RLF Enrollment - Web Book - Ready - Flipbook - Page 13
1.
RETIREMENT: AN OLD CONCEPT
WITH A NEW FLAIR
Retirement isn’t what it used to be. In the past, retirement was
more about entering the final stage of life than about planning
for its next chapter. In the 21st century, retirement can mean a
new career or business, part-time work, volunteerism,
education, or travel.
How Much Can You
Expect From Social
Security?
Longer Life, Higher Costs
You can find out your
estimated benefit by visiting
the Social Security
Administration (SSA) website
at www.ssa.gov and clicking
on the “Estimate your
retirement benefits” link. The
information is based on data
received by the SSA from
your current and previous
employers.
Thanks to medical advances, better nutrition, and increased
awareness of health-related issues, people are living longer
than ever. That means retirement is lasting longer than ever
— but it is also more expensive. Costs don’t decline across the
board when you retire. They change. Clothing and commuting
costs may go down, but your medical costs will probably rise.
For example, you may decide to supplement Medicare with
additional health insurance, which is costly for retirees. And
don’t forget about inflation, which can significantly influence a
retiree’s cash flow through the years.
Prepare Yourself
If you find an error, call the
SSAat 1-800-772-1213.
Be realistic about your plans for retirement. Are you financially
on track? In 2022, the average benefit retired workers received
from Social Security was $1,542 a month. The bottom line is
that it’s up to you to accumulate enough money to help ensure
an adequate retirement income.
Planning Pointers
More than ever before, getting ready for the retirement of
tomorrow depends on careful planning today. This guide is
designed to help you put a plan into action. It will help you
develop and refine a long-term strategy using one of the best
tools available — your retirement savings plan.
0
10
20
30
40
Source: Fast Facts & Figures About Social Security, 2013.
Based on aggregate data for retiree income, 2011. Due to
rounding, total may equal more or less than 100%.
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