Retirement Answer Man

Do you use an HSA? If not, you may want to start one after listening to this episode. Find out how you can use an HSA to help lessen healthcare costs in retirement and stick around to hear the answers to listener questions on this episode of Retirement Answer Man.Are you trying to figure out how to deal with an unexpected retirement? Would you like to come on the show? We are looking for a volunteer for the next Retirement Plan Live coming up in January. If you would like some help in navigating your unexpected retirement head on over to RogerWhitney.com/rpl to put your name in the hat and potentially become our next case study for Retirement Plan Live. What is focus? Focus is the act of concentrated activity on something. You choose where to place your focus in your life. What do you choose to focus on? Do you choose to focus on fear, problems, and all that could go wrong? Or do you choose to focus on the present and future excitement? When you focus on a problem does it seem huge and overwhelming? Or do you break that problem up into chunks so that you can determine what to do next? I like to say focus on the WHAM. Figure out what the problem is, how to do it, get accountability, take action, and achieve momentum. In your retirement planning, think about how you can shift your focus to best serve yourself. Can you still contribute to a Roth IRA with only a 1099R? One listener has a question about Roth IRA contributions. He is no longer working and receives a pension, but would still like to contribute to a Roth IRA since he is under the income limitations. Unfortunately, this isn’t allowed since the income must be ‘earned income’ according to the IRS. But the good news is, his wife can still contribute to his Roth IRA since he is considered a nonworking spouse. Learn the specifics of his question and the answer by listening to this episode of Retirement Answer Man. HSAs are like ‘SuperRoths’ Lynn wrote in to encourage us to discuss HSAs a bit more. This is a great idea since HSAs can be like ‘SuperRoths’. I knew I was missing out on having an HSA so when I was shopping for healthcare plans last year I specifically looked for a healthcare plan that was HSA compliant. With an HSA an individual can contribute $3500 per year and a family can contribute $7100. A great way to use an HSA for retirement healthcare costs There are a few things that make an HSA is so fantastic. The money you put into an HSA is tax-deductible and the money you take out is tax-free. HSAs are also extremely flexible. You can pay your healthcare expenses out of pocket now and save the receipts for reimbursement any time you want to. Listen in to find out how you can use the HSA as a medical expense slush fund and grow it in the long term. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:42] What is focus?PRACTICAL PLANNING SEGMENT [11:26] Can you still contribute to a Roth IRA with only a 1099R?[13:38] HSA’s in preretirement[18:46] How valuable is 2 months of your life?[22:26] Fire calc and inflation risksTODAY’S SMART SPRINT SEGMENT [29:37] Realize your focusResources Mentioned In This Episode BOOK - The Rational Optimist by Matt RidleyFireCalc.comNew Retirement CalculatorRogerWhitney.com/rplRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

November is finally here and Nichole is back! That means it’s time for listener questions. This month is my planning month where I take the time to map out the next year so that I’m not just drifting along. I try to be intentional about where the show is going and where my practice and life are going too. Listen in to hear what’s in store for 2021 on the Retirement Answer Man and find out the answers to several listener questions. How to balance enjoying life now with planning for later A listener, who describes herself as being in the constrained category of retirement readiness, asks how she can balance enjoying her life now with saving for retirement. This is a question that everyone struggles with, even those that are overfunded. We all tend to think of saving for retirement like climbing a mountain. This climb is filled with sacrifice and denial of comfort and pleasure. I argue that we must change our mindset when it comes to retirement. We must stop thinking of retirement as a destination and start enjoying this never-ending journey now. It helps to map out your spending and separate it into 3 categories. Listen in to hear what those categories are and how you can map out your cash flow to make you feel more at ease about retirement. How to decide whether to take the full pension or the pension with survivor benefits One listener is faced with yet another retirement decision. Soon he must decide whether to take a full pension or a lesser amount with survivor benefits. How should one decide what to do? Just like with the previous question, it’s important to build a model first. Map out your cashflow and test it out