Showing posts with label don't go into retirement broke. Show all posts
Showing posts with label don't go into retirement broke. Show all posts

Tuesday, January 15, 2019

January Giveaway #2-Plan Your Retirement

Here's the second of my three Giveaways for January.


Moving forward.........
Let's make this month all about my readers and not me by holding THREE COUNT 'EM THREE GIVEAWAYS this Month!!!

These will be a little different(just like me lolz)and will NOT be an awesome collection of toiletries and such.

Second giveaway is for those "women of a certain age"--



The retirement guide "The 5 Years Before You Retire" by Emily Guy Birken

I was able to find another copy of this book at Ollie's(Good Stuff Cheap!)so I picked it up to offer readers who are nearing their retirement years.
Though the author thinks this book is helpful 5 years out from retirement for your planning needs I think needs to be delved into a good TEN years before collecting your golden watch and setting out into the sunset. ;-)

While some of the info may be dated(it was published in 2013)it is still worth picking up.  It sure opened my eyes on a few points I hadn't considered when I first read this one.
It's not "THE" book you need before retiring but it's certainly one worth having in your retirement planning arsenal.

While it's never too early to read up on retirement stuff someone in their 40's or 50's(not counting you FIRE folks out there-you'll need it earlier in life)will probably relate to and get the most out of this book.


There is a limit of ONE ENTRY PER PERSON PER DAY for this Giveaway.  Come back every day and enter though!
Please tell me when you hope to retire(if you are going to retire), what you want to do in retirement, if you are on target financially to retire when you hope to, etc.

You can also earn 1 additional Entry(one per giveaway)by blogging about this Giveaway on your own blog or on Facebook.  I need a link to that mention to check it, to make that entry valid.


I'll leave this giveaway open until Thursday, January 24th at 11:59 pm Eastern Time. On January 25th I'll mark all valid entries and use Random dotorg to pick a number and that corresponding person's entry wins.

*Please note the rules*
I'll post the name/ID of the winner on this blog on January 25th and that person has 48 hours from the time stamp on that post to contact me privately via email(my email addy is listed on my "About Me" page, as well as on my side bar).

If I am not contacted via email, I'll attempt to contact the winner via the email they supplied with their entry(or gave me to add to the Giveaway Data Base)and if that email is not responded to within another 48 hours I'll pick another winner.

Disclaimer--This giveaway is open to those with mailing addresses within the US only.  As the cost of postage to foreign countries has gotten too high I am sorry to say I can no longer afford to mail boxes outside the US.  These giveaways are not sponsored by any companies.  I pay for it all(the cost of items given away and the postage to mail it all)out of my own pocket.

***PLEASE NOTE***

Please make sure there is a way for me to contact you in your comment.

If you're not a registered Blogger User with your contact information on your User page, please put your email addy in your comment or email me your email addy privately when you leave a comment so I can get a hold of you. If your Blogger associated user profile is a GOOGLE one with those Google Circles nonsense I CAN NOT CONTACT YOU as Google Circles doesn't show your contact info.

If I can't contact you then you can't win.  I am still having to disqualify entries due to this issue and I sure don't like doing that.  Thanks!

So let's get the Birthday Giveaways started.  Good Luck to all!

One more giveaways coming up later today.......


Sluggy

Thursday, April 14, 2016

Please Start Saving for Retirement Now



I read a statistic from the US Government Accountability Office that says that about 50% of those age 65 or older, who are retired, rely mainly on Social Security benefits to survive.

Social Security is only designed to replace about 40% of our pre-retirement income(for average wage earners).  Go HERE to read this.  It is an actual quote from the Social Security Adminstration.  (You can also access a Retirement Estimator from that page to see what your Social Security Benefits would look like using current information.)

Social Security is only a part of the proverbial 3-legged stool of retirement.
Pensions(or Defined Benefits Plan or 401Ks)are another part, and savings and investments are the last part of that 3 sided retirement income instrument.

Even if you have yet to put anything away into a retirement account it is never too late to start, no matter your age.  The younger you are when you start saving the better, but even into your 60's there is time to put away something so that you aren't living in a cardboard box or raiding dumpster for dinner when you get old.

The average Social Security check last year was $1,340 a month or $16,080 a year.
But that amount is before Medicare benefit payments are deducted(which you are enrolled in at age 65). At the very least Medicare Part B premiums are $104.90 a month and Part C and/or D plans add to that cost(depending on the plan).  So the average check is now down to $1,235.10 and probably lower due to paying for supplemental Part C/D plans.
Could you live on $1,235.10 a month/$14,821.20 a year?

The answer is probably no for most of us without having to forego many everyday luxuries we are use to, like a car, a nice place to live, eating 3 healthy meals a day, having heat, etc.

Even living in the paid for house I do, once I deduct the taxes, sewage and garbage fees, if I only had this average Social Security check coming in I'd be down to having $10,002.72 to live off of per year.

The car costs, utilities, water and phone costs would take another $6,868.71 out and leave $3,134.00 of that check to cover all food and toiletry costs for the year.  Plus if we needed dental or vision care(which aren't included in Medicare)or a surprise car repair/replacement that would also have to come out of that $3K leftover for food/toiletries.   Seeing as I spent over $4K last year on food/toiletries, and I keep a very tight food budget compared to the average American consumer, we'd be over budget and in the red and having to put expenses on credit cards(which we wouldn't be able to pay off ever).
Forget about traveling, eating out, entertainment that wasn't free or giving our children gifts or donating to charity.  It just wouldn't fit into this budget.
Thankfully for us, we won't have to live on that average Social Security benefits check alone, as we have saved for many years for our retirement.



Please no matter your age start saving something for retirement now.  I beg you!
Even if you think you'll work until you die so you don't think you have to save.  Life never works out the way you want it to/think it will.  Working until you drop dead is a great plan unless of course you get sick and can't work.  And at some point in this journey called life we will all get sick and it might incapacitate you well before you plan on not working and force you to stop earning an income.  You could be disabled for many years before you leave this Earth and then what happens when you try to survive on a Social Security and/or Disability check that just isn't enough?

Anything you can put away for your tomorrow is a bonus.  Do you really "need" that coffee beverage before work or that third cocktail at Happy Hour?  Do you need to buy yet another sweater or go out to lunch instead of brown bagging it to work?
Take that $2, $4, $8 or $20 instead and start tucking it away into a savings account.
Score a savings at the grocery store?  Why not take that amount you "saved" and actually put it into the bank and once you have enough roll that account into an investment instrument?

Be good to yourself by looking out for your tomorrows.
Start saving for your "tomorrow you".
One day your "tomorrow you" will thank you.

Sluggy