Taking The Mystery Out Of Retirement Planning (2006)
by: U.S. Department of Labor Contributors
en | U.S. Department of Labor
R20090316B
Taking The Mystery Out Of Retirement Planning (2006)
Publisher: U.S. Department of Labor
Publication Date: 2006
Pages: 68
Time on Your Side
Getting started today will help you put time on your side. To help, Taking the Mystery Out of Retirement Planning offers a simplified, bottom-line approach to figuring out just how much you may need when you retire. The worksheets in this booklet will provide a guesstimate. Regard them as a starting point. Each chapter in this booklet asks you to chart a different part of your financial life – your savings and your expenses – and helps you project future costs and savings well into your retirement years. Of course, no one has a crystal ball, and life has a way of throwing changes our way. But getting time on your side now, before you retire, means you will not be awake at 3 a.m. worrying about, instead of planning for, the future
This booklet uses three time periods in charting your retirement savings. The starting point is today, when you are about 56 years old and plan to work approximately 10 years more. This is a good time to take stock of where you are in terms of retirement savings and set financial goals you would like to achieve in the 10-year period you plan to work.
The second point in time is the day you retire, when you are about 65 to 66 years old. That period between now and then is an important one. In those (approximately 10) years, you will have time to put more of your paycheck to work in a retirement account. It will grow, not only from your additional savings, but also from the “miracle of compounding,” the world’s greatest math discovery, according to everyone’s favorite genius, Albert Einstein. This is the result of earnings from interest and from investments continually increasing the base amount.
Finally, the third time period used in this booklet is the approximately 30-year span you hope to enjoy retirement. It is the time period experts suggest you plan for, based on the average 65-year old American male living 17 more years and the average 65-year old female living 20 more years. These are only averages, so planning for 30 years will help you avoid outliving your income. As you read through this booklet, keep an eye on the Timeline for Retirement that follows. Some of the terms, like "catch-up" retirement contributions beginning at age 50, may be new to you. The timeline offers some milestone opportunities to make changes so you can have the kind of retirement you want. The time to start is today.
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
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