by using different scenarios. This will give you a good idea of how much you really need to live the life you want. When should my spouse collect Social Security if her benefit is based on mine? Mark and his wife have calculated that she will collect a larger benefit it is based on her husband’s earnings rather than her own. Spousal benefits are 50% of the higher-earning partner. However, the secondary partner can’t claim their benefits until the primary spouse claims theirs. So if the primary beneficiary decides to wait until age 70 to collect their benefit, then the secondary must wait to collect as well. Listen in to discover what the secondary spouse can do in the meantime to start the cash flowing in. Julie is looking for a safe investment for her 5 years of cash reserves Julie wants to have 5 years of cash reserves but would like that large chunk of money to be earning a bit as well. It is hard to find a way to do this right now with interest rates so low. High yielding money market accounts may only yield .5%. CD’s aren’t much better and range between .65% - 1%. Individual bonds also have terrible returns. I do have one suggestion if you don’t mind a bit of complexity and paperwork. Listen in to find out what it is.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [3:06] What is intention?LISTENER QUESTIONS WITH NICHOLE [11:20] How to balance enjoying life now with planning for later[16:46] Deciding whether to take the full pension or the pension with survivor benefits[19:40] When should my spouse collect Social Security if her benefit is based on mine?[23:26] Julie is looking for a safe investment for her 5 years of cash reserves[28:39] How to get a second set of eyes on his portfolio?TODAY’S SMART SPRINT SEGMENT [30:47] Look at your investment assets and see if they are giving distribution estimations so you can do some tax planningResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyWork with RogerRoger’s Retirement Learning Center  

What do you do if you lose your job but you’re still not ready to retire? Whether it’s personally, professionally, or financially, if you’re not ready to retire then you’ll have to take action to find new employment. How do you fill that gap between this job loss and retirement? On this episode of Retirement Answer Man, we’ll brainstorm some ways that you can take action to find your next job. What happens to you when you lose your job? Losing your job sucks. It never feels good to get pushed in a direction that you aren’t ready to take. It can zap your confidence even if the job loss had nothing to do with your performance. There are several things that happen when you lose your job. You lose your connections. You lose the rhythm of your life. You lose the intellectual challenge. And of course, you lose your income. Losing your job can make it feel like all your dreams have been zapped away. What next? While it’s okay to have feelings of anger, sadness, and remorse, you don’t want to wallow in them. One outlet you can take is to journal. When I’m faced with a difficult situation, I like to get all my feelings out on paper. I essentially yell into the page. This form of release can even help me figure out what my next step will be. If you find yourself floundering and you don’t know what to do next, be sure to listen to episode 346 to discover some first steps to take when you lose your job. It’s important to start to get that forward momentum going so you don’t just sit there shellshocked. Ways to fill the income gap quickly What if you are really strapped for cash and you need income right away? If you don’t have the cash reserves to wait out a lengthy job search there are several ways that you can start earning income quickly. File for unemploymentRegister at temp agencies like Manpower. Declutter your house and sell things on OfferUp or eBay. Deliver groceries or food with UberEats or drive for Uber. Consider a job at Starbucks if you need health benefits.Tutor online or teach English remotelyNone of these are perfect solutions, but they can help you be proactive and gain forward momentum. How do you move forward in your job search? The first step to take in your job search is to update your resume. It may have been a while since you have done so. Here are some tips for resume writing from an experienced HR professional:Look for keywords in the jobs that you want. Listen in to hear why your resume often won’t make it past the screening stage without these keywords.Have a base resume then tweak it to the specific job. Gone are the days when you only have one resume.Review resume examples for the job you want. Make your resume simple and easy to read. Focus on measurable accomplishments. Put the most important information first and only use the last 10 years of your work history in your resume.Use these action verbs to help your resume stand out. Listen in to hear what you should do after you update your resume to help you take action and find your next job. Stick around until the end to hear the Coaches Corner segment with BW to learn about your changing relationships in retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:52] What happens to you when you lose your job unexpectedly?