Social Security & Retirement Mistakes: Taxes, Medicare, Roth Conversions and More
What are the biggest Social Security and retirement planning mistakes that could cost you money in retirement?
Toby Mathis and Erin Moriarty break down some of the most important decisions retirees and those approaching retirement need to understand, including when to claim Social Security, how Social Security benefits are taxed, Roth conversion strategies, Medicare and IRMAA surcharges, retirement withdrawals, long-term care costs, and the 4% rule.
You’ll also learn how thoughtful Social Security planning, retirement tax strategies, Medicare planning, and income withdrawal decisions can work together to help you keep more of your money and create a more sustainable retirement income.
Many retirees don’t realize that a portion of their Social Security benefits may be taxable—or that decisions involving retirement accounts and Medicare can have unexpected tax consequences. Understanding these issues before you retire can help you make more informed decisions and potentially avoid costly retirement planning mistakes.
In This Retirement Planning Discussion, You’ll Learn:
- When to claim Social Security at 62, 67, or 70
- Social Security strategies for married couples
- How Social Security benefits are taxed
- How to calculate your Social Security break-even point
- When Roth conversions may make sense in retirement
- How Qualified Charitable Distributions (QCDs) work
- How retirement income can affect Medicare IRMAA surcharges
- The differences between Medicare Advantage and Medigap
- Whether the 4% retirement withdrawal rule is too conservative
- What retirees should know about long-term care
- How to build a reliable retirement income strategy
- What could happen to Social Security in the future
More From Erin Moriarty
Check out Erin Talks Money for more retirement and personal finance education:
https://www.youtube.com/@ErinTalksMoney
Medicare Resource
Learn more about the Medicare resource mentioned in this video:
https://askchapter.org/
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Video Chapters
0:00 – Introduction
2:00 – Do You Have to Claim Social Security When You Retire?
2:39 – Social Security Strategies for Married Couples
3:24 – Social Security at 62 vs. 67 vs. 70: When Should You Claim?
4:25 – How Much Social Security Could You Receive?
5:30 – The Social Security Break-Even Point Explained
7:00 – Building a Reliable Retirement Income Floor
8:00 – How Social Security Benefits Are Taxed
10:36 – Retirement Tax Brackets and Roth Conversions
11:32 – When Roth Conversions Make Sense in Retirement
12:34 – Qualified Charitable Distributions (QCDs) in Retirement
13:51 – Retirement Income Sources Retirees Often Overlook
16:09 – Medicare IRMAA Surcharges Explained
17:55 – Medicare at 65: What Retirees Need to Know
19:11 – Medicare Parts A, B, C and D Explained
21:00 – Medicare Advantage vs. Medigap
22:37 – Why Retirees Are Afraid to Spend Their Money
25:59 – Is the 4% Retirement Withdrawal Rule Too Conservative?
27:33 – The Biggest Financial Fears Retirees Face
31:06 – Long-Term Care Statistics: What Retirees Should Know
32:23 – Will Social Security Run Out of Money?
33:03 – Final Retirement Planning Takeaways
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