November 25, 2013 (PLANSPONSOR.com) - AARP has added a free online health care cost calculator to its suite of retirement education and planning tools.
The calculator estimates health care costs in retirement by
utilizing a database that includes $136 billion in costs from actual health
care claims. Individuals can select from 82 medical conditions to estimate how
much they may need to spend on out-of-pocket health care costs.
The calculator assumes individuals will be eligible for and select Medicare Parts A,
B and D.
After estimating costs with the calculator, users can create
a customizable action plan to help save for health care in retirement. For
example, if a person selects “get to a healthier weight” as a goal,
the tool will offer possible next steps for pursuing that goal.
In a survey accompanying the tool’s release, AARP found that
a little more than a third (36%) of older Americans have taken steps to save
for out-of-pocket health care expenses.
The
calculator requires no registration and collects no personal data on users,
according to a statement from AARP. To learn more about the tool visit http://www.aarp.org/healthcostscalc.
November 25, 2013 (PLANSPONSOR.com) – We recently covered a survey in which employers said taking vacation improves workers’ wellness, morale, performance and productivity.
So,
last week I asked NewsDash readers, do you use your vacation or leave some on
the table?
The
majority of responding NewsDash readers are rewarded with a good amount of
vacation, PTO time. Half get more than 20 days and nearly four in ten (38.4%)
get 15 to 20 days. Nearly 6% are allotted 10 to 15 days, 4.7% have five to 10
days and 1.2% get five days or less.
More
than four in ten respondents (44.2%) will use all of their vacation days, while
21% each indicated they will leave five days or less or five to 10 days unused.
Eight percent reported 10 to 15 days will be unused, 2.3% said 15 to 20 days
will go unused and 3.5% will leave more than 20 days unused.
However,
for the majority of responding NewsDash readers (80%), these days will not be
lost forever. Nearly one-quarter indicated their employers allow them to
roll over up to five days of unused vacation/PTO days. While nearly 20% reported
they can’t roll over any days, nearly 20% said they can roll over all their
unused days. Sixteen percent can roll over 15 to 20 days, 5.8% can roll over 10
to 15 days, and 14% can roll over five to 10 days.
Among commenters,
some folks have accrued so much vacation they could never take it all. However,
most readers have a healthy view about vacation and try not to roll over any days. Several noted how it is helpful to bank some time in case of a major medical
issue or a special vacation, and some said leaving time unused only makes sense
if one is paid for them later. A good point was made that many times the time
off is not used for vacation at all, so use of PTO instead makes sense. Editor’s
Choice goes to the reader who said: “For years I didn’t use all my vacation
days. Not only does nobody care, those who do think you are an idiot for not
taking them. Would you leave a paycheck uncashed? I think not.”
Verbatim
We
allow the rollover of vacation days until the employee accrues a maximum of 30
days. Not PTOs can be rolled over.
Employer
pays out vacation time over 240 hours at year end.
Usually
I take all of them in the current year. If there's a big trip coming up, I'll
roll over a few days. This year cancer treatment caused me to use all of my PTO
and then some.
I
take all my days, because I need all my days.
I
work for my vacation days. I consider it my most important benefit.
Unfortunately with all the cut backs I don't always get to take them all.
We
accrue vacation each month and can carryover 2 or 3 weeks depending on how long
you have been with the company. I do use enough so I don't lose any time. It is
easy to use up with days off with my 3 boys.
relatively
flexible work hours and the blurring of work leisure activities makes vacation
less criticel
I
take vacation one day at a time because there is too much work when I return
from an extended vacation.
nice
to allow roll over, but who can take them when we are all downsizing?
Our
time is doled out in hours instead of days at the beginning of the year. I
prefer having a few hours in December just in case I need sick leave....
Verbatim (cont.)
I
will NEVER give up vacation days (leave them on the table). Life's too short
not to take it.
Given
the price of COBRA and health insurance in general, I always keep a stash of
days to cover this if I ever get laid off... Sort of like a bank account, just
'in case'....
My
goal is to use all of my vacation time and frankly I do not understand those
people that carry over more than 5 days.
Taking
vacation days/time off is essential and I totally agree with the study
findings. No matter how much you have to do and your perceived value to the
company, you can be replaced. It does no one any good for you to be at work but
tired, cranky and (a big pet peeve) possibly sick. That said, I do think it is
a great idea to have the option of rolling over days if you are planning a
special vacation.
Considering
unlimited vacation for top management levels. Results in no accruals and therefore
saves money with no balance due for terminations.
I'm
shocked that anyone would leave vacation time on the table! If it's going to
expire, take a week off - or two!
I’ve
worked for a bank and a school (very different work environments) that both had
a "use it or lose it" vacation policy. In both places, people had a
much more positive view of time away from the office for themselves and their
coworkers. All other jobs have had vacation that could be rolled over, which
seems to translate into the idea that it never has to be taken, since you can
always take it later, “when it’s not so crazy” (really, that never happens). The
only good a rollover vacation policy is for is when you get to cash out that
big bank of untaken leave when you quit!
Use
them or lose unless the employer asks you to work and you are unable to use
them. We then either pay for the time or allow the days to be used in the next
six months.
