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Retirement

COBRA – continuing your employer provided health insurance after you leave employment.

The employee and the dependents covered on the employee’s group health insurance have the opportunity to continue their health insurance after the employee has left employer, voluntarily or involuntarily, under a law titled the Consolidated Omnibus Budget Reconciliation Act (COBRA).  Divorced spouses and children who lose their eligibility because the plan no longer covers them because of their age also have the opportunity to continue their health insurance.

The term Required Minimum Distribution (RMD) relates to the money you saved during your working years in an IRA, 401(k), or other tax deferred retirement plan. Federal law requires that when an individual reaches the age of 70 ½ years, he or she must begin withdrawing money from retirement accounts.  The government claims it wants you to have the use of your retirement funds during your lifetime, but its real goal is to make you convert your tax deferred funds to taxable income. During your working years, the law allowed you to put a portion of your income into a tax deferred retirement account every year. 

This website has been prepared for general information purposes only. The information on this website is not legal advice. Legal advice is dependent upon the specific circumstances of each situation. Also, the law may vary from state-to-state or county-to-county, so that some information in this website may not be correct for your situation. Finally, the information contained on this website is not guaranteed to be up to date. Therefore, the information contained in this website cannot replace the advice of competent legal counsel licensed in your jurisdiction.

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