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Retire With Ryan

Retire With Ryan

By: Ryan R Morrissey
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 If you’re 55 and older and thinking about retirement, then this is the only retirement podcast you need. From tax planning to managing your investment portfolio, we cover the issues you should be thinking about as you develop your financial plan for retirement. Your host, Ryan Morrissey, is a Fee-Only CERTIFIED FINANCIAL PLANNER TM who lives and breathes retirement planning. He’ll be bringing you stories and real life examples of how to set yourself up for a successful retirement.2020 Retirewithryan.com. All Rights Reserved Economics Personal Finance
Episodes
  • Maximizing Spousal Social Security Benefits for Married Couples, #269

    Maximizing Spousal Social Security Benefits for Married Couples, #269
    Sep 2 2025
    For married couples planning their retirement, understanding spousal Social Security benefits can seem like a labyrinth. This week, I’m answering a listener's question about how spouses can maximize their Social Security benefits. Join me as I break down the key rules, eligibility requirements, and strategies that can help you and your spouse make the most of your benefits over your lifetimes. Whether you're nearing retirement or still a few years away, I can help you understand primary insurance amounts, full retirement age, and what happens if one spouse claims benefits early. If you want to ensure you and your loved one have a smart plan for Social Security, this episode offers essential insights and actionable advice. You will want to hear this episode if you are interested in... [02:33] Eligible spouses may receive at least half of their partner's full retirement benefit.[05:25] How much of a spousal benefit will you receive? [07:42] Strategies to manage spousal benefits.[09:54] Spousal benefits are reduced by $1 for every $2 earned over the limit.[10:30] Applying for a spousal benefit. Understanding Spousal and Survivor Social Security Benefits Spousal benefits exist to ensure that partners in a marriage—including those who spent little or no time in the workforce—can still access a stable retirement income. If you’re married, you could be eligible to receive up to half of your spouse’s full retirement benefit, commonly referred to as their Primary Insurance Amount (PIA). This benefit is designed for spouses who don’t qualify for a significant benefit on their own due to having spent less time in the workforce, perhaps because they were caring for the home or raising a family. At a minimum, every spouse can claim at least 50% of their partner’s PIA, but only if their own benefit is less than this amount. This safety net helps ensure that lower-earning spouses are not left without Social Security support in retirement. Eligibility Requirements: Who Qualifies and When? To collect a spousal benefit, several conditions must be met: The Higher-Earning Spouse Must File: You cannot receive a spousal benefit until your spouse has filed for their own Social Security retirement benefit.Minimum Age: The spouse collecting the spousal benefit must be at least 62 years old.Marriage Requirements: You must be legally married, though in some states, common law marriages are recognized.Timing Matters: To collect the full 50%, you must wait until your own full retirement age, which is generally 67 for those born after 1960. Claiming earlier results in a reduced benefit, often as low as 32.5%-37.5% of your spouse’s PIA if you file at age 62. For example, in the listener scenario discussed in the episode, the wife began her benefit at 64. Because she started before her own full retirement age, she is only eligible for 37.5% of her husband’s benefit—less than half. Strategies for Maximizing Spousal Benefits Determining when to claim Social Security is a nuanced decision: Higher-Earning Spouse Delays, Lower-Earning Spouse Claims Early: Often, the lower-earning spouse might claim their own benefit early, while the higher earner waits until full retirement age or even 70 to claim. This maximizes the survivor benefit for the lower earner, as a widow or widower can "step up" to the deceased spouse’s higher benefit. Cost of Living Adjustments (COLA): Increases in Social Security benefits due to COLA apply both to individual and spousal benefits. Because COLA is a percentage, it may cause dollar amounts to shift, but it will not change the eligibility for claiming spousal benefits unless there is a significant gap. Survivor Benefits: If the higher earner passes away, the surviving spouse can "take over" the higher benefit. This makes it advantageous for the higher earner to delay benefits if the couple is concerned about long-term financial security. How to Apply for Spousal Benefits Applying is straightforward and can be done online at SSA.gov, by calling the Social Security office, or in person. Be prepared to provide proof of age, a marriage certificate, and possibly your spouse’s work records. Maximizing Social Security as a couple comes down to knowing the rules, timing your decisions, and using strategic thinking to boost your household’s retirement income. Resources Mentioned Retirement Readiness ReviewSubscribe to the Retire with Ryan YouTube ChannelDownload my entire book for FREE Benefits for Spouses Collecting Divorced Social Security Benefits Ep41 Connect With Morrissey Wealth Management www.MorrisseyWealthManagement.com/contact Subscribe to Retire With Ryan
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    12 mins
  • Understanding HSA Changes for 2026, #268

