Increasing Health Care Costs Have Implications for Retirement SavingsAs much as people try to understand their financial needs in retirement, one unknown cost is health care. Despite the existence of Medicare insurance for seniors, it does not cover all costs and health care can be extremely expensive, particularly as one ages. For instance, according to the analysis “Healthcare Costs & Spend: Rising by Age, Gender, and Race” by registerednursing.org, by the time one reaches age 65, average health care costs are $11,300 per person, per year—nearly triple the annual average cost of those in their 20s and 30s.Read more > |
Gig Workers Feel Just As Prepared for Retirement As Traditional WorkersThe majority of independent workers say they are much more or somewhat more involved in their finances as a result of working independently, a T. Rowe Price survey found.Read more > |
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Timing for Coverage and General Nondiscrimination Testing“I work for an Employee Retirement Income Security Act (ERISA) 403(b) plan sponsor who provides an employer base contribution that falls outside the safe harbors and is thus subject to the 410(b) coverage and 401(a)(4) general nondiscrimination tests each year. However, our new recordkeeper says we do not need to complete such testing annually, only once every three years. Is that correct?”Read more > |
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