Social Security is a financial foundation
- Social Security helps replace earnings during retirement.
Financial planners generally agree retirees will need about 70-80 percent
of preretirement earnings to enjoy a comfortable retirement. For an
average worker, Social Security replaces about 40 percent of annual
preretirement earnings.
But you also should save and invest
- Since Social Security will only replace part of your
lost earnings, your savings and investments play an important role
in ensuring adequate income for you and your family.
So start saving today
- The sooner you start, the more time you will have to
save for retirement.
|
- Even setting aside a small portion of each paycheck will
pay off in big dollars later: just $25 a week invested at 5 percent interest
for 40 years will grow to about $165,000.
- Any amount you can save, even as little as $5 a week,
will add up over time.
- The easiest way to save is through your job. Ask your
employer if you can participate in a retirement savings plan at work.
Your employer might even match your contributions to the plan.
- If your employer does not offer a savings plan, check
with a bank or other financial institution for ways to save and invest
on your own.
To help determine how much you should save for retirement, go to www.choosetosave.org and
click on the Ballpark E$timate link. You can use the retirement benefit
information from page 2 of your Statement when using this online
calculator. |
Other
websites for mor information
Visit these websites
www.mymoney.gov
This site contains information on getting credit, paying for
education, buying a home, creating a budget and starting a small
business.
www.federalreserve.gov
In the Personal Finance section under Consumer Information, you can
find worksheets that will help you establish goals, create a budget
and find tips on how to stick to a budget.
www.sec.gov/investor/
oiea_podcasts.htm
The Securities and Exchange Commission offers podcasts that cover a
broad range of savings and investing topics.
http://www.ncua.gov/NewsPublications/
Publications/index.aspx
At the National Credit Union Administration site, you can learn how
to create an emergency financial first aid kit to help you maintain
financial stability in an emergency and serve as a reference file for
all of your financial documents.
www.usda.gov/personalfinance
This site provides information on personal finance through lessons,
frequently asked questions and an ask-an-expert feature.
www.socialsecurity.gov |
|
www.socialsecurity.gov
