There are exceptions to the 10% penalty for early retirement account withdrawals. Do you know what they are? Continue reading Do You Know Some of the 10% Penalty Exceptions?
Yes, your finances are a crucial part of your decision to retire. After all, you really can’t retire until you have enough saved up to support yourself. However, money shouldn’t be the sole reason you decide to retire. There are other aspects of retirement that need to be considered as well when deciding whether to retire. Such topics include what you plan on doing in retirement, whether you are socially prepared for retirement, and whether you have proper health insurance/medical care plans. These topics won’t overtake finances when it comes to being comfortable enough to retire, but they can have Continue reading Thinking Beyond Money When Deciding to Retire
If you work for a municipal or state government, you are probably well aware of the issues facing government pensions. Many states and cities are facing potentially huge shortfalls in pension plan funding that will most likely reach into the billions. While these shortfalls will have the biggest impact on workers who are far from retirement, they will also affect those already in retirement as well as those getting very close to retirement. The governments facing the biggest shortfalls are already discussing ways to make up for the shortfalls, including limiting benefit amounts, eliminating post-retirement health insurance, and cutting back Continue reading The Risk of Relying on a Government Pension for Retirement
If you know anything about Medicare, then you are probably aware of the fact that there are choices to be made when it comes to selecting a plan that works for you. There’s a good chance that you, like many retirees, will rely on Medicare to help cover your medical costs in retirement, so you will want to know what your options are. If you are near retirement, you’re probably familiar with terms such as “Part B” or “Part D Prescription Coverage” already and, thus, know that you will have to make some decisions about your coverage. This means researching Continue reading Take Care of Yourself By Understanding Medicare
In the past, I’ve talked about reasons why you may want to have multiple retirement accounts and how you may end up having multiple places from which you draw your money in retirement. While I’ve mostly focused on IRAs and 401(k)–as well as other employer retirement accounts–I haven’t really talked about another important retirement account you will want to have, a Health Spending Account (HSA). You’re probably familiar with what an HSA is through your employer benefits as it is commonly offered by many employers as a part of health insurance benefits these days. HSAs allow you to save for Continue reading Consider an HSA as a Part of Your Retirement Planning
Medical expenses are one of the biggest retirement savings killers. All it takes is one unplanned medical emergency or issue and the savings you worked so hard to build up can be decimated or your retirement plans left greatly altered. Thus, along with your finances, you should also be thinking about health insurance in retirement and how you plan to cover yourself once you stop working. This will require exploring Medicare options as well as possible employer options (i.e. if it is part of a retirement package or retirement benefits). As part of that process, you will want to determine Continue reading Make Sure You Have Insurance Covered in Retirement