[10:02] Ways to fill the gap quickly [13:08] How do you move forward in your job search?COACHES CORNER WITH BW [20:20] Changing relationships with your spouse[23:40] What can you do to help your relationship?[28:12] Define your roles[31:04] Communication is keyTODAY’S SMART SPRINT SEGMENT [38:47] Pick a couple of ways to take actionResources Mentioned In This Episode 139 Action VerbsEpisode 346 - 5 Things to do When You’re Suddenly RetiredRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

A result of the infamous year 2020 is that companies are looking left and right for ways to cut costs. One way many companies are trimming the fat is by offering early retirement packages to their most experienced team members. There are many questions you should ask yourself if you have received the offer of an early retirement package. Listen in to discover what you need to be thinking about in this situation. Even if you have been planning to retire you may not be ready just yet  You may have been considering and planning your retirement for a while now. But even if you are well prepared for that future date, receiving an early retirement offer can still feel like you are being thrown a curveball. You may not feel like you are ready to pack it in just yet. Even after all of your planning, there is an internal struggle. What should you do if you are offered an early retirement package? If you receive an early retirement offer you may have a limited amount of time to make your decision. The first thing you should do is seek counsel. Gather your team together. This should include your spouse and anyone whose opinion you value in these matters. Next, you’ll want to consider how the package can serve you. Will it simply move forward all the things you were planning? Questions to consider before taking the package There are many questions you should consider before coming to a decision. How will this package affect your benefits like pension, life insurance, and your vestedness within the company? How will it affect your healthcare options? Filling the gap between workplace provided health insurance and Medicare is the biggest challenge of early retirement. Listen in to hear all the questions to ask yourself if you are offered an early retirement package. What if you’re still not ready to retire?  What should you ask yourself if you say no? Do you want to continue and stay in your role at the company? If you do, what will that look like? Will your job become harder? If you don’t accept the package will that affect workplace politics? Before you come to any decision you need to make sure that you have a feasible plan in place. If you aren’t sure how to create that plan, consider joining the Rock Retirement Club. We have a masterclass where we teach you how to build a plan that is designed just for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [5:07] What should you ask yourself if you receive an early retirement package offer?Q&A SEGMENT [16:08] A question from a listener that received an early buyout package[21:24] A suggestion for a series theme[22:35] How to migrate to a more balanced portfolio[24:20] A bond index questionTODAY’S SMART SPRINT SEGMENT [29:46] Work on your retirement planning projectResources Mentioned In This Episode The Pie Cake episodeThe bond series - Start hereRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Retirement brings an onslaught of life-changing choices, so one thing you can do to help you rock retirement is to become a better decision-maker. If you are wondering how you can do that, then you’ll want to listen to this interview with Annie Duke. Annie Duke is the author of Thinking in Bets and she just released a new book called How to Decide. She knows that people can improve the quality of their decisions and she’s here to teach us how. Press play to learn how you can make better decisions so that you can rock your retirement. There are 2 things that create a great life There are only 2 things that determine the way your life turns out: luck and the quality of your decisions. You don’t have any control over the luck part, but you do have control over the quality of your decisions. It is important to acknowledge that luck has a role to play in the quality of your life. Once you have come to terms with that then you can focus on improving the quality of your decisions. Decisions are made with incomplete information Unfortunately, this isn’t a perfect world where you have all the information needed to choose wisely. There are so many unknown factors that affect your choices, so how can you possibly choose correctly? Uncertainty, luck, and imperfect information all impact our decisions. But rather than being paralyzed by these factors, you can use probability to help you. Think about how you can get more information. Most of the time we are making our decisions behind a veil of ignorance. This is why it is so important to ask questions. When you ask you are doing something, you are improving your data set. Gain some information but don’t become overwhelmed with information overload. Set some parameters to help guide you in your decision making. Have you defined your values and goals?  Before making any major life choices you’ll want to have a clear understanding of your values and your goals. Having well-defined values and goals can help you choose. Think about how positive or negative results of your decisions will move you toward your goals.  Don’t just go with your gut So many people use their guts to make decisions, but the gut is not the right tool to use. You can’t measure it. You want to make sure that you use a process, strategy, and tactics to help you decide. It’s also important to examine your decision making by going back and reflecting on your decisions. Learn why this is so important in this interview with Annie Duke. If listening to this episode wasn’t enough and you want to learn more about making better decisions, then make sure you’re signed up for the 6 Shot Saturday newsletter to receive a free chapter of Annie’s new book, How to Decide. You’ll also get an invite for the webinar taking place on October 29 at 7 pm CDT. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:32] There are 2 things that create a great life[6:02] Are high stakes decisions more important than smaller decisions?[12:50] How we judge decisions[21:37] Don’t just go with your gut[27:40] What hindsight can teach us[33:48] A thought experiment[44:23] Use decision tools to help youTODAY’S SMART SPRINT SEGMENT [48:03] Sign up for 6-Shot Saturday to get a FREE chapter of How to DecideResources Mentioned In This Episode BOOK - How to Decide by Annie DukeBOOK - Thinking in Bets by Annie DukeRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

The Coronavirus pandemic has brought about so many disruptions to our daily lives. In addition to all the health precautions we must take, many of us have had to deal with job loss as well. Whether it was a furlough, layoff, or early retirement, the results are the same. You used to be working and now you’re not. During this entire month, we will discuss what you can do when you are retired unexpectedly. On this episode, you’ll learn 5 things you can do when you are suddenly retired. What is triage?  Triage means assigning priority to projects based on where resources can be best used in order to increase the likelihood of success. We often hear the term triage in medical circumstances, but we can use it with financial situations as well. The first thing to do to triage a situation is to assess where you are. Once you do that you can determine what to do first. When life throws you a curveball triage your state of affairs before reacting. 5 things you need to do if you are pulled into retirement When you receive notice that you’ve been laid off or even if you are offered an early retirement package it can feel like the bottom has dropped out from under you. Before you can figure out your next move you need to give yourself some breathing room to contemplate the change. You can follow these 5 steps to give yourself the structure you need to move forward. Get organized. You need to take stock of your financial life. Understand your spending. How much money do you need each month? Take some time to map out the monthly debts you owe yourself over the next 12 months. This step will help you get back on your feet. Check your liquidity. Next you’ll want to map out your income sources for the year. This will help you figure out the deficit between your expenditures and revenue. This is also a good time to reorganize your financial assets and refresh your net worth statement.Reassess what is important to you. Are your priorities in order? Now is a good time to revisit what those priorities are and to make sure that your life is a reflection of those priorities.Gather your team. Now is the time to seek counsel. Talk to your spouse, your advisor, your CPA, and good friends whose opinion you value. It can be hard to gain perspective from where you sit, so having another opinion can help you see things from a different point of view. Determine what to do first. This is the step that most people get stuck on. There are so many decisions to make that it can be overwhelming. Choose one thing to do first, then move on to the next. Don’t try to do everything all at once. Don’t miss the upcoming webinar! Following these steps can help you take control of your circumstances and ultimately make better decisions. If you have been unexpectedly retired recently you won’t want to miss the webinar on October 29 at 9 pm. Make sure you are signed up for the 6-Shot Saturday newsletter to get your invitation. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [4:06] What is triage?PRACTICAL PLANNING SEGMENT [7:10] 5 things you need to do first if you are pushed into unexpected retirement[21:42] Figure out the next version of you[25:20] Join our live webinar on October 29 at 7 pm centralQ&A SEGMENT [26:35] The pros and cons of choosing a certain month to retire[31:02] What to do about an early retirement package?TODAY’S SMART SPRINT SEGMENT [36:09] Try being consciously incompetentResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

