This topic is one that people come to at different ages. Wyman Financial Solutions will be there to help at any point but the best time is early in your working life!

When you leave the working world to move to a more self directed life the financial responsibilites do not go away unless you have planned for them. Those responsibilities look different in retirement.

  • While working you may have had the good fortune to have your medical coverage paid for by your employer - not so in the retirement life.
  • Do you continue to live in your home or "down size"?
  • How do you manage your money to last your life time?
  • Is travel in your plans or do you have family responsibilities that keep you home?
  • Have you planned for health care changes?

We want to educate you in what to think about, hear you regarding what you would like your retirement to be, assist you in planning for a long life with a purposeful life with an option for a legacy to those who you care about.

Allied Pilots Association Supplemental Medical. This provides an additional $1M in coverage in the event that company benefit limits are exhausted. You must be enrolled prior to age 55.

Retirement Medical Selection. The default election is the Retiree Standard Medical (RSM). There is no cost, and it has a $300,000 lifetime max.

If you prefer the Value Plus, you must enroll. It is $155 per month per covered person. The lifetime max is $1M, and some preventative care is covered. However, coverage will revert to RSM at age 65.

Note: We recommend that all pilots elect the Value Plus unless eligible for Tricare.

Consider an in-service rollover of your 401K assets. You are eligible for this at age 59 ½. There are several reasons:

If you are considering a money manager, an in-service rollover is an efficient way to evaluate their performance prior to your actual retirement.

When you retire, there is a 60-day “validation period” before your 401K can be rolled over.

Remove assets from employer plan.

You may continue to contribute to the 401K plan until you actually retire.

A-Plan Annuity Election.

“Life Only” means when the pilot dies, no further income payments are made.

“Survivor” means when the pilot dies, the spouse receives survivor payments, which are usually lower, for the lifetime of the survivor.

“Guaranteed Period” (or “Certain Period”) means that payments will continue for the life of the retired pilot.  If the pilot should die prior to the end of the “guaranteed period” (10 years, 15 years, etc.) the payments will continue to the beneficiary until the end of the certain period.

Social Security benefits claiming strategy. Some financial professionals can assist their clients with the “when” and “how” to claim Social Security retirement benefits. This is especially critical for couples where a survivor’s benefits are locked-in for life.