Retirement Seminar Tidbits

      Well, that was two days of head spinning information. I spent the last two days, 6 hours of content day one and 6  1/2 on day two going through everything from Deferred Comp and Pension to keeping health insurance and Medicare, to life planning in retirement. Much was information I knew already, but I learned several new things. The new things I learned have prompted me to get a review of every piece of paperwork that touches my life before and after I die. 

     Those of you that have already retired will probably be amazed at my ignorance on some of these new tidbits. Those outside of the USA have to be thinking what an awful lot of crap to try and deal with.

Life insurance- I can only keep employee automatic for 18 months, but then can convert to an optional life. ( I have both now.) However, it converts to a whole life policy at market rates. But, if I keep for five years, it becomes a paid up policy with a 20% lifetime value. I have to find the chart to estimate how much coverage will cost and add into my post retirement budget. 

Long term care insurance- This was a stick my head in the sand topic, but reality is, I'll need something. AARP may be my research go to, but I'll check with many of the other links. Regardless, here's another few thousand a year to add to my budget.

Health Insurance and Medicare- I already had the sticker shock of what my insurance will be, and even more, keeping my daughter on until age 26. I was oblivious to what Part A, Part B, Part D, gap, donut hole etc. all meant. It's still confusing, but if I continue my health insurance, which is a one and only chance decision at retirement, mine drops considerably at age 65 (unless age is raised), and I'll be fairly well supported. I've had this in my budget. I didn't know there was a Part B cost, but since I hadn't factored a reduction in my portion, I sort of do have this budgeted. 

Social Security- I have mostly understood my eligibility and when. The biggest thing to decide is if it makes sense to switch to my own at age 67 or wait until 70. I did the math, and if I switch at 70, I won't make up the value of what I receive those three years until I turn 74. After that, it's a significant difference. 

My IRA and it's management- I may move the bulk of my retirement account, my former employer and my husband's which I inherited, into my current employers. I didn't know that was doable. But, there is a flat management fee compared to a % fee, and if my calculations are close to accurate, I'd save thousands per year. I have to do at retirement and not all plans can be moved, just certain types. I have a portfolio review in a few weeks and will have this conversation. 

Power of Attorney, Health Care Directives, Beneficiaries, Wills, and Trusts- Sure, all things in play, especially when you have children. But, I've not updated all my paperwork, and I learned some documents have more authority over others. Basically, I need a meeting with a lawyer that specializes in estate planning. I never considered that I have an "estate"; that's for rich people. But, I have all the components that make up one, so best I get my wishes updated, verified and documented. Did I mention this was all on my husband's post retirement "to do" list. 

     There's probably more I haven't touched on. I'll print all materials and put in a binder so I can mark up with things that pertain to me specifically. I ordered a new, slightly larger fire safe box for all this added, but to be organized, paperwork. 

     Other speakers spoke about managing life after retirement, staying fulfilled mentally, physically, and socially. I'll share highlights in another post. Basically though, managing all the crap above feels like at least a part time job in and of itself. I read blogs by retiree's and their time making calls and figuring out hassles and I understand them now.