Medicare and Social Security Claiming for Singles – Part 3

This is the third in a series of discussions regarding claiming benefits under Social Security and Medicare. Today we look at single taxpayers and the choices they must make as to when to start receiving benefits. We already established that most Americans will opt for Medicare coverage as soon as they are eligible at age 65, which remains a fixed age for all taxpayers. We should mention that Medicare registration can (and should) take place about 3 months prior to the 65th birthday for a smooth start.

For anyone receiving Social Security benefits prior to age 65, no action is needed, as Medicare enrollment takes place automatically. Premiums are deducted from monthly Social Security benefits. Only if the recipient declines Medicare Part B is action needed to override automatic enrollment.

Most people know by now that Full Retirement Age (FRA) for Social Security is a moving target. People born after 1937 no longer reach FRA at age 65. FRA is indexed up according to the recipient’s year of birth. For people born in 1960 and later, FRA is a full 67. The entire table is available on the Social Security website (socialsecurity.gov).

Claiming Social Security benefits prior to FRA results in a reduction of monthly benefits for life, whereas claiming after FRA results in increased benefits forever. This makes the claiming decision more complicated, as the consequences are permanent.

Marital status is an important consideration when analyzing options for claiming benefits. Except under unusual circumstances, singles are not responsible for maintaining a spouse’s economic situation once the single recipient has passed. The claiming decision involves structuring income for life without running out of money (falling short of financial independence).

Step one is estimating individual life expectancy, using parameters such as current health, family longevity, and national statistics. The longer the recipient is likely to live, the larger the monthly benefit that will be needed to ward off inflationary pressures. (We know that Social Security payments are indexed for inflation, but the government’s inflationary measure woefully understates the true impact of inflation.)

Another consideration is the ongoing earnings expectation of the potential recipient. How long will the potential claimant keep working, and how much income will be earned during that time? Waiting past FRA results in an 8% annual benefit increase for each year the claimant waits. Note that this increase is credited monthly (2/3 of 1% per month), so the decision can be made at any time up to age 70. After reaching 70, no further age-based increases are available, so everyone should file by that point.

There are several Social Security calculators on the Internet, but it is often helpful to work with a qualified financial advisor to determine your optimal claiming strategy.

Next week we will discuss a much more complex situation — filing for Social Security as a married couple.

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Last week we began a series regarding claiming benefits for America’s two most comprehensive Social Programs; Medicare and Social Security. This week, we’ll discuss considerations after filing for Medicare. Most Americans know that the eligibility age for Medicare is 65, and most enrollees have looked forward to their eligibility date. Many are surprised that Medicare is not “free.” We should note that fully qualified enrollees receive Medicare Part A (Hospital Insurance) free of monthly premiums.

Medicare enrollees are treated as individuals under Medicare, except for their Part B premiums, which are tied to household income. Part B pricing increases for higher income enrollees. Married people’s incomes are obtained from their tax returns, which are generally filed jointly, reporting combined incomes. This can lead to higher Medicare pricing for both spouses. For enrollees in higher income tax brackets, the cost difference is considerable.

In 2020 the standard Medicare B monthly premium is $144.00 per person. However, as incomes go higher, individual monthly premiums can go as high as $491.60 each. Added to that are potential “IRMAA” extra payments for Medicare Part D, which is insurance for prescription drugs, whether or not the Medicare enrollee is covered by Part D.

In our experience, most Medicare recipients are unaware of their actual monthly premiums. This is largely due to the practice of Medicare deducting the premium cost from the enrollee’s Social Security benefit check. People not receiving Social Security benefits receive a paper bill from Medicare, and are therefore reminded monthly of their actual costs.

Anyone who is receiving Social Security benefits while enrolled in Medicare should immediately go to their account at socialsecurity.gov (open one, if necessary) and look at the details of their monthly benefits. The Medicare deduction is displayed prominently as a reduction from Social Security gross benefit. If you are paying more than the Standard Premium shown above, you should do a little analysis, as you may be getting overcharged based on your current income.

Evaluating income from prior tax returns produces a time lag from people’s current situations. Americans don’t file tax returns until after the year is over, so Medicare tax information is from a return for 2 years ago. During that time lag, many age 65-ish Americans have had a substantial change in financial circumstances, most experiencing income reductions through retirement.

