Newsletter
Money in Your 30’s
It's not too late to start saving
If you didn't start planning for your retirement the first day you got
your first job than congratulations, you are in the majority.
It's time to start seriously considering your options. If you have been
saving for retirement than it is a good time to assess where you stand.
More than likely there have been some life changes for you in the past
ten years.
If you are in good shape for retirement, than how about some help for
your kid's education. Haven't thought about it? Well you have a few years
left and at the rate tuition is rising you might want to look in to it.
If you are lucky, you are 20-30 years away from retirement and even though
it may seem like awhile, it can sneak up on you. You are robbing yourself
of potential earnings the longer you wait to save.
If you have not yet considered a retirement plan than you should definitely
speak with someone to get one set up. There are many options to choose
from. 401(k)'s, IRA's, CD's, or even mutual funds can help to ensure that
you can have an enjoyable retirement. For more details on these programs
you can refer back to previous issues of the Pioneer Pilot.
It is a good idea to check with the Social Security Administration to
see where your benefits stand. They will provide you with a free estimate
of your anticipated retirement benefits. They will use your employment
history and income to determine what you can expect upon retirement at
this time. It is a good way to find out how much more you will need to
live comfortable in the future. It is a good idea to not plan on just
living off of Social Security due to its uncertainties and constant reforming.
You may want to start putting more away for retirement. Depending on your
situation it may pay to take a look at your budget to find ways to be
able to increase what you are contributing. If you are in or just starting
a 401(k), you will want to research how you want your money to be used.
You may want to look at more conservative investing since you don't have
as big of a window as you would if you had started sooner.
Some of you may have a lock on your retirement and don't have to worry
about your golden years. However if you have children, you may want to
consider what you can provide for their future education. It's no secret
that the cost of college rapidly increases each year. Even if you don't
plan on fully funding their education you can put a little away each month
to make sure that they have some support.
It is hard to predict what the economy will be like when they are ready
to enter the job market, but if it is anything like it is now it may be
difficult to pay back student loans right away. There are many recent
college grads who are overwhelmed with college debt that could have been
avoided with smart planning many years prior to their education.
Resources:
Social Security Administration -
WEB: www.socialsecurity.gov
PHONE: 1-800-772-1213, (M-F 7am - 7pm)
MAIL: Social Security Administration
Office of Public Inquires
Windsor Park Building
6401 Security Blvd.
Baltimore, MD 21235
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