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Financial Health

for Healthcare Professionals

Retirement Savings Catch Up: 3 Moves

One rule of thumb says you should have six to nine times your salary Be strategic about Social Security
tucked away in a 401(k) or other savings accounts by your mid-50s to While you may be tempted to start collecting Social Security
early 60s. benefits as soon as you qualify, try to resist this temptation.
In a 2014 national poll conducted by Bankrate, more than a quarter of After all, waiting can pay off. Consider this: Between the ages
survey respondents age 50 to 64 said they had not started saving for of 62 and 70, your Social Security benefits rise about 7 percent
1
retirement. or 8 percent for each year you defer taking them. Where else
Of the many things you can do to play catch up, here are three of the can you get such a high return (guaranteed!) in today’s environ-
most effective, applicable financial moves that will help ensure your ment? Wait until age 70, and your monthly benefit can be 76
retirement is as you envisioned … percent higher, on an inflation-adjusted basis, than if you
claimed at age 62.
Max out tax-advantaged retirement accounts If it’s not financially possible for both you and your spouse to
One of the most straightforward ways to catch up on retirement sav- delay, one of you can take the benefits early to bring cash into
ings is to contribute the most money you can to tax-advantaged the household and alleviate the financial pressures while the
accounts. That means maxing out the 401(k)s (at least contribute PROVIDED BY HOWARD higher earner holds off until age 70. His or her benefits will grow
enough to capture the company match!), individual retirement accounts WOLKOWITZ, A FINANCIAL and later ensure the largest possible survivor’s benefit.
or Roth IRAs. If you’re self-employed, look into retirement plan options REPRESENTATIVE WITH
such as a Simple IRA plan, a Simplified Employee Pension (SEP) plan or COASTAL WEALTH A MEMBER
a solo 401(k). Those aged 50 or older are allowed to make additional, OF THE MASSMUTUAL For more information, please see https://www.massmutual.com/
“catch up” contributions to these retirement savings plans. individuals/educational-articles/index.
FINANCIAL GROUP, COUR- For more information, please contact Howard Wolkowitz at
Look to your home equity TESY OF MASSACHUSETTS HWolkowitz@mycoastalwealth.com or (954) 558-3673.
If you’ve got equity in home your home, you may be able to tap it for MUTUAL LIFE INSURANCE
retirement money in any number of ways. One option is to downsize. COMPANY (MASSMUTUAL)
After all, selling your house for $350,000, and replacing it with one The information provided is not written or intended as specific tax or
costing $275,000 boosts your retirement nest egg by $75,000. Plus, the legal advice. MassMutual, its employees and representatives are not
first $250,000 in profits are tax-free ($500,000 if married). authorized to give tax or legal advice. You are encouraged to seek advice from your own tax or
Would you rather stay in your home as you enter retirement? Consider a reverse mort- legal counsel. Opinions expressed by those interviewed are their own, and do not necessarily
gage. These government-backed loans allow older homeowners (62 years or older) to represent the views of Massachusetts Mutual Life Insurance Company.
convert some of their home equity into cash (The bank makes payments to you and you © 2018 Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001
can use the tax-free funds however you would like.). Unlike other kinds of loans, you FY1095 CRN201809-204989
don't have to pay back the debt immediately. Rather, the balance must be repaid when 1
the last surviving borrower dies, sells the home or moves out. Mastering Your Money, Financial Security Index, Bankrate 2014

Camillus Health Concern (CHC) Inc.

Receives More Than $600,000

from HRSA to Expand Dental,

Mental Health and

Substance Abuse Services

BY CAROL NEWMAN the scourge of substance
abuse and mental health
Camillus Health disorders. “Mental health
Concern (CHC) Inc. is and substance use disorders
honored to announce are prevalent among the
that it has recently population we serve,”
received two grants from Afram-Gyening noted.
the Health Resources and “This grant will assist in
Services Administration addressing the issue in a
(HRSA) totaling more creative, innovative fash-
than $600,000. Far more ion.”
important than the CHC is proud to be rec-
amounts of the awards is ognized by HRSA as provid-
what those awards will Francis Afram-Gyening ing vital quality services to
allow CHC to accom- its patients. “Our patients
plish. deserve the very best possible care for
Thanks to a $337,400 award, CHC will whatever needs they have,” said Afram-
build a state-of-the-art Dental Suite Gyening. “Dental, mental health and
expanding the number of patients that substance use services are in very high
can be served. CHC applied for this grant demand and we are pleased to be able to
because of the clear needs of its patients expand to meet that demand.”
for greater access to quality dental care. Camillus Health Concern will be pro-
“We were honored to receive this impor- viding regular updates on its website
tant grant,” said CEO Francis Afram- (www.camillus.org/main/camillus-
Gyening. health) about the progress of renovations
A grant of $285,000 will allow CHC to and the launch of these important new
expand the services it offers to address services.

South Florida Hospital News southfloridahospitalnews.com October 2018 17