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In retirement planning, focus often gravitates toward investment selection and portfolio building. While crucial, smart investing represents just one piece of a complex puzzle. A well-crafted strategy for withdrawing money while minimizing taxes proves equally vital. After all, what matters most isn’t just earning potential, it’s maximizing after-tax income during retirement years. 1. Health Savings … Read more
About 5% of the population accounts for nearly half of total health spending, and many of these are older adults with multiple conditions. Do seniors (65+) pay as much as perceived for health care? Seniors pay a lot for health care, but it is not that simple. Many, perhaps most, seniors pay no more, even less, out of pocket, than many younger families. The bulk of spending by seniors is premiums, not the actual cost […]
I came across the following Kiplinger article recently: https://www.kiplinger.com/retirement/social-security/minimum-savings-to-retire-by-state It postulates that you would need to save a minimum of 1.6 M to retire comfortably in California, the third most expensive state in which to retire. There are a lot of unknowns in how they calculate this, but alarmingly the median savings of people 65-74 in $200,000 the average is $609,230. On social media sites, people ask if they can retire on social security alone. […]
One of the biggest challenges in retirement is creating an income plan that lasts as long as you do. That means striking a balance between safety-first guarantees and growth-oriented investments that can keep up with inflation and help your portfolio grow over time. The right mix isn’t a formula you can pull off the shelf. It depends on your retirement style, your tolerance for longevity risk, and your unique circumstances. Safety-First: Guarantees You Can Count […]
Image Source: 123rf.com Is your fertilizer a health risk? Gardeners often reach for “natural” fertilizers, thinking they’re automatically safe. After all, if it’s organic or homemade, how harmful could it be? But just because something comes from nature doesn’t mean it’s safe. In fact, some fertilizers labeled as natural can trigger health issues for people and pets, especially when used improperly. Here are seven so-called natural fertilizers that may cause more harm than good if […]
Financial freedom lets you live the life you’ve always wanted. Freed from the shackles of a meaningless job, you get to do whatever you want, … Read more
10 Benefits of Being Your Own Boss After 60 for a Joyful Retirement <img decoding="async" class="alignnone wp-image-38795 size-medium" title="10 Benefits of Being Your Own Boss After 60 for a Joyful Retirement" src="https://www.ourdebtfreefamily.com/wp-content/uploads/2025/09/16746-1024×683.jpg" alt=" For many baby boomers, the idea of retirement used to mean slowing down, kicking back, and maybe spending afternoons in a rocking chair. But times have changed. Retirement no longer has to be about stepping away from work entirely—it can be about […]
When something becomes a burden to you, whether financially or emotionally, the best course of action is to leave it. When the economy deteriorates so … Read More 12 Common Things That Have Become Pocket-Draining Realities for Lower Middle-Class Retirees
Before the article, check out the latest on my podcast, Personal Finance for Long-Term Investors: On Apple Podcasts On Spotify On YouTube Now, here’s today’s article: Podcast listener Corey wrote in and said… I’ve gotten very serious about personal finance recently and have consumed a large amount of personal finance content over the last 18 months. Something I’ve noticed to be lacking is how to plan and account for healthcare costs during all phases of your retirement planning. I think most people would agree that it represents a huge aspect of an individual’s or family’s financial picture and I think the argument could be made that, on average, it is a poorly understood topic by the general public. I think Corey makes a great point, and I’m happy to admit I fall in that camp. I know my fair share about portfolio this and account type that. Saving on taxes, when to claim Social Security. I’ve got my facts down. When it comes to Medicare, IRMAA, some of those ideas, I can poke my way around. But Corey’s question caused me to dig deeper into this question than I ever had before. Now that I’ve dug and dug and dug, here are the 4 stages of healthcare during all phases of your retirement planning. Healthcare Costs While Working Most American employees have an employer-sponsored group plan. It might be worth defining some terms here, like premiums, deductibles, copays, and out-of-pocket maximums. Think of premiums as your monthly membership fee for having health insurance. You pay your premium every month, whether or not you go to the doctor. It’s the cost of staying in the club, so your insurance is active and ready when you need it. Your deductible is the amount you must pay out of pocket each year before your insurance coverage kicks in. Example: If you have a $2,000 deductible, you pay the first $2,000 of your medical bills yourself. After that, your insurance starts chipping in. A co-pay is a fixed amount you pay when you receive certain services. For example, you might pay $30 every time you visit your primary care doctor, or $10 for a prescription. Co-pays usually kick in even before you’ve met your deductible. The out-of-pocket maximum is the the most you’ll have to spend in a year on covered health care. It’s your “ceiling.” Once you hit this number, insurance pays 100% of covered expenses for the rest of the year.It includes what you pay toward deductibles, co-pays, and co-insurance (if your plan has that too). Some healthcare plans allow you to open a Health Savings Account, or HSA. If you haven’t heard of it, it’s a fantastic account with a so-called “triple tax advantage.” You get to invest tax-deferred on the front end. You can invest your money in an HSA, and it’ll grow tax-free. And then when you spend on healthcare costs, your withdrawals are tax-free too. For Sudden
At Physician on FIRE, we’re constantly seeking resources and strategies to reach FIRE. This week, we’re thrilled to share a … Read more
Financial freedom isn’t just about having money in your bank account, it’s about peace of mind, choices, and the ability to live life on your own terms without having to stress over your finances. It’s knowing that an unexpected expense won’t throw your entire budget and life off track and that you can enjoy life […]
Image Source: 123rf.com Couples without children are assumed to have a financial advantage. With two salaries, many people expect them to breeze into retirement. In reality, it’s not as black and white. Many DINK couples delay saving, assuming their higher earnings will cover future needs. By the time they realize how much they’ll need, catching up can feel impossible. Plus, unexpected expenses, like having to care for an aging parent, can push them further behind. […]
You’ve maxed your company 401(k) match. Now what? Where exactly should you direct your savings? Christine Benz has a short but useful Morningstar article called A Hierarchy for Retirement Savings. The structure reminds me a bit of the Personal Finance Flowchart from Reddit. The best part of the article is that they explain the exceptions, or at least reasons for de-prioritization, in a clear and concise manner. These exceptions may be uncommon, but they are […]