Eddie Holland, CFP®, CPA/PFS, CKA®, joins Mike to discuss Social Security. They answer the following questions:
- If I’m going to collect social security and continue working, how do they calculate the amount taken out for social security and when do they look at that?
- How much of your social security will be considered as taxable income for a given year?
- What is full retirement age and why does that matter?
- What is the split strategy?
- What is the income reduction?
- If I have health benefits through my job, but I am approaching Medicare age, do I need to switch to Medicare?
- How would enrolling in Medicare affect your usage of a Health Savings Account?
- Does a spouse have the ability to use your Medicare or Cobra if they are themselves too young to apply?
- How does my income affect my Medicare premium?
Disclaimer: “Ronald Blue Trust and its employees have general knowledge of the Social Security tenets, however, they do not have complete expertise to provide a full discussion of the details of your specific situation. So, for additional information, contact your local Social Security office.” (and don’t be afraid to ask questions or for a supervisor if the information isn’t clear or not what you were expecting.)
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