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…

Key Takeaway: Retirement contribution refers to the amount of money an individual sets aside during their working years to ensure they have a comfortable income in retirement. There are different types of retirement contributions including employer contributions, employee contributions, and catch-up contributions which allow individuals to contribute more if they are over 50 years old….

Key Takeaway: Understanding the role of a retirement advisor is important when selecting someone to manage your business 401(k) plan. A retirement advisor can assist in developing an investment strategy, managing plan compliance, and assisting employees with retirement savings goals. Choosing a retirement advisor for your business 401(k) plan can bring significant benefits to you…

Key Takeaway: Retirement planning is crucial for teachers to ensure financial stability during their golden years. Educators should take into account their salary, benefits, and length of service when determining their retirement plan. The recommended retirement savings for teachers vary based on individual circumstances. However, as a general guideline, experts suggest saving at least 10-15%…

Key Takeaway: Military retirement benefits can impact Social Security benefits: Military retirees may receive both military retirement benefits and Social Security benefits. However, the Social Security Administration reduces the amount of Social Security benefits that a retiree can receive based on the amount of their military pension. Retirees may also be subject to the Windfall…

Key Takeaway: 401k and IRA are both retirement savings plans, but there are some differences between them. A 401k is offered by an employer, while an IRA is an individual account that can be opened by anyone. Employer contributions to a 401k plan can be matched, while IRA contributions are individual contributions made by the…