Even if you just started working, now is the time to start preparing for retirement. Achieving the dream of a secure, comfortable retirement is much easier with a strong financial plan.
Tip 1: Start Early
Social security Administration’s retirement planning resources are helpful to you at any stage of your career. Their calculators, Benefit Eligibility Screening Tool, and disability resources are all available on our benefit planners website.
Tip 2: Be Informed
What’s the best age to start receiving retirement benefits? The answer is that there’s no single “best age” for everyone and, ultimately, it’s your choice. The most important thing is to make an informed decision, based on your individual and family circumstances.
Tip 3: Estimate the Benefits You Might Get
Knowing the amount of money you could get is pivotal in planning your finances. With the Retirement Estimator, you can plug in some basic information to get an instant, personalized estimate of your future benefits. Try out different scenarios, such as higher or lower future earnings amounts and various retirement dates to see the various potential effects on your future benefit amounts.
For more information, click here.
Teaching Suggestions
- Ask students to prepare a list of several retirement planning sources available from various governmental and private organizations.
- What actions you can take to prepare for retirement right now? Share your list with colleagues, friends, and relatives.
Discussion Questions
- Why is it important to start planning for retirement as early as possible?
- Why should you save now for retirement? Isn’t Social Security enough during retirement years?
- What are some ways to invest to reach your retirement goals and never outlive your savings?
Melissa Hart
Focus on Personal Finance, 7e 