Retirement Tips & 10 Useful Retirement Terms.


Whether you’re in retirement or getting ready to retire, here are 10 useful retirement tips and terms.

Protect Your Nest Egg:

  1. Full Retirement Age: Full Retirement Age (FRA) is the age you can receive 100 percent of your Social Security benefit. If you delay, the benefits will increase by 8 percent, up to 70.
  2. Spousal Benefits: Another strategy that may help maximize your Social Security income is the spousal benefit. The spousal benefit is an option to receive your own benefit or one-half of your spouse’s benefit, whichever is greater.
  3. Lifetime Income: A term used to describe income for life. Social Security, pensions and annuities all provide lifetime income.
  4. Retirement Asset Diversification: Similar to portfolio diversification, you may benefit from having different types of assets. One of the most important retirement tips to consider is working with a retirement professional to stay properly diversified.
  5. Required Minimum Distributions: Mandatory IRS distributions to begin taking withdrawals from your retirement accounts, such as IRAs and 401k. They are taxable and they begin at 70½, regardless of whether you want them.
  6. Re balancing: Re-balancing is a strategy to help keep your investments aligned with your time horizon and risk tolerance.
  7. Medicare Parts A, B, C, D: 
  • Part A – Hospital Coverage: If you qualify for medicare, you’ll pay no monthly premium for Part A coverage. However, you will have to meet the annual deductible before Medicare kicks in.
  • Part B – Non-Hospital Medical Coverage: Optional coverage for  doctor’s visits, tests, physical therapy, etc. You may want to opt out if you continue health insurance through a qualifying employer, or spouse.
  • Part C – Medicare Advantage: An alternative to Parts A and B, it offers coverage through private insurance companies that contract with Medicare. May provide benefits such as vision or dental care at an additional cost.
  • Part D – Prescription Drug Coverage: Adds prescription drug coverage to Medicare. It is offered by insurance companies and other private companies approved by Medicare.
  1. Donut Hole: A retirement term that describes the gap (or hole) in Medicare Part D, prescription coverage.
  2. Long-Term Care Insurance: Coverage for people who need help with common daily living activities, such as bathing, eating and dressing.
  3. Estate Planning: Preparing for retirement is a good time to review or create an estate plan. Updating living wills and powers of attorney is a good idea too.

Please contact me at 561-869-4500 or email me to discuss these retirement tips or a review of your current plan.

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ted bernstein, ted bernstein insurance, ted bernstein boca raton, ted bernstein life insurance, deborah bernstein

Also published on Medium.


Ted Bernstein

Dedicated to helping people create the ultimate retirement security and protection plan to safeguard their families and businesses. I stress guaranteed income solutions, indexed annuities and state of the art wealth preservation strategies. As the innovator of life insurance products without commissions, my recommendations are impartial, objective and always in the best interests of my clients.

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