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A Guide to Stay Abreast on Retirement Benefit Modifications
As retirement approaches, it is essential to stay knowledgeable on any changes to the benefits of your retirement plan. Whether you are close to the retirement or still years away, it is important to remain up to date with potential modifications to the retiree benefits in order to be prepared and get the most out of your retirement plan. Throughout a retirement duration, pensioners must remain knowledgeable on the changes to their healthcare plans, cost of living adjustments (COLAs) and long and short term investment choices. Below is a guide on how to keep up with the modifications that could affect one’s retirement.
Staying Informed about Retirement Benefit Changes
Ensuring that you are knowledgeable on the latest changes to your retirement benefits is vital to ensure the most comfortable and secure retirement. There are multiple outlets one may use to stay informed.
- Government websites: Government websites are a great place to start the research when looking into retirement benefit changes. Many of the those websites will provide useful information on changes made to pension plans and the programs available to retirees.
- Employer resources: For those still employed and looking to retirement, there are many resources available from the employer. Companies usually have a human resources department that can explain the employee retirement plans and go over different information on COLAs, investments and other retirement plans.
- Social media: Social media is becoming increasingly vital to staying up to date on the changes to one’s retirement plans. Retirees and workers alike should use online websites, such as Reddit and Facebook, to research information about retirement plan modifications.
- A financial advisor: Perhaps the most useful way to keep abreast of changes to one’s retirement benefits is to hire a financial advisor to look into the changes of modifications made to the plan. Professional advisors are generally well researched and capable of offering the best advice regarding one’s retirement plan.
Potential Changes to Plan Benefits
Once one is aware of how to stay informed of potential changes to the retirement plan, it is then necessary to know what changes could be made to the plan. Here are some of the modifications that could be done to the plan:
- COLA Increase: The Social Security Administration is allowed to increase COLAs upon review. This raise can provide beneficiaries with extra income for living costs. To know whether the COLA was increased or not, one should check the Social Security Administration website for updates.
- Extended Investment Options: Companies could modify the retirement plans to allow for extended investment options. This can ensure that one will have more opportunities to increase their retirement savings potential.
- Discontinued Employer Match or Employer Benefit: Companies may also modify the retirement plan to reduce or completely end the employer match or employer benefit. This means that the beneficiary would no longer enjoy the advantages that once came along with being employed.
- Changes to Health Insurance Coverage: Companies may also modify the health insurance benefits and coverage to the employee or spouse. This could potentially significantly influence one’s retirement costs and to know if the health insurance benefits were modified, one should contact the company or research online.
The Bottom Line
Retirement plans may change over time and it is important to stay up to date with the modifications. By ensuring that one stays abreast on the changes done to their retirement plan, they can be better prepared for their retirement and can ensure the most comfort during their retirement period. The various avenues one may use to stay informed on their retirement plan benefits, such as government websites, employer resources, social media, and financial advisors are all great options. It is important to note the changes that could potentially be made to the plan, such as COLA increase, extended investment options, discontinued employer match or employer benefit, and changes to health insurance coverage. Making sure that one takes the effort to stay up to date on their retirement plan is vital to ensure the most stress-free retirement.