Tag Archives: Retirement

Job Change or Retirement? Here is a great reminder checklist

Books get updated and reprinted on a regular basis. This post is from several years back, but worthy of a re-post!

Maybe you are about to Retire… CONGRATULATIONS ! ……Or maybe you are about to change jobs… exciting new times, just around the corner…

Here are a few handy reminders before/as you leave!

Job/Retirement Change ChecklistFinanicial Planning Doc

Grab that Last paycheck– Once you are gone, the internal system may be harder to access, be sure to get your last paycheck downloaded for your tax and personal recordkeeping.

RSU -Options- Grants -Make sure you are not leaving anything on the table via a vesting sunset or time line that can be associated with your departure.

Employee Stock Purchase Plan-Confirm you have control of your stock and transfer it to an easily controlled account-most ESPP plans are only holding tanks and cumbersome to make transactions.

Deferred Comp– Check on when your plan will be paying you your funds- i.e. tax year, time frame, and if all at once or over several series of payments- confirm the payments method and where they will be sent if mailed.

Pension – Get a copy of your latest balance or estimated amount, time frame of payment, if the projection is inclusive of your departure, if your spouse is included as beneficiary and his/her date of birth is correct and MOST IMPORTANTLY your correct address.

Health Coverage– You do not want to go a day without coverage, make sure you have some type of overlap such as Cobra, New company coverage, Medicare or outside personal coverage.

401k– In most instances you want to take control of your old 401k by rolling into a self directed IRA. Make sure your final paycheck withholding has hit your 401k before you roll it over or there will be residual amount later.

New 401k-In most cases you want to allocate your new 401k aggressively- be careful NOT to overfund your old and new plan in the same year- most maximums are $18k (+$6k catch up) – If your two employers do not know about each other they may accidentally allow you to overfund the total afore mentioned amount

Severance– Be sure to get your arms around the type, amount, timing and pay and benefits.

Social Security Withholding – Withholdings may likely be over withheld since your two employers did not know about each other – keep good tax records- if they did, you get a refund.

While mentioned several times, once more due to just how important, be sure to keep your address up to date with your former employer !

Have a great ‘More Organized” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com

Job Change or Retirement? Here is a great reminder checklist

Maybe you are about to Retire… CONGRATULATIONS ! ……Or maybe you are about to change jobs… exciting new times, just around the corner…

Here are a few handy reminders before/as you leave!

Job/Retirement Change ChecklistFinanicial Planning Doc

Grab that Last paycheck– Once you are gone, the internal system may be harder to access, be sure to get your last paycheck downloaded for your tax and personal recordkeeping.

RSU -Options- Grants -Make sure you are not leaving anything on the table via a vesting sunset or time line that can be associated with your departure.

Employee Stock Purchase Plan-Confirm you have control of your stock and transfer it to an easily controlled account-most ESPP plans are only holding tanks and cumbersome to make transactions.

Deferred Comp– Check on when your plan will be paying you your funds- i.e. tax year, time frame, and if all at once or over several series of payments- confirm the payments method and where they will be sent if mailed.

Pension – Get a copy of your latest balance or estimated amount, time frame of payment, if the projection is inclusive of your departure, if your spouse is included as beneficiary and his/her date of birth is correct and MOST IMPORTANTLY your correct address.

Health Coverage– You do not want to go a day without coverage, make sure you have some type of overlap such as Cobra, New company coverage, Medicare or outside personal coverage.

401k– In most instances you want to take control of your old 401k by rolling into a self directed IRA. Make sure your final paycheck withholding has hit your 401k before you roll it over or there will be residual amount later.

New 401k-In most cases you want to allocate your new 401k aggressively- be careful NOT to overfund your old and new plan in the same year- most maximums are $18k (+$6k catch up) – If your two employers do not know about each other they may accidentally allow you to overfund the total afore mentioned amount

Severance– Be sure to get your arms around the type, amount, timing and pay and benefits.

Social Security Withholding – Withholdings may likely be over withheld since your two employers did not know about each other – keep good tax records- if they did, you get a refund.

While mentioned several times, once more due to just how important, be sure to keep your address up to date with your former employer !

Have a great ‘More Organized” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com

Old keeps getting older….rightly so in our opinion…Gallup says average retirement age moving up! Server on Notice

Remembering my 101 year old grandmother speaking of the “Old” people that she knows, conjures up how I felt as 40 passed by…some time ago now. Old is definitely getting older with longevity and happiness as factors in our opinion.

Recent Gallup poll Shows Average US Retirement Age is up

According to a recent Gallop poll, see graph below, the average age of retirees or expected retirees is now 61, far from the age 57 retiree in 1991.

Gallop Retirement Age Graph

As you can tell from this Gallup poll, the retirement age is rising and we believe it will continue as self-employment and technology mobility along with improved longevity all add to the equation.

In closing this is a very interesting subject for us and we intend to study it in greater detail along with various aspects of the retirement picture. We may even conduct our own poll in the future. We find often that many are working and intend to work far further into the retirement age zones of old.

Server is on Notice

The new fancy dancy server is on deck and ready to go. We will be shut down from email, vault and saved information the last two days of May as the migration occurs. We will notify you again, but wanted to give everyone a long runway of notice.

Have a great Wednesday!

John Kvale

214-706-4300

http://www.jkfinancialinc.com

8222 Douglas Ave # 590
Dallas, TX 75225  

Paper Social Security Statements Absent This Year

We have commented various times on the importance of taking a few moments to review your annual social security statement, most recently in our in our Q 1 2011 Newsletter which can be found on our Newsletter page. One of the key items to review is your credited quarters and salary, as there are constraints from the Social Security Administration in correcting these reported amounts if incomplete.

As luck would have it, within a few months of our directing you to the importance of reviewing your statements, the following showed up on the Social Security website.

In light of the current budget situation, we have suspended issuing Social Security Statements” reads the Social Security website.

After speaking to the Social Security office for clarity, here is what I have found out:

  1. Currently there is not an electronic means to check our hours
  2. The abstention of paper statements is not permanent, yet
  3. Reports can be made directly to your local Social Security office for confirmation of benefit (See below)

Since the statements are not being permanently halted at this time, it is important, that we as tax payers, make sure we keep good records of our earnings history, (W-2’s) in case there are reporting problems.

We will update you on the status of next year’s statements, as a second year of absence would create more urgency for the agency to allow an electronic statement, which I requested they implement during my conversation with the administration.

Have a Good Day!

JK