1.RETIREMENT: AN OLD CONCEPTWITH A NEW FLAIRRetirement isn’t what it used to be. In the past, retirement wasmore about entering the final stage of life than about planningfor its next chapter. In the 21st century, retirement can mean anew career or business, part-time work, volunteerism,education, or travel.How Much Can YouExpect From SocialSecurity?Longer Life, Higher CostsYou can find out yourestimated benefit by visitingthe Social SecurityAdministration (SSA) websiteat www.ssa.gov and clickingon the “Estimate yourretirement benefits” link. Theinformation is based on datareceived by the SSA fromyour current and previousemployers.Thanks to medical advances, better nutrition, and increasedawareness of health-related issues, people are living longerthan ever. That means retirement is lasting longer than ever— but it is also more expensive. Costs don’t decline across theboard when you retire. They change. Clothing and commutingcosts may go down, but your medical costs will probably rise.For example, you may decide to supplement Medicare withadditional health insurance, which is costly for retirees. Anddon’t forget about inflation, which can significantly influence aretiree’s cash flow through the years.Prepare YourselfIf you find an error, call theSSAat 1-800-772-1213.Be realistic about your plans for retirement. Are you financiallyon track? In 2022, the average benefit retired workers receivedfrom Social Security was $1,542 a month. The bottom line isthat it’s up to you to accumulate enough money to help ensurean adequate retirement income.Planning PointersMore than ever before, getting ready for the retirement oftomorrow depends on careful planning today. This guide isdesigned to help you put a plan into action. It will help youdevelop and refine a long-term strategy using one of the besttools available — your retirement savings plan.010203040Source: Fast Facts & Figures About Social Security, 2013.Based on aggregate data for retiree income, 2011. Due torounding, total may equal more or less than 100%.Page 12
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