Plan for Your Retirement
As the Baby Boomers begin to retire, Americans of all ages wonder if they will someday be able to afford to retire. The crucial decision to retire hinges on many considerations, and it requires careful research and planning by each person. Have you thought about:
How will you finance your retirement? Are you entitled to a pension or other retirement benefits resulting from your employment? What Social Security benefits are you entitled to receive and when?
The responsibility for paying for retirement is shifting away from employers to individual workers. How much should you set aside to finance the retirement you expect? If you retire, will you outlive your financial resources?
Healthcare costs continue to increase faster than the rate of inflation. How will you pay for your future healthcare? Are you entitled to any insurance benefits from your employer during retirement? How much should you set aside now to pay for healthcare over your lifetime?
What will retirement look like when it finally arrives? Will you have the time and resources to pursue your interests, or will you continue to work? Will you work part-time? Will you be able to volunteer those skills you developed over decades of work?
Begin now to gather the information necessary to make the right choices for your own situation. If you need help in determining your pension rights, call the Mid-America Pension Rights Project at (866) 735-7737 for assistance. Following are links to resources to get you started on your path to retirement.
Retirement Resources
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Federal Citizen Information Center provides government and private resources to transition from the workforce to retirement planning.
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AARP - Retirement Income lays out the overview of retirement plans (IRA, SS, Pension). It instructs the user on how to set up, contribute, and match plans that will fit their retirement goals.
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Social Security Retirement Income Site provides detailed info about social security benefits under current law. The retirement calculator tests different ages and estimates retirement benefits.
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Administration on Aging provides retirement and aging info to elders and their families and resources for professionals.
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My Money gives financial strategies on retirement planning, paying for education, home ownership and credit maintenance.
State Government Pension Systems in the Mid-America Region
Retirement News
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Forbes: 7 Steps to Take When Inheriting a Retirement Account, by Liz Davidson. We recently got a question from someone who wanted to know what to do with an inherited retirement account. (8/23/2011)Read more
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US News and World Report: 8 New Retirement Rules, by Emily Brandon. The rules of retirement have changed over the past generation. Individuals must now take more personal responsibility for their retirement finances, even as life expectancies increase and personal savings rates remain low. (6/20/2011)
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The Street: High-Fee 403(b)s Are a Losing bet, by Greg Plechner. While a 403(b) plan can be an excellent way to save, it's important to play your cards right and take the time to review the specific investments offered in your plan to determine if it's the best option for your retirement savings. (4/22/2011)
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US News and World Report: The New Ideal Retirement Age, by Emily Brandon. A decade ago many people strived to retire young. Now most people are nudging back their retirement date and wondering if they will be able to retire at all. (4/26/2011)
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US News and World Report: Are Your 401(k) Savings Enough For Retirement?, by Roger Wohlner. For many Americans, their 401(k) plan is their primary vehicle for accumulating assets for retirement. But is that enough? (5/4/2011)
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MarketWatch: Savers’ impatience hinders retirement goals, by Robert Powell. In other words, people generally don’t much know, if anything, about money. And two, consumers — even when they are financially literate — sometimes can’t help themselves from making bad decisions. (2/7/2011)
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US News and World Report: 4 Retirement Pillars Have Serious Cracks, by Phillip Moeller. Something not-so-funny has happened to millions of Americans, including me, on the way to retirement. The rules have changed. (1/31/2011)
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