I
would love to use all my vacation time, but with a shortage in the department,
just not possible this year. Maybe next year...
Several years ago our
CFO and senior management paid out all accrued vacation and we now have
"professional time off". No more accrued time on the books for
financial reasons. Our time off is whatever we can negotiate with managers.
Needless to say, many of our engineers are not comfortable and have challenges
with the concept. Administratively some of us think this could lead to other
problems such as favoritism etc.
Verbatim
(cont.)
I
earn 27 days of PTO each year and carryover up to 60 days. It seems I am always
right at the 60 accrual limit and while I try to take a lot of my vacation, I
lose about a week each year. All that said, I am sure I take much more vacation
than most people answering this survey.
I
feel like my Employer allots generous vacation time, however, the demands of
the job and volume of work prevent me from being able to utilize it.
I
usually leave one or two days in case I'm actually sick, but not this year.
What
is use or lose? Every time I build up my leave to more than two or three weeks,
along comes another surgery, illness or death that brings it back down.
Visiting family is not a vacation. While nice to see family, a vacation is a
Disney Cruise or a visit to Walt Disney World with my Wife and Son.
I
used to leave them on the table but no more since management no longer rewards
hard work. Unfortunately conscience will have me working from home while on
vacation for time critical deadlines I can't trust to others (i.e. 401(k)
timely submissions each payroll).
Vacation
days/PTO is like the 401(k) match: a fool leaves it on the table. Nobody is too
important to take a vacation and recharge.
I
get 25 days a year. After 33 years with the company it is not enough!
We
operate with a PTO system so it's always best to leave some on the table for
illness. That said, I have a huge balance from past years of not using any and
I'm trying to change my ways and get regular vacations in. Everyone is happier
when I do.
I
do appreciate that the company refers to them as PTO days rather than vacation
days since the majority of the time out of the office is spent taking care of
car repairs, running errands, children's activities, and house maintenance.
Vacation days imply a luxury that doesn't exist.
I use all of them but
leave 120 hours, as permitted by law, in my bank just in case since we only
have PTO and not separate vacation and sick leave. Even if I'm not going away,
I need those mental health days away from the office.
Verbatim
(cont.)
I
work for a state which gives us sick leave, comp leave, personal leave and
annual leave. Not counting sick leave, which we can roll over year over year, I
typically have anywhere from four to six weeks of leave and because I work long
hours I keep earning more. I can't use it all because then I couldn't get my
work done!
Working
for a workaholic is no fun.
The
vacation / PTO days are there for a reason; it seems foolish not to fully
utilize them.
At
the moment I have a total of 246 days in my time bank. I only wish I could take
them all!!!
Just
because I am away from the office on vacation doesn't mean I don't work.
I
never have a problem using my 5 weeks of accrued vacation time (I've been with
my employer a long time) but there are only 2 "real" vacations out of
those 5 weeks. The remaining 3 weeks are used for days I need to take off to be
at home for service people or take the kids to doctor appts or take days off
when they have no school due to teacher professional days.
Vacations
are the main reason to work.....
I
have in the past left vacation days on the table b/c the nature of the business
did not allow for the PTO.
We
can rollover up to 200 hrs at any given month - it amazes me how many people
are bumping up against that limit every month and can't stop talking about how
they need to use up some days or lose them, blah, blah, blah. I WISH I WERE IN
THAT SITUATION!!!!
Since we can only
roll over 5 days that must be used by the following April 1, I use them all
each year. The first three months of the year are our busiest time and no one
can take off anyhow. I take all I can, it is much needed.
Verbatim
(cont.)
Vacation
days are like gold. I wish our employer allowed us to buy additional vacation
days.
My
family and I usually take one real vacation during the year. That vacation is
usually a week and a half to two weeks long. The rest of my vacation is for
attending kids school activities, sick days, or for working around the house.
I
use every single hour and am grateful for every one. I try to take a week off
every quarter. Helps to keep my life in balance. Plus, as a holdover from my
long-ago days as a banker (when we were required to take at least 5 consecutive
days off) it lets my employer know I have nothing to hide!
I'd
much rather have the time off than just get the pay for it. At a previous
employer, we could roll over vacation days and I like to keep 5 days in the
bank in case of emergency.
I
leave a few on the table, my boss rarely takes vacation, guess who's cranky?
Yes,
I have a rare condition called vacationphobemiaitislexiaomarhea, VPLEER. Will
you help us find a cure.
We
can only roll over one time our vacation benefit (at any one time, we can only
have our current year vacation time plus one year; it does not endlessly
accumulate)
Every
year, I am in a situation where towards the end of the year, I still have
vacation days that I have to take or lose them. However, it is so hard to take
any time off - even just a day or two at a time. I "make up" that
time off either the week before or after trying to catch up for the missed
time. Isn't that considered a flexible work schedule, rather than vacation?
for
years I didn't use all my vacation days. not only does nobody care, those who
do think you are an idiot for not taking them. Would you leave a paycheck
uncashed? I think not.
NOTE: Responses reflect the opinions of
individual readers and not the stance of Asset International or its affiliates.