Retirement Income Planning: PERS Benefit Options
Are you retiring from PERS soon? Provided below is a concise breakdown of the most common benefit options and what they mean.
Often it makes the most sense to receive a lesser monthly benefit while protecting your loved ones with a survivorship option. Comparatively, it is like paying insurance monthly to ensure there is income for your beneficiary if you should die prematurely.
There are many more factors to consider, but a written estimate and analysis in coordination with your financial plan will provide a platform for deciding the best option for you and your family.
Clayton Phillips, CFP®
Clayton is a CERTIFIED FINANCIAL PLANNER™ practitioner with a focus of financial planning and advising clients transitioning to retirement. He brings experience in managing income from investments, social security, pensions, and other sources to ensure clients make the most of what they have while minimizing taxes. Questions answered, proactive advice, and peace of mind are just part of the great experience provided by Clayton and his team.
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It’s simple and obvious but a lot of people miss out on this opportunity. Take advantage of your entire 401(k) employer match. If your employer offers a 401(k) match – that’s free money.
If you have taken advantage of your employer’s free money from the 401(k) match, then the next stop is to maximize your HSA. In 2020, the maximum contribution (both employee and employer sources) for an individual under age 55 in 2020 is $3,550. If your employer contributes dollars into your HSA account, then it’s important to verify the contribution program. Here are three ways that companies may structure their contributions:
