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RXpass information

 I saw this week that Medicare recipients can now use Amazon Pharmacy’s Rxpass. I am not making a plug for Amazon, but this is important news, if you are getting your medications through mail order or if it's an option. So what is RXpass? Launched a year ago, the RxPass is designed to provide lower-cost access to generic medicines that treat more than 80 common health conditions, including high blood pressure, anxiety and acid reflux. Subscribers can get as many eligible medications as they need, plus free home delivery and the ability to connect with a pharmacist 24/7, for a flat fee of $5 a month. Until recently, those with Medicare insurance plans were excluded from the service, but Amazon has now widened accessibility. According to Amazon, a Medicare beneficiary who takes at least one medication available through RxPass could save approximately $70 per year, and a beneficiary who takes two or more medications could save even more.

How does it work? You will need an Amazon Prime subscription to be eligible to join. This currently costs $14.99 per month/$139 per year. Then you have to sign up using the Amazon Pharmacy website or app. If your prescription medication needs to change, you can cancel the service at any time. RxPass isn’t currently available to send medications to California, Texas and Washington, although Amazon Pharmacy is available in all of those states. And those with state-funded insurance such as Medicaid and CHIP are not eligible. So, keep in mind this coverage is for common health conditions and covers 80 generic drugs. I think depending on your situation this is worth looking into and see if it’s right for you. Questions go to yoursafemoneyshow.com.

Your Safe Money Show Retiree Regrets 8 10 24

 

Is retirement income taxable?

 I get this question a lot: “Is retirement income taxable”? Here’s how some income in retirement is taxed: Social Security Benefits: Depending on provisional income, up to 85% of Social Security benefits can be taxed by the IRS at ordinary income tax rates. Pensions: Pension payments are generally fully taxable as ordinary income unless you made after-tax contributions. Interest-Bearing Accounts: Interest payments are taxed at ordinary income rates, but municipal bond interest is exempt from federal tax and may be exempt from state tax. Sales of Stocks, Bonds, and Mutual Funds: Long-term gains (held over a year) are taxed at 0%, 15%, or 20% capital gains tax rates, based on income thresholds. Net investment income tax (NIIT) factors in for some taxpayers. at a rate of 3.8%. Dividends: Qualified dividends are taxed at long-term capital gains rates; non-qualified dividends are taxed as ordinary income based on your federal tax bracket. Traditional IRAs and 401(k)s: Contributions to traditional IRAs and 401(k)s reduce your taxable income. However, withdrawals are taxed at ordinary income rates. Required minimum distributions (RMDs) start at age 73. Withdrawals before age 59 ½ are subject to a tax penalty. Roth IRAs and Roth 401(k)s: Contributions to Roth accounts are not tax-deductible. However, withdrawals after five years following the first contribution are tax-free for Roth IRAs, including gains. Withdrawals before age 59 ½ are subject to a tax penalty. Life Insurance Proceeds: Life insurance proceeds are generally not subject to tax when received as a beneficiary. However, surrendering a policy for cash may have tax implications. Savings Bonds: Bond interest is generally taxable at ordinary income rates upon maturity or redemption but may be tax-free for education expenses if certain conditions are met. Annuities: For annuities, the portion representing the principal is tax-free; earnings are taxed at ordinary income rates unless purchased with pre-tax funds. Home Sales: Under the Section 121 home sale exclusion, primary home sale gains up to $250,000 ($500,000 for married couples) are excluded from income tax if specific ownership and use criteria are met.

If you want more information, give me a call and we can have a no cost, no obligation appointment.

Your Safe Money Show Value of using cash in digital age 8 3 24

Your Safe Money Show topics for August 3rd show

 Coming up on this Saturday's (August 3rd) Your Safe Money Show, Todd is going to touch on Medicare upgrades that could disqualify your private plan. He’ll explain the value of using cash in the digital age. And if you inherit an IRA there are things for you to understand as a beneficiary. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.