Most of us dream about retirement, but not all of us plan for it. Watch this video clip for the issues and concerns you should consider when approaching retirement, including medical coverage, Social Security benefits, pensions, annuities and other topics affecting your financial landscape. Access all the material referenced in this video along with additional resources.
Retirement Video Transcript
Retirement. Most of us dream about it, but not all of us plan for it.
What should you consider when approaching retirement? On the top of your list should be medical coverage and your financial landscape. Let's start with an overview of medical options:
- COBRA provides employees who lose their health benefits the right to continue group health benefits under certain conditions. COBRA coverage is not indefinite and premiums may be higher than those paid while you were employed.
- Medicare is an insurance program that primarily serves those over 65 and younger disabled persons. You can pay part of the medical costs through deductibles.
- Medicaid is an assistance program where medical bills are paid from federal, state and local tax funds and generally serves low income people of every age.
Wondering if you're eligible for any of these options? Visit lawyers.com for a list of requirements, how to apply for coverage, and other frequently asked questions.
What about retirement benefits?
You may qualify for Social Security based on the number of years you worked, the amount of money you earned, and the age at which you retired.
When should you retire? It's a personal decision, but most financial experts agree that you need at least 70 to 80 percent of your preretirement income for a comfortable retirement. Since Social Security replaces only about 40 percent of preretirement income for the average worker, it's important that your retirement portfolio includes a range of investment options, including qualified retirement plans.
These plans defer taxes on qualified contributions and earnings until funds are withdrawn. Popular examples include IRAs, 401(k)s, Profit Sharing and Pension Plans.
Have additional questions about retirement? Contact an elder law attorney in your area by going to the "Find a Lawyer" section on lawyers.com.
And if you have questions about other life events, go to the
Life Events section on lawyers.com for more helpful video tips.