In episode 57 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA shed light on scary statistics regarding the rise of healthcare costs and share strategies to show how listeners can protect themselves. Plus, how traditional retirement planning has changed over the years. Original publish date August 20, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.
01:43 - “The typical inflation rate has been around 3% historically; we use about 3.7% to be conservative. Medically right we do about 5.7% because that’s what it’s been growing at.”
02:55 - “If you want to get an hour full of Medicare [education] go to purefinancial.com and check out our recent webinar.”
05:33 - “A lot of people don’t realize that Medicare does not cover [all] long-term care stays.”
9:00 - “Age 70 ½ is when you have to start taking your required minimum distribution out of your IRA and 401(k).”
15:45 - “When it comes to parents’ children and how much they’re spending on athletics…how much are they spending?”
25:25 - “A 25% tax bracket means you pull $100,000 out of your IRA and you pay $25,000 in tax.”
29:10 - “You have to make sure you understand what’s going to come to you as a guaranteed income source.”
30:59 - “When we’re trying to reduce taxes in retirement, probably one of the first things you have to know is your tax bracket.”