Medicare Planning

The financial journey through retirement is full of twists and turns, but one aspect that often surprises retirees is the high cost of medical expenses. At Perissos Private Wealth Management, we understand the crucial intersection between retirement income planning and medical costs. With the average retiree expected to spend around $5,000 per year on out-of-pocket medical expenses not covered by Medicare, and a projected total of $280,000 in today’s dollars throughout retirement, careful planning becomes paramount.

It’s essential to note that these figures do not include long-term care insurance or expenses. Proactive income planning helps prepare for these challenges and offers one of the biggest benefits of working with a retirement professional and having a well-structured retirement income plan.

At Perissos Private Wealth Management, we go beyond ensuring our clients have sufficient income during retirement; we also consider how income decisions and strategies may affect facets of retirement, including Medicare. For instance, unexpected medical costs may arise from IRMAA surcharges, which stand for “Income-Related Monthly Adjustment Amount.” Depending on income levels in retirement, IRMAA can substantially increase your Medicare premiums.

According to the 2018 Medicare Trustees Report, Part B premiums are expected to rise about 8% annually over the next five years. This increase, coupled with mandatory distributions from IRAs starting at age 72, can bump many retirees into higher IRMAA surcharge brackets, inadvertently increasing out-of-pocket medical costs.

Our Customized Retirement Plan at Perissos Private Wealth Management helps tailor your income and tax strategy with a focus on Medicare and related health care costs throughout retirement. This kind of in-depth planning and expertise is what sets us apart from our competitors. Let us guide you through this intricate journey to secure a financially stable and fulfilling retirement.