Quiver Financial News
Quiver Financial specializes in 401(k) management, wealth and investment management, retirement planning, and private equity services for individuals, families and businesses looking to maximize the five years before retirement. With over 20 years of experience the financial professionals at Quiver Financial go beyond Wall Streets outdated ”long term” way of thinking and help our clients navigate ”what just happened” to ”what is next.” We honor our fiduciary duty above all, and practice full disclosure, due-diligence, and client communication. We work in a collaborative atmosphere with our clients, with whom we reach mutual agreement on every phase of the financial planning and wealth management process. Quiver Financial is guided by a commitment to thoughtfulness, pragmatism, creativity and simplicity to help our clients achieve the financial freedom they desire.
Your Retirement Vision
Is Our Mission
Quiver Financial has served over 300 households and counting in the communities of : Orange, Ventura, San Diego, and Los Angeles counties.
Just like an Archer with a Quiver of arrows for various targets or a surfer with a Quiver of surfboards for different ocean conditions, investors should consider a quiver of tactics to help them harness the tides and manage the risks of financial markets. We are committed to ensuring our clients do not outlive their savings.
We are guided by a commitment to thoughtfulness, simplicity, creativity, pragmatism, and being unique and avoiding the herd.
Episodes
Monday Apr 08, 2024
The 401(k) Trick High-Income Earners Need to Know
Monday Apr 08, 2024
Monday Apr 08, 2024
A 401(k) is one of the easiest and most popular ways people save for retirement.
But, considering the cap on annual contributions, high-income earners might feel they’re not truly maximizing their 401(k)’s potential.
But I’m here with good news: there’s a relatively simple trick high-income earners can use to contribute to their plan beyond the annual 401(k) limits. And we’re here to tell you all about it!
So, let’s examine how 401(k) contributions work and how you can exceed the annual pre-tax contribution limits!
401(k) Contributions: The Basics
At its core, a 401(k) plan allows employees to save and invest a portion of their paycheck before taxes are taken out. The limits for these contributions go up each year. In 2024, the limits are set at $23,000 for individuals under 50.
Contributions to your 401(k) account are made on a pre-tax basis. This means that contributions can reduce your taxable income for the year and can grow tax-free until you withdraw them in retirement.
The Importance of Maximizing Your 401(k)
Maximizing your 401(k) contributions is vital for securing a comfortable retirement. By contributing the maximum amount allowed, you take advantage of pre-tax 401(k) contributions, directly reducing your taxable income for the year. Your savings can then grow tax-deferred, compounding over time without the drag of taxes on its growth. This strategy is a cornerstone of savvy retirement planning, offering immediate tax relief and long-term financial benefits.
The bottom line is that by maximizing your 401(k), including any available catch-up contributions if you’re 50 or older, you’re setting the stage for a retirement where your savings work as hard as you did.
Simply put, contributing as much as possible to your 401(k) is a critical move for anyone serious about building a secure financial future, taking advantage of tax benefits, and ensuring their retirement savings are robust enough to support their desired lifestyle in later years.
The 401(k) Trick High-Income Earners Need to Know
Given the contribution limits, it might seem like the capacity to grow one’s retirement savings is capped. However, a lesser-known strategy can help maximize a high-income earner’s 401k plan: post-tax 401(k) contributions.
This strategy hinges on the overall limit for 401(k) contributions, which in 2024 includes your pre-tax contributions and/or contributions to a Roth plan, employer matches, and any post-tax contributions. This extensive combination of contributions is capped at $69,000 for most employees or $76,500 for those 50 and older with catch-up contributions.
High earners whose income allows them to match these limits can use this opportunity to significantly boost their retirement savings beyond the standard pre-tax contribution cap. If you’ve already maxed out your pre-tax contributions, you can still contribute up to the overall limit with post-tax money.
Unlike traditional pre-tax contributions, which reduce your taxable income now, post-tax contributions are made with money that has already been taxed. The real advantage here is that when you withdraw them in retirement, you only owe taxes on the growth.
The beauty of post-tax contributions doesn’t end there. Many 401(k) plans allow for these post-tax dollars to be converted into a Roth 401(k) or Roth IRA through a process often referred to as a “backdoor” Roth strategy. Converting these post-tax contributions to a Roth account allows the post-tax contributions, which would typically grow tax-deferred, to grow tax-free. This can help eliminate the taxes paid on growth when making post-retirement withdrawals, providing for a more tax-efficient retirement.
Incorporating post-tax 401k contributions into your retirement strategy can dramatically increase your retirement account’s potential. It’s a powerful tool for high earners to save more while maximizing tax efficiency and future financial flexibility. Understanding and utilizing this trick could be the key to unlocking a more prosperous retirement.
Not all plans allow for post-tax contributions or in-plan Roth conversions. It’s always recommended to consult with your plan provider to determine your specific plan’s rules and limits.
