Key Takeaways: The Georgia retirement income exclusion is a tax benefit offered to retirees residing in the state of Georgia, allowing them to exclude a certain amount of their retirement income from state taxes. To be eligible for the Georgia retirement income exclusion, retirees must meet certain criteria, such as being at least 62 years…
Key Takeaway: A state retirement plan is a retirement savings program for public employees and teachers that is provided by state governments and is intended to provide retirement benefits to eligible participants. There are two types of state retirement plans – defined benefit plans and defined contribution plans. Defined benefit plans provide a guaranteed retirement…
Key Takeaway: Retirement age is the age at which an individual stops working and starts receiving retirement benefits. In Louisiana, the retirement age varies depending on the type of retirement plan an individual is enrolled in. For employees enrolled in the Louisiana State Employees’ Retirement System (LASERS), the current retirement age is 60 years old…
Key Takeaway: Assess Your Retirement Needs: Before organizing your finances for retirement, it’s important to understand your retirement needs. Take into account your lifestyle, healthcare expenses, and potential inflation to estimate how much money you’ll need in retirement. Analyze Your Sources of Income: Knowing how much income you’ll have in retirement is key to creating…
Key Takeaway: TIAA-CREF offers a variety of retirement plans, including Defined Benefit and Defined Contribution plans, to meet the needs of different individuals and organizations. TIAA-CREF retirement plans provide unique features such as guaranteed lifetime income, low fees and expenses, and flexible investment options to help individuals achieve their retirement goals. TIAA-CREF retirement plans are…
Key Takeaway: Vesting requirements determine when you are eligible to receive your retirement funds. If you leave teaching before you are fully vested, you may not be entitled to the full amount of your retirement funds. Withdrawal options vary depending on the type of retirement plan you have. Some plans may allow you to withdraw…
Key Takeaways: A lapse in years of work history refers to a period of time where one has not worked or earned income, possibly due to illness, caregiving responsibilities, or unemployment. This can impact retirement benefits, particularly Social Security and pension benefits, as they are calculated based on one’s earnings history and the number of…
Key Takeaway: Saving for retirement is important: It’s crucial to start saving early to secure financial stability in retirement. Factors to consider when deciding when to start saving: Age, income, and retirement goals should be taken into account when deciding when to start saving for retirement. The benefits of starting to save early: Starting early…
Key Takeaway: Getting a CalPERS retirement estimate is the first step in cashing out one’s retirement. It is important to evaluate the amount and see if it’s worth cashing out before submitting a request. Eligibility for cashing out retirement depends on the type of plan and length of service with CalPERS. Employees should review their…
Key Takeaway: GATT rates play a crucial role in determining retirement benefits: The General Agreement on Tariffs and Trade (GATT) rates are used to calculate retirement benefits for employees who have worked outside their home country. The rates can significantly impact the amount of retirement benefits received. Income earned during years with low GATT rates…
Key Takeaway: Understanding the retirement trade requires knowledge of investments, taxes, and financial planning. Preparing for the retirement trade involves saving enough funds, considering retirement benefits, and hiring a retirement planner to help make informed decisions. Mastering the retirement trade includes reinvesting funds into savings, planning for long-term care, managing health expenses, and adjusting expenses…
Key Takeaway: The COBRA program allows retired individuals to continue on their employer’s health insurance plan for a limited period of time after retirement. Eligibility for COBRA after retirement depends on the employer’s participation in the program and the individual’s length of employment. The duration of COBRA coverage after retirement is generally 18 months, but…