When a dramatic income reduction is experienced, prior tax returns present a false narrative to the Medicare System. When that situation applies, you are going to be overcharged for monthly Medicare premiums. You can fix this, but the government is not going to help you.

Start with your own Medicare premium. Compare it to the base amount (currently $144.00 per month), and see if you are being charged above the standard rate. If not, you are done and can rest easier. If you are being charged more, you need to see if your income is being accurately portrayed right now, based on your Modified Adjusted Gross Income, or MAGI. Here’s the big question; is that MAGI still current, or have you experienced a sharp drop in income? (The MAGI computation is available on the Medicare.gov website.)

Medicare has a procedure for securing a reduction in monthly premiums for people who have experienced what Medicare calls a “life-altering event” since their last tax return filing. Simply search for Form SSA-44 and complete the explanation, which may include marriage/divorce/death of a spouse, loss or reduction of earnings, and others. This form is handled through the Social Security Administration, not Medicare. Include the proper documentation, and Social Security will render an opinion.

When Social Security accepts your claim, they will instruct Social Security to reduce your monthly Medicare withholding going forward, and will refund excess premiums for a period of prior months. Going forward, should your income change again, the process can be repeated for a further reduction.

I’ll repeat the prior warning – you are on your own to go after this cost reduction; the government will not change your premium until the next tax return is filed, by which time you will have paid extra for 12 months.

Next week we will discuss filing for Social Security as a single taxpayer.

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A fallacy is defined by Wikipedia as “the use of invalid or otherwise faulty reasoning, or “wrong moves” in the construction of an argument.” When it comes to money and investing, there are no shortage of these pitfalls, and most of them are guilty of at least one at one point or another. I picked out some of the most common ones we see in our practice to discuss today in hopes that you can avoid them in the future.

1. That stock/bond/ETF/Mutual Fund is too expensive: For some reason, people think that the price of a share of an investment is important. It is not. The only time this is true is when the price of a single share is higher than the total amount you have to invest (see Berkshire Hathaway). Other than that, it is 100% irrelevant. The price of a share is only important relative to other figures, like the total shares outstanding, earnings, book value, or a host of other metrics that are used to measure the financial performance of a company. The price of a share does not measure value. For example, in the last 3 months, if you bought 1 share of Tesla at $400, and it is now trading over $1000, you made over $600. In the same time frame, if you bought 10 shares of Exxon Mobile for $40 each, it is now trading at $47 and you made $70. Which was the better investment?
2. I am diversified, I own SPY: Just because an ETF has 500 stocks does not make it diversified. Buying a single ETF that contains only large-cap US stocks diversifies you out of single-stock risk, but it does not diversify you out of market risk, which is when the whole market goes down at once (just look at March of this year for an example). Owning SPY is certainly less risky than owning a single stock, but you have only addressed part of the problem.
3. That stock only ever goes up: This is very common. People look at a stock on a multi-year run and wish they had gotten in several years ago. However, they then justify getting in a lofty valuation because they know in their hearts that this stock only ever goes up. However, that stock usually starts in a downtrend right after they purchase it.
4. I am just waiting to break even: Sometimes an investment is a dog, and you know it, but you hate the thought of taking a loss on it. Many people cannot stomach the thought of selling anything for a loss, so they hold on to their investment, hoping and praying that the turnaround is just around the corner. In the weeks, months, and years that follow, many other investments have increased in value, but the dog you held onto still has not. Therefore, even if the investment stays stable, the opportunity cost of staying in it was the lost gains on the other investment. You gotta know when to fold ‘em as the song goes.
5. Analysis paralysis: Certain types of investors like to make sure that they are making the absolute right decision to buy at the absolute best time. They have spreadsheets, computer programs, complicated algorithms, and yet they are sitting in cash. This is a common problem with engineers and other detail-oriented professionals. They get so caught up trying to make the right decision that they cannot make a reasonable decision. The point of investing is to make money, not to be a perfect investor. Stop over-analyzing and if necessary, seek out the help you need to make decisions.

We have seen all these logical fallacies in our practice, and if you have fallen for any of them, do not worry, you are not alone. Some advisors describe their job as the guard that stands between their clients and making these mistakes. If you find yourself repeatedly making any of these mistakes and need help with your money, please do not hesitate to come and see us.

