Most people have a general idea of what it costs them to live, or at least they know whether or not they have anything left over after the bills are paid each month. The thing most people do not know is HOW they spend their money - how much they spend for such important items in everyday living as food, clothing, shelter, health, income tax, recreation, and transportation. (more…)
How much do you need? How much do you already have? How much time do you have to save? These are the questions that lead you to a successful retirement saving plan. A well-thought out and diligently followed plan leads you to your goal. This section walks you through the major steps in planning for your post-retirement financial needs. (more…)
To get you started, here is a hypothetical timing schedule. If you are 50 or older, you need to condense retirement planning steps into a shorter span of time. Either way, they can act as a guide. It is never too late to design a retirement strategy.
Early financial planning is best. (more…)
Retirement plans come in all shapes and sizes, but most plans fall into a few broad types. The following is a list of the major categories. I discuss the individual plans in detail later in the book.
A defined benefit plan is a retirement arrangement in which your employer guarantees the benefit. (more…)
The economic status of older adults in the United States today is greatly improved, and there is much diversity of circumstances among different elder populations. In 2004 inflation-adjusted dollars, the median income of elderly households had increased from $13,228 in 1960 to $24,509 in 2004. Since the mid-1950s, poverty, as measured in 2005 by the U.S. Census Bureau’s poverty thresholds, has decreased for all age groups but most noticeably for adults age 65 years and older. (more…)
How much money to retire do you need? How much do you already have? How much time do you have to save? These are the questions that lead you to a retirement saving plan. A well-thought out and diligently followed plan leads you to your goal. This section walks you through the major steps in planning for your post-retirement financial needs. (more…)
When you retire, are you going to have enough money to meet all your expenses and keep up with inflation? If you are like the vast majority of us, your answer will be a resounding, “NO”!
Statistically, 95% of people retire with too few financial resources. (more…)
Retirement and retirement income systems are relatively new and evolving institutions. Paradoxically, industrialization created both the need and the opportunity for the nation’s “old-age retirement income support system.” Improvements in nutrition, sanitation, and public health led to more people reaching old age and living longer once they were there. (more…)
To qualify for Social Security benefits, you must have worked a certain number of years. Your eligibility is measured in credits. If you were born after 1929, you must accumulate forty credits or work for ten years to qualify. You earn one credit for each quarter of the year you work.
You can begin to receive benefits as early as age 62, (more…)
Some early retirement survey focused almost exclusively on men when making retirement decision. Until recently, woman may have some decisiveness which affected retirement decision for her and her husband. Recognition of the difference point of view add some complexity on making retirement decision. Off course, the retirement decision is varied beyond gender and economic issues. Substantial differences in health condition, employment market, family finance situation, and care giving responsibility can lead to the differences timing of retirement. (more…)