by Springwater Wealth | Oct 10, 2024 | Financial Planning, Retirement Concerns, Retirement Plans, Wealth Management
What is Medicare IRMAA? The Income-Related Monthly Adjustment Amount (IRMAA) is an additional charge applied to Medicare premiums for individuals with higher incomes. IRMAA applies to both Medicare Part B (medical insurance) and Medicare Part D (prescription drug...
by Springwater Wealth | Oct 2, 2024 | Financial Planning, Retirement Concerns
Medicare Open Enrollment starts October 15. As we wrote in this article in March 2024, new benefits are coming to Medicare drug coverage for 2025. Starting in 2025, all Medicare plans will include a $2,000 cap for what you’ll pay out-of-pocket for prescription drugs...
by Springwater Wealth | Jul 18, 2024 | Financial Planning, Retirement Concerns, Wealth Management
Increasing life expectancy has profound implications for retirement planning. As people live longer, they need to ensure their financial resources can sustain them for an extended period, potentially decades beyond their working years. This longevity factor introduces...
by Springwater Wealth | Jun 17, 2024 | Divorce Financial Planning, Estate Planning, Financial Planning, Retirement Concerns, Wealth Management
What is the Survivor Penalty? The Survivor Penalty refers to the increased tax burden and potential reduction in benefits that occur when a married person becomes widowed. This life change often leads to higher taxes and reduced income for the surviving spouse. Why...
by Springwater Wealth | Apr 16, 2024 | Estate Planning, Financial Planning, Taxes, Wealth Management
If you are charitably inclined, you should consider making your gifts to your favorite charities through a Donor Advised Fund (or “DAF”). What is a Donor Advised Fund (or “DAF”)? A Donor Advised Fund (or “DAF”) is a philanthropic giving vehicle that allows donors to...
