Retirement
#21
Biff, sorry that I didn't post a Tricare for Life link. This should explain it:
https://www.tricare.mil/LifeEvents/Medicare
I wasn't aware of the fact that we have to pay medicare Part B to have Tricare For Life until a couple of years ago. It caught me by surprise and because of the premiums involved, I decided to max out my 401k as fast as possible to get the 16% contribution to spill into my VEBA RHA.
In addition, I want to make sure I have the ability to pay for a nursing home for at least a couple of years before tapping into savings.
https://www.tricare.mil/LifeEvents/Medicare
I wasn't aware of the fact that we have to pay medicare Part B to have Tricare For Life until a couple of years ago. It caught me by surprise and because of the premiums involved, I decided to max out my 401k as fast as possible to get the 16% contribution to spill into my VEBA RHA.
In addition, I want to make sure I have the ability to pay for a nursing home for at least a couple of years before tapping into savings.
#22
Gets Weekends Off
Joined APC: Dec 2008
Position: 777 Cap
Posts: 199
Does give projected balance at retirement, though assumes same spill until retirement.
Best suited for those that want to know how much will spill given certain scenarios.
Pre tax, post tax, vacation, vacation directly to RHA, profit sharing etc.
Many over 50 figure they can just divide 24,500 by 24 paychecks and they will max out. Without doing a bit of front loading, high earners will hit 415 limit prior to end of year so pilots wanting to hit 24,500 limit are not making it there.
#23
Gets Weekends Off
Joined APC: Mar 2006
Position: guppy CA
Posts: 5,152
Just went through this with my father. It all depends on which state you're in, but importantly two facts to consider. First, if you end up in a nursing home most states have a plan that allows you to put the cost on them, BUT you need to have a careful plan to protect your assets. The best advice is to seek the help of an estate planner.
#24
Banned
Joined APC: May 2014
Position: Tom’s Whipping boy.
Posts: 1,182
Did United have retirement benefits such as paid or subsidized insurance after retirement prior to the merger or bankruptcy? I’ve never worked for a company that did. I always thought that when I’m no longer providing a service to the company that our relationship was over except for pass travel.
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