Monday, 17 April 2017
With the idea of retirement in a couple of years, my focus is on our finances in the form of paying off bills, but it is also on preparing for the economics of retirement. Specifically: How much retirement income can I expect? To get to the point where I can sit down with my retirement fund representatives, I need to take a class that is all about the requirements and benefits and so many other things. That is on the agenda over the next several weeks. I will do the one online rather than a group class as it fits my schedule better.
Unlike many people, I have good retirement available to me, but in my own lifetime, I have seen the benefits begin to decrease. I have fewer benefits than people who began before me, and those coming after have even less.
It is really important to know what lies ahead in the retirement world. How much income? What kind of health benefits? Medicare costs? Time lines? The fact is, retirement in the US is a costly and complex process, and for many, it means a drop into instant poverty.
With women still making less than men, it is especially important for women to look ahead, and to plan ahead. I had an auntie, born in 1903, who died at 90. She planned. When she died, she had $500,000.00 in the bank and a ton of stock in GE, where she had worked since the 1920s. This is a woman who did plan ahead, and she did well considering her education stopped at the end of the 8th grade.
So, that is my research over the next few months – finding out about my retirement plan, my social security, and when I need to enroll in Medicare, even if I won’t need it since I will be under Mr. 182’s insurance.
Planning ahead requires doing research, coming up with plans, and deciding what to do. Having alternate plans is also strategically important because everything is subject to change without notice!