Skip to main content

Assessing Your Retirement Resources

 
How resourceful can you be during your retirement? Determining where your retirement money will come from is an integral part of planning for retirement. Most people draw on three main sources of income: Social Security, employer-sponsored plans, and personal retirement savings. Each offers important resources that can help you fund the lifestyle you seek in retirement.
Social Security
Social Security offers a retirement benefit to workers and their spouses. You can start receiving benefits as early as age 62 (considered early retirement) or wait until you reach the full retirement age of 65 to 67 (depending upon your year of birth). The benefits you receive are based on the income you have earned over the course of your life, subject to a maximum amount. You can calculate how much you can expect to receive by visiting the Social Security Administration (SSA) website at www.ssa.gov.
Social Security benefits will most likely fall short of meeting all of your retirement needs. The maximum benefit for a person who retires in 2016 at full retirement age is $2,639 per month; the benefit for a nonworking spouse is considerably less. For most people, Social Security provides only a base level of income. Therefore, you may require a retirement plan that includes additional sources of income.

Comments

Popular posts from this blog

Online Recruitment Strategies for Business Owners

Many growing businesses face the ongoing challenge of recruiting qualified employees for open positions. When it comes to identifying and screening potential workers, business owners typically rely on strategies ranging from tapping informal networks or outsourcing their company's hiring needs to a staffing agency. The Internet has also become an integral part of recruitment. The Internet offers efficiency because it reaches a wide audience and is popular with many job seekers who sign up for daily e-mail job alerts from recruitment websites. Electronic job postings generally allow employers to post detailed job descriptions for long periods of time. In an online ad, you may also be permitted to include a link to your company website, where you can post more in-depth information about the position and your organization. While posting jobs online is only one of several recruitment channels available, you may find that posting on job boards and emailing targeted candidates is faster…

How Employers Can Curb a ‘Hidden Workplace Epidemic,’ Save Money and Boost Productivity

Every day, 60 people die from opioid pain medications in America. That’s 22,000 people every year. Opioids are being overprescribed and they’re now the #1 cause of unintentional death in the United States. Not surprisingly, this “hidden epidemic” is impacting businesses. The National Safety Council has recommendations on what employers need to do.Read on for details.

Unmarried Couples: Treading the

For a variety of reasons, many couples, regardless of age, may find themselves living together for a period of time as unmarried partners. If you find yourself in this situation, it's important to make conscious decisions about how to handle personal and household finances because unmarried partners lack many protections the law extends to married couples. If you and your partner pool your financial resources, there are no divorce courts, laws, or uniform legal guidelines to separate your combined assets if your relationship ends. So before wading into this uncharted territory, it's worth taking a moment to consider the following questions: If you and your partner merge your finances, will this be limited to household expenses, or will you share income, as well? Howwill you share household bills—equally or according to each partner's income or use?Will you hold joint checking and credit card accounts?How will you handle retirement planning for the long term? Treading Tricky…