How the “Backdoor” Roth Strategy Works
The “backdoor” Roth strategy is a powerful approach for high-income earners to enhance their retirement savings further. This technique involves making post-tax contributions to a 401(k) and then converting those contributions into a Roth 401(k) or Roth IRA. The main benefit of this strategy lies in the tax treatment of Roth accounts: Roth 401(k) contributions grow tax-free, and withdrawals made in retirement are not subject to income tax. This has particular advantages for those who expect to be in a higher tax bracket in retirement or want to minimize required minimum distributions (RMDs), as Roth IRAs do not have RMDs during the account owner’s lifetime.
To utilize this strategy, you first contribute post-tax dollars to your 401(k) up to the allowed limit. Then, if your plan permits, you convert those contributions to a Roth account within the same plan or roll them over to a Roth IRA. This process effectively bypasses the income limits that would otherwise prevent high earners from directly contributing to a Roth IRA.
By leveraging the backdoor Roth strategy, high-income earners can significantly boost their retirement savings. This ensures their investments grow tax-free and remain accessible tax-free in retirement, providing a clear path to a more secure and flexible financial future.
It’s important to note that this conversion strategy can involve complex and nuanced tax considerations. Because of that, it’s recommended to consult with a financial advisor or tax professional before utilizing this strategy.
Other Ways to Further Maximize Your Retirement
Beyond the strategic use of 401(k) contributions, several other methods exist for maximizing retirement savings.
Utilizing these methods together with your 401(k) strategy can provide a well-rounded approach to retirement savings, offering flexibility, tax advantages, and the potential for increased growth. By diversifying your retirement planning efforts across these various avenues, you can build a robust financial foundation for your future.
Some of the most popular methods for maximizing your retirement include:
Catch-Up Contributions: For those aged 50 and older, catch-up contributions allow you to contribute beyond the standard 401(k) limits, offering an excellent way to boost your retirement savings later in your career.
Employer Match: Some places of business offer to make their own employer contributions to match a portion of contributions employees make to their 401(k) plan, typically up to a certain percentage of the employee’s salary. Contributing enough to your 401(k) to receive the full employer match is crucial, as these employer contributions represent essentially free money that can significantly bolster your retirement fund.
Income Limits and Employee Contributions: Be aware of the income limits for different types of contributions, such as to a traditional IRA or Roth IRA, and plan your contributions accordingly to maximize tax benefits.
Health Savings Accounts (HSAs): HSAs are a tax-efficient way to save for healthcare expenses in retirement. Contributions are tax-deductible, the money grows tax-free, and withdrawals for qualified medical expenses are also tax-free.
This episode is brought to you by (Quiver High Yield Savings, Offering industry leading yields on your cash with over 800 partner banks and FDIC insured up to $25 Million.) To learn more, visit: https://quiver.advisor.cash/
Are you a Business Owner? Check out our helpful tips: https://www.quiverfinancial.com/services/business-owners/
Want to learn how to Optimize your 401k?: https://www.quiverfinancial.com/services/401k-maximizer/
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#quiverfinancial #investing #stockmarket #dollar #gold #interest #oil #money #alternatives
Friday Apr 05, 2024
Friday Apr 05, 2024
This week we tackle the world and discuss housing prices, The new rule that demolishes the 6% selling commission to realtors, Why the Federal Reserve is in Uncharted waters and How more lunatics think we should be going to a 4 day work week and the effects that will have on our unemployment numbers. Enjoy!
https://finance.yahoo.com/video/housing-market-playing-big-role-144046599.html
https://www.cnbc.com/2024/04/04/barry-diller-thinks-companies-will-move-to-a-standard-of-four-days-in-office-with-friday-flexible.html
https://www.urban.org/urban-wire/changing-real-estate-agent-fees-will-help-all-buyers-and-sellers-will-help-some-more
https://www.cnn.com/2024/03/15/economy/nar-realtor-commissions-settlement/index.html
https://finance.yahoo.com/news/why-the-fed-is-wading-into-uncharted-waters-morning-brief-100027194.html
https://www.quiverfinancial.com/
This episode is brought to you by (Quiver High Yield Savings, Offering industry leading yields on your cash with over 800 partner banks and FDIC insured up to $25 Million.) To learn more, visit: https://quiver.advisor.cash/
Are you a Business Owner? Check out our helpful tips: https://www.quiverfinancial.com/services/business-owners/
Want to learn how to Optimize your 401k?: https://www.quiverfinancial.com/services/401k-maximizer/
Schedule your free Financial Readiness Consultation: (link)
More from Colby: (link to what you post on most)
More from Justin: (link to what you post on most))
More from Patrick: https://www.linkedin.com/in/patrickmorehead-quiverfinancial/
Sign up for the Quiver financial newsletter and never miss out! (link)
🎙️ Listen to our Podcast:
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#quiverfinancial #investing #stockmarket #dollar #gold #interest #oil #money #alternatives
Monday Apr 01, 2024
How High Net Worth Families Can Prepare for Increasing Estate Taxes
Monday Apr 01, 2024
Monday Apr 01, 2024
2026 is still a few years away. Even so, high-net-worth families face a pivotal change in their financial planning landscape due to a scheduled federal estate tax sunset. This term refers to the expiration of the temporary provisions introduced by the Tax Cuts and Jobs Act (TCJA) in 2017, which significantly increased the estate tax exemptions.
