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News You Should Know

News You Should Know: Medicare Costs in 2021

running out of money in retirement
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What Will Medicare Cost You in 2021? | Medicare

Medicare costs will change slightly in 2021. Find out what that looks like for you in this high-level overview. A reminder: If you are on a PERACare plan in retirement, you owe Medicare premiums for Part B coverage, but the Part A costs you see in this overview are replaced by the PERACare plan you have.

When Only One Spouse Retires | Kiplinger

If you live with a partner, odds are you won’t retire on the same day. The gap between your retirement date and your partner’s could be months, or even years. That period can bring imbalance to your relationship as your day-to-day experiences diverge. But it doesn’t have to be that way. From practical matters to emotional considerations, this article walks you through how to prepare for this transitional time. And preparing isn’t just about avoiding pitfalls. If you do it right, this time can be full of opportunity.

Does Late-career Nontraditional Work Improve Retirement Security? | Center for Retirement Research at Boston College

Nontraditional jobs (defined as jobs that don’t offer health or retirement benefits) get a lot of attention these days. On the one hand, they can provide much needed flexibility and independence. On the other, the lack of traditional workplace benefits can leave some financially exposed. This paper looks at what effects these jobs have on retirement security for older workers. Those who are underprepared for retirement are more likely to switch to nontraditional work, which isn’t great news given the lack of retirement benefits. But the news isn’t all bad. Those who are more prepared can take advantage of the increased flexibility and explore the idea of a part-time retirement. As the study states, “extended careers are financially beneficial, even in jobs without health and retirement benefits.”

Millennials, Gen Z Fear Long-Lasting Negative Financial Impact from Pandemic | 401K Specialist

One in four Millennials say the pandemic is putting them farther behind, financially. From putting off paying down debt to foregoing saving for retirement, the financial consequences of 2020 could be felt for years. Only one in four has an employer-sponsored retirement account and most lack a “strong role model for building retirement savings.”

Comments

  1. Barbara Kelly says:

    What will Medicare Part B cost in 2021 for single people? Thanks.

  2. Shaila Van Sickle says:

    Will I receive a printed version of the specific changes that will apply to my retirement package?

    I prefer not to receive crucial information only by email.

    Thank you, Shaila Van Sickle

    • PERA On The Issues says:

      Hi Shaila,

      Thanks for the question. These changes will not affect your retirement benefit from PERA or your PERACare plan pricing.

      However, you might have additional questions about Medicare. Because PERA does not administer Medicare, and because Medicare costs vary based on your personal situation, we do not have any additional information to share about changes as they might affect you. If you are looking for more information or would like to talk to someone, start by visiting this page: https://www.medicare.gov/your-medicare-costs

      I hope this helps.

  3. CARL O’LOUGHLIN says:

    If we don’t want to change anything do we need to do anything?

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