As Halloween hovers on the horizon, the most frightening prospect for some adults has nothing to do with ghosts or goblins. Rather, it’s their scary lack of preparation when it comes to retirement planning.
We suggest a new activity: fleshing out your financial skeleton. Here are the rules.
Know what lurks behind the closet door. Or in your file cabinet, as the case may be. Take a look at your Social Security statement, which comes in the mail every year about two to three months before your birthday, if you are at least 25 years old and not yet receiving benefits or Medicare. The statement provides an estimate of your retirement benefit based on the yearly earnings reported to Social Security. You also can get an immediate and personalized benefit estimate online by using the Retirement Estimator: www.socialsecurity.gov/estimator.
Add ingredients to your cauldron. Social Security was never intended to be your only source of income when you retire. You also will need other savings, investments, pensions or retirement accounts to make sure you have enough money to live comfortably. According to financial experts, you will need at least 70 percent of your annual working income when you retire to enjoy a comfortable lifestyle. For the average worker, Social Security provides about 40 percent of it. You have a 30 percent gap to fill, so start throwing spare change in the retirement cauldron now.
Keep an eye out. In addition to checking Your Social Security Statement each year, watch your 401k and IRA account balances grow through compound interest. Try to continue contributing to your accounts every month.
Follow these rules and watch your financial skeleton pack on the pounds. When retirement rolls around, your fleshed-out retirement plan can keep the financial hobgoblins away and set you up for a comfortable retirement. And when you’re ready to retire, it’s so easy to do it online at www.socialsecurity.gov.
Start now and there’ll be no reason to fear retirement.
Seniors
Social Security: Flesh out your financial skeleton
- Seniors
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New definition places more seniors in poverty category
A Terre Haute woman in her mid-80s is a very good example of why a new Census Bureau measure reveals more seniors living in poverty.
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Wabash Senior Center planning trips for all ages
Have you ever been to Europe? How about the Canadian Rockies? The Wabash Senior Center has reserved two very special trips for people of all ages. The first trip that the Senior Center has scheduled is Dec. 9-17 to “Europe’s Christmas Markets.”
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Senior apartments complex opening this month
Dozens of Terre Haute-area seniors are lining up for the newly constructed Park Place apartments on the city’s south side.
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Social Security: Beat the holiday rush: Go online
Another Christmas has come and gone, yet if you are like me there is still much you need to do during the holiday season. Probably the last thing on your list is spending precious time at a Social Security office, waiting to conduct business, especially if you don’t need to.
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Protect yourself from Social Security number fraud
If you’ve been following the news over the past week, you may have noticed reports about Social Security number fraud, specifically that there is a 1 in 7 chance that someone else may have used your number.
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Dine with a Doc Tuesday, Wednesday
Senior Education Ministries, Inc. has scheduled Dine with a Doc on Tuesday and Wednesday.
- Senior Menu: Nov. 29-Dec. 3
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Social Security: Open season for Medicare program
When you think of November, you may imagine such things as turkey dinners, family gatherings, or the start of the holiday shopping season.
But newly entitled and current Medicare beneficiaries who are considering changes to their Medicare Part D Prescription Drug plan might think of November as the time for thinking about Medicare. -
Social Security offers many benefits, wealth of info for veterans
On this Thursday we honor our nation’s veterans for their service to America.
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‘60 Plus’ group, conservative alternative to AARP, seeking to expand in Indiana
The chairman of a senior advocacy group hopes to tap into a concern over national health care to gain new members in Indiana.
James L. Martin said he started The 60 Plus Association in 1992 “as a competitor with the AARP [American Association of Retired Persons]. We are for limited government and are more right of center philosophically. The AARP is a more liberal philosophy. They sell a lot of products, we don’t. We’re hawking limited government and less taxes.” -
Planning to move? Don’t forget to contact Social Security
Moving can be hectic. Some studies show that relocating is one of the greatest stresses we face in our lives. Whether you are moving nearby or across the country, don’t forget Social Security if you are a beneficiary.