The retirement decisions that you make today will impact you for years to come. This can be a scary thought since we don’t know what the future holds. The Medicare decisions that you make now can affect your future self so you don’t want to take these decisions lightly.For the past 4 episodes, we have discussed the inner workings of the Medicare system which has given us a good basis of knowledge to work from. Danielle Roberts from Boomer Benefits joins us one last time to help us understand how to make Medicare decisions. The retirement choices you make now will affect you for years to come Choosing a Medicare plan is one of the most important and long-lasting choices that you will make in retirement. It’s hard to make these choices that will affect our future selves who may not be as healthy or alert as we are now. It is important to strike a balance between overanalyzing this decision and not analyzing it enough. How to start to make your Medicare decision Thankfully Danielle Roberts has returned to the show with her sage advice on how we can begin to make these choices. She recommends a few things to help you narrow down your choices. First off, start your research early. (Listening to this How Does Medicare Work series is a good start.)Next, you need to decide whether to choose a Medigap or Medicare advantage plan. To help with this decision, start at your doctor’s office. You’ll need to ask whether they accept original Medicare. If they do this means that they accept Medigap plans. Then you’ll want to find out whether they participate in any Medicare Advantage plans. There are many questions that come with Medicare You’ll start thinking of more questions that you want to ask your doctor as you learn more about Medicare so start creating your list of questions to ask your doctor now. There are a lot of considerations when deciding between Medigap or Medicare Advantage. Do you have a lot of different doctors? Do you want inexpensive copays? Do you have the money set aside to afford large deductibles or hospital stays down the road? Consider your future self when making you Medicare decisions It’s easy to choose what’s right for today rather than considering your future self. Ask yourself if you are going to be ok with this coverage not just now, but if you have a year where you aren’t as healthy. Don’t be afraid to ask questions. Sleep on it to see if you have a few more questions. You may want to consider using a broker like Boomer Benefits. Since they are a brokerage there is no cost to the consumer. All costs are worked into the insurance plans. Learn more about the whole Medicare system by listening to the entire How Does Medicare Work series. This will help you make the right Medicare decisions. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:03] The latest happenings of the Retirement Answer Man showPRACTICAL PLANNING SEGMENT [9:20] How to make good Medicare decisions[15:30] Should you ask a specialist the same questions you ask your primary care doctor?[21:04] Know the risks of each plan that you are considering[23:08] What about dental and vision plans?[25:46] What are the benefits of using a brokerage?COACHES CORNER WITH B.W.  [30:21] Don’t you let your life shrink in retirementTODAY’S SMART SPRINT SEGMENT [39:43] What are you doing to expand yourself?Resources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Danielle Roberts from Boomer Benefits joins The Retirement Answer Man Show again to help us understand the nuances of the Medicare system. She has a new book coming out soon called 10 Costly Medicare Mistakes that you won’t want to miss. In this episode, you’ll learn from Medicare horror stories, the biggest mistakes you can make with Medicare, and why you need to check your plan every year. Make sure to sign up for 6 Shot Saturday to get free resources by Danielle Roberts, our Medicare expert! Make sure you are prepared to jump into retirement Sometimes retirement can come at you suddenly. Are you ready to jump into retirement? You may be suddenly thrust into this whole new world. However, for others, retirement can seem like a cliff where they are standing on the edge. It can be hard to take that leap; some people end up waiting and waiting forever for the right time to jump. Educating yourself and planning ahead can help