Currently, these exemptions allow individuals and married couples to leave behind substantial assets without incurring federal estate taxes. However, with the sunset clause set to reduce these exemption levels in 2026, families need to reassess their estate planning strategies to prepare for potential increases in their tax liabilities.
So, let’s dive into the TCJA, some common estate tax exemptions, and strategies high-net-worth families can use to prepare as we head into the (tax exemption) sunset.
The TCJA
The Tax Cuts and Jobs Act played a critical role in shaping the current estate tax framework. By doubling the exemption amounts for estate and gift taxes, the Act provided a temporary reprieve, enabling high-net-worth families to transfer more wealth tax-free.
For example, the exemption for married couples was elevated to approximately $25.84 million, adjusted for inflation, allowing substantial assets to be passed on without triggering federal estate taxes.
This significant shift not only offers immediate benefits but also underscores the importance of proactive planning before the 2026 adjustments, ensuring that families can navigate the impending changes with minimal financial disruption. After the sunset, these exemptions could drop significantly—as low as $7 million for individuals and $14 million for married couples.
Estate Tax Exemptions for High Net-Worth Families
With the 2026 changes on the horizon, high-net-worth families must pay particular attention to estate tax exemptions. These exemptions are pivotal in safeguarding portions of an estate from federal taxes at the owner’s death.
Gift tax exemptions also play a vital role, permitting the tax-free transfer of wealth during an individual’s lifetime up to certain limits. These mechanisms are indispensable in estate planning, aiming to reduce tax burdens and conserve wealth for succeeding generations.
The impending adjustments require a strategic review, especially for married couples, to ensure their wealth transfer remains as tax-efficient as possible. Here’s a breakdown of key exemptions and their significance, including those subject to rollback in 2026:
Estate Tax Exemption: This exemption protects a set amount of an estate’s value from federal estate taxes. Currently, this exemption is at historically high levels but is slated to decrease significantly in 2026.
Gift Tax Exemption: This allows individuals to give a certain amount annually to others without incurring a gift tax, with a lifetime limit that mirrors the estate tax exemption.
Marital Deduction: This deduction allows unlimited tax-free transfers between spouses, a critical tool for married couples in estate planning that remains unaffected by the 2026 changes.
Gift and Estate Tax Strategies Before the Changes Take Effect
As we approach the 2026 estate tax adjustments, high-net-worth families must closely examine and adjust their estate and gift tax strategies. The focus here is understanding how to leverage estate and gift tax exemptions effectively.
These methods not only capitalize on the current favorable exemption levels but also prepare families for the reduction in exemption amounts anticipated post-2026. By implementing these strategies, families can efficiently manage their estates, ensure a tax-effective wealth transfer, and secure their financial legacy against future changes.
This approach highlights the importance of proactive estate management. It’s not just about dealing with today’s tax environment but also about setting up future generations for success under the most advantageous terms possible.
Key strategies include:
Establishing Trusts: Creating trusts can help maximize exemptions by allocating assets to minimize the taxable estate.
Strategic Lifetime Gifts: Utilizing gift tax exemptions to transfer wealth during one’s lifetime reduces the estate’s overall taxable value.
Inflation Adjustments: Taking advantage of the adjustments for inflation on gift tax exemptions to increase tax-free transfers over time.
Leveraging Wealth Management for Estate Planning
Navigating estate planning necessitates a strategic partnership with wealth management professionals, especially for high-net-worth families.
Wealth advisors offer crucial insights into integrating comprehensive financial planning strategies, including tax mitigation, investment oversight, and legal frameworks, to safeguard and enhance family assets across generations. This integrated approach ensures that estate planning is not viewed in isolation but as a part of a broader financial strategy, aligning with the family’s overarching financial objectives to optimize tax efficiency and preserve wealth.
Minimizing tax liabilities is a focal point in estate planning for high-net-worth families, where wealth advisors play a key role. They can help devise and implement strategies such as tactical charitable contributions, strategic life insurance planning, and establishing specialized trusts or family limited partnerships.
These methods shield the estate from excessive taxation while ensuring the continuity of the family’s wealth legacy. Through these targeted strategies, wealth advisors are instrumental in guiding families through the complexities of estate taxation, facilitating a seamless and effective wealth transfer process that honors the family’s financial and legacy goals.
