Latest News
WINN: Retirement planning for the younger worker
Related Photos
-
Polly Winn
Tools
Financial Planning is not just for people nearing retirement. In fact, it’s a good idea to begin planning for a comfortable and secure retirement when you’re young.
That’s why Social Security has a new financial planning tool especially for the 25 to 35 crowd. It’s a special mailer with information about Social Security, savings, and other items of interest to young workers. If you’re between the ages of 25 and 35 and you work and pay Social Security taxes, you’ll get this automatically with your next Social Security Statement.
Social Security is the foundation for a secure retirement, but was never intended to be your only source of income when you retire. While Social Security replaces about 40 percent of the average worker’s pre-retirement earnings, most financial advisors say that you will need 70 percent or more of pre-retirement earnings to live comfortably. Even with a pension, you will still need to save. If you will not have a private pension, you will need to save more — and start saving sooner. Today’s young workers can expect to spend 20, 30 or even more years in retirement, so saving is critical.
Want to start planning your future? There are some easy ways to do so. Take a look at Your Social Security Statement, which you’ll receive in the mail about two to three months before your birthday, as well as the helpful two-page insert tailored specifically to workers ages 25 to 35.
Pay close attention to the information provided, including tips on saving, getting your employer to help with matching contributions to retirement plans, and how much of a difference beginning to save early can make. There’s even a graph showing the significant difference saving over time can make, even if it’s just $25 or $50 a week.
The insert also includes helpful links to outside websites that can help you. For example, you can go to www.mymoney.gov for information on getting credit, paying for education, buying a home, creating a budget, starting a business as well as financial calculators and planning tools. Or, visit www.federalreserve.gov for a worksheet that will help you establish a budget to meet your financial goals. These and other financial links on the insert will help you become the master of your own financial future.
Don’t forget that Social Security coverage is not just for retirement, but also for disability and survivors benefits in the event that you are unable to work, or you leave behind a family that depends on your income when you die. Read more about retirement, disability and survivors benefits at www.socialsecurity.gov.
—————
Polly Winn is district manager of the Corsicana Social Security office.
Click here to Soundoff on this story.
- Latest News
-
-
Wintry weather ahead for Texas
Freezing temperatures are expected starting Tuesday and continuing through Friday as two wintery fronts blow through north and central Texas, according to the National Weather Service.
-
Students participate in UIL debate contest
On Jan. 28, students from Kerens High School, Mildred High School and Rice High School competed in UIL District 14-2A cross-examination debate
-
Preserving history
Following the Navarro County Commissioner’s Court meeting, an informal meeting was conducted between the Corsicana Preservation Foundation,
-
Court goes to the crime
Saturday’s raid on an illegal cock-fighting ring in western Navarro County meant nearly instant justice, and Justice of the Peace Kirby Hill was the judge on call.
-
Exploring the opportunities
Carlton Williamson wandered between the decorated aisles picking up brochures from the University of Houston, University of Texas
-
Wreck snarls traffic
Firefighters and trucking company personnel await a wrecker for an 18-wheeler involved in an accident Monday night
-
Commissioners OK backhoe bid
The Navarro County Commissioners Court approved buying a new backhoe for Precinct 3, and approved a bid price list change for road materials when the group met in regular session Monday morning.
-
CISD to hold special called meeting
The board of trustees of the Corsicana Independent School District will hold a special called meeting for discussion with TASB consultants
-
Local Beat 2/9/10
A list of meetings and events throughout Navarro County
-
Entertainment Beat 2/9/10
A list of entertainment events throughout Navarro County
- More Latest News Headlines
-
Wintry weather ahead for Texas