you prepare for retirement. Listening to Retirement Answer Man can help you prepare to take that leap into this amazing new world. Will dropping Medicare Part D help this listener eliminate IRMAA? One listener got a notification in the mail that he would be charged an IRMAA surcharge for his Medicare Part B and D plans. Since he uses a discount drug plan apart from Medicare Part D he was just thinking of dropping Medicare Part D altogether.He can drop Part D and forgo the IRMAA surcharge on that plan, however, doing so will mean that he has to wait until the next election period if he decides he wants back into the program. Additionally, he will then have to pay a penalty for each month that he went without the Part D drug plan. Listen in to learn how much that penalty is and discover a Medicare mistake that you won’t want to make. Biggest medicare mistake Medicare is a tricky system to learn, especially if you haven’t done any research. The biggest mistake you can make is waiting until the last minute to learn about this healthcare system. Danielle shares that there are many people who are under the impression that Medicare is free and then are shocked to learn that they don’t have enough money saved to cover their healthcare expenses in retirement. Make sure that you don’t make this mistake. Listen to the entirety of the How Does Medicare Work series to help you begin to learn the intricacies of the Medicare system. Check your plan every year Medicare has so many different ‘open enrollment’ periods so it can be confusing to know which ones are the most important. Your plan will change from year to year, so when you get a packet in the mail in the fall pay careful attention to the changes. You can also check your plan changes at MyMedicare.gov and use the plan finder tool to compare your plan with different plans. Don’t miss it when Danielle explains why it is so important to check the different plans that are offered from year to year. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:33] How retirement is similar to hang glidingPRACTICAL PLANNING SEGMENT [9:08] Will dropping Medicare Part D help this listener eliminate IRMAA?[13:35] The biggest Medicare mistake[15:22] Did your job prevent you from paying into Medicare?[17:57] Medicare horror stories[22:19] Why it is important to check your plan every year[26:37] Danielle shares her biggest pet peeveQ&A SEGMENT [30:22] To an RV finance or not to finance [35:54] Renting in retirement?TODAY’S SMART SPRINT SEGMENT [39:03] What will it take to make you jump into retirement?Resources Mentioned In This Episode BOOK - 10 Costly Medicare Mistakes by Danielle RobertsBoomer BenefitsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Over the past few weeks, we have talked about the different pieces that make up our Medicare system. Medicare is a fairly complex system with a lot of nuances to be aware of. One of the things you may have noticed is that there are some gaps in Medicare coverage. Today Danielle Roberts from Boomer Benefits is back to help us understand these gaps and what we can do to fill them. Medicare isn’t the only place we see gaps in retirement. Often time there are other places where we have gaps in our retirement planning. Listen in to discover how to fill these gaps in Medicare and elsewhere in retirement. Analyze your gaps in retirement In project management, there is something called gap analysis which helps project managers identify gaps. Gap analysis has 5 basic steps. Identify the area to be analyzed and identify the goals to be accomplished in that area.Establish an ideal future state. What is the ideal outcome?Analyze the current state. What is it like now? Compare the ideal state to the current state, Identify the gap between the current state and the ideal state so that you can begin to close that gap.Gaps in retirement planning In retirement planning, people often skip step 2 when analyzing their own gaps. Rather than identify the ideal state for their retirement, they only analyze their current state. I argue that the project management method of gap analysis is a much better way to approach retirement. When you first establish what your ideal retirement will look like and then figure out the rest you start with a blank slate. Isn’t that what you are looking for in retirement? Learn how you can start your retirement off right. Start with a blank slate rather than limit yourself by where you are currently. Filling the gaps that Medicare leaves If you have been listening to the past few episodes, you probably noticed that there are some gaps in the Medicare system. If you have been wondering how to fill those gaps, then you’ll definitely want to listen to one of the top Medicare experts in the country, Danielle Roberts, from Boomer Benefits. Medigap and Medicare Advantage plans There is a difference between traditional Medigap plans and newer Medicare Advantage plans. Medigap plans are generally more expensive but they offer more flexibility and a wider variety of plan choices. Medicare Advantage plans cost less and sometimes they are even free, however, these plans come with many more limitations. These plans are gaining popularity over the past few years. Listen to Danielle’s expert analysis of these different types of plans to help you decide the best way to supplement your Medicare coverage. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT’S THAT MEAN? [1:48] What is a gap?PRACTICAL PLANNING SEGMENT [6:43] Check out Danielle’s  new book![8:22] How does Medigap insurance work?[14:29] What you need to consider when choosing a Medigap provider[19:08] What do Medigap plans cost?[25:30] What is a Medicare Advantage plan?[31:16] How does Medicare work while traveling?Q&A SEGMENT [35:25] You could lose your coverage if you are still working[36:52] A Roth 401K questionTODAY’S SMART SPRINT SEGMENT [45:49] Let me know if you are experiencing challenges in unexpected retirementResources Mentioned In This Episode BOOK - 10 Costly Medicare Mistakes You Can’t Afford to Make by Danielle RobertsBoomer BenefitsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Medicare Part D has similarities and differences to Parts A and B. On this episode of our How Does Medicare Work? series, we’ll explore Part D. We’ll also discuss what Medicare doesn’t cover. How much do you know about Medicare and how it works? Are you trying to figure out how this new type of insurance will be different from what you are used to? Make sure to listen to the whole series to help you understand the changes that enrolling in Medicare will bring to your life. Live a life without regret The number one regret that people have upon death is that they say they wish they would have had the courage to live a life true to themselves. During most of our lives, we have a series of obligations that make it hard to really live a life true to ourselves. Retirement is a time when we can finally shed those obligations. What will it take for you to live a life without regrets? Think about what living a life that is true to yourself really means for you. What is Medicare part D? Danielle from Boomer Benefits joins me again today to help us understand Medicare part D. Danielle has a knack for explaining the complexities of Medicare in a way that laypeople can understand.Medicare part D is the prescription drug coverage portion of Medicare. It actually wasn’t rolled out until 2006. Since prescription drug coverage wasn’t typically covered in the 1960s, it wasn’t included in the original Medicare plans. Can you imagine what Medicare was like before Part D? How does Medicare Part D work? Medicare Part D is a bit different than parts A and B but it does have some similarities. It’s a voluntary plan that you have to opt into. But unlike parts A and B, you don’t enroll in part D at the Social Security office. Each state has private insurance companies that offer Medicare part D. Just like Medicare parts A and B, there are 4 stages to the plan. The first is the deductible. There is a deductible set by Medicare each year and the drug companies are allowed to build that into their plan how they choose as long as it is within the parameters. After your deductible has been met then you’ll move into the second stage of the plan which is the copay. Listen in to discover how Medicare part D works and why your choice in pharmacy could really affect your drug costs. Where are the gaps in Medicare? Medicare isn’t perfect, there are still gaps to consider. We are often used to our employer-sponsor health plans covering dental and vision, but along with hearing, these services aren’t covered under Medicare. In a subsequent episode, we will discuss the Advantage plans that can help you bridge these gaps. It’s also important to remember that Medicare doesn’t pay for long-term care. To ensure that you are fully prepared, you’ll have to plan on how you’ll handle a long-term care event. Discover why it is important to review your Medicare plan each year by listening to Danielle on this episode of Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT’S THAT MEAN? [1:32] Let’s define regretPRACTICAL PLANNING SEGMENT [5:24] Part D is a relatively new option[7:12] How does Medicare Part D work?[15:34] What is the total out of pocket you could pay? [19:32] Are there drug assistance programs within Medicare part D?[20:33] Where are the gaps in Medicare?Q&A [29:12] How to fund a special needs trust?[31:31] What is the benchmark for decide when there is a gain or loss to fill your bucket?[35:52] How to easily settle an estateTODAY’S SMART SPRINT SEGMENT [38:35] What does being true to yourself really mean?Resources Mentioned In This Episode  The Pie Cake episodeLong term care episodes -  Start hereMyMedicare.govBoomer BenefitsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyWork with RogerRoger’s Retirement Learning Center