Understand How Your Benefits Can Work For You During Retirement

If you’re thinking of retiring, congratulations! There is a lot to be gained from retirement, including time for family, travel, hobbies, and more exciting adventures. Even though you may gain a lot during retirement, you shouldn’t lose anything you value, including your benefits that were part of your workplace employee benefits plan. Be sure to ask these questions to better understand how to retire with your benefits in place.

Is my employer required to offer workplace benefits in retirement?

In short, no. Some companies do provide options for those retiring but not often in the private sector. Before making plans to fund your own benefits in your retirement, find out if your workplace offers a full or partial portable benefits plan.

Will I have the same coverage options that I had while I was working?

There may be gaps in your benefits coverage in retirement. Just as you did while you were working, you may have the option to fill these gaps by participating in voluntary benefit options. Consider supplementing your vision, dental, and medical benefits if necessary.

Do I have to cash in my 401(k) right away when I retire?

No, you don’t. If you have more than $5000 in your 401(k), the plan administrator must continue to maintain it. You don’t need to take withdrawals until April 1 the year you reach age 70. While this allows your investment to grow, it does prevent you from making additional contributions. Your financial advisor will be able to determine your best option.

With a little help from the team at Kneller Agency, you can secure the right insurance policies to suit your retirement. Contact us today to get started!

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