Recently, a Van Wie Financial Hour listener asked us to discuss when and how to claim Social Security benefits. While claiming benefits is a topic that surfaces frequently, we liked the timing so much that we have started a short series, both on the show and in the Blog, on the topic of America’s complex Medicare and Social Security Systems.

Americans are turning 62 and beyond at a financially alarming rate, estimated to be in the range of 10,000 or more people daily. Having our population attain venerable ages in large numbers is an admirable accomplishment, both individually and as a society.

Consider this – a couple who will receive an average Social Security benefit of $4,000 monthly for a retirement that lasts 20 years will collect $960,000. Making a claiming mistake that results in a lifetime benefit reduction of 5%, 10%, or even 32%, and then factoring in inflation, the consequences can be staggering. For the most part, errors in filing for benefits cannot be undone. Planning is of the essence.

With aging comes personal financial responsibility for planning our own futures, and it is not always easy. Decades ago, when life was simpler, a graduate (high school or college) usually married, took a lifetime job, raised a family, worked to age 65, and retired with a gold watch and a pension. Add in a little Social Security and Medicare, and life was good for as long as either spouse lived. Those people were our parents and grandparents; only the fortunate few have similar situations today.

For the rest of us, we are, in large part, on our own to make plans and decisions regarding our financial futures. Sadly, most of us are under informed as to the possibilities that exist in our Social Systems. Making good decisions requires receiving good information, and this series is intended to illustrate options and to provide guidance for navigating the complexity of our own personal “financial forevers.”

This week, we’ll start with the easier decision, filing for Medicare. Most Americans know that the eligibility age for Medicare is 65. Most people do sign up at that age, and Medicare encourages participation by imposing higher lifetime premium costs if a person is not enrolled by age 66. An exception exists for some people who are covered by a primary health insurance plan while working past 65. For them, Medicare simply puts their enrollment period on hold until retirement. Once they enroll in Medicare coverage, they get standard pricing.

Medicare decisions are child’s play compared to Social Security claiming. This issue is so intense, important, and financially complex, that we have broken it into several categories of situations we’ve encountered in our day jobs as personal financial planners. We can see no other way to explain the complexity of Social Security claiming, except to start easy and get progressively more complex. We’ll begin next week with the simplest Social Security claiming case – single filers.

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The HSA (Health Savings Account) has been around for decades, but is not widely understood. This is partially because not everyone qualifies for one. If you do qualify, it might help your current budgeting, as well as potentially providing a boost for your later retirement funding. Originally sponsored by Sen. Ted Kennedy and others, the HSA was a wonderful idea – so good, in fact, that Congress limited the number of people who could open one in any given year. What a ridiculous way to treat a good idea!

HSAs are used in conjunction with qualified high-deductible health insurance policies, which are low in cost due to their large annual deductibles. Amounts contributed to HSAs are tax deductible, and qualified medical bills may be paid pre-tax from the HSA. But, those bills don’t have to be paid from the HSA. This is where the HSA as a retirement planning tool captures our attention.

People whose cash flow allows them to pay out-of-pocket medical bills from their monthly income do not need to withdraw funds from the HSA. Annual HSA contributions are tax-deductible in the year made, and any unused money in the account is rolled over from year to year. While the HSA cannot be funded further after age 65, funds remaining in the account at age 65 can be used for paying qualified medical expenses incurred beyond that age.

Regardless of when the funds in the account are tapped, as long as they are used for qualified medical expenses, withdrawals are not taxed. This setup essentially creates a hybrid of the Traditional IRA and Roth IRA. What a deal! Deductible funds in, non-taxable medical expenses out, and applies even to earnings and investment growth in the HSA.

Depending on the custodian of the HSA assets, the owner may be able to invest in a panoply of market-based assets, the same as a Traditional IRA. For those who are able to pay their daily medical expenses out of pocket, their HSA amounts to an additional IRA, and can make a significant impact on both current taxes, as well as future retirement expense reduction and/or income enhancement.

Like Traditional IRAs, HSAs have named beneficiaries. Therefore, a surviving spouse can inherit the HSA as his/her own, and continue to pay family medical expenses just as before. It might seem likely that HSA contributions would be mutually exclusive with Traditional IRA deposits, but that is not the case. Having both is allowable, as they are independent of each other. Contributions to both in any tax year are deductible, although IRA deductibility is subject to the usual income limitations.