    Understanding HSA Changes for 2026, #268
    Aug 26 2025
    The power of Health Savings Accounts (HSAs) as a tool for both managing health expenses and building your retirement savings is often overlooked. On this episode, I’m sharing the basics of HSAs, highlighting their triple tax-free advantage, and explaining why they might be one of the best ways to maximize your retirement savings, even compared to more familiar accounts like IRAs and 401(k)s. I also unpack some important upcoming changes to HSAs thanks to the One Big Beautiful Bill Act, set to take effect in 2026. These changes expand HSA eligibility, especially for those on healthcare exchange plans and direct primary care memberships. Whether you’re new to HSAs or looking to fine-tune your retirement strategy, my practical tips—like how to track reimbursements, invest your HSA funds wisely, and ensure you’re making the most of every retirement planning opportunity. You will want to hear this episode if you are interested in... [00:00] HSA contributions and eligible expenses.[03:33] HSA eligibility and individual plans.[07:27] HSA vs. 401(k) savings benefits.[12:10] HSAs and tax-free retirement reimbursements.[14:57] HSA contributions and Medicare Timing.[16:44] Top HSA provider tips. What is an HSA and Who Qualifies? Health Savings Accounts (HSAs) are often overlooked as powerful retirement planning vehicles. They are tax-advantaged accounts that allow individuals with high deductible health plans (HDHPs) to save and pay for qualified medical expenses. To be eligible, you must be enrolled in a qualifying HDHP; not all plans make the cut, so check with your insurer or employer to confirm eligibility. For 2025, annual contribution limits are $4,300 for individuals and $8,550 for families, with an additional $1,000 catch-up allowed for those age 55 and over. Both you and your employer can contribute, but the total combined contribution cannot exceed these limits. Triple Tax Advantage: The Unique HSA Benefit HSAs are the only accounts that offer a triple tax advantage: Pre-tax contributions: Contributions reduce your taxable income for the year, helping you save on federal and (in most cases) state income taxes.Tax-free growth: Money in your HSA can be invested, and all interest, dividends, and capital gains are tax-free while in the account.Tax-free withdrawals: Withdrawals used for qualified medical expenses remain tax-free, even in retirement. This makes HSAs one of the most tax-efficient savings vehicles available. HSAs as a Retirement Strategy While the primary purpose of an HSA is to cover medical expenses, its value extends far beyond that, especially for forward-thinking retirement planners. Many people cover their current medical out-of-pocket expenses with regular cash flow, allowing their HSA investments to grow tax-free for years, even decades. Upon reaching age 65, you are allowed to withdraw funds for non-medical expenses without penalty (although you will owe income tax, much like a traditional IRA). For medical expenses—including Medicare Part B, D, and Medicare Advantage premiums—withdrawals remain tax-free. However, Medigap policy premiums are not eligible for tax-free reimbursement from your HSA. A strategic approach can involve tracking your unreimbursed eligible medical expenses over the years. You can reimburse yourself in retirement with HSA funds for past qualified expenses, effectively turning your HSA into a tax-free retirement “bonus.” New HSA Legislation on the Horizon Looking ahead to 2026, recent legislative changes will further expand HSA eligibility and flexibility. Expanded Access for Health Care Exchange Plans: Before 2026, only certain HDHPs on the healthcare exchange allowed HSA contributions. The One Big Beautiful Bill Act will enable individuals enrolled in any Bronze-tier plan through the health care exchange to qualify for HSA contributions, potentially making over 7 million more people eligible. Direct Primary Care Compatibility: Membership in direct primary care plans—where patients pay a monthly fee for enhanced access to primary care services—will now be compatible with HSA eligibility, subject to fee limits ($150/month for individuals, $300/month for families, indexed to inflation). Previously, participating in such plans disqualified individuals from contributing to HSAs. Common HSA Mistakes and Best Practices Investing your HSA balance (beyond a buffer for immediate health costs) can help you harness the benefits of compound growth over time. Compare fees and investment options among HSA providers to maximize long-term gains. Be mindful when approaching Medicare eligibility. HSA contributions must stop six months before you enroll in Medicare Part A, due to retroactive coverage. Resources Mentioned Retirement Readiness ReviewSubscribe to the Retire with Ryan YouTube ChannelDownload my entire book for FREE IRS List of Covered HSA Expenses Connect With Morrissey Wealth Management www.MorrisseyWealthManagement.com/contact ...
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    18 mins
  • Surviving the ACA Subsidy Cliff, #267

