Le Lézard
Classified in: Health, Business
Subject: SCZ

HRA Administrators, Clarity Benefit Solutions, Discusses Key Retiree Trends

NEW YORK, Aug. 14, 2019 /PRNewswire/ -- HRA administrators, Clarity Benefit Solutions, discusses key retiree trends.

Employees who are looking forward to their golden years to enjoy life to its fullest may need assistance regarding trends that may impact their emotional and financial well-being. The following are three retirement trends that should be on every soon-to-be retiree's radar.

HSAs as a retirement savings method. Many retirement-aged individuals have been using an HSA as a resource for retirement savings, since the funds grow tax-free. HSA funds can be applied to eligible expenses into retirement, and it does not interfere with Social Security or any other retirement funds.

An uptick in proposed retirement regulations. Many members of Congress want to create legislation to better the retirement plans of Americans. In 2018, the focus was on assisting employees who did not have access to plans and/or hadn't saved enough to sustain themselves after retirement. This year, legislation will include the Retirement Plan Modernization Act, Retirement Security and Savings Act, the Automatic Retirement Plan Act, and the Retirement Enhancement and Savings Act (RESA). Fortunately, both parties are making these proposals a priority.

Social Security changes. With the Social Security Trust set to be dissipated by the year 2037, lawmakers are realizing sweeping reforms need to be enacted. Unlike current Social Security beneficiaries, employees turning 62 this year cannot claim their full retirement benefits until they are 66.5 years old. Fortunately, Baby Boomers are in good health, and are thus delaying their exit from the workforce, which impacts Social Security. This year will also see an increase in the Social Security tax caps?which will result in bigger paychecks. And, payments to Social Security recipients will increase by 2.8 percent.

Increased desire for a lifetime income. Research shows that Americans report a wish for a lifetime income as the number one retirement need. It is important to educate future retirees about opportunities that can provide this benefit, even when the market is in a state of uncertainty. Fixed indexed annuities (FIAs) offer the opportunity to balance a portfolio with savings vehicles that meet all retirees' needs. Employers should offer employees financial planning seminars in addition to access to budgeting tools to help retirees map out their golden years. Plus, advances in medical technology have also extended life expectancy, which makes these opportunities even more important to take advantage of. Today's retirees are vital, active, and social!

About Clarity Benefit Solutions: Clarity Benefit Solutions HRA company provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.

SOURCE Clarity Benefit Solutions

These press releases may also interest you

at 02:05
RedHill to receive $30 million following closing to support its commercial operations, including the planned launch of Talicia® this quarter and the ongoing promotion of Aemcolo® RedHill will receive an additional $50 million to fund the acquisition...

at 02:00
February 25, 2020 Company provides update related to coronavirus disease 2019 (COVID-19) outbreak Amsterdam, the Netherlands ? Royal Philips , a global leader in health technology, today published its Annual Report 2019, and expects to...

at 02:00
The National Conference on Weights and Measures (NCWM) announces Weights and Measures Week, March 1 -7, 2020. These dates are designated every year to commemorate President John Adams's signing of the first United States weights and measures law on...

at 02:00
Mindspace, the global flex space provider, today announced the opening of its latest site in Hammersmith, London, marking the operators third London site. The new space is situated in Hammersmith where Mindspace will build and manage 35,000 sq ft of...

at 02:00
As detailed in ARCM's recent statements (available here), we continue to pose questions to Premier Oil relating to the proposed acquisitions. For the benefit of all stakeholders, we call upon the Company to provide full and transparent responses to...

at 02:00
embedded world 2020 -- Green Hills Software, the worldwide leader in embedded safety and security, and Tata Elxsi, the leading design and technology services provider, have announced their partnership to deliver the next generation of...

News published on 14 august 2019 at 05:00 and distributed by: