Thursday, April 17, 2014
Do you need information to plan your retirement? The federal government has many resources that can help. First, there is the Retirement Toolkit from the the Department of Labor, the Social Security Administration and the Centers for Medicare & Medicaid Services. This toolkit has links to information about 401Ks, social security, and Medicare.
The United States Department of Labor also has created a publication called "Taking the Mystery Out of Retirement". This publication provides a lot of good information, such as "Almost 20% of retiree income will be spent on healthcare". This publication also states that after age 50, you can begin making catch-up contributions to 401(k) and other retirement accounts.
In addition, the Social Security website has a Retirement Estimator, so that you can get a good idea of what your Social Security benefits will be when you retire. You can use this estimator if you have enough social security credits to qualify for Social Security (at least 40 credits), but you are not currently receiving Social Security benefits.
It is not too late to start saving for retirement. Here is a link to a helpful article from usa.gov, "Retirement Saving Strategies for Late Starters", which has good tips for retirement planning.