Navigating Healthcare When You Retire

Securing a Health Care Plan in retirement can be a challenge if you retire before age 65 and are Medicare eligible. If you are under 65, there are typically two options available. First, you can continue on your employer’s health insurance (assuming you had an employer who offered health care) for up to 18 months. This is called COBRA. With COBRA, you will pay 102% of the premium—the full cost of the insurance plus a 2% administrative fee. Second, you can obtain your own coverage through the marketplace paying the going rate and keeping that coverage until you are Medicare eligible at age 65. Note that with the first option, the 18 month COBRA period may not take you to age 65 so you might still need to obtain your own policy for some period of time.

How To Turn Retirement Assets Into Income

Is a portfolio worth $500,000 a lot of money for retirement? How about $1 million? What if you’ve saved $5 million? I get asked this a lot, and I find it helps to reframe the question: Is $2,000 a month a lot of money? What about $5,000 a month? Or $10,000?

When you look at it this way, you probably already know your answer. That’s because we generally conceive of wealth in terms of current income and not assets. Think about it: We pay income taxes and see our tax withholding on every pay stub, and we routinely deal with monthly bills and expenses that must be paid with current income.

Six Questions to Ask Before Buying That Vacation Home

With a humid mid-Atlantic summer in full swing, many Marylanders are entertaining the idea of purchasing a vacation home. That might be wise — it can be a great place to rejuvenate and spend time with family and friends.

However, a vacation property also comes with its own set of challenges and those considering a purchase should be aware of them. With that in mind, here are six important questions to ask before making the move.