    Surviving the ACA Subsidy Cliff, #267
    Aug 19 2025
    The future of Affordable Care Act (Obamacare) subsidies is a pressing issue for retirees and anyone shopping for health insurance on the ACA marketplace. With the generous subsidies brought by the American Rescue Plan Act set to expire at the end of 2025, I break down exactly how these subsidies work, what changes are coming in 2026, and what that means for your wallet. We’re talking eligibility thresholds, how income is calculated, why premiums might rise, and—most importantly—shares practical strategies for lowering your adjusted gross income to continue qualifying for subsidies as the rules tighten. Whether you're planning to retire before age 65 or just want to make sure you're making the most of affordable health options, this episode is packed with actionable advice to help you navigate the shifting health insurance landscape. Stay tuned to hear how you can prepare before the subsidy cliff arrives. You will want to hear this episode if you are interested in... [00:00] ARPA health subsidy set to expire.[06:48] Special enrollment eligibility criteria.[09:49] Estimate income for subsidy applications.[12:50] Retirement subsidy eligibility insights.[16:38] Managing income for post-2025 health subsidies.[19:50] Retirement planning and tax strategies. What Retirees Need to Know About Expiring Subsidies in 2026 For many Americans considering early retirement, one of the pressing concerns is the high cost of health insurance before Medicare eligibility kicks in at age 65. The Affordable Care Act (ACA), often called Obamacare, has provided critical subsidies—tax credits that reduce monthly health insurance premiums for individuals and families who earn between 100% and 400% of the federal poverty level (FPL). Thanks to these subsidies, many retirees have found coverage that’s far more affordable than what existed before the ACA. These subsidies aren’t static, however. Their availability, amount, and eligibility thresholds have changed over time, notably with the enhancements set by the American Rescue Plan Act (ARPA) during the pandemic. But much of that is set to change again at the end of 2025, and retirees need to understand what’s at stake and how they can prepare. How ACA Subsidies Work Right Now Currently, the vast majority of people purchasing health insurance through the ACA marketplace receive premium assistance. As of 2024, 91% of the 21 million marketplace participants benefit from some kind of subsidy, according to the Centers for Medicare and Medicaid. These subsidies are calculated based on household income and size, and for now, thanks to ARPA, even those earning above the previous 400% FPL cutoff have been able to secure relief. The system works on a sliding scale: the higher your income (relative to the FPL), the lower your subsidy—and vice versa. For instance, a single retiree in most U.S. states falls under the subsidy limit if their Modified Adjusted Gross Income (MAGI) is less than $60,640 (400% of the 2024 federal poverty level). For a couple, that threshold is $84,600. The subsidies fill the gap between what the government deems an affordable percentage of your income and the cost of a benchmark “silver” marketplace plan. The Big Change: Subsidy Cliff Returning in 2026 A crucial point highlighted in episode 267 of Carolyn C-B’s podcast with Ryan Morrissey: the most generous version of these subsidies, courtesy of the ARPA, will sunset at the end of 2025. We are about to return to a world where if your income exceeds 400% of the FPL by even just $1, you lose all subsidy assistance—an abrupt subsidy cliff. Previously, the ARPA smoothed this out, allowing gradual decreases rather than outright elimination at the cutoff. That made planning far simpler for retirees managing taxable withdrawals from savings or retirement accounts. Starting in 2026, the sudden loss of these subsidies at the income cliff could mean the difference between a manageable $400 monthly premium and a staggering $2,700+ for a similar plan. To add to the challenge, insurers anticipate higher premiums in 2026 as healthier enrollees fall off plans due to pricing and subsidy loss. Planning Strategies for Retirees With the looming subsidy cliff, retirees may need to rethink their approach to generating retirement income. Since eligibility is based on income, not assets, it’s possible to have significant savings but low reportable income, qualifying you for subsidies. Key strategies include: Harvest Extra Income Before 2026: Consider accelerating IRA distributions, realizing capital gains, or selling assets in 2025 while subsidies remain generous. Build Up Liquid Assets: By moving assets into cash accounts before retirement, retirees can “live off” cash in years they need to keep income low, preserving subsidy eligibility. Utilize Roth and Home Equity Withdrawals: Roth IRA distributions (if held 5 years and owner is 59½ or older) don’t count toward MAGI; home equity lines or reverse ...
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    22 mins
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