Credit Card Management
Closing credit cards strategically won't significantly harm your credit score, especially if you maintain a gap between your charges and credit limits. Prioritize keeping cards with the highest limits.
Review your credit card portfolio annually to decide which cards to keep or close, considering the financial and mental load, especially as you age.
Inherited Retirement Accounts and Medicare Premiums
Inheriting a retirement account can impact Medicare premiums for up to 10 years due to taxable withdrawals, except for inherited Roth accounts which aren't taxable.
It's crucial for inheritors to seek tax advice to manage withdrawals effectively, potentially minimizing the impact on tax brackets and Medicare premiums.
Social Security Benefits Strategy
If a spouse applies for Social Security benefits now, they would receive the larger benefit between their own and the spousal benefit, but cannot switch later.
Delaying Social Security benefits until full retirement age or even until age 70 can maximize lifetime benefits, highlighting the importance of personalized financial advice.