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The landscape of retirement is changing. The cost of living is rising and we are living longer than ever before. In episode 47 of the YMYW podcast, Joe Anderson, CFP\xae and Big Al Clopine, CPA share financial tips for this new age of retirement and they welcome Medicare expert, Dr. Katy Votava to share her best ways of coping with rising Medicare premiums in 2016.\xa0Original publish date July 16, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.\xa0

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00:00 - Intro

01:57 - \u201cWhen you turn age 62 or 63, the income that you make is going to determine what your Medicare premiums are.\u201d

07:58 - \u201cA lot of you are probably overspending or will overspend for your Medicare coverage and healthcare coverage so we want to talk to Dr. Katy to figure out what the solution is there to make sure you keep a little more money in your pocket.\u201d

12:11 - \u201cWe see five different expenses on the horizon that can threaten your lifestyle in retirement and that could dramatically impact anyone who\u2019s thinking about retiring over the next five years.\u201d

15:13 - \u201cWhen you look at spending money in retirement you have to take a look at a lot of different factors and risks, and one of them is healthcare.\u201d

16:32 - \u201cHaving an income strategy is key and look at all the potential risks in front of you.\u201d

18:23 - Start of Interview with Dr. Katy Votava

19:22 - \u201cPeople don\u2019t know when to enroll and when they don\u2019t have to. You need to get in at certain times - there are windows to get in and if you don\u2019t when you need to, then you\u2019ll have lapses and gaps in coverage and penalties down the road\u2026enrollment periods are really key.\u201d

21:45 - \u201cI always say it\u2019s important not to leave money on Medicare\u2019s table because if you don\u2019t tell Social Security about your change in circumstance, they won\u2019t know. But if you meet the criteria, you can do your own reporting and then most people are granted that lower premium during that current year.\u201d

23:32 - \u201cAt what age do you think people should start thinking about planning for Medicare?\u201d

23:55- \xa0\u201cIt\u2019s a really good idea to start planning by the time you\u2019re 62.\u201d

28:10 - End of Interview with Dr. Katy Votava

29:20 - \u201cMedicare premiums are based upon your income level because different people pay different amounts to Medicare.\u201d

34:17 - \u201cA lot more people should be converting [to a Roth IRA] than you might think, and the reason for that is when you look at your future tax brackets in retirement, in many cases it\u2019s higher than you think because of the income you\u2019re going to be receiving.\u201d