Financial Wellness @ Work

Retire Before 65: It May Pay To Wait

Retiring before 65 can be a challenge even for the folks that have their financial ducks in a row.  Last week, an employee called into our financial helpline and asked me what he should be considering to retire early.  He was 62 and wanted to retire in a year but he didn’t know of anyone in his professional or social circles that was retiring early and could give him advice. No one he knew was retiring before 65. Read more

What Another Obama Term Could Mean For Your Wallet

With the party conventions now over and the presidential election cycle in full swing, you may be wondering what the candidates’ plans might mean for you personally. Last week, we looked at how a Mitt Romney presidency could affect your wallet and this week we’ll do the same for a second Barack Obama term. Let’s start with the good news:  Read more

What Could a Romney Presidency Mean For Your Wallet?

Now that Mitt Romney is officially the Republican nominee, polls are showing a tight race between him and President Obama. Given the state of the economy and Obama’s relatively low approval ratings, Romney has a fairly decent chance of being sworn in as our next President in January. Regardless of how you feel about this possibility, you may be wondering what a Romney presidency could mean for you and your wallet. Read more

Are You Ready for “The Future of Retirement?”

In her blog post last week, Linda Robertson wrote about her experience at this year’s ISCEBS Employee Benefits Symposium and in particular, a presentation by former U.S. Comptroller General David Walker about “The Future of Retirement.” Walker spoke about the growing national debt and the impending insolvency of the Social Security, Medicare, and Medicaid programs. He then argued that it will take a combination of both tax increases and benefit cuts to dig our way out of the hole. To the degree that we don’t take these steps, we could see higher inflation by either the government trying to print money to cover the debt and/or investors dumping the U.S. dollar in anticipation of or reaction to a devaluation of the US dollar. So what does this all mean for us? Read more

The Safety Net of a Group LTC Plan

Last week, Prudential, the 2nd largest life insurance company in the U.S., announced they were getting out of the individual long term care insurance market.  Prudential isn’t the first to exit the marketplace since both Guardian Life Insurance and MetLife also recently abandoned sales of LTC insurance.  Although Prudential will no longer be selling any new policies to individuals, they will honor existing contracts and will now be focusing entirely on the group LTC market.  With the marketplace for individual policies shrinking, now may be a good time to add group LTC insurance to your benefits menu. Read more

Things to Consider if You Were Offered an Early Retirement Incentive Package

Over the last month, most of my working hours have been spent talking to people about the reality of deciding, in a short time window, if they are going to retire in the next several months.  Why?  These people have all been offered an early retirement incentive package with a deadline for accepting or rejecting the offer.  This meant that, for them, retirement was no longer something that was “out there in the future.”  It became a “right here, right now” opportunity.  There were things I learned during that process, and over the next 2 weeks I’ll talk about the “universal” factors.  Each person had their own story, their own situation, and their own set of circumstances that was remarkably different than anyone else’s.  But, there were some factors that were important to every single person I met.  They all asked about several factors that would impact the rest of their lives.  Here are the first few factors (more to come next week): Read more

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