Champaign, IL (WCIA) Workers older than the age of 50 are at a greater risk of becoming unemployed. What are some things to consider if someone falls under this age group?
How will you get health insurance?
Leave a job before being eligible for Medicare
Stay on employers plan for at least 18 months
Join plan of spouse who is still working
Buy coverage through state’s health insurance exchange or federal healthcare website
What are the implications for social security?
Taking benefits before full retirement age reduces monthly payments received over lifetime
If married, one person can start claiming social security early and elt other benefit increase until full retirement age
Can you afford to stop working?
Experience advisor can help you understand the impact of early retirement
Look at savings and stream of guaranteed income
Consider reducing expenses
Main goal: can you pay for daily living expenses without drawing from saving as long as possible
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