Should a person who is eligible for both a Traditional IRA and an HSA, but is financially unable to fully fund both, start with the HSA? We doubt that many people have ever pondered that dilemma. There are instances where starting with the HSA makes more sense, especially for young, healthy people, without sufficient cash flow to fully fund both the HSA and the IRA. These people have very low annual medical bills, and may be able to leave most of their annual HSA contributions in the account for future compounding.

Saving money is the quickest and surest way to make money, and Van Wie Financial is constantly striving to help the process through education.

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Most Americans are aware that IRS suspended Required Minimum Distributions (RMDs) from Tax-Deferred Retirement Accounts, including IRAs, 401(k)s, etc. for calendar year 2020. This followed an earlier change permanently raising RMD age requirements from 70-1/2 (a number no one could explain) to 72. Another lesser-known benefit was the passage of new 2021 RMD Withdrawal Tables, which extend useful lives of Retirement Accounts to match our increasing life expectancies. New RMD Tables take effect just as RMD requirements are scheduled to resume in 2021.

Because these Congressional actions were passed in response to COVID-19 and were not announced until well into 2020, rules got changed after many 2020 RMDs had already been taken. Affected account owners include some who would prefer not to incur unnecessary taxable income from RMDs. This minority of “Seasoned Citizens” were trapped with little or no way to take advantage of the 2020 RMD waiver. Van Wie Financial recognized that this was unfair to those taxpayers, and surmised that Congress and IRS would most likely issue subsequent rulings to equalize the impact.

Initial IRS rulings were released as Notice 2020-50, which allowed some, but not all, RMD replacements. While better than the original law, many people who withdrew early in the year were still left out, unable to receive equal treatment under the law. IRS eventually recognized the problem (we are sure they were “reminded” several times by citizens and taxpayer advocates).

On June 23, 2020, IRS released Notice 2020-51, which opened up the RMD replacement process to all who care to participate. In the newest Notice, IRS extended and expanded relief until August 31, 2020, for all RMD replacements. We commend this IRS action, which lifted all prior restrictions on which 2020 RMDs were eligible to be replaced.

Not taking an RMD reduces Taxable Income, thereby reducing the taxpayer’s 2020 actual Income Tax. Some taxpayers will be fortunate enough to have their marginal tax brackets reduced, saving even more in current taxes, and/or reducing next year’s Medicare costs. But that’s not all; leaving more money in tax-deferred accounts allows for further tax-deferred asset value growth. In a year when markets are struggling, these changes present solid benefits to some owners of Qualified Retirement Accounts.

Relatively few Americans are actually affected by the 2020 rulings, but it is extremely helpful to those who are. As financial planners, we are pleased that both Congress and the IRS did the right thing this time, and we salute them.

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Mortgage interest rates recently set an all-time low, due to our coronavirus-induced financial sluggishness. As someone who is reluctant to use the word “never,” I do not anticipate seeing rates like this again. It seems a shame to miss out on this momentous opportunity, whether through a home or other major purchase, permanent refinancing of a primary mortgage, or any other leverage we might utilize to enhance our personal financial situations.

In times like this, we hear from people who are contemplating borrowing against their homes to invest the proceeds in the market, hopefully pocketing returns in excess of the borrowing rate. Generally speaking, we recommend that people flush this idea from their consideration, due simply to the complexity and the risks involved. Generally, but not always. In order to evaluate a potential investor’s success probability, many questions need to be answered. Among them are:

• Do you have sufficient home equity to cover the requested funds, while maintaining a reasonable loan-to-value ratio (at a minimum, under 80%)?
• Can you borrow at a fixed rate, or would the borrowing rate vary with the market over time?
• What is your expectation for interest rates in 3, 4, 5, or more years?
• If you invest the money into the market, do you have a minimum of 5 years to stay invested?
• Is your cash flow from other sources sufficient to cover any and all up-front and ongoing costs of maintaining extra indebtedness?
• What is your targeted annual return rate from investing?
• Can you design a portfolio with that expected return over time?
• Do you work with a professional financial advisor?
• How much investing experience do you have?
• Are you planning to sell your home any time soon?
• What would be the closing costs on your mortgage refi or HELOC?
• How would borrowing more money affect your credit rating?
• Do you understand the tax consequences of borrowing and investing?

