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.

You can visit us at www.facebook.com/lifecycleplanners and www.linkedin.com/tedbernstein

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

Also published on Medium.


Similar Posts