Real Estate Planning and Estate Tax
Real estate, often a significant portion of an estate’s value, requires careful planning to ensure it contributes positively to the estate’s overall tax efficiency. By incorporating real estate into comprehensive estate planning, families can navigate the potential tax implications more effectively, leveraging these assets to enhance the estate’s financial health while minimizing tax liabilities.
Techniques for including real estate efficiently in estate planning include:
Establishing a Real Estate Holding Company: This approach allows for the centralized management of real estate assets, potentially offering tax advantages and simplifying the transfer of these assets to heirs.
Utilizing a Grantor Retained Annuity Trust (GRAT): This method involves transferring real estate into a trust while the grantor receives an annuity payment for a period. After the term, the remaining assets pass to the beneficiaries, potentially reducing gift taxes.
Implementing a Qualified Personal Residence Trust (QPRT): This strategy can be used for a personal residence, transferring the home to a trust for a specified term, reducing its value for estate tax purposes upon transfer to the beneficiaries.
Preparing for Post-2026 Estate Planning
As the federal estate tax sunset of 2026 approaches, high-net-worth families must look beyond immediate changes and anticipate the evolving landscape of estate and income tax planning. This forward-looking approach is essential to ensure that families remain well-positioned to protect their wealth and navigate future tax environments effectively.
Key ongoing strategies include:
Flexibility in Estate Planning Documents: Estate planning documents, such as wills and trusts, must be designed to accommodate changes in tax laws, allowing for adjustments without necessitating complete overhauls.
Diversification of Assets: Beyond real estate, diversifying investments across different asset classes can provide a buffer against the impact of changes in both estate and income tax rates.
Lifetime Gifting Strategies: Continuing to leverage gift tax exemptions and annual gifting allowances to reduce the taxable estate, mindful of potential shifts in exemption thresholds.
Utilization of Tax-Advantaged Accounts: Maximizing contributions to tax-advantaged retirement accounts to reduce income tax liabilities and plan for wealth transfer.
Tuesday Mar 26, 2024
Oil Markets 2024 Will Oil Prices Get Weaponized
Tuesday Mar 26, 2024
Tuesday Mar 26, 2024
Last but not least, we ended on a conversation about Oil prices in 2024 and whether they will get weaponized by Suadi, Russia, China, etc as we head into the election and how this could play into why The Fed may not be able to lower rates later this year. The conversation is a must see if you are curious about investment opportunities from rising Oil prices.
Will Oil prices become weaponized in 2024, preventing The Federal Reserve from lowering interest rates by June? This brief video from the Quiver Financial Market Update event at the end of March 2024 discusses how this may impact financial markets and what opportunities may exist for your portfolio. You can watch the full video at • Financial Markets Update for Stocks, ... (Video Description) https://www.quiverfinancial.com/ This episode is brought to you by (Quiver High Yield Savings, Offering industry leading yields on your cash with over 800 partner banks and FDIC insured up to $25 Million.) To learn more, visit: https://quiver.advisor.cash/ Are you a Business Owner? Check out our helpful tips: https://www.quiverfinancial.com/servi... Want to learn how to Optimize your 401k?: https://www.quiverfinancial.com/servi... Schedule your free Financial Readiness Consultation: www.quiverfinancial.com Sign up for the Quiver financial newsletter and never miss out! www.quiverfinancial.com/newsletter 🎙️ Listen to our Podcast: Quiver Financial News: https://podcast.quiverfinancial.com/ Spotify: https://open.spotify.com/show/0RTkRZ2... The Half Truth: Click Here Facebook: / quiverfinancial Linkedin: / mycompany Twitter: @quivertweets Obviously, nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: www.quiverfinancial.com #quiverfinancial #investing #stockmarket #dollar #gold #interest #oil #money #alternatives
Tuesday Mar 26, 2024
Gold Markets In 2024 How High Can They Go
Tuesday Mar 26, 2024
Tuesday Mar 26, 2024
We finished up the Market Update Livestream with a conversation about the recent breakout higher and all-time high prices in Gold and how this trend may continue to play out in 2024. If you have been wondering about Gold and whether it’s worth your attention, you can watch what we are seeing in Gold markets
Gold prices have recently broken higher to new all-time highs. How high can Gold prices climb in 2024? We discuss Gold prices and how to take advantage of some price dislocations in the market between Gold and Gold Miners in this brief video. You can watch the full video at • Financial Markets Update for Stocks, ... (Video Description) https://www.quiverfinancial.com/ This episode is brought to you by (Quiver High Yield Savings, Offering industry leading yields on your cash with over 800 partner banks and FDIC insured up to $25 Million.) To learn more, visit: https://quiver.advisor.cash/ Are you a Business Owner? Check out our helpful tips: https://www.quiverfinancial.com/servi... Want to learn how to Optimize your 401k?: https://www.quiverfinancial.com/servi... Schedule your free Financial Readiness Consultation: www.quiverfinancial.com Sign up for the Quiver financial newsletter and never miss out! www.quiverfinancial.com/newsletter 🎙️ Listen to our Podcast: Quiver Financial News: https://podcast.quiverfinancial.com/ Spotify: https://open.spotify.com/show/0RTkRZ2... The Half Truth: Click Here Facebook: / quiverfinancial Linkedin: / mycompany Twitter: @quivertweets Obviously, nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: www.quiverfinancial.com #quiverfinancial #investing #stockmarket #dollar #gold #interest #oil #money #alternatives
Tuesday Mar 26, 2024
Stock Market Update 2024: New Bull Market or Crash Ahead
Tuesday Mar 26, 2024
Tuesday Mar 26, 2024
After we literally beat the interest rate conversation into the ground, we moved on to discussing stock markets and two (2) patterns, one bullish and one bearish, that may be developing in equity markets.
