Dr. Ed - Former SSA Manager

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Dr. Ed - Former SSA Manager Dr. Ed Weir, PhD, Former Social Security Manager & USMC Veteran
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10/21/2026

The 4% rule is a starting point, not a guarantee.

10/21/2026

The biggest tax surprise in an inherited home isn't the sale price—it's the number you use for the home's cost basis.

Picture a retired woman who bought her house decades ago for a small fraction of what it is worth today. She owns it outright. After she dies, her adult child inherits the home. The child assumes that when the house is sold, the taxable gain will be measured from the price their mother paid long ago. That assumption could create a tax bill on appreciation the law generally forgives.

I have seen families hesitate to sell because they feared the tax bill, only to learn the law already gives them a fresh start. The IRS rule is simple: the basis of property inherited from a decedent is generally its fair market value on the date of death—not the original purchase price. That stepped-up basis becomes the child's starting point. If the child later sells the house for more than that date-of-death value, only the increase after death is a taxable gain. If the child uses the old purchase price by mistake, the reported gain can be far larger than it should be.

That is why the first step is not to sell quickly or guess. The IRS points to the executor for the home's date-of-death value. Get a written valuation as of the date of death and keep it with the will, deed, and any trust papers. But do not assume the value is obvious: the executor can confirm whether an estate tax return was filed, and the IRS may require basis to match the estate tax value when one applies. Review that paperwork with the executor.

In most cases, pre-death appreciation is excluded, but exceptions exist. A little care at a hard time can avoid a needless capital gains tax later.

Would your heirs know what value to use—and where to find it?

10/21/2026

Medigap open enrollment lasts just 6 months. 📅 In my years at Social Security, I saw this trip people up constantly: they sign up for Part B, then wait a year or two to add a Medigap policy, only to discover they can be turned down or charged more because of pre-existing conditions. The open enrollment window starts the month you're 65 or older AND enrolled in Part B. During those 6 months, insurers must sell you any Medigap plan they offer at the same price they charge healthy people, no health questions asked. After that, there's no federal guarantee — in most states, you can be denied or face higher premiums. That's why the decision to enroll in Part B and Medigap together at the right time matters so much. Per CMS 2026, the Part B deductible is $283, and Medigap plans help cover that and the 20% Part B coinsurance you'd otherwise pay out of pocket. Here's what to do: mark your calendar for the month your Part B begins, and start comparing Medigap plans in your state at least two months before. If you miss the window, you may still qualify for guaranteed issue under certain situations, like losing employer coverage. But don't count on it — the open enrollment period is the one guaranteed right. Did you know it was only 6 months, or did you assume you could add it anytime?

How much can a Medicare late-enrollment penalty really cost you? If you miss your Part B window, you may pay a 10% premi...
10/21/2026

How much can a Medicare late-enrollment penalty really cost you? If you miss your Part B window, you may pay a 10% premium penalty for every full year you were eligible but not enrolled — and that penalty lasts for life. The standard Part B premium in 2026 is $202.90 per month; one full year late means an extra $20.29 every month, forever. The penalty is based on the standard premium, not your actual premium, and it recalculates each year as the premium changes. Here’s the part that surprises people: there’s no cap. If you wait 5 years, that’s a 50% penalty — an extra $101.45 per month for as long as you have Part B. That’s over $1,200 a year, every year, on top of the premium you already pay. Medicare’s own handbook says most people should sign up during their Initial Enrollment Period, the 7-month window around your 65th birthday. If you’re still working and have employer coverage, you may be able to delay without penalty — but you need to know the rules before you miss the deadline. Don’t lose what you earned. 🙏

10/21/2026

What if the required minimum distribution you have to take this year is quietly pushing your Medicare premium and tax bill higher than necessary? Picture a retired couple in their early 70s who already give to church and charity each year. For them, a qualified charitable distribution can satisfy that RMD without adding a dollar to their taxable income.

Here's the part that matters:
• The QCD goes directly from your IRA to a qualified charity, counts toward your RMD, and is excluded from your income.
• Because it never shows up on your tax return as income, it may keep you below a Medicare premium threshold.
• If you were already giving cash to that charity, the QCD lets you keep that outside cash working for you instead of withdrawing from the IRA and donating.
• The 2026 limit is $111,000 per individual, and a spouse with their own IRA can use the same limit (IRS/SECURE 2.0 2026).

Once you take the RMD in cash, it's taxable as ordinary income; a QCD sent directly to charity isn't. 🎯 Could you give the same amount and keep your Medicare premium from rising?

10/21/2026

IRS can tax up to 85% of Social Security if combined income hits.

10/21/2026

The Medicare Part B deductible just went up $26 to $283 in 2026. That means you pay $283 out of pocket before Part B starts covering doctor visits, outpatient care, and medical equipment. CMS says the increase is driven by projected price changes and higher assumed utilization. How will this affect your budget?

You pay IRMAA because of an income from two years ago. Then life changes — retirement, divorce, death of a spouse. Medic...
10/21/2026

You pay IRMAA because of an income from two years ago. Then life changes — retirement, divorce, death of a spouse. Medicare can argue “that’s too bad” while you keep writing checks. Here’s the absurd part: the fix is one form, and most people don’t know they can ask. In my years at Social Security, I saw the same look — people stunned that a life-changing event didn’t automatically change the bill. They assumed the system just knows. It doesn’t. You have to tell Medicare, on paper, with proof. If your income dropped because you retired, got divorced, or lost a spouse, file Form SSA-44. It asks for a “life-changing event” — exactly the kind of thing that should trigger an automatic adjustment, but doesn’t. The form is simple, the decision can be appealed, and the worst that happens is they say no. The best that happens? You stop paying $689.90 a month for Part B. That’s the top IRMAA premium in 2026. If you think you’re overpaying, don’t wait for a refund that never comes on its own. File the form. Then tell me: did Medicare ever ask you about your life changes — or did you have to chase them?

Your Social Security earnings record drives your future benefit calculation. SSA says, "We calculate your monthly retire...
10/21/2026

Your Social Security earnings record drives your future benefit calculation. SSA says, "We calculate your monthly retirement and disability benefit by looking at how much you've earned, so it's important to make sure your record is accurate" (https://www.ssa.gov/prepare/review-record-earnings). This fictional example shows 20 years with two $0 entries, which simply means no Social Security-covered wages were reported for those years in the example. A $0 entry is not proof of an error; it may reflect a year with no covered work. If you did work and have tax or pay records showing income, compare your official Social Security record and ask SSA about a correction. Create or sign in to your personal my Social Security account to review your own earnings: https://www.ssa.gov/myaccount/. Need help? Join the 24help community: https://www.skool.com/24help/about.

10/21/2026

A bad first 10 years in retirement can drain a portfolio faster

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