Military Officer - October 2008 - (Page 26) rapidfire Retirement Living A Retiree Savings ally, almost three in four of those surveyed know when a 55-year-old is able to collect full Social Security benefits, and two in three have a good understanding of how long term care expenses are covered. The study findings also point to a gender divide, with 65 percent of men versus 50 percent of women stating they are somewhat or very confident they will have enough money to live comfortably if they live to be 85 years old. Although more women tend to be concerned about financial security, the men surveyed answered more questions correctly and by a higher margin. The largest gaps exist with regard to average rates of inflation, with 31 percent of men correctly choosing 3 percent as the average annual rate of inflation over the past 60 years, while only 16 percent of women answered correctly. Complete results are available at www.mature marketinstitute.com. Family Matters Discover helpful resources for military spouses and children. For military families with autistic children, deployments and moves can be especially difficult. Many autism treatments are not covered by TRICARE, and not all states fund mental health services. That’s why Laurilee Etterbeek, a military national poll to gauge late-career workers’ knowledge of retirement income issues released by MetLife Mature Market Institute reveals that almost seven in 10 adults facing retirement over-estimate how much they can draw down from their savings — an alarming 43 percent say they think they can withdraw 10 percent or more each year while still preserving their principal, though most retirement experts suggest a withdrawal rate of no more than 4 percent annually. MetLife’s poll also reveals significant knowledge gaps exist regarding average life expectancy and other retirement income issues. Six in 10 Americans underestimate their life expectancy, and almost half underestimate the amount of preretirement income they’ll need once they retire. However, more than half of the respondents correctly understand that longevity risk is the greatest risk in retirement. Addition- spouse and mother of two autistic children, founded Heroes with Handicaps, a 501 (c)(3) nonprofit. With one in every 67 children suffering from this disorder, Heroes With Handicaps provides much-needed financial assistance for treatment of autistic children of active duty and retired military members — regardless of rank, duty station, or branch of service. For more information or to apply for assistance, visit www.heroeswith handicaps.org. 26 MILITARY OFFICER OCTOBER 2008 IMAGES: ABOVE, TIM COOK; TOP, COURTESY HEROES WITH HANDICAPS http://www.maturemarketinstitute.com http://www.maturemarketinstitute.com http://www.heroeswithhandicaps.org http://www.heroeswithhandicaps.org
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