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.
Here are some useful websites to help you plan for your retirement.
Federal Citizen Information Center provides government and private resources to transition from the workforce to retirement planning
Michigan Office of Retirement Services gives an in-depth look at the state employee's retirement system. It also includes advice on how to invest and maintain lifestyle.
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.
Social Security Retirement Income Suite provides detailed info about social security benefits under current law. The retirement calculator tests different ages and estimates retirement benefits.
Administration on Aging provides retirement and aging info to elders and their families and resources for professionals.
My Money gives financial strategies on retirement planning, paying for education, home ownership and credit maintenance.
http://www.fpanet.org-You can ask a certified financial planner a question online for free.
http://www.wiserwomen.org/-Women's Institute For A Secured Retirement discusses the issues women face in retirement, how to plan for a better retirement, and how to avoid retirement risks.