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Retiring isn’t something you do at the spur of the moment. It requires careful planning as you ensure you have adequate resources to cover your expenses. Consider these nine tips that help you plan a successful retirement.

1. Build Your Emergency Fund

   Ideally, you should save three to six months of living expenses into an emergency fund before you retire. This money gives you peace of mind in case your income is delayed, you face a medical crisis or another emergency occurs.

1. Write an Income Timeline

   Pensions, social security and retirement accounts may all be accessed at different times. Write the details on an income timeline as you manage your cash flow.

1. Write a List of Expenses

   It’s easy to underestimate the amount of money you’ll need after you retire. Get accurate figures when you create a list of your expenses. Remember that some expenses change. For instance, your commuting expenses will disappear, but your home electric bill might increase.

1. Use a Social Security Benefits Calculator

   With a social security benefits calculator, you can figure out when you should start taking distributions. This tip allows you to maximize your income and reduce any tax penalties during your entire retirement.

1. Ask About Retirement Income Taxes

   Your retirement income will be taxed at varying rates. Take time to figure out the tax details to ensure you get an accurate view of your income. You don’t want to count on a certain amount and fall short because of your tax obligations.

1. Research Health Insurance

   Many retirees rely on Medicare, but it doesn’t kick in until you turn 65, and it only covers half of your medical expenses. That means you need to research other options and calculate them into your budget.

1. Create a Budget

   Once you know details about your retirement income and expenses, create a budget. It assists you in determining if you need more income or fewer expenses as you fund your entire retirement.

1. Make an Investment Plan

   Even though you’re retiring, you still need to manage the money in your 401(k) and other accounts. Learn about your options as you decide how much to invest, when to take distributions and other details of your investment strategy.

1. Interview Retirement Planners

   A professional retirement planner assists you in managing the details of your retirement. Look for one that will take time to understand your needs and shares your vision for your retirement.

Retirement is something to anticipate. For more details on how to plan your retirement, talk to your HR manager or financial advisor. Plan now to ensure your retirement is the best it can be.

Your company probably already offers employees a variety of benefits. However, there are also several uncommon employee benefits that are appreciated and affordable. Consider offering them as you attract and retain top talent and improve morale.

Common Employee Benefits

A 2003 small business poll found that several benefits are commonly offered by employers. These benefits and the percentage of small businesses that offer them include:

• Paid Vacations: 75%

• Health Insurance Plan: 61%

• Paid Sick Leave: 59%

• Disability Insurance: 41%

• Education Reimbursement: 39%

• Pension Plan: 30%

• Life Insurance: 29%

• Dental Insurance: 24%

Uncommon Employee Benefits

Take care of several uncommon needs when you offer these atypical employee benefits.

Parking Privileges: Designate spaces near the office for employees or pay for a parking garage or city transit pass.

Company Discounts: Allow employees to buy products at a discount or offer employees first access to new products.

Education Plan: Most employees welcome the opportunity to learn new skills and improve their ability to do their jobs well. Offer tuition reimbursement or schedule free classes.

Direct Deposit: Funds clear faster and are thus available sooner when they’re directly deposited into your employees’ bank or credit union account. You typically save money when you offer this benefit, too.

Wellness Program: Encourage your employees to make health changes when you offer fitness opportunities and challenges, nutrition classes, smoking cessation tips and stress reduction advice. Employee productivity and satisfaction will improve, and you’ll cut health care costs.

Child-Related Assistance: In addition to maternity leave, consider providing adoption assistance, breastfeeding or pumping accommodations, on-site childcare and an on-site family room with kids’ toys and activities.

Sabbaticals: Offer both paid and unpaid sabbaticals based on years of service. With this benefit, employees can pursue advanced education, take mental health breaks or care for an aging parent.

Computer Loan: Let your employees take home their laptops or set up a payment plan that allows them buy their computers interest-free. You can arrange for automatic payroll deductions and sign a formal agreement to ensure you recover the full cost of the computer.

Community Hours: Reward employees who choose to volunteer with regular pay that covers the community hours. You can also pay the entrance or sponsorship fees for community events in which your employees wish to participate.

Title and Business Cards: A level of professionalism and pride is associated with a formal title and business cards.

Religious Holidays: When employees wish to observe religious holidays that fall on a work day, offer to provide a day off with pay.

Your employees work harder and smarter when they receive a healthy benefits package. In addition to the common benefits, consider offering unusual benefits that raise morale and retention.

