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Retirement is Coming

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Where will your health insurance come from? ... You will still need a Medicare supplement after you reach age 65. Coping with the difficulties... – PowerPoint PPT presentation

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Title: Retirement is Coming


1
Retirement is Coming
  • Understanding what that means.
  • Prepared April 2005 by Manchester Employees
    Contributory Retirement System

2
What do you expect?
  • Do you understand your City Retirement
    entitlement?
  • Will you want or need more than you are presently
    scheduled to receive?
  • Do you know your avenues of recourse?
  • Are you willing to do what it takes to achieve
    your goal?

3
City Retirement will be there..
  • as long as you have been in the plan for five
    years.
  • assuming that you plan to retire at 60 or after.
  • as a supplement to your social security benefit.

4
Possibly complications
  • City Retirement is designed to be a supplement to
    social security but eligibility dates for the two
    programs will seldom coincide.
  • Younger people are expected to work to age 65 or
    longer before beginning to collect their SS
    benefit.

5
Possible complications continued
  • Medicare benefits start at 65 even for those who
    can retire earlier. Where will your health
    insurance come from?
  • Your desired income may fall short of what you
    will be entitled to receive. What can you do?

6
Coping with the difficulties
  • Plan to work in some capacity after retirement in
    order to qualify for health insurance.
  • A 2003 survey of current workers reveals that 43
    plan to work after they retiree just for the
    health insurance.
  • A 2004 survey of current workers further reveals
    that 17 will delay retiring in order to continue
    receiving health insurance benefits.
  • Begin saving extra amounts early in order to
    cover your premium expenses if you plan to
    retiree before becoming Medicare eligible. And
    dont forget that Medicare doesnt cover
    everything. You will still need a Medicare
    supplement after you reach age 65.

7
Coping with the difficultiesContinued
  • Make extra payments to yourself via your City
    Retirement account, Deferred Compensation
    Program, or any allowable combination.
  • Accumulate sick and annual time leading up to
    retirement in order to maximize your final year
    of earnings. (This will make your monthly benefit
    entitlement higher.)

8
The Value of Planning
  • Its never too early to start planning for
    retirement..
  • BUT, it can easily be too late to do anything of
    significance.
  • If possible, let time be on your side.
  • Even if the hour is late, some planning is better
    than none.

9
Summary
  • Know what to expect.
  • Understand the limitations of various
    entitlements.
  • Have a plan for the problem areas.
  • Start as soon as possible to put extra aside,
    even if it isnt much.
  • Questions? Call 624-6506 for the answers.
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