Calendar Year 2017 Pre/Post
Sixty Five IEBP and PEBA Benefit Options
} Fund Contact Retiree
Webcast: September 13, 2016 10:00 CST
} Employer Retiree
Election Due to IEBP: October 24, 2016
} Retiree Enrollee
Webcast: September 27, 2016 10:00 CST
} Retiree Enrollment Date
Deadline: November 30, 2016
Retirees need $130,000 to cover health care
65-year-olds can expect to spend an average of $130,000 on health care during
their retirement, from premiums to co-payments to eyeglasses, according to new
estimates. The average single 65-year-old woman can expect to need
$135,000 to spend on health care in retirement, while a man will spend $125,000,
according to estimates from Fidelity Investments. (The difference is because
the woman is expected to live longer -- an additional 22 years, vs. 20 years
more for the man.) Couples need to set aside a record $260,000 for Medicare
premiums and all other out-of-pocket medical costs -- up 6 percent from last
year and 18 percent from 2014. For many Americans, $260,000 may seem an
impossible amount to save on top of other retirement expenses, but financial
planners say several strategies can help.
Get the right Medicare supplemental insurance policies.
Save for health care in a tax-efficient way.
waiting until age 70 to take Social Security
benefits, retirees reap bigger benefits -- 76 percent higher than if they had
taken them at age 62.
Educate retirees and employers
regarding benefit options effective Calendar Year 2017.