According to the Retirement Confidence Survey, only 66% of workers have saved money for retirement.\u00a0 These numbers go down significantly for workers who make less than $35,000\/year (24%).\u00a0 A number of people live for today and handle tomorrow when it gets here.\u00a0 However, these are the same individuals who do not have enough money to pay for both medical and housing expenses.\u00a0 Are you depending on Social Security to help you with tomorrow?\u00a0 What happens if social security changes the way it provides funds in the future?\u00a0 Could this change reduce the amount of money you will need to live on tomorrow?\u00a0 Let\u2019s say that Social Security does not change and you will receive the same amount that a retiree is getting today, is that enough to live on?\u00a0 Why don\u2019t you go ask a couple of our seniors who are currently living on Social Security alone and find out how comfortable they are living?<\/p>\n
Saving for retirement is a good first step but you have to do more.\u00a0 You have to determine how much money you will need to save before you can retire. More than 50% of workers, according to the Retirement Confidence Survey, do not know how much money they will need to have to retire.\u00a0 It is equally important to know if you are on the right track with your retirement goals.\u00a0 How will you pay for medical expenses?\u00a0 How will you pay for housing and food expenses?\u00a0 Do you want to travel or visit your potential grandchildren?\u00a0 Do you want to spend time playing golf, tennis or bingo?\u00a0 Do you want to volunteer or work part time?\u00a0 There are so many decisions that have to be made and while you can\u2019t foresee the future you can definitely plan for it.<\/p>\n
There are numerous calculators on the Internet that can help you make a determination on how much money is needed for retirement.\u00a0 One such calculator is from CNN Money http:\/\/cgi.money.cnn.com\/tools\/retirementneed\/retirementneed_plain.html<\/a> and AARP also has a good retirement calculator http:\/\/www.aarp.org\/work\/retirement-planning\/retirement_calculator\/<\/a><\/p>\n For more information on retirement and other money management questions, feel free to come to the Money $ense classes where we speak about the above issues as well as how to build and\/or fix credit, how to get a free credit report, how to create a spending plan and what are the advantages of using a financial institution.\u00a0 The class schedule is located at http:\/\/www.goodwillcfl.org\/services.php<\/a>.\u00a0 Go to the bottom of the page for financial programs and select Money $ense class schedule.<\/p>\n Are you working for income or wealth?\u00a0 Why don\u2019t you use the income you are making to achieve the wealth you want?\u00a0 How do you accomplish this goal, come to the Money $ense class to find out.<\/p>\n Employee Benefit Research Institute. (2013). Preparing for Retirement in America.\u00a0 2013 RCS Fact Sheet #3.\u00a0 Retrieved from http:\/\/www.ebri.org\/files\/Final-FS.RCS-13.FS_3.Saving.FINAL.pdf<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"