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Retirement planning

When people hear “planning for retirement” the first thing that comes to mind is usually how much they have set aside, and if that amount is enough to live comfortably. HR Staff often provide information about starting to save early and the options available to employees. However, there isn’t a lot of information easily available regarding retirement SPENDING.

Health insurance – how much does it cost?

One of largest expenses incurred during retirement is the cost of medical coverage. What employees contribute through payroll deductions doesn’t reflect the actual cost of the plan, so many people are surprised by what they have to pay to continue their coverage. Having a plan in place for post-retirement medical insurance – including how to pay for it – is vital.

As you help your retirees formulate a plan, they should consider a wide variety of variables, from their age and where they live, to overall health, marital status and Medicare eligibility.

Reviewing the variables and figuring out the best course of action can be confusing, so the AWC Benefit Trust staff is available to help.

Trust staff can help!

Have your employees contact Trust staff at 800-562-8981 or via e-mail at benefitinfo@awcnet.org, about 5 years before they plan to retire for an initial conversation. Then, 4 – 6 months before retirement, they can call again to verify their benefit options and get additional information on how to research individual plans on the open marketplace.

Join our free webinar – July 14

For more information on helping you employees with the transition to retirement, join us for our free webinar: Transitioning to Retirement: Helping Your Employees Retire Well on July 14. Register now!