How big is your
Planning for a comfortable retirement.
One in five Americans will have saved nothing this
year, yet 31 percent plan to retire by the age of 55,
according to a recent NBC poll. If you havent yet
retired, your income situation is probably pretty simple:
you keep working and your paychecks keep coming. With
retirement all of that changes.
It's never too early or too late to start the
important planning that must be done. Whether retirement
is years away or just around the corner, you need to look
at your overall current plans.
Here are some steps to get you started:
Evaluate all sources of income. Some
possibilities are your companys or
schools pension plan, IRA, 401K or other
Determine how long you can expect to receive
income from each source. Will any of your sources
Will the amount you receive be fixed (like most
private pensions), increase with the cost of
living (like Social Security), or fluctuate (like
stock dividends)? To help you estimate what your
Social Security benefit might be when you retire,
you can request a Personal Earnings and Benefit
Estimate Statement at www.ssa.gov.
If you find your retirement income isnt equaling
about 75% of your pre-retirement takehome pay, youd
be wise to start saving more. A credit union
representative would be happy to tell you about our IRA
programs that allow you to save tax-free.