We shared the chart patterns we are watching and discussed what adjustments we have made in the first part of 2024 to our account allocations to increase our exposure to dividends and yield within our accounts.
We also highlighted a few sectors we see as being undervalued and give a word of caution to getting to aggressive due to a couple parts of the market like High Yield Bonds and Small Cap Stocks that have continued to raise some concern about how strong the legs under the Bull market thesis may be.
Are you concerned about how the stock market in 2024, the election year, may influence your investment and retirement portfolio? Watch what we are seeing in stock markets and consider how you may be able to protect your portfolio and find investment opportunities in 2024. You can watch the full video at • Financial Markets Update for Stocks, ... (Video Description) https://www.quiverfinancial.com/ This episode is brought to you by (Quiver High Yield Savings, Offering industry leading yields on your cash with over 800 partner banks and FDIC insured up to $25 Million.) To learn more, visit: https://quiver.advisor.cash/ Are you a Business Owner? Check out our helpful tips: https://www.quiverfinancial.com/servi... Want to learn how to Optimize your 401k?: https://www.quiverfinancial.com/servi... Schedule your free Financial Readiness Consultation: www.quiverfinancial.com Sign up for the Quiver financial newsletter and never miss out! www.quiverfinancial.com/newsletter 🎙️ Listen to our Podcast: Quiver Financial News: https://podcast.quiverfinancial.com/ Spotify: https://open.spotify.com/show/0RTkRZ2... The Half Truth: Click Here Facebook: / quiverfinancial Linkedin: / mycompany Twitter: @quivertweets Obviously, nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: www.quiverfinancial.com #quiverfinancial #investing #stockmarket #dollar #gold #interest #oil #money #alternatives
Tuesday Mar 26, 2024
Why The Fed May Not Be Able To Lower Rates In 2024 - Interest Rate Update
Tuesday Mar 26, 2024
Tuesday Mar 26, 2024
If you are concerned about how difficult it may be to create income without losing principle in a rising interest rate environment it’s a good watch. You can view “Why The Fed May Not Be Able To Lower Rates”
Hear what we are watching for in interest rates that could surprise investors and what you can do to protect your investment portfolio as we discuss how demographic trends may prevent The Federal Reserve from lowering interest rates in 2024. Are you concerned about how interest rates may influence your investment portfolio in 2024? You can watch the full video at • Financial Markets Update for Stocks, ... (Video Description) https://www.quiverfinancial.com/ This episode is brought to you by (Quiver High Yield Savings, Offering industry leading yields on your cash with over 800 partner banks and FDIC insured up to $25 Million.) To learn more, visit: https://quiver.advisor.cash/ Are you a Business Owner? Check out our helpful tips: https://www.quiverfinancial.com/servi... Want to learn how to Optimize your 401k?: https://www.quiverfinancial.com/servi... Schedule your free Financial Readiness Consultation: www.quiverfinancial.com Sign up for the Quiver financial newsletter and never miss out! www.quiverfinancial.com/newsletter 🎙️ Listen to our Podcast: Quiver Financial News: https://podcast.quiverfinancial.com/ Spotify: https://open.spotify.com/show/0RTkRZ2... The Half Truth: Click Here Facebook: / quiverfinancial Linkedin: / mycompany Twitter: @quivertweets Obviously, nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: www.quiverfinancial.com #quiverfinancial #investing #stockmarket #dollar #gold #interest #oil #money #alternatives
Tuesday Mar 26, 2024
2024 Interest Rate Update: Higher for longer or lower later in the year
Tuesday Mar 26, 2024
Tuesday Mar 26, 2024
If you are concerned about how rising interest rates may affect your portfolio, you’ll want to watch the entire section that discusses Interest Rates and what we are watching for.
We wrapped up the interest rate conversation on a solid question from Justin about the possibility that interest rates may have made a historical shift in 2021 from lower for decades to higher for longer, and what that may mean for markets and potential investment portfolio performance as we move forward the next 3 to 5 years.
