Should You Add a Transfer on Death Beneficiary to Your Assets? #298
Retire With Ryan
On the show this week, I’m talking all about the topic of probate and how adding a Transfer on Death (TOD) or Payable on Death (POD) beneficiary designation to certain assets can help you avoid your estate being tied up in the probate process. You’ll learn which types of accounts allow for TOD or POD beneficiaries, why these designations might be preferable to joint tenancy, and the pros and cons of setting them up. I break down step-ups in cost basis, the impact on estate taxes, and touch on differences across states—plus considerations to make sure your estate plan actually fits your...
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Tax Extension Mistakes to Avoid This Filing Season, #297
Retire With Ryan
In the last episode, I discussed seven mistakes to avoid when filing your 2025 taxes. So in this episode, I'm going to discuss the tax-filing mistakes people can make when filing an extension. Here are the four most common extension errors that could cost you money, including misconceptions about payment deadlines, underestimating taxes, and the importance of understanding state-specific extension rules. You will want to hear this episode if you are interested in... [00:00] Mistakes that people can make if they're filing an extension [01:41] Importance of filing for an extension by...
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7 Tax Mistakes to Avoid When Filing Your 2025 Taxes, Ep#296
Retire With Ryan
Tax season is here, and if you’re just now gathering your documents to file your return—or preparing them for your CPA—this is the time to slow down and make sure you’re not making costly mistakes. In this episode, I walk through seven tax mistakes I frequently see both tax preparers and self-filers make when filing their returns. Some of these errors seem simple on the surface, but they can lead to penalties, missed deductions, delayed refunds, or paying more taxes than necessary. My goal in this episode is to help you avoid these pitfalls so you can file confidently and keep more of...
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What We Still Don’t Know About Trump Accounts, Ep#295
Retire With Ryan
If you watched President Trump’s recent State of the Union address, you probably heard about the new Trump accounts, also known as 530A accounts. In this episode, I break down how these tax-advantaged investment accounts are designed to work, who qualifies, and—just as importantly, what we still don’t know. There’s been a lot of excitement, especially around the $1,000 seed money for eligible children. But before you rush to open one, there are several unanswered questions that deserve your attention. What Are Trump Accounts—and Who Qualifies? Trump accounts were introduced...
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Is It Wise to Gift My Children Money While I’m Alive? Ep#294
Retire With Ryan
If you have children and you’ve been thinking, “Why wait until I’m gone to help them financially?”—this episode is for you. In Episode 294, I walk through the biggest things to consider before making gifts to your kids while you’re still alive, and I break down some of the smartest ways to do it without triggering unnecessary taxes. I’m seeing this trend more and more with my clients, and it makes sense. Financial markets have performed well, real estate has surged, and many retirees are in a stronger position than generations before them. But just because you can gift money...
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Learn the ABCs of Medicare, Ep293
Retire With Ryan
If you’re approaching age 65, Medicare can feel overwhelming fast. Between Parts A, B, C, and D and the timing rules tied to each—it’s easy to make a costly mistake if you don’t understand how the pieces fit together. In this episode, I walk through the Medicare “alphabet,” explaining what each part does, when enrollment matters most, and how your decisions interact with the rest of your retirement plan. We also cover common questions that come up when clients transition from employer-sponsored coverage to Medicare for the first time. Whether retirement is right around the corner...
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6 Changes To Social Security Happening in 2026, #292
Retire With Ryan
The landscape of Social Security is changing yet again. As we enter 2026, six big changes will impact both current and future retirees. I break down everything from the new cost of living adjustment (COLA), increases in the earnings test limit, and updated eligibility requirements, all the way to shifts in the full retirement age and the solvency projections for the Social Security Trust Fund. You’ll also hear practical tips on maximizing your Social Security benefits, how to prepare for what’s ahead, and why it’s more important than ever to have a solid retirement plan in place. ...
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Protecting Your Schwab Accounts From A RAT Attack, #291
Retire With Ryan
Have you ever fallen victim to a RAT attack? No, not the furry kind, a Remote Access Trojan attack. I’m discussing how cybercriminals use social engineering to target victims, and the real-world impact these threats can have on your investment accounts and personal information. I reveal the latest tactics scammers use, and, most importantly, offer practical tips to help you recognize warning signs, safeguard your accounts, and minimize your risk, whether you’re an individual managing your retirement nest egg or a business owner overseeing company assets. You will want to hear...
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Can I Contribute to My 401(k) and a Traditional IRA in the Same Tax Year?, #290
Retire With Ryan
A listener recently wrote in with a common and important retirement planning question: If I’m already maxing out my 401(k), can I also contribute to a traditional IRA in the same year? The short answer is yes—but whether it makes sense, and how much benefit you receive, depends on your income, tax situation, and long-term goals. In this episode, I break down how traditional IRA contributions work alongside employer-sponsored retirement plans, when those contributions are deductible, and what options are available if your income is too high for a deduction. We also explore alternative...
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Top 5 Growth ETFs to Own For 2026 and Beyond, #289
Retire With Ryan
Last week, we covered the best investments to preserve your money, but this week we are shifting gears to focus on growth. For retirees, the goal is to have an income that outpaces inflation, and historically, the best way to achieve that is by having 50% to 70% of your portfolio invested in stock funds. In this episode, I break down five specific Exchange Traded Funds (ETFs) that can help you grow your wealth in 2026. I discuss why I prefer ETFs over mutual funds, specifically focusing on cost, transparency, and liquidity, and provide the exact ticker symbols and expense ratios for the funds...
info_outlineRetirement planning is an ever-evolving process, and staying informed about changes to Social Security, Medicare, and tax limits is crucial to making the most of your golden years. On this episode of Retire with Ryan, I’m sharing important updates on the 2026 Social Security cost of living adjustment (COLA), projected changes to Medicare Part B premiums, and strategies for managing income in retirement.
The newly announced cost-of-living adjustment (COLA) for 2026 will see benefit checks rise by 2.8%. I break down how the yearly adjustments are calculated, why they matter for seniors, and the impact of inflation on Social Security. I also discuss the expected jump in Medicare Part B premiums, what IRMAA means for higher-income retirees, and important changes to the Social Security wage base and retirement earnings limits.
Whether you're thinking about when to start your benefits or you want to strategize your retirement income, this episode will give you practical tips and resources to help you make the most of your retirement planning.
You will want to hear this episode if you are interested in...
- [00:00] Social Security cost-of-living adjustment (COLA).
- [02:54] COLA trends and historical adjustments.
- [04:48] Social Security benefit updates.
- [10:56] Social Security earnings limit explained.
- [11:56] Social Security and Medicare updates.
What to Expect from Social Security COLA for 2026
After a brief delay caused by a government shutdown, the Social Security Administration (SSA) announced that benefit checks will rise by 2.8% beginning January 2026. This increase is slightly higher than last year’s 2.5% and a bit less than the 2024 bump of 3.2%. While not the largest adjustment in history, any increase helps seniors keep pace with the rising costs of essentials like groceries, taxes, and insurance.
How is COLA Calculated?
SSA bases COLA changes on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), specifically by comparing the average index for each month in the third quarter of one year to the same period in the previous year. Since 1972, this approach has pegged benefit adjustments to actual inflation, providing a more predictable and timely increase for beneficiaries. Beneficiaries will receive details about their new benefit amounts in early December.
Medicare Part B Premiums
The base premium for Medicare Part B is predicted to rise from $185 to approximately $206.50 per month in 2026, a significant increase of roughly 11.6%. Final figures will be released later, but even preliminary estimates suggest a noticeable impact, especially for fixed-income retirees.
Income Related Monthly Adjustment Amount (IRMAA) may add further costs to your Medicare premiums if your income exceeds certain thresholds. For 2026, your IRMAA status will be determined by your 2024 tax return, due to a two-year lag in income reporting. Higher earners could see premiums up to $443.90 per month, so it’s critical to strategize IRA distributions and capital gains to avoid unnecessary surcharges.
If your financial situation changes, such as a recent retirement, you may appeal IRMAA charges using Form SSA-44. Ryan Morrissey recommends reviewing prior episodes and his blog for more on appealing IRMAA.
Social Security Taxes and Retirement Income Limits
The maximum wage base for Social Security taxes will jump to $184,500 in 2026 (up from $176,100), meaning any income above this threshold won’t be subject to Social Security tax.
Retirees collecting Social Security before full retirement age must monitor their earned income. For 2026, the limit rises to $24,480. Earnings above this cut-off will reduce your Social Security benefit by $1 for every $2 earned. Once you reach your full retirement year, the earnings limit increases sharply to $65,160, and after your birthday, there’s no limit.
The latest updates to Social Security and Medicare reflect ongoing efforts to help retirees keep pace with inflation and evolving economic conditions. Successful retirement isn’t just about knowing the numbers, it’s about strategizing your income to minimize taxes, avoid excess premiums, and maximize your benefits.
Resources Mentioned
- Retirement Readiness Review
- Subscribe to the Retire with Ryan YouTube Channel
- Download my entire book for FREE
Connect With Morrissey Wealth Management
www.MorrisseyWealthManagement.com/contact