Two key numbers in retirement planning are Social Security income and Medicare premiums. Each year, the federal government updates benefits and costs. For example, for 2018:
- Social Security: The average benefit at full retirement age increased $27 per month to $1,404. The maximum wage-earners benefit has increased to $2,788.
- Medicare premiums – Part B: Most people will now pay $134 monthly for Part B coverage, which can increase to as high as $428.60 for certain higher-income individuals.
Consider this basic retirement planning question: if you subtract the Medicare premium from the Social Security amount, could you live on that total? If not, your personal financial assets need to make up the difference. Our financial professionals can help you get up to speed and in better shape for the future, so give us a call to get started.
