States Are Requiring Retirement Plans

Generally, the different parts of Medicare help cover specific services. Most beneficiaries choose to receive their Parts A and B benefits through Original Medicare, the traditional fee-for-service program offered directly through the federal government. It is sometimes called Traditional Medicare or Fee-for-Service (FFS) Medicare. Under Original Medicare, the government pays directly for the health care services you receive. You can see any doctor and hospital that takes Medicare (and most do) anywhere in the country. In Original Medicare: You go directly to the doctor or hospital when you need care. You do not need to get prior permission/authorization from Medicare or your primary care doctor. You are responsible for a monthly premium for Part B. Some also pay a premium for Part A. You typically pay a coinsurance for each service you receive. There are limits on the amounts that doctors and hospitals can charge for your care. If you want prescription drug coverage with Original Medicare, in most cases you will need to actively choose and join a stand-alone Medicare private drug plan (PDP). Note: There are a number of government programs that may help reduce your health care and prescription drug costs if you meet the eligibility requirements. Unless you choose otherwise, you will have Original Medicare. Instead of Original Medicare, you can decide to get your Medicare benefits from a Medicare Advantage Plan, also called Part C or Medicare private health plan. Remember, you still have Medicare if you enroll in a Medicare Advantage Plan. This means that you must still pay your monthly Part B premium (and your Part A premium, if you have one). Each Medicare Advantage Plan must provide all Part A and Part B services covered by Original Medicare, but they can do so with different rules, costs, and restrictions that can affect how and when you receive care. It is important to understand your Medicare coverage choices and to pick your coverage carefully. How you choose to get your benefits and who you get them from can affect your out-of-pocket costs and where you can get your care. For instance, in Original Medicare, you are covered to go to nearly all doctors and hospitals in the country. On the other hand, Medicare Advantage Plans typically have network restrictions, meaning that you will likely be more limited in your choice of doctors and hospitals. However, Medicare Advantage Plans can also provide additional benefits that Original Medicare does not cover, such as routine vision or dental care.  © Medicare Rights Center. Used with permission. Securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC dba AssuredPartners Financial Advisors, an SEC registered investment advisor. AssuredPartners Financial Advisors and LPL Financial are separate non-affiliated entities. The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

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Ways to Maximize your 401(K) A 401(k) account is one of the most valuable tools for saving and planning for retirement. Many plans offer features that can help you set aside more of the money you earn for retirement and grow wealth for your financial future. Contribute as much as you can. These days, it’s customary for many 401(k) plans to set default contribution rates for participants. While these defaults can help savers who are new to retirement planning, eventually you should save more if you are able to - up to 10-15% of your salary, according to many financial planners. There are hard-dollar limits to how much you can contribute to a 401(k) in a calendar year, but these limits are higher for workers who are over age 50. Get the full amount of company match. If your employer matches a portion of your 401(k) contributions, you should contribute enough to get all of this money. Plan rules may not let you take all this money if you leave your job before you’re vested, so it’s important to know the vesting schedule for matching contributions. Make after-tax contributions, if available. Many 401(k) plans permit after-tax contributions, so you can save more toward retirement above the annual contribution limits. After-tax contributions grow tax deferred while inside the 401(k), but the full amount of the withdrawals (principal and earnings) will be taxed as ordinary income. A better option for after-tax contributions is a Roth 401(k), if offered by your employer. All money you withdraw from a Roth 401(k) is tax-free, as long as the withdrawals meet certain conditions. Consider increasing your contribution rate every year. Many people find saving in a 401(k) easy because contributions come out automatically from their paychecks, before they’re able to spend these earnings. The more you can make saving automatic, the better off you’ll be. For example, consider automating your contribution increases, raising the portion of your pre-tax that’s contributed to your 401(k) by 1 percentage point every year. Avoid loans and early withdrawals. Taking money out of your 401(k) before retirement means you erase all the good progress you’re making toward your financial future. While it may be tempting to tap these funds in times of emergency, first consider other options such as cutting spending, consolidating debt and using short-term savings accounts. Once you start digging a hole in your 401(k) through borrowing and early withdrawals, it can be difficult to get yourself back to where you were. Distributions from 401(k) plans and most other employer-sponsored retirement plans are taxed as ordinary income and, if taken before age 59 1/2, may be subject to a 10% federal income tax penalty. Generally, once you reach age 73, you must begin taking required minimum distributions. This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC dba AssuredPartners Financial Advisors, an SEC registered investment advisor. AssuredPartners Financial Advisors and LPL Financial are separate non-affiliated entities.

The question is not really whether you’ll retire. The question is when.

According to industry experts, most people don't have enough life insurance. The American Council of Life Insurers recently reported that average coverage equals $197,000, which is equivalent to almost 3.5 years in terms of income replacement (with the median income being $59,540 in 2024, according to the Bureau of Labor Statistics). That's only half the recommended 7-year threshold. Furthermore, 38 percent of consumers said that their households would financial trouble within six months if a wage earner died today. When considering life insurance, one of the most important factors to understand is the difference between term and permanent insurance. Here’s an inside look at both.

Purchasing homeowners insurance is not only critical for protecting your home, your personal property and against any potential liability, but if you have a mortgage, your lender will require it.

Estate Strategies for Second Marriages and Blended Families

SECURE 2.0 is a follow-up to the Setting Every Community Up for Retirement Enhancement (SECURE) Act passed in 2019. The sweeping legislation has dozens of significant provisions; here are the major provisions of the new law.

Employer-issued stocks can be one attractive benefit an employer can offer. But while it has its benefits, it's natural to wonder what happens if you leave that job.