POSTRETIREMENT BENEFITS PLANNING – VOLUME 1
Special Retirement Planning Bulletin
Overview
Just because a person stops working and retires, that doesn’t mean he or she doesn’t still need healthcare coverage, income, insurance and other ongoing benefits. But it does mean that they must become their own benefits administrator, finding ways to afford these benefits, pick the best options, and get the plans started.
In this series, we’re going to talk about six benefits that every retiree should have and every preretiree should understand and begin to plan for. The six benefits we’ll cover are:
- Income: Perhaps the most important benefit, income comes from your savings, your investments, your guaranteed contracts, Social Security and other sources. We’ll give a broad overview of some of your income options and considerations you need to make in this issue.
- Nursing home benefits: As many as 70 percent of seniors who are 65 today will be in a nursing home at some point during their retirement. With costs of a semi-private room averaging $205 per day in 2010, having a nursing home benefit to provide coverage is essential. In this issue, we’ll talk about some of the coverage options you need to consider when applying.
- Death benefits: Not only can death benefits ensure that a senior has a legacy to leave behind, but a life insurance policy can also serve as another source of income during retirement. In this issue we’ll tell you how a life insurance policy providing death benefits and cash values can change your retirement.
- Terminal illness: There’s no telling what surprises your future health holds. If one of those is a terminal illness such as cancer, then having a supplemental insurance policy that covers cost of care and outstanding financial needs can make treatment and life much more comfortable. We’ll go over the various benefits of this coverage in issue four.
- Social Security: There are many rules regarding signing up for Social Security and deciding when to choose to take benefits as well as what benefits you might be entitled to. In this installment, we’ll discuss those options and help you figure out what’s best for you.
- Medicare: The Medicare system is complex and you need to understand it fully in order to avoid penalties and choose the best-suited coverage options for your situation, lifestyle, needs and expectations. In this issue, we’ll discuss Original Medicare, Advantage Plans and Medigap coverage.
In the next volume of the POSTRETIREMENT BENEFITS PLANNING series, we discuss Income, one of if not the most important benefit in the series.