This is scary stuff. Medicare is critical if you want to retire. Without it most boomers and seniors would have crippling medical costs in retirement. Privatizing Medicare is NOT a solution. It would save the government money but throw the risk, and increasing costs, back on the recipients. And it's not broke! Don't break it!
A couple of months ago I published new research here. The topic was retirement withdrawal strategies. I was trying to answer a question that had long puzzled me. It’s one that I hadn’t seen addressed elsewhere: What is the best way to liquidate the asset classes in your retirement portfolio? For example, if you have a simple portfolio of stocks and bonds, and you need to generate cash, when do you sell the stocks and when do you sell the bonds? I built a computer model and simulated the problem using historical data.
Your 65th birthday is coming up. Soon, you think, the government will send you a packet explaining how to enroll in Medicare — its vast health program for 46 million seniors. Don’t hold your breath. Astonishingly, no coordinated effort to reach out to soon-to-be-65-year-olds exists. You have to figure out what to do — and when to do it — on your own, along with 10,000 Americans reaching the age of Medicare eligibility every day. Give yourself plenty of time.
Shocking news that some insurance companies, including some of the biggest healthcare insurance providers in the country, have been given permission to "seamlessly convert" beneficiaries who are eligible for Medicare into Medicare Advantage plans. These beneficiaries did not choose the plans, and may find that their doctors are not in the networks. Worse, if the beneficiary was in an employee plan and wanted to be in traditional Medicare after retirement, their placement in a Medicare Advantage plan may make it more difficult to get a Medigap plan after they retire.
I have been trying for a long time to find a detailed explanation of how Social Security benefits are calculated. There are benefits calculators that don't let you in on the details, just give you a result, but I wanted to know some specifics about what affect various actions, like continuing to work for a while past age 66, would have on the benefit. I finally found this article that explains a lot. Be forewarned, this is very complex and very dense information!