Workers’ Compensation is a form of insurance offered by many employers. It covers employee wages and medical benefits if they are injured or become ill while on the job. In exchange, the employee cannot sue the employer for negligence except in certain circumstances. As an employee, you may be eligible for Workers’ Compensation benefits in several instances.

Workers’ Compensation Eligibility Requirements

There are usually three basic requirements an employee must meet before he or she can be eligible for Workers’ Comp.

1. The company for whom you work must carry Workers’ Compensation insurance or be required by law to do so.

   State laws vary, and your employer may be exempt from carrying Workers’ Compensation insurance depending on the number of employees, business type and type of work employees perform. Examples of companies that may be exempt include those that employ fewer than three people and certain charities.

1. You must be a legitimate employee.

   In most cases, independent contractors and volunteers are not eligible for Workers’ Comp benefits. Consultants, freelancers and other independent workers are examples of ineligible employees. Check your classification as an employee to be sure you are eligible for Workers’ Comp.

1. The injury or illness must be work-related.

   Hurt your back while lifting boxes at work, develop carpal tunnel because you type reports or become ill after you’re exposed to hazardous chemicals, and Workers’ Compensation should cover your medical treatment. You may even be covered if you trip on the sidewalk while picking up sandwiches for your boss or if you injure your knee while playing softball for your work team. However, injuries or illnesses that occur when you’re off the clock or performing duties that aren’t related to your job will not be covered by Workers’ Compensation.

Special Rules for Certain Workers

Certain employees may fall into special categories that make them ineligible for Workers’ Comp. Those employees include:

• Domestic workers in your home, including housekeepers, landscape specialists and babysitters

• Casual or seasonal workers who work intermittently, sporadically or only during certain times of the year

• Agricultural and farm workers

• Leased or loaned workers: Depending on where you live, you may be covered by the Workers’ Comp laws of the state in which your employing agency resides or the state in which you do the work.

• Undocumented workers: Nearly a dozen states cover undocumented workers with Workers’ Compensation. Several do not provide coverage, and additional states are undecided. If you employ undocumented workers or are one, check local laws to verify your Workers’ Compensation eligibility.

Workers’ Compensation is important coverage. Find out today, before you get hurt or become ill, if you meet eligibility guidelines.

Telecommuting offers both employers and employees several benefits. It increases productivity and morale, reduces turnover and is convenient, cost effective and eco-friendly. Before you suggest telecommuting, though, understand the potential legal risks.

1. Wage and Hour Issues
   
   The Fair Labor Standards Act establishes strict rules for hourly wages and for overtime pay. Employers could be in hot water if they fail to follow the rules.

   Ensure compliance by:

   • Require telecommuting employees to sign a written agreement that outlines their work day hours and overtime details.
   • Require telecommuting employees to clock in and out with an online or paper time tracker and agree not to answer emails, return phone calls or perform other work-related tasks when they’re off the clock.
   • Limit telecommuting to exempt employees who are salaried, earn at least $23,600 per year and perform exempt job duties.

1. Employee Privacy

   Even though an employee works from home, he or she is still subject to employee monitoring. It ensures employee safety and compliance with company policies.

   Potential telecommuting employees should realize that their email could be monitored to ensure productivity. Likewise, an employer may check internet history, limit time spent on certain websites or block certain websites during work hours. Telecommuting employees may also be required to prove that they use only company-provided technology and an ergonomic office chair.

1. Confidential Information

   Telecommuting employees must maintain confidentiality. Any breach of privacy could result in a lawsuit for the company and employee.
   Have telecommuting employees sign a nondisclosure agreement that enforces confidentiality. They should understand that they are at risk if they share confidential information about a client, share company secrets or otherwise breach the confidentiality agreement.

   They should also:

   *Log out of their computers or employee accounts when they leave their desk.
   *Use secure Wi-Fi only when working.
   *Receive limited access to confidential information.
   *Not allow anyone to see confidential client files.

1. Employer Liability

   If a telecommuting employee is injured in his or her home office, uses a company-issued computer to download child porn or sends harassing emails to a co-worker while clocked in, the employer could be liable. Write a policy that addresses these issues as you limit employer liability.

1. Discrimination

   Be careful that all employees receive the opportunity to telecommute. It can’t be a perk given only to young men, mothers or employees of a certain nationality. Employers must also follow the Americans with Disabilities Act (ADA) and provide reasonable accommodations.

Telecommuting is beneficial for employers and employees, but it does have several legal risks. Make arrangements to address these risks. Your precautions limit liability and protect everyone.