Are you concerned about how interest rates may influence your investment portfolio in 2024? Hear what we are watching for in the Ten Year Treasury that could surprise investors in 2024 and what you can do to protect your investment portfolio. You can watch the full video at • Financial Markets Update for Stocks, ... (Video Description) https://www.quiverfinancial.com/ This episode is brought to you by (Quiver High Yield Savings, Offering industry leading yields on your cash with over 800 partner banks and FDIC insured up to $25 Million.) To learn more, visit: https://quiver.advisor.cash/ Are you a Business Owner? Check out our helpful tips: https://www.quiverfinancial.com/servi... Want to learn how to Optimize your 401k?: https://www.quiverfinancial.com/servi... Schedule your free Financial Readiness Consultation: www.quiverfinancial.com Sign up for the Quiver financial newsletter and never miss out! www.quiverfinancial.com/newsletter 🎙️ Listen to our Podcast: Quiver Financial News: https://podcast.quiverfinancial.com/ Spotify: https://open.spotify.com/show/0RTkRZ2... The Half Truth: Click Here Facebook: / quiverfinancial Linkedin: / mycompany Twitter: @quivertweets Obviously, nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: www.quiverfinancial.com #quiverfinancial #investing #stockmarket #dollar #gold #interest #oil #money #alternatives
Tuesday Mar 26, 2024
March 2024 Quiver Financial Market Update: Everything We Discussed
Tuesday Mar 26, 2024
Tuesday Mar 26, 2024
Are you curious to know more about the direction of interest rates, stocks, gold, and oil and how your portfolio may be affected? In this brief promo clip, hear about everything we discussed in the Quiver Financial Market Update for March 2024.
We started the March 2024 Market Update Livestream with a discussion on how stock markets have seemingly become obsessed on the thought that The Federal Reserve will be lowering rates by June of 2024. We posed the questions about what happens to stock and bond markets if this obsession proves to be wrong. The conversation covers demographic trends, as well as questions like, what if Commercial Real Estate crashes, and of course the conversation leads to the charts and what chart patterns we may be looking for in the future to help us decide how our account allocations may need to be adjusted to optimize these changing tides.
You can watch the full video at
• Financial Markets Update for Stocks, ...
https://www.quiverfinancial.com/ This episode is brought to you by (Quiver High Yield Savings, Offering industry leading yields on your cash with over 800 partner banks and FDIC insured up to $25 Million.) To learn more, visit: https://quiver.advisor.cash/ Are you a Business Owner? Check out our helpful tips: https://www.quiverfinancial.com/servi... Want to learn how to Optimize your 401k?: https://www.quiverfinancial.com/servi... Schedule your free Financial Readiness Consultation: www.quiverfinancial.com Sign up for the Quiver financial newsletter and never miss out! www.quiverfinancial.com/newsletter 🎙️ Listen to our Podcast:Quiver Financial News: https://podcast.quiverfinancial.com/Spotify: https://open.spotify.com/show/0RTkRZ2...The Half Truth: Click Here Facebook:
/ quiverfinancial Linkedin:
/ mycompany Twitter: @quivertweets Obviously, nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: www.quiverfinancial.com #quiverfinancial #investing #stockmarket #dollar #gold #interest #oil #money #alternatives
Monday Mar 25, 2024
Medicare Changes in 2024!
Monday Mar 25, 2024
Monday Mar 25, 2024
Medicare is a federal health insurance program that provides essential health care coverage to millions of Americans. Established in 1965, Medicare has become a crucial safety net for those who need it most, ensuring access to quality medical services and treatments.
This government-run program is designed to help people manage the rising healthcare costs, offering a range of benefits and services to support their well-being.
The Inflation Reduction Act (passed in 2022) included several changes to Medicare that directly impact its beneficiaries. Many of these changes affect premiums, deductibles, and out-of-pocket costs. In some cases, eligibility has been expanded to help more people afford quality healthcare. Because it primarily impacts those age 65 or older, it’s important for those who’ve reached retirement age to stay informed on any changes to Medicare.
So, whether you’re aging in place or spending your retirement traveling the country, let’s examine the changes Medicare beneficiaries can expect to see in 2024 so they can make informed decisions about their healthcare coverage.
Who is eligible for Medicare?
Medicare is available to several groups of people who meet specific criteria. The most common beneficiaries are those aged 65 or older, regardless of their income or health status. As such, it’s become a crucial aspect of planning for healthcare in retirement. However, younger individuals with certain disabilities or conditions, such as End-Stage Renal Disease (ESRD) or Amyotrophic Lateral Sclerosis (ALS), may also qualify for Medicare coverage.
Some people under 65 who receive Social Security Disability Insurance (SSDI) for at least 24 months become eligible for Medicare. It’s essential for those who fall into these categories to understand their eligibility and the steps they need to take to enroll in Medicare, ensuring they have access to the healthcare coverage they need.
How Does Medicare Work?
