Council on Aging Answers 2017 - 72

FINANCE & LEGAL

COUNCIL ON AGING - SOUTHERN CALIFORNIA

10 Ways To Prepare
For Retirement

Financial security in retirement doesn't just happen.
It takes planning, commitment and, significant savings. Putting money away for retirement is a habit we
can all live with. Remember...Saving Matters!
Start saving, keep saving, and stick to
your goals. If you are already saving, whether for retirement or another goal, keep going!
You know that saving is a rewarding habit. If you're
not saving, it's time to get started. Start small if you
have to and try to increase the amount you save each
month. The sooner you start saving, the more time
your money has to grow. Make saving for retirement
a priority. Devise a plan, stick to it, and set goals. Remember, it's never too early or too late to start saving.
Know your retirement needs. Retirement
is expensive. Experts estimate that you will
need at least 70 percent of your preretirement income - lower earners, 90 percent or more - to
maintain your standard of living when you stop working. Take charge of your financial future. The key to
a secure retirement is to plan ahead. Request Savings
Fitness: A Guide to Your Money and Your Financial
Future at www.dol.gov/ebsa/pdf/savingsfitness.pdf or
Taking the Mystery Out of Retirement Planning at
www.dol.gov/ebsa/pdf/nearretirement.pdf).

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Answers Guide 2017	

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Contribute to your employer's retirement savings plan. If your employer offers
a retirement savings plan, such as a 401(k)
plan, sign up and contribute all you can. Your taxes
will be lower, your company may match a portion of
your contribution, and automatic deductions make it
easy. Over time, compound interest and tax deferrals
make a big difference in the amount you will accumulate. Learn about your plan. For example, determine
how much you would need to contribute to get the full
employer contribution and the length needed to stay in
the plan to receive those funds.
Learn about your employer's pension
plan. If your employer has a traditional
pension plan, check to see if you are covered by the plan and understand how it works. Ask
for an individual benefit statement to see what your
benefit is worth. Before you change jobs, find out
what will happen to your pension benefit. Learn
what benefits you may have from a previous employer. Find out if you will be entitled to benefits from
your spouse's plan.
Consider basic investment principles.
How you save can be as important as how
much you save. Inflation and the type of

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http://www.dol.gov/ebsa/pdf/savingsfitness.pdf http://www.dol.gov/ebsa/pdf/nearretirement.pdf

Table of Contents for the Digital Edition of Council on Aging Answers 2017

Contents
Council on Aging Answers 2017 - Intro
Council on Aging Answers 2017 - Cover1
Council on Aging Answers 2017 - Cover2
Council on Aging Answers 2017 - 1
Council on Aging Answers 2017 - Contents
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