Your Retirement

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Planing for your retirment should start while your still in high school, but it is never to late...

Reconsider your career

Most baby boomers say they want to work at least part time in retirement. Work can have social, emotional and, especially, economic benefits: The longer you're employed, the less you need to save for retirement.

But what if you hate your job or your industry is downsizing rapidly? (Think airlines, newspapers and U.S. auto manufacturing.) You can wait to get fired, or you can figure out what you'd really like to do when you grow up, and to see if you can get there from here.

Put retirement on the front burner

Sure, you've got other obligations. You may still have kids to raise and educate (two out of five 'aged 50-something' households include minor children), and your folks may need financial help as well.

But saving for your retirement still needs to be your top priority. You're also close enough to the finish line now -- the median retirement age these days is 62 -- that you should begin to make definite plans about where you'll live, what you'll do and how much money you'll spend.

If you're thinking about retiring before age 65, when Medicare coverage kicks in, consider your health insurance options:

Does your company offer retiree medical coverage? Many Do Not, and many of those that do are phasing out coverage.

Could you be covered under a spouse's workplace plan?

Would you be eligible for COBRA and/or HIPPAA continuation coverage?

Under the 1986 Consolidated Omnibus Budget Reconciliation Act (COBRA), you can continue your employer's health insurance coverage for up to ONLY 18 months after you retire, as long as your employer offers health insurance and employs more than 20 people. You'll pay for the privilege: You must take over the whole premium (the portion you've been paying plus what your employer pays) and an additional 2% administrative charge.

After the 18 months is up, the 1996 Health Insurance Portability and Accountability Act (HIPAA) guarantees your ability to buy private individual coverage without facing exclusions for pre-existing conditions, but again, this will be expensive. Ask your HR/benifits department for details.

If you can't get COBRA coverage, you may need to buy an individual policy. These can be pricey, even if you opt for a high deductible, which may not be an option if you're in poor health or have a serious pre-existing condition.

The cost of investing in this program can be low but have such large benefits !!!

The quicker you start, the more you invest, the faster you can start to relax & be sure of your future !!!