Health Reimbursement Arrangements (HRAs) are employer-funded plans that allow employees to pay for qualified medical expenses with tax-free money. HRAs can be used to reimburse employees for a wide range of expenses, including individual health insurance premiums, deductibles, copayments, and coinsurance.

If your employer offers an HRA, you should certainly check it out. It’s a great benefit to help reduce your overall healthcare costs! There are several types of HRAs, so be sure to check your plan documents carefully.

Deciding what pension payout option to choose is a momentous decision with huge impacts on your financial future. There may be several different options – and you don’t want to choose the wrong one. Your company’s plan documents can also be confusing, which makes things more stressful.

However, with the right education and planning, you can navigate this important decision with confidence. The biggest challenge is understanding how each payout option can help work in concert with the other pieces of your life. We hope to give you the tools to make informed comparisons to make the best decision for you and your family.

For many retirees with a pension, maximizing your payout options is vital. Many pension plans use what’s called a Final Average Earnings (FAE) calculation. There are several factors that might affect your retirement pay.

You might not be able to control all the variables in your FAE calculation, but certain things, like deciding when to retire, are generally within your control. You don’t want to make the mistake of retiring too early and missing a benefit or working longer with minimal or no benefit to you.

Coordinating your pension and Social Security benefits are some of the most important decisions you’ll make as you retire. It’s very important you don’t plan either one without looking at your whole financial picture. In other words, we want you to think about your overall retirement income – not just your pension or Social Security.

Your pension income, retirement accounts (401k, 403b, TSP, IRA, etc.), Social Security, and other income (rental property, inheritance, etc.) all factor into how much you need in retirement. Each one of them comes with their own risks and benefits to consider in relation to your other retirement income sources.

Taking a pension lump sum takes careful consideration. If you decide to take a lump sum, you’ll have to decide whether you transfer your lump sum pension payout into your 401k or your IRA. The decision to take a lump sum can’t be reversed, so take it seriously.

Many different factors come into play when we’re sorting through this decision. Pension payout calculations, tax considerations, and personal goals all matter. Also, your investment style and habits around money are very important as well.

Thinking through your pension decisions and transitioning into retirement is hard enough. Adding in planning for your premature death is even more stressful. However, there’s no replacement for peace of mind knowing your family is covered no matter what.

Adding a survivor benefit to your pension isn’t a decision to be taken lightly. There are often many variations and levels of coverage to consider too. Make sure you take your time to think through this decision by looking at your whole financial picture.

Healthcare is not getting cheaper. Are you prepared to cover your healthcare expenses throughout your retirement?

Healthcare is cited as the number one cost retirees face. Even if you have a pension, it can be tricky to ensure all your needs are covered. You’ll want to consider all your options, including Medicare, health insurance offered with your pension, Health Reimbursement Arrangements (HRA), Health Savings Accounts (HSA), COBRA, and the Marketplace.

You’ll encounter many important decisions as you transition into retirement. Almost none are as important as your access to quality healthcare. Your life insurance needs will probably change too.

If you’re trying to retire early, or at least before you’re eligible for Medicare, you’ll have to weigh your healthcare options carefully. You’ll want to make the best decision for you to preserve your health, wealth, and legacy.

There are lots of small, yet important things to creep up on you as you approach retirement. However, these “ankle biters” can turn into a big collective problem if you don’t pay attention. Don’t let the tiny details derail your retirement plans!

We’ll discuss some of the finer details that often get missed or confused. You’ll feel so much better knowing you’ve covered all your bases.

Your Social Security benefits could be reduced if you also have a pension. Don’t be caught off guard by all the unique rules surrounding pensions and Social Security. Knowing the facts about Social Security taxation, the Windfall Elimination Provision, and the Government Pension Offset is essential.

Armed with the correct information and guidance, you can avoid surprises and cover your bases. A common concern for retirees with a pension is how this will affect their Social Security benefits. Let’s take some time to understand which rules apply to your situation so you can plan accordingly.

Pension plans are incredibly valuable retirement assets, but they can also be incredibly confusing. Cash balance plans are a fairly popular option for many modern-day pensions. We’d like to share the basics of what cash balance plans are and how to get the most out of them.

If your employer offers a cash balance plan, it’s important to know how these plans work so you can maximize your pension payout. We’ll discuss what a cash balance pension plan is and how it compares to other pension plans you may have heard about. We’ll also discuss how to integrate a pension with your other retirement assets and benefits.

Choosing between a lump sum or annuity payout is one of the largest decisions an Evergy retiree will make. Evergy has many pension payout options, but which one is best for you? A lump sum payout is an option for all the different pension programs under the Evergy umbrella.

It’s important to know exactly what options you have and what you can or can’t control regarding a lump sum payout. Doing your research and really thinking through your options is absolutely necessary.

This post was last updated on January 02, 2025, to reflect all updated information and best serve your needs.

Retirees who work with a financial advisor are happier and more confident – in their finances and in life. Many of us have concerns about money. So, it makes sense that getting expert help would increase happiness by reducing financial stress.

The right financial planner does so much more than just help you with a 401k rollover. A true expert takes the time to get to know you and craft a detailed, thought-out plan around your hopes and dreams. The process should center around you, not your money.

Planning for retirement brings forth many questions. Which type of account is best? How much should I be saving? 

Everyone’s unique situation brings a different answer. However, the more you know about planning for retirement, the better off you will be in the future. 

Every working adult will eventually want to retire, but not everyone does the proper amount of planning for that event to actually happen. Without savings and a plan in place, this happy time might actually be more stressful than necessary. If you are a few years from retirement now, it’s time to really consider what the shift into this stage of life will mean for you. 

It is completely normal to feel concerned or scared. After all, this is uncharted territory, and the unknowns are many. How will your finances change? What will the social, mental and physical differences be in your life from this point onward? 

Retirement is supposed to be a time of relaxation, personal growth, and fulfillment. However, it can also bring unexpected challenges and uncertainties which can lead to stress and anxiety. It's crucial to prioritize your mental and financial well-being during retirement, as it directly impacts your overall happiness and quality of life.

We’ll explore some effective strategies to help you reduce stress and anxiety, allowing you to embrace your golden years with tranquility and peace of mind. One note, we’re not doctors or licensed therapists, so seek professional counseling or therapy if you’re feeling stress and anxiety.

Receiving an inherited IRA is a significant and emotional event. Sadly, inheriting a retirement account means someone close to you has passed away. The last thing anyone wants to think about is having to avoid tax penalties on the account they inherited, but it’s a real concern.

Unfortunately, the IRS has created additional considerations you must navigate on top of grieving the loss of a loved one. If you ignore the rules for inherited IRAs, you could end up with a major tax issue. To complicate this further, the rules have been left to interpretation for some time.

Annuities can be as confusing as any product on the market. However, they can be a handy tool for the right individuals. Don’t let all the ambiguous and confusing terms discourage you from learning about annuities.

A general understanding of how annuities work, the types of annuities available, and the tax implications is helpful. We’ll also analyze the costs and fees, how annuities can insure against longevity risk, and whether an annuity product might be right for you.

This post was last updated on July 30, 2022, to reflect all updated information and best serve your needs.

Have you ever considered how much do you really need to retire? While this is a simple question, the answer is anything but clear cut. There are many factors that go into your retirement target number.

Rising costs and running out of money are a huge worry for many retirees. However, moving forward, you may be eligible for a new “tax freeze” on your Missouri personal property bill. Every little bit helps!

You need to be aware of many different rules and procedures. It’s also important to note that not all counties in Missouri are implementing this new benefit. You’ll need to check your specific county to see what applies to you.