How are Medicare premiums determined each year? Sometimes there is an increase, and other times there’s not (at least for some).
Social Security
Social Security Spousal Benefit for a Divorcee
Recently we talked about the spousal benefit for Social Security retirement benefits. It is also important to note that similar benefits are available to a divorcee. A divorced spouse is eligible for a Social Security retirement benefit based upon the PIA (Primary Insurance Amount) of his or her ex-spouse under the following conditions: he or she is at least 62 years of age the couple was married for ten years or longer he or she is not currently married he or she is not eligible for a benefit (on his or her own record or another ex-spouse’s record) that would be greater than the benefit based on this particular ex-spouse’s record The divorcée’s former spouse does not have to have applied for benefits, as long as the couple have been divorced for at least two years when he or she applies for the spousal benefit. However, the former spouse must […]
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Social Security for the Self-Employed
As a self-employed small business owner, you have lots of plates to keep spinning, and lots of additional costs that you never dreamed of when you were employed by someone else (if you ever were), like health insurance, for example. Another cost that you have to deal with when self-employed is Self-Employment tax. Self-Employment tax (SE tax) is essentially where you are paying both the employER and the employEE portion of the Social Security withholding tax. This means that, for 2018, you are taxed at a rate of 12.4% on your first $128,700 of income (double the rate you’d have withheld if you were employed by someone else). This doesn’t count the 2.9% that you also have to withhold for Medicare tax – which is another matter altogether. With this in mind, you might wonder if there are ways that you could reduce the Self-Employed tax…? One way might be […]
Sterling Raskie, MSFS, CFP®, ChFC®
The latest in our Owner’s Manual series, A 401(k) Owner’s Manual, was published in January 2020 and is available on 
A Medicare Owner’s Manual, is updated with 2020 facts and figures. This manual is available on 
Social Security for the Suddenly Single can be found on Amazon at 
Sterling’s first book, Lose Weight Save Money, can be 
An IRA Owner’s Manual, 2nd Edition is available for purchase on Amazon. Click the link to choose the 
Jim’s book – A Social Security Owner’s Manual, is now available on Amazon. Click this link for the 
And if you’ve come here to learn about queuing waterfowl, I apologize for the confusion. You may want to discuss your question with Lester, my loyal watchduck and self-proclaimed “advisor’s advisor”.