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Learn about the beneficial changes you can make after retirement, including updating your address, changing healthcare plans, adjusting insurance coverage, managing taxes, and more. Presented by Tammy Flanagan, Senior Benefits Director at the National Institute of Transition Planning Inc.
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Your Presenter: Tammy Flanagan Senior Benefits Director National Institute of Transition Planning Inc. Tammy@nitpinc.com
Barriers to making • Changes: • No internet access • Wait time on telephone can take hours • USPS can take weeks
OPM Retirement Services Online Moving Checklist Retirement Services Online Receive important notices Change health plan if it doesn’t service your area Check state income tax from your retirement annuity Change bank? Change direct deposit
Medicare Tax Equity and Fiscal Responsibility Act 1982 Part A—Hospitalization Part B—Doctors services, outpatient care Part C—Medicare Advantage Plans Part D—Prescription drug coverage
Finding Medicare Doctors Medicare Physician Compare Physician Compare
Can I make changes to my life insurance after retirement? • Cancellation is permanent • you will never be able to reinstate your FEGLI coverage once you cancel. • To change your beneficiary, fill out the designation form. • A new designation form will replace all previous designations. • http://www.opm.gov/forms/pdf_fill/sf2823.pdf
Age 60 at time of purchase $118.35 $148.97 $249.60 $307.96
Age 70 at time of purchase $171.50 $214.25 $330.92 $407.64
FLTCIP 2.0 Full Underwriting Application Can you afford the premiums? What if the premiums increase? Will you qualify medically?
FEDVIP: www.benefeds.com Dental Plans Vision Plans
Social Security is exempt from • state income tax: • Alabama • Arizona • Arkansas • California • Delaware • District of Columbia • Georgia • Hawaii • Idaho • Illinois • Indiana • Kentucky • Louisiana • Maine • Massachusetts • Maryland • Michigan • Mississippi • New Jersey • New York • North Carolina • Ohio • Oklahoma • Pennsylvania • South Carolina • Virginia • No State Income Tax: • Alaska • Florida • New Hampshire • Nevada • South Dakota • Tennessee • Texas • Washington • Wyoming • Taxed same as • federal level: • Minnesota • Nebraska • North Dakota • Rhode Island • Vermont • West Virginia As for the rest… It depends!
Marital Status If you get married, get divorced, or become widowed as a retiree, you may need to change your: • Survivor benefit election for your retirement benefit. • Health insurance coverage. • Beneficiary designation forms for FEGLI, CSRS or FERS, and TSP. • Social Security benefits payable to your new spouse or from your new spouse.
Example of Full Withdrawal May change amount
