Editor’s Note: Good Question is a recurring feature in which a local expert in a particular field answers a question related to families and aging. Have a question? Send it to mmclean@bendbulletin.com.

Q: Are the rules regarding my retirement savings plan going to change in 2014?

A: Tim Galvin is a financial planner who helps set up 401(k) plans, individual retirement accounts and other retirement savings plans at the UBS Financial Services office in Bend. He said the federal government typically changes the rules regarding these plans — particularly when it comes to the amount of money a person can contribute without suffering a tax penalty — at the end of the year to adjust for inflation or other changes to the tax code.

But this year will be different, he said, because inflation has been low and a the tax bill President Barack Obama signed in January has locked the rules regarding some of the most common retirement plans.

“This is kind of the first year in a while where there won’t be any (significant) changes,” Galvin said as he looked over a list of retirement plan rules that showed the contribution limits for 2014 were almost exactly the same as this year’s limits.

While the rules will not be changing much, Galvin said he has seen a lot of changes in what his clients have been thinking about when they plan their retirements and he expects these changes will continue as people take a more realistic and informed look at some of the issues they will face when they get older.

For instance, Galvin said people are realizing that Medicare may not pay all of their health care bills and that they could end up spending $200 to $300 a month on co-payments, prescription drugs or other expenses not covered by the federal health plan.

“Long-term care is another big part of the retirement puzzle,” he said. According to the U.S. Department of Health and Human Services, 37 percent of the people who reach age 65 will need at least one year of care in a facility that can cost them anywhere from $3,200 to $6,900 a month, depending on the level of care.

Finally, Galvin said his clients have been paying more attention to what they may gain by delaying their Social Security benefits — particularly if they have a spouse who is older or younger than they are — and that they’re including these calculations into their future plans.

“There’s just a whole lot more awareness out there that will continue into next year,” Galvin said.

— Reporter: 541-617-7816, mmclean@bendbulletin.com