Planning For A Lifetime

It's not going to be your parents' retirement - rewarded at 65 with a gold watch, a guaranteed pension, and health insurance for life. For many Americans, retiring in this new century is a mystery. Earlier generations of workers could rely on employer-provided pensions, but now many workers will need to rely on their own work-related and personal savings plus Social Security benefits. These savings have to last longer because Americans are living longer, often into their eighties and nineties.

If you are one of those people who want to plan - and are about 10 to 15 years from the day you retire - this booklet is for you. Today's (and tomorrow's) retirees may well have a new kind of retirement. With a longer and healthier life span, bikes, boats, planes, and RVs may be part of your life, because you are more likely than previous generations to be an active older American.

Opportunities to take courses, start a new career, and become a volunteer can make your future an adventure. A longer life, however, will also mean more medical care, some of which will not be covered by the federal Medicare program.

The whole retirement scene has changed and many American workers find it a mystery. In fact, a 2007 survey by the Employee Benefit Research Institute (EBRI) suggests that only 43 percent of Americans have tried to calculate how much they need to save for retirement. In this booklet, each chapter will give you clues on how to take control of your finances so that when you retire, you have the time and money to do what you've always wanted. For some, it's simply being with friends and family. For others, it's starting a new hobby or craft. And for some it's starting a new life.

Whether you are 10 years from retirement or have a different timeframe - or even if you are retired - this booklet will help you to unravel the financial mysteries of life after work and to discover changes you can make for a financially secure future. ...

Visit Taking The Mystery Out Of Retirement Planning Download Page

You can read full publication online, or download the entire publication in PDF format.

This publication has been developed by the U.S. Department of Labor, Employment Benefits Security Administration, and its partners.

Timeline For Retirement
At age 50 – Begin making catch-up contributions, an extra amount that those over 50 can add, to 401(k) and other retirement accounts.
At 59½ – No more tax penalties on withdrawals from retirement accounts, but leaving money in means more time for it to grow.
At 62 – The minimum age to receive Social Security benefits, but delaying means a bigger monthly benefit.
At 65 – Eligible for Medicare.
At 66 – Eligible for full Social Security benefits if born between 1943 and 1954.
At 70½ – Start taking minimum withdrawals from most retirement accounts by this age; otherwise, you may be charged heavy tax penalties in the future.

Download Taking The Mystery Out Of Retirement Planning

PDF format, 1.8MB, 62Pages.

Table Of Contents

• Chapter 1 Tracking Down Today's Money
• Chapter 2 Tracking Down Future Money At Retirement & After
• Chapter 3 Tracking Down Future Expenses
• Chapter 4 Comparing Income And Expenses
• Chapter 5 Five Ways To Close The Gap
• Chapter 6 Making Your Money Last
• Chapter 7 Tracking Down Help For Retirement
• Resources

United States Secretary of Labor
The key to a comfortable retirement is planning well in advance. Yet a recent survey indicates that with the “Baby Boom” generation approaching retirement age, less than half of Americans have calculated how much they will need to save for retirement.

To help Americans prepare for retirement, the U.S. Department of Labor has developed this book: Taking the Mystery Out of Retirement Planning. The information contained here is valuable to everyone, but it is specifically designed to help those who are about a decade from retirement.

Americans are living longer, healthier, and more active lives than ever before. Ideally, retirement years are a time for pursuing other interests, travel, perhaps volunteering in the community or even starting a new career.

To ensure a financially secure retirement, it is critical to make the right choices years ahead. Start on the path to retirement security today so you can have the retirement you have dreamed of.

Sincerely,
Elaine L. Chao

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