Accessibility Tools

Month: December 2016

Posted on

Best of 2016: Four Ways to Get More Enjoyment Out of Your Retirement

Four Ways to Get More Enjoyment Out of Your Retirement

Less than half of retired Americans are very satisfied in their retirement according to a new study by the Employee Benefit Research Institute. Only 48.6 percent currently report that their retirement has been “very satisfying” (down from 60.5 percent in 1998), while those reporting their experience as “not at all satisfying” has increased to 10.5 percent (from 7.9).

While this downward trend was seen in every economic group, higher retirement satisfaction was still positively correlated with net worth and good health. If you’d like to be among the most satisfied in your golden years, you’ll need an aggressive savings plan as well as a willingness to explore a few of these adventurous suggestions to get more enjoyment out of your retirement.

Make your own excitement. Imagine all the things you can do once you’re no longer obligated to punch a time clock every workday. Forty hours a week is more than enough to write a book, learn a new language, take up an instrument, mentor young professionals, help those less fortunate or pursue any other passions you’ve previously ignored for lack of time.

Reconnect with old friends. Busy lives naturally create distance in all but the closest relationships, and chances are good that you’ve lost touch with a few friends over the years. Now that you’re retired, it’s time to reach out and reestablish those connections. Social media platforms such as LinkedIn and Facebook are great tools for locating old chums. If you don’t know how these sites work, your grandkids will probably enjoy showing you how to use them.

Build a few new friendships as well.Research has shown that a strong network of friendships can help ward off depression, improve health and lead to a longer life. You can meet potential new friends while volunteering for charity, working a part time job, taking a class, exercising at the gym, hiking the local trails, walking in the park or attending community events. Look for senior meet ups all over the world here, or find interesting volunteer opportunities in your area here.

Don’t get too attached to a routine. We all tend to be creatures of habit, and it’s far too easy to exchange the daily work grind for a repetitive post-retirement routine. Unfortunately, doing the same things over and over again, day after day and week after week, can lead to boredom and a decline in overall happiness and satisfaction. Spontaneity is the antidote. You can inject a bit of it into your everyday life by trying out new hobbies, checking out new restaurants, visiting new cities, traveling to new countries, or even doing something as simple as taking a different route home from the grocery store.

Whether you’re still years away from retirement or have already collected your last paycheck, it’s never too late to improve your retirement savings plan. We’re here to help you review investments, explore options, and make certain you get as much satisfaction out of your senior years as possible.

Posted on

5 Key Considerations When Switching to Medicare

5 Key Considerations When Switching to Medicare

When you are switching from your employer’s medical insurance to Medicare, being prepared is key.

#1: Medicare is about you and ONLY you.

While many employee medical plans offer coverage for the worker and the spouse, Medicare is per individual… each person is required to have their own Medicare plan. With differing health conditions each person will likely end up with quite different Medicare policies and potentially supplemental insurance.

Have a spouse that doesn’t qualify for Medicare? You’ll have to find separate coverage for them as well.

# 2: Cap? What cap?

Most employer plans (and plans purchased in the insurance marketplace through the Affordable Care Act) have limits on out-of-pocket healthcare expenses you’ll be expected to pay each year. Standard Medicare pays 80% of covered costs and there’s no cap so you could face quite a big bill at a time when your cashflow could be limited. To help, there are Medicare Advantage andMedigap policies with out-of-pocket caps. Exploring your options around these areas is crucial to ensure you’re adequately protected.

#3: Strategically leverage your benefits

Take the time to understand the pros & cons of each type of coverage… what you may currently have and what you’ll be getting under Medicare. If there are medical procedures you are entitled to under your employer’s plan where it is of greater financial benefit for you to take advantage of your current benefits before switching over to Medicare, it’s wise to schedule and take care of those treatments before you switch to Medicare.

Interestingly, sometimes the opposite is true and you might find better benefits under Medicare depending on the treatment. That’s why it is so important to clearly understand your options well before you find yourself transitioning from employer-offered insurance to Medicare.

#4: Medicare is about wellness

Medicare places an emphasis on helping individuals cope with chronic health conditions. It also tends to offer more personal care options while many company sponsored health plans have attempted to cut costs by compelling initial care by phone.

Be sure to check with your HR department on your existing benefits vs. what you should expect to see with Medicare. You may find that Medicare offers a better overall care experience as you age.

#5: Say yes to Part D.

While employee health benefits often include prescription drugs as a part of the plan, with Medicare you’ll need Part D coverage. There are many plans available and for this you’ll rely on private insurance. Shop around to find a plan that offers the price and benefits you need. One tip: Be sure to include the total cost of Part D coverage + your expected costs of medication to get an accurate view of which Part D plan is truly best for your situation.

Your financial advisor should be able to give you some helpful insights as you face these difficult issues. And for a great extra resource, check out “How to Navigate Medicare Plans” (http://time.com/money/page/how-to-navigate-medicare-plans/) featured on Time’s website.