Whether you’re a young worker or an older professional, having a retirement plan is crucial. It should include determining time horizons, estimating expenses, calculating required after-tax returns, assessing risk tolerance, and doing estate planning. A retirement savings plan can help ensure a comfortable lifestyle in your golden years. It can also help ensure your assets are protected, and your loved ones are cared for if anything happens to you.
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Know Your Options
With pensions and Social Security fading away, saving enough money for retirement has never been more crucial. But figuring out how to do that can feel like a daunting task. Fortunately, there are ways to make the most of your retirement benefits. The first step is to know your options and what they are. For example, if your employer matches your 401(k) contributions, you’ll want to ensure you save at least enough to get the match.
Know Your Benefits
There’s much to know about the Boeing retiree benefits you get through your employer. From health insurance to 401(k) retirement plans, you must ensure that you take advantage of all your company’s benefits. The best way to do this is to take stock of all your income and expenses. This will give you a good idea of how much you’ll need to save monthly to reach your retirement goals.
Take Advantage of Your Employee Assistance Program
Employee assistance programs are one of the best employee benefits employers offer. They provide employees with mental health support that can improve productivity and employee retention. They also help to reduce stress and presenteeism, two common issues that affect the workplace. Unfortunately, EAPs often see low utilization numbers. This is a problem that businesses must solve if they want to reap the full benefit of these valuable resources. Luckily, there are several ways to increase your organization’s utilization rate and make these programs more effective.
Take Advantage of Your Company’s Matching Program
401(k) matching programs can be a powerful incentive to attract top employees and boost retention. These benefits can also help your company save money on employee taxes and reduce turnover costs.
Whether you get a dollar-for-dollar match or a partial matching percentage, it’s always essential to contribute enough money to maximize the game. However, if your employer offers a partial match, you should know that it often caps how much you can contribute. For instance, a 50% match may only apply to contributions up to 6% of your salary.
Don’t Forget About Long-Term Care Insurance
Long-term care insurance is essential for people who plan to retire. It can help cover the costs of nursing home care, in-home health aides, and other services as you age. Some policies include inflation protection, which will increase your annual benefits based on inflation. This is a costly but critical feature to have. If you have a long-term care insurance policy, don’t forget to check it regularly and ensure that your policy still provides the maximum benefits for as long as you need them. If it doesn’t, consider buying a new approach to ensure you get the best coverage possible.
Don’t Forget About Health Insurance
A health insurance plan enables you to cover the cost of medical treatment and services when needed. It is a contract between you and your insurer and can be purchased individually or as part of an employer-provided benefit package. Looking at your health insurance options each year at open enrollment or when shopping for a new policy is not a bad idea. You might be surprised at how much you could save by shopping for a better plan that suits your lifestyle and budget. You may also want to see if you qualify for health insurance subsidies, which can make it easier to afford the best coverage available in your area.