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UBS On-Air: Market Moves
Top of the Morning: 2025 Retirement Guide
Jan 9, 2025
Ainsley Carbone, a Retirement Strategist at UBS, and Justin Waring, a Senior Total Wealth Strategist at UBS, tackle essential insights for retirement planning in 2025. They discuss key updates on Medicare premiums and Social Security adjustments, alongside new contribution limits for retirement accounts. Ainsley and Justin highlight the importance of liquidity management and tax-efficient withdrawals to prepare for escalating healthcare costs. They also navigate changes in estate tax policies, underscoring the need for strategic planning as retirement landscapes evolve.
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Quick takeaways
- In 2025, retirees need to prepare for increased Medicare premiums and assess their net income adjustments from Social Security benefits accordingly.
- Individuals saving for retirement should pay attention to the updated contribution limits for Health Savings Accounts and 401(k) plans to enhance their financial growth.
Deep dives
Medicare and Social Security Updates for 2025
In 2025, retirees should be aware of significant changes in Medicare and Social Security. The standard monthly premium for Medicare Part B will increase to $185, reflecting a 5.9% rise, while income-related surcharges for higher-income households will also be affected similarly. Additionally, a 2.5% cost-of-living adjustment (COLA) will apply to Social Security benefits; however, many recipients may not experience a comparable net increase due to the increased Medicare premiums. It's crucial for retirees to assess how these alterations impact their overall income and expenses to better understand their spending power for the year ahead.
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