Retiring: What questions do I ask my employer?

by bob
(massachussetts)

don't know where to start. i am ready to retire and don't know what questions to ask my employer.. ie do i have extended insurance plan..how long. if not what do i do.

Wendy: It's kinda sad that you have no clue on your retirement benefits, if any. It seems that either your employer has done a poor job communicating benefits to their employees -- or there may be no benefits.

Any question like this is impossible to answer without details...

I guess, at the simplest, you'd ask:

Is there any retirement benefit?

Any pension at all? What are the options there -- is your spouse covered at your death?

If you have a 401K or something like that, can you begin to withdraw it immediately? (I don't know your age)

Any health care insurances? If not, are you covered by COBRA law and what does it cost to keep your insurances each month?

Any optical? Dental?

Any life insurances?

Sorry I can't answer more thoroughly -- details matter!

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Can I retire
by: Anonymous

I would look at your co's employee manual if they have one.

I think before you tell your employer you are retiring, you should go to a fee only financial planner and have him review your finances to make sure you can afford to retire. Before you do that make up a budget of your expected expenses and your expected income. Also a list of all your assets. Take this with you when you meat the planer.

You should also go to the social security site and read up on your benefits and Medicare.

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