| Whether retirement is right around the corner, or | | | | On average, the Social Security Administration (SSA) |
| several years down the road, it's never too early, or | | | | pays roughly 40% of one's pre-retirement earnings |
| too late, to start planning for your future. Some | | | | after retiring. Earnings statements are usually mailed |
| people feel intimidated by matters of finance, while | | | | three to four months before your birthday that |
| others simply don't feel comfortable with their | | | | outline what you have paid in taxes, along with a |
| knowledge regarding retirement planning. Make it a | | | | summary of your estimated benefits depending on |
| priority to learn as much as you can about your | | | | the age you retire. If you haven't yet received any |
| finances by reviewing the following essential 5 top | | | | statements, contact the SSA to request one by |
| baby boomers retirement tips. | | | | visiting their web site at www .ssa. gov. |
| It's no secret that retirement can be expensive, | | | | Learn About Your Employee Benefits |
| especially with the rising costs of just about | | | | Any employee who is covered under their employer's |
| everything, which is why most experts recommend | | | | retirement plan is entitled to a clear explanation of |
| planning on needing anywhere from 70 to 90% of | | | | their benefits and receive what is known as a |
| your current earnings after you retire to maintain the | | | | summary plan description. Also remember to inquire |
| standard of living you're accustomed to. | | | | about your spouse's retirement benefits through their |
| Here are the 5 top baby boomers retirement tips for | | | | employer, or open a spousal IRA (Individual |
| those who are serious about planning for their future: | | | | Retirement Account) for those who do not work |
| Start With a Definitive Plan | | | | outside of the home. |
| Start by noting your current standard of living and | | | | Contribute to a 401k |
| then examine whether or not you're willing to make | | | | One of the most often overlooked of the 5 top |
| sacrifices, or if you plan to live just as you always | | | | baby boomers retirement tips are investing in a 401k, |
| have. Most people expect to enjoy the same lifestyle | | | | which is a tax-sheltered savings plan that your |
| along with travel or vacation plans after retiring, but | | | | employer also contributes to. It is estimated that an |
| really have no true idea of how much money they're | | | | entire quarter of all people who were offered the |
| going to need to actually do so. | | | | chance to participate in a 401k plan chose not to. If |
| A retirement calculator is useful for figuring out | | | | your employer doesn't currently have any type of |
| exactly what you will need each month to meet your | | | | retirement plan in place, suggest that it start one as |
| goals. Either online or through your own calculations, | | | | soon as possible. |
| use your current age, the age you plan on retiring, | | | | Follow Through |
| your current savings, and how much you need to live | | | | Although a growing nest egg may be tempting during |
| comfortably per year after retiring to get the final | | | | those times when you might need a little extra cash, |
| amount. | | | | it's imperative to stick to your plan to avoid any |
| For solutions to your specific circumstances, seek out | | | | withdrawal penalties, as well as falling short of your |
| the advice of a professional, such as a financial | | | | ultimate goal when you do retire. |
| advisor, your bank or union, as well as your | | | | By simply following these 5 top baby boomers |
| employer's human resources department. Ultimately, | | | | retirement tips, it really is possible to retire the way |
| trust your own instincts and educate yourself before | | | | you envisioned and truly enjoy your future without |
| making any decisions. | | | | worrying about finances. |
| Review Your Social Security Benefits | | | | |