- Mercer Advisors

Recent Tax Changes Boost 529 Plan Benefits

529 plans, the popular tax-advantaged savings accounts for education expenses, have become even more attractive in recent years thanks to a series of federal tax law changes. These modifications have expanded the versatility of 529 plans, making them a more powerful tool for families planning for educational expenses. What is the 529 Plan? A 529 plan is a tax-advantaged investment account designed to encourage saving for education expenses. Named after Section 529 of the Internal Revenue [...]

Rebecca Mack2024-12-11T18:54:27+00:00December 11, 2024|Financial Planning, Investing, Medicare, Social Security|

4 Reasons Your Retirement Needs a Healthcare Strategy

As you approach retirement, it’s easy to focus on financial planning, travel dreams, and leisure activities. However, one critical aspect that often gets overlooked is healthcare. A well-thought-out healthcare strategy can help to ensure you thrive in your retirement years without the burden of unexpected medical expenses or health-related issues. Here are four compelling reasons why you need a healthcare strategy as part of your retirement planning. Rising Healthcare Costs Healthcare costs have been on a [...]

Rebecca Mack2024-10-08T16:49:38+00:00September 27, 2024|Healthcare, Medicare|

The Basics of Planning for Healthcare in Retirement

Most couples will spend about $315,000 on healthcare in retirement.[1] Let that number sink in. Do you have a plan for how you’re going to manage costs like that? Luckily, if you’re not sure, we have some recommendations! A solid retirement plan is a good place to start. Contributing to a retirement account may help you grow your savings and build a comfortable nest egg to help you deal with big healthcare bills. Knowing what your [...]

Rebecca Mack2024-05-21T12:23:48+00:00May 21, 2024|Healthcare, Medicare|

Here’s What Medicare May Not Cover…Are You Prepared?

You may think that Medicare covers all of your medical expenses when you retire…but it doesn’t. We often see clients who have a really solid retirement plan that takes almost everything into account except for medical expenses. They often think, “Well, I’m healthy now, so I’ll be healthy in the future.” But that isn’t always the case. Here are a few areas that some Medicare plans and option configurations may not cover. If you’re aware of [...]

Rebecca Mack2024-03-04T16:13:01+00:00March 4, 2024|Financial Planning, Healthcare, Medicare|

Don’t Forget that Medicare Open Enrollment is Here!

From October 15 to December 7, Medicare has an open enrollment period.[1] This is the time when you can change your health plan and prescription drug coverage to adapt to your needs.[1] Every year, there are changes to Medicare health plans and networks, so make sure that you know if your coverage is changing.[1] If your coverage stays the same and you feel like it’s working for you, then you don’t have to do anything during [...]

Rebecca Mack2023-10-16T16:18:41+00:00October 16, 2023|Healthcare, Medicare|

Your Health is Priceless – But How Much Will It Cost You?

One of your largest retirement expenses could be your healthcare costs. An average 65-year-old couple retiring today will need an estimated $300,000 to cover their healthcare costs, according to a recent study.[1] Although good health is priceless, it could cost you in retirement. First, know what you can do during the Medicare Fall Open Enrollment period. You Can Switch From Original Medicare to Medicare Advantage Original Medicare consists of Part A, which covers hospital stays, skilled [...]

Rebecca Mack2021-11-05T20:03:38+00:00November 5, 2021|Healthcare, Medicare|

Examining the Future of Social Security, Medicare, and Your Taxes

The Social Security trust fund is now expected to be depleted by 2034, according to a recent report from the Social Security and Medicare trustees.[1] That’s one year earlier than they reported last year, and the pandemic is to blame. Less was collected in payroll taxes when unemployment was high, and more people claimed benefits. Although this information may seem like a death sentence for the program, the truth regarding the future of Social Security, Medicare, and [...]

Rebecca Mack2021-10-13T20:21:28+00:00October 13, 2021|Medicare, Retirement Planning, Social Security, Taxes|

Medicare Fall Open Enrollment Information

With the Medicare fall open enrollment period officially underway for the next 7 weeks, it’s time to look at what that means for you. Every October we are reminded of the Medicare decisions that we face. Should you keep your coverage? Should you make some changes? If you do decide to make changes, it must be done by December 7, 2018 and it will be effective starting January 1, 2019. But, how do you know what [...]

Rebecca Mack2018-10-22T23:17:10+00:00October 22, 2018|Medicare|