Medicare is designed to be a user-friendly system that helps beneficiaries access the healthcare they need. To start receiving Medicare benefits, eligible individuals must enroll during designated enrollment periods. Once enrolled, beneficiaries can choose between Original Medicare (Part A and Part B) or a Medicare Advantage Plan (Part C), depending on their preferences and healthcare needs.
When receiving health care services, Medicare beneficiaries typically pay a portion of the costs through deductibles, copayments, or coinsurance. Medicare covers the remaining costs, ensuring that beneficiaries have access to affordable healthcare.
Medicare is divided into four main parts, each covering specific aspects of health care:
Part A (Hospital Insurance): Covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health care.
Part B (Medical Insurance): Covers certain doctors’ services, outpatient care, medical supplies, and preventive services.
Part C (Medicare Advantage Plans): Offered by private companies approved by Medicare, these plans include both Part A and Part B coverage and often provide additional benefits such as prescription drug coverage.
Part D (Prescription Drug Coverage): Helps cover the cost of prescription drugs and is run by private insurance companies approved by Medicare.
Medicare Part A and B Changes in 2024
The Inflation Reduction Act, signed into law by President Joe Biden in 2022, has introduced several changes to Medicare Part A and B that will take effect in 2024. These changes are designed to make health care more affordable and accessible for Medicare beneficiaries.
The changes that the Inflation Reduction Act makes to Medicare Parts A and B are:
Part A Premium and Deductible Adjustments
In 2024, most Medicare beneficiaries will continue to receive premium-free Part A coverage. However, for those who need to purchase Part A, the premium will decrease slightly from $506 in 2023 to $505 in 2024. The Part A deductible, which beneficiaries pay when admitted to the hospital, will increase from $1,600 in 2023 to $1,632 in 2024.
Part B Premium Increase and Income-Related Monthly Adjustment Amount (IRMAA)
Medicare Part B premiums will increase in 2024, with the standard monthly premium rising from $164.90 in 2023 to $174.70 in 2024. Beneficiaries with higher incomes may be subject to an Income-Related Monthly Adjustment Amount (IRMAA).
In 2024, the income thresholds for IRMAA will increase, with individuals earning more than $103,000 and married couples earning more than $206,000 being required to pay higher premiums.
Impact on Beneficiaries’ Out-of-Pocket Costs
The changes to Medicare Part A and B in 2024 will impact beneficiaries’ out-of-pocket costs. While most beneficiaries will not face a Part A premium increase, the higher deductible may increase out-of-pocket expenses when receiving hospital care. The increase in Part B premiums and the potential for higher IRMAA costs may also lead to greater out-of-pocket spending for beneficiaries.
However, it is important to note that the Inflation Reduction Act has also introduced several measures to help reduce Medicare beneficiaries’ out-of-pocket costs. These include provisions to lower prescription drug prices and cap out-of-pocket spending on medications.
Medicare Part D Changes in 2024
Part D refers to Medicare prescription drug coverage. In 2024, Part D will undergo several changes to make medications more affordable and accessible for beneficiaries.
For one, the average monthly premium for Medicare Part D drug plans will decrease slightly to $55.50, down from $56.49 in 2023. The 5% coinsurance for Part D’s catastrophic coverage will also be eliminated.
As with Part B, some Medicare beneficiaries with higher incomes may be subject to IRMAA for their Part D coverage. In 2024, beneficiaries with incomes above certain thresholds will pay an additional $12.90 to $81 per month, depending on their income level.
Expanded Coverage for Adult Vaccines
Thanks to provisions in the Inflation Reduction Act, Medicare Part D will offer expanded coverage for adult vaccines starting in 2024. This change will make it easier for beneficiaries to access important vaccines, such as those for shingles and pneumonia, without high out-of-pocket costs.
Medicare Advantage Plans in 2024
Medicare Advantage (MA) plans, also known as Part C, are an alternative to Original Medicare that offer combined coverage for Part A, Part B, and often Part D benefits.
The popularity of Medicare Advantage plans continues to grow, with more than 50% of Medicare beneficiaries expected to be enrolled in an MA plan in 2024. This growth can be attributed to the comprehensive coverage, additional benefits, and cost-saving potential that MA plans offer compared to Original Medicare.
Some of the changes coming to Medicare Advantage Plans in 2024 include:
New Requirements
In 2024, Medicare Advantage plans will face new requirements to help improve the quality and consistency of care for beneficiaries. These requirements include providing behavioral health coverage and ensuring that beneficiaries have access to mental health and substance abuse services.
The Centers for Medicare & Medicaid Services (CMS) will implement a standard commission for brokers and agents selling MA plans to promote fair and unbiased plan recommendations.
Midyear Notifications for Extra Benefits
Medicare Advantage plans often provide extra benefits not covered by Original Medicare, such as dental, vision, and hearing services. Starting in 2024, MA plans will be required to notify beneficiaries midyear about the extra benefits they are entitled to use. This change aims to ensure that beneficiaries are aware of and can take full advantage of the additional coverage provided by their MA plan.
