Many people considering retirement say their goal is to have a comfortable life and do what they want, while not running out of money later in life. Because retirement may be a long way off, it can be hard to believe how much you should be saving now to get where you want…
Many people considering retirement say their goal is to have a comfortable life and do what they want, while not running out of money later in life. Because retirement may be a long way off, it can be hard to believe how much you should be saving now to get where you want to be then. Fidelity, BMC’s 401(k) Plan administrator, offers several calculators and tools that can help you determine where you are now and recommend steps you can take to work toward your retirement goals.
Whether or not you’re ready for some active retirement income planning today, completing Fidelity’s “Getting Ready to Retire” Checklist is well worth your while. Maintaining a checklist can reduce the stress of “what to do next” and help you feel more confident with the financial decisions you’re making for your future. Use this checklist to help keep you on track.
Think About Health Coverage After Retirement
Consider the cost of health coverage after retirement when you are saving and planning for retirement. The cost of health coverage after retirement is significantly higher than the price of health coverage while actively employed.
The ABCs (and Ds) of Medicare
If you’re getting close to age 65, you’ve probably heard about Medicare and how it helps cover healthcare costs for people 65 and better who qualify. It’s a federal health insurance program funded primarily from three sources: general revenues, payroll taxes, and beneficiary premiums.
In short, it’s a way for you to have healthcare coverage as you get older and leave the workforce to start a new chapter in your life.
Medicare Part A (hospital insurance) helps pay for inpatient care in a hospital or skilled nursing facility (following a hospital stay). Part A also pays for some home health care and hospice care.
Medicare Part B (medical insurance) helps pay for services from doctors and other health care providers, outpatient care, home health care, durable medical equipment, and some preventive services.
Medicare Part C (Medicare Advantage) includes all benefits and services covered under Part A and Part B. Some plans include Medicare prescription drug coverage (Medicare Part D) and other extra benefits and services.
Medicare Part D (Medicare prescription drug coverage) helps cover the cost of prescription drugs.
For additional information about Medicare, visit Medicare.gov or call 1-800-633-4227 to speak with a Medicare representative.