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We all know about things like IRAs, Medicare, employer retirement plan or Social Security but there are also more financial benefits for which you have already paid for through your taxes or when working for a particular employer and there are just some people knowing about these benefits.
1) Financial Benefits from Lost Pension
Right now there are around 35,000 people with an unclaimed amount of almost $197 million when it comes to pension benefits.The pension plans are partly insured by the Pension Benefit Guaranty Corporation (PBCG) so you should call them to check if you are part of this program.
2) Get Financial Benefits From Previous Jobs Retirement Accounts
At this moment half of the americans have left their retirement plans with the previous employers and most of them don’t even know that this type of account ever existed.Usually this is because of lack understanding from beneficiaries but also because the employers didn’t keept their people updated about the retirement plans.To avoid this kind of problems you should consolidate yout previous retirement acccounts into your current employer plan or even into IRA.
3) Spousal Social Security Benefit Windfall
You already know that if you can apply for Social Security and you can do it before your normal retirement age and here you have two options.One is to get your benefits and second is to get just half of your spouse benefits.
What most of you don’t know is that there is even a third option and this is to get them both (your Social Security and half of your spouse benefits).To do that you need to wait until your full retirement age and have your spouse already applied for a Social Security benefit.This way you can take a spousal benefit while alowing your own benefit to grow until the age of 70 and in the end choose the higher benefit.
4) Survivor Benefits from Social Security
All of us think of Social Security as being just a retirement program or even a disability program but just few of you think about the Social Security as being an life insurance program.
Right now the Social Security is not mailing anymore the annual statements but you can see how much your family will can take just by visiting their website.Your family survivors can be able to collect even thousand of dollars after you.This thing also applies for your spouse and for minor childrens.
5) Stock Purchase Plan Discounts For Employees
Check if your employer offers a discount program when you purchase their stock.These discounts are usually up to 15%.After a while you can sell that stock and use the financial benefits as you wish.You should also know that you can keep the stock for at least two years and then get some tax benefits from it.
6) Get Estate Planning Documents For Free Or At Low Costs
If you don’t have already a health care directive, a will or even a power of attorney you can always get them for free.
Go to your hospital an there you can get the health care directive or just download a state-specific form directly from the National Hospice.There are also a lot of websites offering many legal documents for free or at low costs and u can get a power of attorney in no time.
7) Get Financial Benefits For Your Retirement Account Using Low Cost Or Free Investments
At this time there are any employers offering low cost access to guidance, investment management and advices for their employees.You can earn more than 2% per year in your account and even this is not very much you should know that the amount will increase your savings until your retirement age. You can save even 100% more until the age of 65 than you’ll save without professional help and this is of course an important amount.