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Where does a non-working spouse's healthcare coverage come from when you retire? - YouTube
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Let's get started. Question number one is
from a guy who lives in Delaware I
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didn't copy down his name and I'm not
gonna take the time to look right now
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his name is let's make it up what are we
gonna call him Denny from Delaware I
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think of Wayne's World when I think of -- Oh call him Wayne. What was it, Wayne and-
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it was Garth Algar Glenn Campbell
okay hi I'm in Delaware all right dear
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Pete I live in northern Delaware I'm 64
and trying to you know what I'm gonna be
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honest I have no idea where Delaware is
I mean I do but I don't know in relation
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and they jumble out there I know it's
not I'm looking it up which is good for
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radio and even better on Petetheplanner.tv because you'll probably
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get a good shot of my bald spots do you
know okay okay we're gonna have a little
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quiz here I know we're supposed to be
answering financial questions our
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executive producer back at the station
is gonna probably have what's called a
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an air check it has to do with this
particular episode which means I get in
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trouble all right Nicole Delaware yeah
is it
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east of Baltimore. No. You're incorrect oh
where is it
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Nicole is New Jersey east of Delaware no
wrong again I told you this is how I you
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know what I would get zero of these
wrong is-- you'll get zero of them
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wrong? yeah all over them wrong okay you know this is a tough one
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is New York City north or south of
Delaware is it north? New York
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City is north of Delaware but I would
have said south well absolutely would
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have said okay I'm trying to think of
where it is in comparison to New Jersey
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you know it's always people are like oh
the east coast or the elite so unipi
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they're rude to the Midwest this is a
Midwesterner as you can see by my build
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that is being rude to the East Coast
right now 'cause I have no idea where
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Delaware is but it seems like a lovely
place does anyone really have it
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we're Indiana is within the Midwest I
think I've been to Delaware haven't I
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no one cares okay this gentleman is 64
and trying to figure out when to retire
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good good glad you emailed the immediate
question I have is if my spouse has not
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worked sufficient hours to earn Social
Security is she still entitled to
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Medicare
she's considerably younger than me at
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age 52 and the gentleman emailing is 64
(yea she is) I feel you pal look at you not
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creepy now but you know when you're 24
and she's 12
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you're kind of a weirdo do some math
that's gross but you know you're grown
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man oh well at what point does that stop
being gross I don't know 'cause is it like
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30 and 18 cuz that still seems a little
intense for me because one of the Olsen
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twins married to someone significantly
older than her too. Have I told you my
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Olsen twins story yes you have okay um
so she's considerably younger at age 52
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and I worry about her getting health
coverage between the time I retire
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somewhere between 66 and 70 the time
she's eligible any thoughts lastly well
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I think we have a good mix of owning a
home several 401ks some cash and stocks
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besides my Social Security who would be
the right type of planner to work with
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to help me to understand my income and
options at age 66 68 and 70 all right uh
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Nicole do you want to undo this
Hollywood square style where you take a
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stab or not so much not so much okay so
here's the deal do you know what
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Medicare is no all seems like it's the
same okay Medicare is it's a social
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surface that provides health care for
you generally post age 65 okay you pay a
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tax on your paycheck that I pay you
oh that you earn I shall say every two
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weeks when you get paid you pay a tax of
Medicare you pay one point four five
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percent of your total wages yeah on the
first 200 grand of your wages and then
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after noon so that's the
that's what's up okay so you pay -- you
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pay one point four five percent of your
salary towards Medicare which will
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provide you health care when you turn 65
and there's other points of eligibility
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too but I guess the one of the bigger
points for this gentleman's question who
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were calling Wayne Campbell is that you
have to in order to be eligible to
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receive Medicare in Social Security for
that matter you have to work 40 quarters
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or the equivalent of 10 years I always
think yeah you know go ahead okay so
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question yeah when they say that Social
Security won't well run out or that this
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will run out how is it run it how does
it run out when it's my money that I'm
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putting in and I'm 24 how is how is it
running out I guess that's my thing is
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it's like one of those are other
individuals using the money that I'm
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paying right oh so look this is where
people are gonna get so angry every time
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I say what I'm about to say people get
angry but I'm just using to describe the
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concept if I were to say the p-word on
the radio Ponzi scheme a Ponzi scheme
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works this way you invest yeah and then
you are paid back by other people's
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investments not your own money because
your own money went to pay someone else
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mmm that is by definition of the Ponzi
scheme yes your Social Security proceeds
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that you're painted account it's not put
into a lockbox do you remember you know
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that I don't know if you were old enough
to remember during the election Al Gore
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George Bush back in 2000 there was this
big debate over the use of the term
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lockbox where Al Gore said he wanted to
take your Social Security tax that you
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pay which is at this year 6.2 percent on
your first hundred twenty eight thousand
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dollars and you wanted to take that
money and put it into a lockbox for you
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Nicole Frankowski and so and so in doing
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that then it sort of takes away that
Ponzi Ponzi scheme yo yeah but it's not
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a Ponzi scheme I just use it to describe
it that way
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yeah so that is to say Nicole when
people say Social Security is running
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out of money what it's saying is that
it's essentially taking too many current
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payers to
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fund the recipients
retirement
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income okay and so it gets carries you
will have paid in for 45 years by the
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time you're eligible for Social Security
and the math doesn't support that
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there'll be enough money in there to
continue to pay you although it's
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considered to be some sort of special
obligation that has to be paid and now
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I'm way above my pay grade
I was just gonna say and now I can't say
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anything else because I'm gonna get way
too in the week okay so let's actually
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answer Wayne's question (okay) so Medicare
again is sort of a retirees health care
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that they're eligible at generally
speaking at 65 however you end up being
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married to someone and you did not work
40 quarters but that person worked 40
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quarters you get the spousal benefits of
both Social Security and Medicare but
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you're not eligible for Medicare until
you're age 65 so our friend here the
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30-year old married an 18 year old oh nope
I'm sorry that's a 64 year old married a
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52 year old, see, same thing less creepy
when he is of age that doesn't mean that
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she will get a Social Security -- Medicare
right away so when he is 65 he will be
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eligible for Medicare Part A and then
I'll have to have supplement with Part B
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or whatever but she will not be eligible
at age 53 she will have to wait until
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she is 65 to secure that coverage which
is to say the ugliest part of this
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answer Nicole and the part why Wayne is
gonna be upset is that he and his wife
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Garth will have to fund health care out
of pocket on the private exchange for 12
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years and that's bad I mean that is
(that's so heavy) yeah I mean one of the
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negative aspects disadvantages of having
such an age gap going into retirement is
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that where was one person is on Medicare
and -- and maybe cycles out of employment
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especially if they are the breadwinner
then you still must secure health care
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for the individual who is not achieved
age 65 whether they're a working person
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or not now she was a working person
which it doesn't sound like she is from
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the email or not so much that she has
health care benefits then they're
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literally
gonna have to pay out-of-pocket for 12
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years for coverage which is going to be
stinking expensive and by the way they
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should talk about all this with a
financial adviser so they just need to
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go to a fee-based financial adviser
generally speaking or I happen to like
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fee only hourly advisors which we've
talked about on this show Nicole what
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you're tough to find
but Google you found me on the Internet
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Wayne so go find the Google machine and
Google fee only hourly advisor Delaware
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and then and then like (') where's
Delaware yesterday for Indiana so you
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did yeah you can find him okay so that's
that's your answer coming up after the
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break intern Aaliyah joins us to understand a
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word that so many people actually
misunderstand we'll see if she
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understands it next right here on the
Pete the planner show your money
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questions answered.
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