Consider this your retirement cheat sheet.
Take any money issue and you’re sure to find detailed guidance—some so complicated that it’s largely ignored, regardless of its potential benefit.
3. “I don’t make enough money.” Look for a better job, up your skills, get a second job, start a small side business, work overtime. Perhaps even collect scrap metal with that F-150 you just had to have. Yup, I’m being sarcastic. 7. “How do I calculate what to take from retirement funds?” Well, there’s the 4% guideline, which says start by taking 4% of your retirement assets in the first year of retirement and thereafter increase that amount by inflation each year.
11. “How much will Medicare cost me?” The basic monthly individual Medicare Part B premium is projected to be some $144 in 2020, a $9 increase. Individuals with incomes of $85,000 or more will see increases of about $25 to $30 a month. You can find the premium schedule on CMS.gov. A Part D prescription drug plan will cost most people about $30 a month in 2020. But like Medicare Part B, it’s based on income.
15. “I don’t have much, so I don’t need a will, right?” Wrong. The fact is, you need a will and maybe a living trust. Those beneficiary designations you may have made are crucial, but not sufficient.
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