Seniors could only buy supplemental health insurance policy once during the first six months after reaching the age of 65 and signing up for Medicare Parts A and B under federal law, according to this article from Kiplinger. However, experts say that seniors could get the policy again if they decided to drop it. “Unfortunately, the rules aren’t really super specific about what should happen in this situation,” says a senior counsel with the Medicare Rights Center.
Workers should determine whether they are fully vested in their employer-sponsored 401(k) plan when they decide to change jobs, according to this article on CBS Moneywatch. When they transfer to another employer, workers have the option to leave their 401(k) assets or bring the money and transfer it directly to their new employer's plan. They may also roll over the money into a traditional IRA.
To retire early clients in their 20s should strive to boost their income without increasing their living costs, according to this article from Forbes. They should also save aggressively by contributing to multiple accounts and getting a part-time job to shore up their income. Young workers are advised to buy their first home, cut spending by giving up a major expense, and create passive income streams.
The IRS has announced that workers can contribute $500 more to their 401(k), 403(b), and most 457 plans next year, according to this article on MarketWatch. The contribution limit for the Thrift Savings Plan has also increased to $18,500 in 2018. The contribution cap for IRAs next year will not change at $5,500, with catch-up contributions for employer plans to remain the same at $6,000 and for IRAs at $1,000.
