from traditional IRAs. Typically, distributions from traditional IRAs must start once you reach age 72, and the money distributed is taxed as ordinary income. When distributions are taken before age 59½, 

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Topics: Investing, Retirement, Roth Conversions, Roth IRA

Dow 30 Changes Its Starting Lineup

Posted by Creekmur Wealth Advisors on 2:41 PM on September 10, 2020

What you should know about the change.

The Dow Jones Industrial Average (DJIA), one of the most widely followed stock market indices, has made some key changes to its starting lineup.

Salesforce.com, Amgen Inc., and Honeywell International Inc. have replaced Exxon Mobil Corp., Pfizer Inc., and Raytheon Technologies Corp. The change went into effect before the market opened on Monday, August 31.1

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Topics: Investing, Retirement, Stock Market

Conquering Retirement Challenges for Women

Posted by Creekmur Wealth Advisors on 7:22 AM on September 3, 2020

Looking ahead can help you conquer these unique obstacles.

When it comes to retirement, some women face obstacles that can make saving for retirement a challenge. Women typically earn less than their male counterparts and often take time out of the workforce to care for children or other family members. Added to the fact that women typically live longer than men, retirement money for women may need to stretch even further.1

Despite these challenges, there are a lot of reasons to be hopeful.2

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Topics: Working Women, Financial Planning, Retirement

How Much Money Will You Need for Retirement?

Posted by Creekmur Wealth Advisors on 7:15 AM on August 13, 2020

It depends on your goals, time horizon, and risk tolerance..

"Will I outlive my retirement money?" That's one of the top fears for people who are starting to prepare for their retirement years.

So I have to chuckle a bit when I see headlines that say, "Here's how much money Americans think they need to retire comfortably."1

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Topics: Financial Planning, Investing, Retirement

Weekly Flash Briefing 07/07/2020

Posted by Drew Creekmur, MSPFP on 11:07 AM on July 7, 2020

3 Lessons Learned from a Crazy Year!

As I was watching fireworks over the weekend, I got to thinking about how much we have already experienced so far in 2020. The list of events is truly incredibly to review, in part because many of these events would have been massive in any random year and I had almost forgot that some of these things had even happened (here is a complete list of the items that occurred through just April!):

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Topics: Financial Planning, Investments, long term objectives, Planning, Retirement, saving and investing, Lessons Learned

Weekly Flash Briefing 06/30/2020

Posted by Drew Creekmur, MSPFP on 4:25 PM on June 30, 2020

How to Navigate your Employer Sponsored Retirement plan

"My employer provides a Retirement Plan (401(k), 403(b), 457, SIMPLE IRA, etc.), but I don't understand it at all!"

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Topics: 401k, 403(b), Financial Planning, Investments, long term objectives, Planning, Retirement, Roth 401k vs 401k, saving and investing

Saving Early & Letting Time Work for You

Posted by Creekmur Wealth Advisors on 11:30 AM on May 28, 2020

The earlier you start pursuing financial goals, the better your outcome may be.

As a young investor, you have a powerful ally on your side: time. When you start investing in your twenties or thirties for retirement, you can put it to work for you.    

The effect of compounding is huge. Many people underestimate it, so it is worth illustrating. Let's take a look using a hypothetical 5% rate of return.1

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Topics: Financial Planning, Retirement, saving and investing

How Women Can Prepare For Retirement

Posted by Creekmur Wealth Advisors on 11:45 AM on May 14, 2020

A practical financial checklist for the future.

When our parents retired, living to 75 amounted to a nice long life, and Social Security was often supplemented by a pension. The Social Security Administration estimates that today’s average 65-year-old woman will live to age 86½. Given these projections, it appears that a retirement of 20 years or longer might be in your future.1,2 

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Topics: Working Women, Financial Planning, Retirement, Retirement Income

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