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News for Baby Boomers
Boomers, Young Seniors Nearing Retirement Need
Annual Benefits Checkup
 Employee Benefit Research offers 10
questions to be answered
December 6, 2006 - The end of the year is a good time for workers -
especially baby boomers and younger seniors nearing retirement - to take
a close look at their retirement benefits, says Dallas Salisbury,
president of the nonpartisan Employee Benefit Research Institute (EBRI)
and an expert on retirement issues. He offers a list of ten questions
pre-retirees should answer.
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Our annual Retirement Confidence Survey shows that
only about 4 in 10 workers have attempted to calculate their retirement
savings needs, said Salisbury.
One place to begin is by making a complete
inventory of the retirement benefits available through your employer and
the government. And there is no better time than the end of the year,
when you are gathering up other records, to do your own retirement
benefits checkup.
Salisbury offered 10 questions as the starting
point for a retirement benefits checkup, adding that it is important for
workers to get answers before they retire. The questions:
1. Employment-based benefits: Have you
checked with current and former employers to see what benefits you are
qualified to receive in retirement? In some cases, you may qualify for
retirement or other benefits at an employer you left several years ago.
Remember, your previous employer may have a new
name and headquarters because of mergers.
2. Retirement savings goal: Have you
estimated how much money you will need to save for a comfortable
retirement? A helpful and free online calculator, the Ballpark E$timate,
is available at
www.choosetosave.org/ballpark/
3. Social Security statement review: Have
you reviewed your latest Social Security statement for accuracy and
contacted the Social Security Administration (www.ssa.gov) with any
corrections? Watch for your Social Security statement in the mail each
year.
4. Eligible for a traditional pension? If
you are eligible for a traditional defined benefit pension, have you
asked your employer for a written list of your payment options and how
far in advance you need to apply? You can often review a summary of the
plan on your employers Web site.
5. Consolidating 401(k) accounts: Have you
accounted for all the 401(k) plans you may have had at various
employers, and thought about consolidating them in your current
employers plan, if permitted, or transferring them into a rollover IRA?
6. Tax consequences of 401(k) distributions:
Have you explored the options available to you and examined the tax
consequences of each when it comes to deciding what to do with your
401(k) assets when you retire?
7. Health benefits: Regarding health
benefits, if you plan to retire before you qualify for Medicare, have
you checked on the cost and coverage options available in the private
market? Have you checked to see if you would qualify for extended health
insurance under the so-called COBRA law, which allows many workers to
extend their employment-based health insurance for up to 18 months after
they leave a job?
8. Eligible for retiree health benefits?
Have you checked to see if you currently qualify for employer-provided
health benefits in retirement (such as Medicare supplemental insurance)
and how much they cost, compared with those available on the private
market?
9. Other job-based benefits? Have you
checked to see if your employer provides any other benefits, such as
long-term care insurance, that you can buy before you retire and
maintain once you have left your job?
10. Beneficiary updates: Have you specified
or updated beneficiaries in cases where that is required? If you dont
update your beneficiaries, your assets could be tied up in probate or go
to a person you did not wish to benefit.
EBRI is a private, nonprofit research institute
based in Washington, DC, that focuses on health, savings, retirement,
and economic security issues. EBRI does not lobby and does not take
policy positions.
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