Posted in Benefits, Employers, Employment, Health insurance plans, Job satisfaction, Money, Money Finesse, Surveys
The benefits at a job are sometimes equally as important as salary, especially when it comes to health plans. But whereas working for a large corporation might offer you more room for advancement and a higher salary, it is less likely to offer a health plan without employer-paid contributions.
The number of US private-sector workers who were enrolled in employer-sponsored health plans that do not require employee contributions fell by one third between 1998 and 2004. In 1998, 35% of all workers were enrolled in such plans, but that number dropped to 24% by 2004.
According to the Agency for Healthcare Research & Quality, your best chance for being enrolled in a no-contribution plan was at a company with fewer than 50 employees. More than half the workers in such companies were not required to pay contributions towards their health care plans. Only 14% of workers employed by larger companies were enrolled in contribution-free plans.
Enrollment in Health Plans With Employer-Paid Premiums Drops by a Third
Posted in Benefits, Early Retirement, Employment, Money, Money Finesse, Pensions, Retirement
Does early retirement appeal to you? Are you counting on your Social Security benefits as all or part of your retirement income? Then understanding the effect that early retirement has on your benefits is essential.
Regardless of what year you were born, you can retire at age 62 and receive Social Security benefits. But your full retirement age is determined by your year of birth and taking retirement before your full retirement age will reduce your benefits for every month between 62 and full retirement.
For instance, if you were born in 1944, your normal, or full retirement age is 66. If you retire this year at 62, you will retire 48 months early. You would suffer a 25% reduction in your monthly benefit. If your monthly benefit would have been $1000 at age 66, it will be reduced to $750 due to collecting your benefits before your full retirement age. In planning for early retirement, these reductions need to be calculated and considered carefully.
To figure the reduction that would be applied to you, see the chart at the Retirement Planner at the Social Security Administration’s website.