Investors need to understand some basic principles before making rational decisions regarding this concept. One is the relationship between interest rates and time. In an ideal world, a homeowner could borrow against home equity at a fixed rate, and then place the money in a CD, bank account, U.S. Treasuries, or another stable asset at a higher interest rate. This is NOT an ideal world, and that will not happen.

There has never been, there is not now, and there will never be, a principle-protected investment that matches the maturity date of your home loan, but carries a higher interest rate. Mortgages and HELOCs are tied to longer-term interest rates, which are higher than rates paid on short-term investments.

Qualified financial advisors understand that in order for a portfolio to produce a total return higher than current borrowing rates, the portfolio must have exposure to riskier assets, including stocks. Stock prices rise and fall, which is why we previously mentioned that a 5-year minimum time window needs to be established. Market-invested money needed before 5 years carries an unacceptably high risk of losing value through simple market fluctuations.

No matter how tempting current borrowing rates seem, risks abound in any “borrow-to-invest” plan. Understand those risks before taking the leap.

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FairTax supporters have long fantasized about April 15 becoming “just another day on the calendar,” rather than our dreaded annual Income Tax filing deadline. We got our gift in 2020, but it came in the wrong wrapper. This year’s COVID-19 inspired Filing Day is coming on July 15, along with all the incumbent hassles and inconveniences of this national nightmare.

Americans can’t avoid facing up to our responsibilities, but opportunities do exist between now and then to help us help ourselves financially. We have listed a few for a quick reference so that our readers may see what applies to them.

• Required Minimum Distributions (RMDs) from retirement accounts were suspended for 2020, but some people took RMD distributions early in 2020, prior to the announcement of the suspension. Any RMD taken after January 31, 2020 may be repaid, in whole or in part, on or before July 15. This will render repaid funds non-taxable for 2020, lowering current tax obligations. Any income tax withheld from the RMDs will have to be repaid from personal funds, but the taxpayer’s refund in 2021 will include the amount withheld in 2020. The money is not lost, it is merely delayed.
• IRA Contributions for Last Year, normally due on or before April 15 of this year, can be made up to July 15, 2020, and the usual deductibility rules apply. There is still a chance to lower your 2019 taxable income and/or enhance your retirement savings.
• Quarterly Tax Deposits using Form 1040-ES will have until July 15 to make both the first and second installments, which would have been due on April 15 and June 15, respectively.
• Underpaid 2019 Tax Liabilities, normally due on April 15, may be paid on or before July 15, this year only.
• Self-employed Individuals and Small Business Owners can still open new SEP-IRAs and Individual 401(k) Plans before October 15, and 2019 contributions may be made up to the filing date. Filing can be delayed until October 15 by completing a timely Automatic Extension (Form 4868, available at irs.gov)

Van Wie Financial is a financial planning and asset management firm, and is not qualified to render tax advice and/or to prepare tax returns. We do include tax planning among our comprehensive planning services. Always check with your tax professional prior to executing any individual tax strategy. Once in a while, we encounter opportunities that arise from changes in the U.S. Tax Code, and our goal is to educate our listeners and readers as to what might be done, rather than to specify what they should do individually.

Listen to the Van Wie Financial Hour every Saturday morning at 10:00 for current information and suggestions for making and saving money.

Van Wie Financial is fee-only. For a reason.

“Who owns Twitter?” That’s a question nearly everyone will get wrong, usually responding, “Jack Dorsey.” Is that important? Yes, it is very important, because it is wrong. The real owners of Twitter likely include you, since you are reading a financial blog. You most likely own Twitter shares in your Pension Plan, IRA, 401(k), 403(b), and/or Brokerage Accounts, directly or through Mutual Funds and Exchange-Traded Funds. Jack Dorsey is the Chief Executive Officer (CEO) of Twitter, but a quick Internet search revealed that he owns only 2.3% of the company. In fact, he is not even the largest single shareholder in the company.

You have probably heard some media “experts” claim that, “Twitter is a private company, so it can do whatever it wants.” This statement displays an appalling ignorance regarding our economic system. Private companies do not trade shares of stock among the public. Shares of companies like Twitter are bought and sold by the public on stock exchanges (“TWTR” is the ticker symbol for Twitter). Twitter is a public company, not a private company.

