4.11.23 – APFA Virtual Retirement Seminar Recording – March 27, 2023

Tuesday, April 11, 2023

APFA Virtual Retirement Seminar Recording – March 27, 2023

On Monday, March 27th, APFA hosted our Virtual Retirement Seminar. Below, you will find the recorded Virtual Seminar as well as frequently asked questions and answers. You will find past APFA Town Halls here.

• 00:00 – Introduction
• 05:30 – What is Retirement and Benefits
• 06:55 – What You Need to Retire & Eligibility
• 07:45 – Money, Savings, & Planning
• 13:00 – Are You Ready to Retire?
• 15:30 – Q&A 1
• 23:27 – What You Get in Retirement
• 31:55 – Not Eligible to Retire
• 33:10 – Q&A 2
• 39:40 – Retirement Income Introduction (401k, IRA, Social Security, Savings, Pension)
• 45:35 – Social Security
• 53:34 – Savings
• 55:02 – Pension
• 01:10:50 – Q&A 3
• 01:13:05 – Medical Insurance & Optional Coverage
• 01:31:27 – Deciding to Retire
• 01:33:37 – Q&A 4

Click here to watch the full Retirement Seminar:

Q. I am turning 65 soon. Do I have to sign up for Medicare if I am on AA insurance and do not plan to retire for a few more years?
A. No, you do not have to sign up for Medicare as long as you are on AA insurance, regardless of your age. Most people find that the AA insurance is cheaper than Medicare, and provides better coverage. You can switch to Medicare if you want, but you do not HAVE to sign up for Medicare if you have AA Insurance.

Q. My spouse is turning 65 soon. Do they need to sign up for Medicare if they are on my AA insurance and I do not plan to retire for a few more years?
A. No, if your spouse is on AA insurance, they do not need to sign up for Medicare until you lose AA insurance coverage when you retire.

Q. I am turning 65 and going to stay on AA medical insurance.  I am thinking about signing up for Medicare Part A since I don’t have to pay a premium for that.  Will signing up for Part A affect my AA medical insurance?
A. For most people, signing up for Part A will not affect your AA medical Insurance. But, if you are in the Core Plan AA medical insurance, and have an HSA (Health Savings Account), signing up for Medicare Part A will cancel your ability to contribute to your HSA.

Q. I am turning 65 and I am on my spouse’s employer medical insurance, do I have to go to Medicare? 
A. Maybe, each employer has different rules about coverage for employees and family after age 65. Check with your spouse’s company for the rules that will apply to you.

Q. I am over 65 and going to retire soon. Will I have to pay a penalty because I waited so many years past age 65 to sign up for Medicare?
A. No, if you had AA medical insurance, you will not have to pay a Medicare late enrollment penalty. AA medical insurance is considered “creditable coverage” (you have a valid insurance substitute for Medicare) so no penalty applies.

Q. I am over 65 and going to retire soon. Can I delay going to Medicare by taking AA COBRA coverage after I retire?
A. No, COBRA is not considered “creditable coverage” for delaying signing up for Medicare. Don’t take COBRA if you are eligible for Medicare.

In Solidarity,

Kim Coats Tuck
APFA National Retirement Specialist
[email protected]