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The Your Life, Your Money Podcast helps you thrive in life, wealth and retirement. The show is designed to navigate the complexities around money, building and securing wealth, and achieving financial independence. Scott Sierens, financial advisor at Sierens Financial Group, will provide thoughts, strategies, and ideas on each episode to help you make smart and sound financial decisions. The goal is to take complex financial subjects and make them simple and easy to understand so you can feel confident to take action, enjoy life, and eliminate financial stress and anxiety.

Scott, along with guests from across various industries, will cover topics such as tax savings strategies, investment and wealth management, IRAs, 401(k)s, retirement planning, income strategies, pensions, estate planning, social security, healthcare, and much more.

Retirement isn't an age or number. It's finding the balance between living life today and feeling financially confident about YOUR tomorrow.

Ask Scott your questions by calling 847-235-6989 or check out our podcast website at for more resources.

May 18, 2023

Effective retirement planning involves not only knowing your sources of income, such as Social Security but also having a clear understanding of the expenses that will be incurred from that income. It's very important to consider all potential costs to ensure a comfortable retirement. In Scott’s experience, there is one cost that many individuals tend to overlook or underestimate, and that's what we'll be discussing in today's episode.


Here's what we’ll discuss in this episode: 

  • Are you planning for Medicare and healthcare costs? (0:43)
  • Healthcare costs can make up a big part of retirement expenses. (4:25)
  • Taking a look at Medicare premiums and deductibles. (6:06)
  • What is IRMAA and who has to pay it? (10:28)
  • IRMAA charges could come back in later years of retirement. (13:32)
  • Are you accounting for inflation with healthcare costs? (16:31)
  • Some factors to plan for when building your income plan. (17:37)


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Phone: 847-235-6989

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