It’s sad but true: Some people spend more time servicing their car or researching best buys for a flat screen TV than they do planning for retirement.
Putting off retirement planning makes as much sense as skipping a gas station when your fuel gauge registers empty and your bladder just the opposite. Do it now! Some things don’t get better with time.
So how do you plan for retirement? What is the right age to start thinking, seriously, about it? According to John Elliott, benefits expert with the National Institute of Transition Planning, early is much better than late.
The old Civil Service Retirement System is pretty much automatic pilot. So why worry? You’ll get what you get, right? Not necessarily.
The newer FERS retirement program is even trickier. FERS includes Social Security, which is transferable to another job. So is the Thrift Savings Plan. But what about the FERS benefit itself? Some workers don’t even know there is one. Others don’t understand how its computed or what it’s worth.
Elliott is going to be our guest on today’s Your Turn radio show at 10 a.m. Among other things, he’ll talk about retirement prep, which includes getting retirement (CSRS/FERS, TSP and Social Security) estimates. How much are you likely to get from each source, and how do you find out?
He’ll also discuss how much life insurance will you need, or should you provide a survivor annuity? Or both. Will you need (want) Medicare when you turn 65. Think about spending 24/7 with your spouse or significant other for the next 20 to 30 years. When can you afford to retire?
Listen if you can (1500 AM or online), and if you have questions email them to me at firstname.lastname@example.org or call in during the show at (202) 465-3080. The show will be archived here.
A little advanced planning now could make your golden years 24-carat time.
A common 1800s beauty practice involved people eating small granules of arsenic to create a “blooming complexion” and a nice, plump appearance. Today, we recognize those as signs of arsenic poisoning!
(Source: Mental Floss)
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