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SMART MONEY STRATEGIES FOR EVERY AGE AND SITUATION
Your 60s and Up—The Retirement Years

Section 7 of 11:
EMPLOYEE BENEFITS:
How Can I Make the Most of What My Company Offers?
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Whether you work for a large or small company, a nonprofit
organization, a for-profit firm, or a government agency, the
package of employee benefits available to you is crucial in putting
together your personal financial plan.

If you take the time and effort to understand and fully utilize your
benefits package, you will end up in much better financial shape
than if you toss your employee benefits handbook in a drawer and
vow to yourself, “I’ll get to it as soon as I can.”

Each section of this report contains useful tips, techniques and
action strategies that you can implement right away.  Combined
together, these tips and strategies are designed to help you learn
how to micro-manage your funds so that your money multiplies
itself.

Read on and reap the financial rewards!

Jordan E. Goodman
America’s Money Answers Man
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EMPLOYEE BENEFITS:
How Can I Make the Most of What My Company Offers?

Once you retire, you lose your active employee benefits, but you can start to collect on the pension funds you have accumulated for years. When you leave the payroll, you no longer are covered by your employer’s group term life insurance. Neither do you qualify for education or employee assistance programs. And your employer no longer covers your health insurance premiums.

Some benefits, though, may continue into retirement; make sure
that you know which ones they are. For example, try to obtain
continued medical coverage. You will have to pay the full premium,
but your company’s retiree health plan probably offers far better
rates than you could get on your own.

Determine when it is most advantageous to retire. The later you
stop working, the greater your monthly Social Security and defined
benefit pension checks. Your benefits counselor can calculate your
monthly pension check at different retirement ages. If you receive
an early-retirement offer, your company may add a few years to
your actual years of service to allow you to qualify for a more
generous pension.

You will be offered several options for the payout of the
accumulated value in your defined contribution plan. For example,
you may take the money in a lump sum and roll it into your IRA or
buy an annuity with it. Or you may leave the money with the
company and withdraw cash regularly. Consult an employee
benefits counselor or a financial planner when making such decisions.

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