Preparing for Retirement

Couple looking at documents together

Getting ready for retirement is a long road of financial choices and hurdles. But every little piece of information can help prepare you to take that final step in your career.

Click here for resources to help you start planning for your future.

 

Ask Questions about Your Investments

No matter where you’re investing your money, in a 401K, IRA, etc., you have the right to ask your investing company or financial advisor questions. You can search online for suggestions from the U.S. Securities and Exchange Commission.

  • Does this investment match my investment goals?
  • What are the total fees to purchase, maintain and sell this investment?
  • How often do I get statements and can you explain them to me?
  • How do you (financial advisor) get paid? By commission? By the amount of assets you manage? By another method?

Remember this is your money, so don’t be shy about asking specific questions or letting them know if you don’t understand something. Investing is complex and can be difficult to keep up with. Ask questions, look over documentation carefully, and if something doesn’t make sense, inquire about it.

 

The Challenge of Student Loan Debt

Are student loans a worry for you as you face retirement? You’re not the only one! From 2005 to 2015, the number of consumers age 60 and older with outstanding student loan debt quadrupled, according to the Consumer Financial Protection Bureau.

This is a growing problem for families as 73 percent of student loan borrowers, 60 and older, say their debt is over a child’s or grandchild’s education, not their own.

It’s important to talk over the issues co-signing on loans can have on your future with those you’re co-signing for. Some consumers have reported their federal benefits have been threatened because of loans their child or grandchild is struggling to pay.

 

Understanding Social Security Payments

Are you looking for help on calculating your retirement benefits? It’s always best to talk with a financial advisor as you begin making decisions over your retirement plan. But, consumerfinance.gov does help you start crunching the numbers.

You can figure up a rough estimate of the payments you may receive from social security by using this tool (3rd party link to consumerfinance.gov). You’ll fill in your date of birth, and your highest annual work income. Then, you can see how that number changes the longer you stay in the workforce. You will also learn a few things about what impacts the amount you’re given monthly.

NOTE: This is not connected to your social security number or work history, so it is strictly an estimate. For a more accurate amount, you’ll need to contact the U.S. Social Security Administration.

You can continue to prosper, even in your retirement years! Check out more ways to make smart financial choices