If you have a reasonably large tax deferred IRA I would use that to cover the costs and then have the expense deducted as a medical payments on your itemized deductions. My plan
HSAs are a great deal if you are young and helathy. Mine (with an allocation of 50% Equity Income and 50% Short term bond) has allowed me to fully cover all my health care costs in retirement. Making a withdrawal once a year in Dec - withdrawal mostly from whatever fund has done the best that year.
In my retirement accounts I am using TIPS with approximately 2% real return at present. Non retirement accounts I am using short term Treasuries bought at auction.
The calculation and taxation of SS benefits is not "fair" on a purely monetary basis. However it is vital for a large number of elderly individuals and my hope is that it will continue as a safety net for workers in the future. Increasing the SS tax burden on today's workers also concerns me. As such I have no qualms about the federal taxation of benefits. I do have concerns with the number of disability claims which I understand account for about 1/3 of the pie and have been increasing through the years. I would hope that any disability claims are checked and valid.
My father purchased a $1000 for me when I was about 7 years old. ??? When he passed 25 years later I cashed the policy in rather than continue the premiums. I am sure the premiums were more than the cash value on an inflation adjusted basis. I also saw agents pushing whole life policies to young,healthy, single medical graduates. ??? Hence my distaste for insurance and insurance agents
I would recommend an internal medicine specialist who has finished training in the past decade. Make the distant appointment and fill in with PA or NP in the same group if needed. I have been fortunate to have a whip smart young internist who has helped significantly with managing multiple specialty recommendations and treatments. I would gladly pay a much higher fee to have access to his services
I have an unhealthy aversion to spending. Therefore I make it a point to never worry about what my credit score might be. Its one less restraint to making large enjoyable purchases at my stage of life (similiar to yours)
Comments:
If you have a reasonably large tax deferred IRA I would use that to cover the costs and then have the expense deducted as a medical payments on your itemized deductions. My plan
Post: How Are You Planning to Pay for Potential Long Term Care Expenses?
Link to comment from February 4, 2025
HSAs are a great deal if you are young and helathy. Mine (with an allocation of 50% Equity Income and 50% Short term bond) has allowed me to fully cover all my health care costs in retirement. Making a withdrawal once a year in Dec - withdrawal mostly from whatever fund has done the best that year.
Post: Getting Going
Link to comment from January 30, 2025
In my retirement accounts I am using TIPS with approximately 2% real return at present. Non retirement accounts I am using short term Treasuries bought at auction.
Post: Bond Index Funds or Something Else?
Link to comment from January 29, 2025
The payout ratio on a monetary basis favors the lower income contributants
Post: Should Social Security benefits be income tax free?
Link to comment from January 27, 2025
The calculation and taxation of SS benefits is not "fair" on a purely monetary basis. However it is vital for a large number of elderly individuals and my hope is that it will continue as a safety net for workers in the future. Increasing the SS tax burden on today's workers also concerns me. As such I have no qualms about the federal taxation of benefits. I do have concerns with the number of disability claims which I understand account for about 1/3 of the pie and have been increasing through the years. I would hope that any disability claims are checked and valid.
Post: Should Social Security benefits be income tax free?
Link to comment from January 27, 2025
Exactly!
Post: Whole Life Insurance Worked for Me
Link to comment from January 24, 2025
My father purchased a $1000 for me when I was about 7 years old. ??? When he passed 25 years later I cashed the policy in rather than continue the premiums. I am sure the premiums were more than the cash value on an inflation adjusted basis. I also saw agents pushing whole life policies to young,healthy, single medical graduates. ??? Hence my distaste for insurance and insurance agents
Post: Whole Life Insurance Worked for Me
Link to comment from January 23, 2025
Post: What Do You Do When Your PCP Closes Their Office
Link to comment from January 23, 2025
I have an unhealthy aversion to spending. Therefore I make it a point to never worry about what my credit score might be. Its one less restraint to making large enjoyable purchases at my stage of life (similiar to yours)
Post: What I Watch
Link to comment from January 15, 2025
Sorry for any confusion. I am referring to using the costs as an itemized deduction. Of course this would require income from other sources to utilize
Post: Retirement Realignment by Ken Cutler
Link to comment from January 15, 2025