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Agency hoping for Foundation grant
Terre Haute resident Mary Baker owns an automobile, but says she can’t drive it to Indianapolis to seek medical attention.
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Groups need senior transportation info
There is a need in Vigo and surrounding counties for transportation services for medical purposes to Indianapolis, and there is a need for door-to-door evening transportation for seniors.
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Dine with a Doc at Senior Center
Senior Education Ministries, Inc. has scheduled Dine with a Doc from 11 a.m. to 1 p.m. Wednesday at the Wabash Senior Citizen’s Center at 300 S. 5th St. in Terre Haute.
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Social Security: Ensure retirement, disability, survivors protection for farm workers
If you’re a farm worker, it’s likely that you’re busy right now.
The spring planting season has ended, but the farm work has only begun. - Senior Menu: June 24, 2010
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Parkinson’s support group meeting Friday at Westminster Village
The Parkinson’s support group will meet Friday at Westminster Village, 1120 E. Davis Drive, Terre Haute.
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SOCIAL SECURITY: People agree, applying for Medicare online is quick, easy
We’ve been telling people how quick and easy it is to apply for Medicare benefits online – even if you’re not ready to apply for retirement benefits.
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SOCIAL SECURITY: SS helps survivors of fallen service members
Families of fallen military service members bear significant burdens from the loss of their loved one. Lives are changed forever. Aside from the emotional devastation, the financial hardships placed on such families can be difficult. Often, if a death occurs, a two-income household must make do with one income.
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SOCIAL SECURITY: Attention students: Are you ready for your summer jobs?
Summer is right around the corner. Now is the time to plan for that summer job you really want.
Whether you find the perfect outdoor job at a summer camp or the local golf course, or you get to practice your people skills in retail, fast food or an amusement park, one thing’s for sure: Nothing’s better than having fun this summer while earning a few extra dollars. -
SOCIAL SECURITY: New 'twist' in law may help your mom
Mom has always been there to nurture and take care of you. Mother’s Day is the perfect time to give back and look out for her. If she’s having a hard time paying for her prescription drugs, tell her about the Medicare Prescription Drug Plan and the extra help available through Social Security.
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SOCIAL SECURITY: Call SS toll-free anytime
Telephones certainly have made our lives easier. Have you ever thought about what your life would be like without your cell phone? Now imagine life without telephones at all.
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SOCIAL SECURITY: Here's to a green planet in retirement
Social Security has been practicing environmental stewardship since long before “going green” was a fashionable catch-phrase.
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SOCIAL SECURITY: Ticket to Work offers free support services
Millions of disabled and blind Americans receive monthly Social Security or Supplemental Security Income payments. Some receive both. Most also have help in paying medical bills from Medicare or Medicaid.
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SOCIAL SECURITY: Most convenient SS office is online
You probably don’t need anyone to tell you that times are tough for many people right now. The past year has seen a recession-driven increase in applications for Social Security retirement and disability benefit applications. These increases translate into busier offices and telephone lines.
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Social Security has rich history full of facts
When you think of Social Security, you probably think about a monthly payment for retired and disabled workers. But Social Security has a rich history full of interesting facts.
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SOCIAL SECURITY: SS shares March reminders
Time goes by so quickly, it can be easy to forget important deadlines and even easier to let critical items fall to the nether regions of your to-do list. Whether you get to everything or not, time marches on — so we’d like to share some March reminders with you.
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SOCIAL SECURITY: SS launches Open Government page
In support of President Barack Obama’s Transparency and Open Government initiative, Social Security has launched a new Open Government Web page.
- Social Security: Been thinking about Medicare Part B? If you are covered under Medicare Part A but originally opted not to apply for Medicare Part B, now’s your opportunity to enroll in Part B. The general enrollment period runs from Jan. 1 through March 31.
- Social Security showcases history in 75th year What you may not have realized when you rang in 2010 was that you also were ringing in the 75th anniversary of Social Security.
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