As you draw closer to retirement, it’s essential for you to get things filed on time. In many cases, you’ll only have one opportunity to get things right. Other decisions may lock you in for a long time.

No matter what, each decision and deadline as you approach your retirement date is critical. This is why NextGen Wealth specializes in the transition phase of retirement and beyond. If you take the time to lay the foundation of your retirement on solid ground, everything else goes much more smoothly.

You’ll encounter many important decisions as you transition into retirement. Almost none are as important as your access to quality healthcare. Your life insurance needs will probably change too.

If you’re trying to retire early, or at least before you’re eligible for Medicare, you’ll have to weigh your healthcare options carefully. You’ll want to make the best decision for you to preserve your health, wealth, and legacy.

Healthcare is not getting cheaper. Are you prepared to cover your healthcare expenses throughout your retirement?

Healthcare is cited as the number one cost retirees face. Even if you have a pension, it can be tricky to ensure all your needs are covered. You’ll want to consider all your options, including Medicare, health insurance offered with your pension, Health Reimbursement Arrangements (HRA), Health Savings Accounts (HSA), COBRA, and the Marketplace.

Health Reimbursement Arrangements (HRAs) are employer-funded plans that allow employees to pay for qualified medical expenses with tax-free money. HRAs can be used to reimburse employees for a wide range of expenses, including individual health insurance premiums, deductibles, copayments, and coinsurance.

If your employer offers an HRA, you should certainly check it out. It’s a great benefit to help reduce your overall healthcare costs! There are several types of HRAs, so be sure to check your plan documents carefully.

Thinking through your pension decisions and transitioning into retirement is hard enough. Adding in planning for your premature death is even more stressful. However, there’s no replacement for peace of mind knowing your family is covered no matter what.

Adding a survivor benefit to your pension isn’t a decision to be taken lightly. There are often many variations and levels of coverage to consider too. Make sure you take your time to think through this decision by looking at your whole financial picture.

Taking a pension lump sum takes careful consideration. If you decide to take a lump sum, you’ll have to decide whether you transfer your lump sum pension payout into your 401k or your IRA. The decision to take a lump sum can’t be reversed, so take it seriously.

Many different factors come into play when we’re sorting through this decision. Pension payout calculations, tax considerations, and personal goals all matter. Also, your investment style and habits around money are very important as well.

Coordinating your pension and Social Security benefits are some of the most important decisions you’ll make as you retire. It’s very important you don’t plan either one without looking at your whole financial picture. In other words, we want you to think about your overall retirement income – not just your pension or Social Security.

Your pension income, retirement accounts (401k, 403b, TSP, IRA, etc.), Social Security, and other income (rental property, inheritance, etc.) all factor into how much you need in retirement. Each one of them comes with their own risks and benefits to consider in relation to your other retirement income sources.

For many retirees with a pension, maximizing your payout options is vital. Many pension plans use what’s called a Final Average Earnings (FAE) calculation. There are several factors that might affect your retirement pay.

You might not be able to control all the variables in your FAE calculation, but certain things, like deciding when to retire, are generally within your control. You don’t want to make the mistake of retiring too early and missing a benefit or working longer with minimal or no benefit to you.

Deciding what pension payout option to choose is a momentous decision with huge impacts on your financial future. There may be several different options – and you don’t want to choose the wrong one. Your company’s plan documents can also be confusing, which makes things more stressful.

However, with the right education and planning, you can navigate this important decision with confidence. The biggest challenge is understanding how each payout option can help work in concert with the other pieces of your life. We hope to give you the tools to make informed comparisons to make the best decision for you and your family.

Probate can be quite a headache. Fear not! There are two not-so-secret secret weapons in your estate-planning arsenal, known as Transfer-on-Death (TOD) and Payable-on-Death (POD) designations.

These simple, yet overlooked methods are an easy and free way to avoid losing time and money to probate. Don’t burden your loved ones with complicated and confusing processes to claim their inheritance.