Like all public companies, Twitter’s executives have a fiduciary responsibility to shareholders. This responsibility is regulated by the Securities and Exchange Commission, or SEC. The “watchdog” SEC regulators have no tolerance for executives who “do whatever they want.”

The First Amendment to the U.S. Constitution is under assault in 2020. We fear for its continued existence, unless Americans everywhere wake up and demand that it be restored and preserved forever. Over-reaction by government officials to the coronavirus has placed Freedom of Speech, Assembly and Religion in a precarious position. Recently, Twitter also cracked opened Pandora’s Box in the arena of Free Speech, exercising what edges up closely to censorship of competing political ideas. The target, of course, was President Donald J. Trump.

Ultimately, investors will get hurt if our free market gets damaged in the rubble of these disputes. Stock and bond investments will be devalued, and we will all pay the price. Therefore, we should all care enough to fight the actions of Twitter in disparaging President’s Trump’s stated opinions. (Note that this concept should apply to all users, with only the most dangerous posts, such as “yelling fire in a crowded theater” type statements being suppressed.)

In 1996, Congress passed the Communications Decency Act, or CDA. Within the DCA is Section 230, which expressly limits the liability of providers of “interactive computer services,” which is now held to include Social Media companies. It is a “carve-out” from the degree of liability most companies endure.

Van Wie Financial believes that this carve-out privilege is absolutely necessary to protect Americans’ Free Speech rights. Twitter (and Dorsey himself) displayed appalling arrogance and indifference by their smackdown of free speech. Also, it highlighted public ignorance of “things Wall Street.” Losing Section 230 privileges would seriously hurt Social Media companies, and they know it.

Watch carefully the fallout from this ill-advised and very personal assault on the First Amendment. In our opinion, the issue will most likely be dragged through all three branches of government, as Trump’s retaliatory Executive Order will be challenged, and Congress will feel their age-old urge to “do something.” Whatever happens, it will wind up in the court system for actual decisions. If the system doesn’t function properly, First Amendment rights of Americans are likely to wind up diminished.

Let’s hope that both sides come to the obvious conclusion; our First Amendment needs to be protected, so that all Americans are the winners.

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With passage of the Coronavirus Aid, Relief, and Economic Security Act, or “CARES” for short, earlier this year, several tax provisions for Tax Year 2020 were modified. You have probably read or heard about some changes, such as elimination of Required Minimum Distributions (RMDs) from retirement plans for this year only. We have studied the CARES Act since it was announced, but only recently did one interesting provision come to light.

Americans are very generous people, with millions of Americans making annual contributions to qualified charities. The U.S. Income Tax Code has always encouraged charitable giving by including donations in the list of available Itemized Deductions. Taxpayers only receive these deductions if they choose itemizing over taking the Standard Deduction.

Following passage of the Tax Cuts and Jobs Act of 2017 (TCJA), many former itemizers no longer received any additional benefit from itemizing, and opted instead to use the new, larger Standard Deduction. Charitable donations no longer played a direct role in further reducing Taxable Income.

Recognizing this fact, and considering the economic pain being experienced this year by so many taxpayers, Congress added a provision that will hopefully improve the plight of America’s charities. For this year only (so far, anyway) any taxpayer is allowed to deduct the first $300 of qualified charitable donations made during the tax year. The limit (again, so far) is $300 regardless of filing status; single or joint, itemizing deductions or taking the Standard Deduction.

Because this provision has a direct positive effect on your actual tax bill, we would encourage all taxpayers to make their fist charitable contributions, up to the $300 limit, from personal (taxable) accounts. Keep good records and get receipts to document your generosity. If you need to know whether a charity is qualified, check IRS Publication 590, which is available online at irs.gov.

We should note that qualified donations do not fail to help your tax situation. Included in the larger Standard Deduction is a consideration for Charitable Giving; it is simply not split out on Form 1040. If your generosity is above the estimated average giving, you simply change to itemized deductions and receive a tax break for the excess.

Van Wie Financial is engaged in all areas of Personal Financial Planning, including Tax Planning, but is not qualified to prepare tax returns or to give tax advice. Always consult with your tax professional for verification before proceeding with actions that may affect your personal tax situation.

Van Wie Financial is fee-only. For a reason.