6: Get Yourself A Spicy Retirement
Updated: Aug 23, 2022
Get organized: Collect every retirement statement from all of your jobs (old and new) as well as any pensions you might have - especially if you worked as a teacher or held a municipal job. If you moved at all during your years of employment, the businesses may have lost your address so follow up to collect what you are due: https://www.pbgc.gov/search-all and find old plans that went bankrupt.
Saving for retirement is a must: Putting some money away today means securing your future. Avoid having to rely on your kids for financial support, needing to get a part-time job to make ends meet, having to downsize your life, being unable to cover future medical costs, or have to rent out a part of your home.
Social security is not your retirement plan. The amount the government provides isn’t going to be enough to support most of us. The maximum is $3,148/month which is about 30% of what most people require. Check out ssa.gov for your updated benefits.
Run a calculator for retirement savings. A sobering but excellent exercise. It’s just as of today and can motivate you to save more or think about retirement differently. For example, if you want to live on $50,000/year and retire at age 65, it’ll tell you how much to save now!
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