Council on Aging Answers 2017 - 73

COUNCIL ON AGING - SOUTHERN CALIFORNIA

Put your savings in different types of
investments. By diversifying this way, you are
more likely to reduce risk and improve return.
Your investment mix may change over time
depending on a number of factors.

6.
7.

8.

your withdrawal will depend on inflation and the type
of IRA you choose. IRAs can provide an easy way to
save. You can set it up so that an amount is automatically deducted from your checking or savings account
and deposited in the IRA.
A new type of Roth IRA is called myRA, a retirement account created by the U.S. Department of the
Treasury to help you save for retirement if you don't
have access to a plan at work. For more information,
visit myRA.gov.

9.

Find out about your Social Security
benefits. Social Security pays benefits that
are on average equal to about 40 percent
of what you earned before retirement. You may be
able to estimate your benefit by using the retirement
estimator on the Social Security Administration's
Website. For more information, visit www.ssa.gov or
call 1-800-772-1213.

10.

Ask Questions. While these tips are
meant to point you in the right direction,
you'll need more information. Talk to
your employer, your bank, your union, or a financial
adviser. Ask questions and make sure you understand
the answers. Get practical advice and act now.
For additional information contact the Department
of Labor at www.dol.gov or call 1-866-444-3272.

Article Reprinted from the United States Department
of Labor www.dol.gov/ebsa/pdf/top10ways.pdf

Council On Aging-Southern California | 714-479-0107 | www.coasc.org	 Answers Guide 2017

73

FINANCE & LEGAL

investments you make play important roles in how
much you'll have saved at retirement. Know how
your savings or pension plan is invested. Learn about
your plan's investment options and ask questions.
Put your savings in different types of investments. By
diversifying this way, you are more likely to reduce
risk and improve return. Your investment mix may
change over time depending on a number of factors
such as your age, goals, and financial circumstances.
Financial security and knowledge go hand in hand.
Don't touch your retirement savings. If
you withdraw your retirement savings now,
you'll lose principal and interest and you
may lose tax benefits or have to pay withdrawal penalties. If you change jobs, leave your savings invested in
your current retirement plan, or roll them over to an
IRA or your new employer's plan.
Ask your employer to start a plan. If your
employer doesn't offer a retirement plan, suggest that it start one. There are a number of retirement saving plan options available. Your employer
may be able to set up a simplified plan that can help
both you and your employer.
Put money into an Individual Retirement Account. You can put up to $5,500 a
year into an Individual Retirement Account
(IRA); you can contribute even more if you are 50 or
older. You can also start with much less. IRAs also provide tax advantages.
When you open an IRA, you have two options - a
traditional IRA or a Roth IRA. The tax treatment of
your contributions and withdrawals will depend on
which option you select. Also, the after-tax value of


http://www.myRA.gov http://www.ssa.gov http://www.dol.gov http://www.dol.gov/ebsa/pdf/top10ways.pdf http://www.coasc.org

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

Contents
Council on Aging Answers 2017 - Intro
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