Most every government agency, university, large non-profit entity and major corporations will have a retirement services department to help their employees make the transition to retirement. The millions of people employed by one of these institutions can obtain a lot of assistance when retiring.
These retirement services include:
The determination for eligibility of retirement benefits and the amounts thereof when retiring are typical retirement services offerings. You're typically able to consult this retirement services department a year prior to retirement and understand the benefits you will receive when retiring. If you have been offered an early retirement package, the personnel in this department can give you the clear explanation you need to understand the offer. Note that you cannot expect personal financial planning and may need to retain a retirement financial advisor to create a full blow retirement plan but you will get a complete understanding of the benefits and the amounts due you for this retirement services unit.
Health care eligibility and benefits are among the most important retirement services an organization can supply. And in the non-profit/government sector, these benefits are typically rich. Typically when retiring, you can expect fully paid lifetime heath care benefits which may even cover a spouse. It is rare to find organization that will cover long term health care insurance premiums although federal government employees are entitled to the federal long term health care plan. Employees will usually enroll in this retirement service long before retirement as the long term health care insurance premiums are much lower when enrolling, say in your fifties, than waiting until retiring.
Limited financial counseling is another retirement service that is common. While senior executives may even get a paid-for retirement plan done by a CPA, most everyone will be entitled to some rudimentary financial planning when retiring. This counseling may include budgeting for your retirement years, expense management, social security information (if applicable), and Medicare information. Because there are a multitude of decisions and new information you receive when retirement, the retirement service of at least minimal counseling is valuable. This kind of retirement information may be most valuable to blue collar workers who may be less familiar with the numerous financial issues of retiring.
Last, there may be a retirement savings plan that requires you to make specific decisions such as taking the funds as a lump sum, as annuity payments, rolling to an IRA and which type of IRA, etc. It is common for several workshops to be held every year where those who are retiring are invited to better understand the options. These retirement services and advice, which not as comprehensive as one received with a person retirement planner, are an excellent benefit supplied by many organizations. Check at your place of employment.
You might also like:
Leave a Reply