Naperville Social Security Planning Advisor

Naperville Medicare Planning Advisor

Certified Financial Planner® Helping Clients Manage Their Social Security and Medicare Benefits

The average American expects that during their retirement years, they can expect to receive at least some assistance and support from the federal government. Most commonly, such assistance takes the form of Medicare and Social Security benefits. While most Americans will qualify for these programs, it may surprise you to know that the benefits may be insufficient to cover a person's or family's financial needs during retirement. As you put your retirement plan together, it is critical to understand how these programs work and what to expect from them so that you can develop strategies to accumulate the additional financial resources you will eventually need.

At The Krajniak Group, our Certified Financial Planner® has years of experience in the area of wealth management. Our team can help you gain a full understanding of your needs for retirement, as well as your various options for meeting those needs. We can help you design and implement strategies to get the most from your Social Security and Medicare benefits and to put aside the additional funds you will need when you retire.

What You Need to Know About Social Security

The United States Social Security program was created in the 1930s, and it is funded through payroll taxes paid by working Americans throughout their working years. If you worked for at least 10 years and contributed to Social Security, you are likely eligible to receive benefits when you retire. The amount for which you are eligible will be based on the income you earned during your working years.

Your retirement age will affect the amount of benefits for which you are eligible as well. "Full retirement age" is dependent on your date of birth, and for most people approaching retirement, full retirement age is 66 or 67 years old. You can start claiming Social Security benefits as early as age 62, but your benefits will be permanently reduced if you choose to start this soon. Your financial planner can help you decide whether waiting until a later age will help you maximize your benefits.

You might also be eligible for Social Security benefits based on the work history of your spouse, and your spouse could be eligible through your work history. With all of these variables in mind, it is important to work with an experienced financial professional who can help you analyze your circumstances and make the best decisions possible regarding your Social Security benefits and your retirement.

Medicare Considerations

Most American adults aged 65 and over will also qualify for Medicare, a government-based health insurance program. Medicare can assist with covering a substantial share of your medical expenses during retirement, presuming that you or your spouse worked for at least 10 years and paid Medicare taxes.

Medical costs can quickly eat into your retirement plan's available funds, so it's important to discuss the potential impact of healthcare during retirement. Your financial planner will ensure that you've taken variables such as these into account—so that you aren't caught unprepared.

Matthew A. Krajniak, CFP®, CMFC, is a Certified Financial Planner® who is dedicated to serving your best interests above all else. He and his team will work closely with you in determining your needs regarding Social Security and Medicare. From there, he will provide guidance in developing strategies that can allow you to reach your goals and retire to the life that you have worked so hard to obtain.

For more information or to get started on your financial planning journey, contact our office. Call The Krajniak Group at 630-364-2406 to speak with a member of our team today. We serve clients in and around DuPage County, Kane County, Cook County, and the greater Chicago area.

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