MONEY MATTERS: Choosing a Medicare plan and how it impacts retirement

Updated: Oct. 20, 2020 at 12:57 PM EDT
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COLUMBIA, S.C. (WIS) - Medicare is a big expense that everyone should plan for says Josh Bradley of Capital City Financial Partners.

“Fidelity recently had a study that expects that the average retired couple is going to spend close to $300,000 in retirement just on Medicare-related expenses so it’s definitely something you need to address and have a budget to pay for,” said Bradey.

Everyone requires something different and there are many different types of plans available. What options are out there for people when it comes to retirement?

" ... you start doing a little research and it gets really complicated and it can be overwhelming. You’ve got employer plans may be with the state or government and then you’ve got things like Medicare, Medicare advantage plans, supplemental plans, prescription drug plans ... all of those options are available to you and each of them is best for certain people," said Bradley.

What’s the cost or the impact to you if you choose the wrong plan?

“We see a lot of people,” Bradley began. “When you’re overwhelmed with so many choices and you don’t know what to do, throw up your hands and you do what your neighbor did or what your friend did; however, that may not be the best plan for you. The difference between choosing the right plan and the wrong plan during Medicare can result in tens of thousands of dollars of additional expenses throughout retirement and that’s money most of us don’t have budgeted.”

Bradley and Capital City Financial Partners are offering free help to anyone in need. Visit this link for more information.

Disclaimer: Investment Advisory Services offered through Integrated Advisors Networks (“IAN”), a Registered Investment Advisor. Certain Representatives of Capital City Financial Partners are also registered with and offer securities through, APW Capital, Inc., Member FINRA/SIPC, 100 Enterprise Drive, Suite 504, Rockaway, NJ 07866, (800) 637-3211. Capital City Financial Partners is neither affiliated with or under common control of either APW Capital or Integrated Advisors Network.

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