March 18, 2012 by staff
Retirement Planning, Question: I am in my mid-50s. I am doing some retirement planning and I need to get an estimate of my Social Security benefits. How can I do that without having to visit one of the Social Security offices?
Answer: A great place to start figuring out how much you will need for retirement is to learn how much you could expect from Social Security. You can do that in minutes with Social Security’s online Retirement Estimator. The Retirement Estimator offers an instant and personalized estimate of your future Social Security retirement benefits based on your earnings record. Try it out at www.socialsecurity.gov/estimator.
According to a 2011 survey by the Employee Benefit Research Institute, more than half of workers report they have put away less than $25,000 in total savings and investments; a whopping 29 percent have less than $1,000 saved for the future.
If you have not started already, now is the time to begin saving for your retirement – no matter what your age. If retirement is near, you will want to jump into the fast lane right away. If you are younger and retirement seems a lifetime away, it still is in your best interest to begin saving now, as compound interest will work to your advantage. Experts agree that saving when you are young will make a world of difference when the time comes to draw on your retirement savings. Do not take our word for it. You can check out the numbers yourself.
We encourage saving for retirement, but there are reasons to save for every stage of life. A great place to go for help is www.mymoney.gov. MyMoney.gov is the U.S. government’s website dedicated to teaching Americans the basics about financial education. Whether you are planning to buy a home, balancing your checkbook or investing in your 401(k) plan, the resources on www.mymoney.gov can help you.
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