Coverage for Durable Medical Equipment in MA Plans
There is no change here, but there will be a welcome continuation of coverage for durable medical equipment (DME) in 2024, including items like wheelchairs, walkers, and oxygen equipment. Beneficiaries should review their MA plan’s coverage for DME to understand any potential out-of-pocket costs or requirements for prior authorization.
Efforts to Improve Care Coordination
In 2024, the Centers for Medicare & Medicaid Services will continue to prioritize efforts to improve care coordination for Medicare beneficiaries. These initiatives aim to streamline healthcare delivery, reduce costs, and improve patient outcomes.
Care Coordination Enrollment
CMS has set a goal to enroll all Medicare beneficiaries in care coordination organizations, such as Accountable Care Organizations (ACOs), by 2030. These organizations focus on providing high-quality, coordinated care while reducing unnecessary spending. In 2024, CMS will continue encouraging beneficiary participation in these programs to improve overall health outcomes.
Reimbursement for Providers
Starting in 2024, Medicare will reimburse providers for helping patients navigate the complexities of the healthcare system. This includes assisting beneficiaries with understanding their diagnoses, treatment options, and follow-up care. By incentivizing providers to offer this support, CMS aims to improve patient engagement and adherence to treatment plans, ultimately leading to better health outcomes.
Medicare Payments for Training Family Caregivers
Recognizing the critical role that family caregivers play in patient care, Medicare will begin paying providers to train family caregivers in 2024. This initiative will help family members gain the skills and knowledge to effectively support their loved ones, particularly those with complex or chronic conditions. By investing in caregiver education, CMS seeks to improve the quality of care provided at home and reduce the burden on the health care system.
Impact of the Inflation Reduction
The Inflation Reduction Act includes provisions that support care coordination efforts. For example, the Act provides funding for expanding community health teams, which work with primary care providers to coordinate care for patients with chronic conditions. The Act also includes measures to improve the integration of behavioral health services into primary care settings, promoting a more holistic approach to patient care.
Assistance Programs and Resources
Medicare offers various assistance programs and resources to help beneficiaries navigate the complexities of the healthcare system and make informed decisions about their coverage. In 2024, these programs will continue to play a vital role in ensuring that Medicare remains accessible and affordable for all beneficiaries.
Expanded Eligibility for the Extra Help Program
The Extra Help program, also known as the Low-Income Subsidy (LIS), assists Medicare beneficiaries with limited income and resources in paying for their prescription drug costs. In 2024, the Extra Help partial program is eliminated. This means the eligibility criteria for the Extra Help program will be expanded, allowing more beneficiaries to qualify for assistance, including those with incomes up to 150% of the federal poverty level. The income and resource limits will be increased, making it easier for low-income beneficiaries to access the support they need to afford their medications.
Resources for Making Informed Decisions
As Medicare undergoes changes in 2024, it is crucial for beneficiaries to have access to reliable resources that can help them understand these changes and make informed decisions about their coverage.
CMS will continue to provide a range of resources, including online tools, helplines, and educational materials, to support beneficiaries in navigating the Medicare system. Organizations such as the State Health Insurance Assistance Programs (SHIPs) and the Medicare Rights Center will offer personalized assistance and guidance to help beneficiaries make the most of their Medicare benefits.
Preparing for the 2024 Medicare Changes
As Medicare changes in 2024, beneficiaries must take proactive steps to ensure they are prepared for these updates. By staying informed and taking action, beneficiaries can make the most of their Medicare coverage and maintain access to the healthcare services they need.
Steps Beneficiaries Can Take to Prepare
To prepare for the 2024 Medicare changes, beneficiaries should:
Review their current coverage and assess whether it will continue to meet their needs in light of the upcoming changes.
Stay informed about the specific changes that will impact their coverage, such as adjustments to premiums, deductibles, and cost-sharing requirements.
Evaluate their health care needs and budget to determine whether they may qualify for assistance programs like the Extra Help program.
Gather resources and seek guidance from trusted organizations to help them navigate the changes and make informed decisions.
Reviewing and Comparing Plan Options
Much like how it’s important to perform regular 401(k) reviews, one of the most important steps beneficiaries can take to prepare for the 2024 Medicare changes is taking the time to actively review and compare their plan options during the Open Enrollment Period. This annual event, which typically runs from October 15 to December 7, allows beneficiaries to make changes to their Medicare coverage for the upcoming year.
During Open Enrollment, beneficiaries should:
Carefully review their current plan’s Annual Notice of Change (ANOC) to understand how their coverage and costs may be changing in 2024.
Compare their current plan to other options, including Original Medicare, Medicare Advantage, and Part D prescription drug plans.
Evaluate each plan’s costs, benefits, and network of providers to determine which option best meets their health care needs and budget.
Seek assistance from trusted resources, such as the Medicare Plan Finder or SHIP counselors, to help them compare plans and make an informed decision.