4 smart Social Security moves to make before the end of the year
Before the year ends, workers can improve the odds of getting bigger Social Security benefit after they retire by asking for a salary raise from their employer, according to this article on Motley Fool. Their retirement benefits are based on their highest 35 working years, so a bigger pay could increase their benefit in the future. Workers should also review their earnings statement to ensure the data are accurate, have electronic copies of all their Social Security documents, and learn more about the entitlement program so they can develop claiming strategies that can maximize their benefits.
Here's how to roll over your 401(k)
When changing jobs, workers will be better off rolling over their old 401(k) assets to their new employer's plan instead of leaving the funds with their former plan, according to this article on CNBC. They may also opt to transfer their old 401(k) plan to a traditional or Roth IRA, both of which can have lower fees and more investment choices. "They're both retirement accounts; you just get to pick when you pay the taxes," says an expert.
How to change your Medicare Advantage plan outside of open enrollment
Seniors will have to wait until the next open enrollment to switch to another Medicare Advantage plan, according to this article on Kiplinger. However, there are exemptions to the rule. Retirees can sign up to a Medicare Advantage plan with a 5-star quality rating even before the open enrollment. Seniors in certain circumstances, such as moving out of their plan's service area or relocating to a place where a plan provider offers additional options, may qualify for a "special enrollment period."
Want to have bitcoin in your retirement account? Read this first
Financial advisers are advising retirement investors not to succumb to the rising popularity of bitcoin and other cryptocurrencies, according to this article on MarketWatch. That's because of the volatile nature of bitcoin and the uncertainty it holds in the future. “People don’t know what bitcoin is except it’s going up. A lot of people are succumbing to their greed,” says an expert.
Why driverless cars alone will not solve transportation in older age
Transportation is critical for seniors who are in their advance years, as they may no longer be able to drive safely, writes a Forbes contributor. Driverless cars pose a solution for adult children who are concerned about their elders' driving ability, but the emerging technology is not enough, writes the expert. "[T]he vehicle is only part of the complete travel experience. Our rider’s journey actually includes at least three parts—getting into the car, the trip inside the car itself, and getting out of it..."
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