Page 46 - financial-literacy-pamphlets-sample

Take Action! Financial

What About Social Security? Literacy
Many people No. 12
look forward Start Saving Now!
„ I can set aside money from every Social Security is a mandated supplemental
paycheck for my retirement retirement system. Social Security is funded out to retirement
as a time
„ I will go online and use a of payroll taxes. A certain percentage of a worker’s when they „ Save as much as you
retirement calculator to see how paycheck goes directly into the Social Security fund stop working, can as early as you
much I should be saving now. to help provide benefits to current Social Security and can relax and do all the can
recipients. When you reach retirement age, around things they have put off while raising a family
62, you can begin to draw out what you paid into or working full time. Others see it as a time „ Set realistic goals
What to Do When You Haven’t the system. Also, if your spouse dies, and he/she when they may continue to work, but at their „ Project your retirement
Saved Enough for Retirement was eligible for Social Security, you are entitled own pace and schedule. expenses based on

„ Create a Budget – know what you have to to survivor’s benefits and your spouse’s share of The earlier you begin saving for retirement, your needs. Be honest
Social Security benefits. Children whose parents
work with have died may also receive benefits. the easier it becomes and the more your about how you want to
„ Determine how much you are going to need money works for you, accumulating interest, live in retirement and
to live on in retirement It’s important to remember that Social Security is increasing the value of your investments. how much it will cost
meant to supplement your retirement income, not
„ Figure out how to reduce the amount of be your only source of income during retirement. Put away a little money from every paycheck „ Take advantage Retirement Investing for
income you need to live on in retirement and invest it wisely. There are many different of savings plans
Once you retire, you stop earning a paycheck and
„ Take a job in retirement options for investing your money, some geared designed for
begin to live on your savings and investments.
„ Withdraw as little as you can from tax- Could you continue living as you do now on a specifically to retirement savings. Our Social retirement - such as
deferred accounts and let the money grow reduced income? Security system can provide some income 401(k) and IRAs.
„ Move to a less expensive area. If you have been working full-time for 10 years or during retirement, but you should have
additional savings in place to maintain your
more and have had Social Security tax withheld, go lifestyle.
Cut $1 in retirement spending, and you can online to http://www.ssa.gov/planners/calculators.
probably cut about $25 in pre-retirement htm to get an estimate of your Social Security
saving. It’s like getting paid for identifying benefit at retirement. Money Matters
spending cuts.

8 Start saving now for retirement; the sooner you start, the more
Disclaimer:
Learnovation, LLC’s mission is to empower people to money you’ll have.
improve awareness of their own financial situation.
®
©2017 Learnovation , LLC All Rights Reserved. This information is intended to serve as a general 8 43% of workers said they have less than $10,000 in savings.
www.learnovation.com guide of financial principles and strategies. It is not 8 A 401(k) is one of the easiest and best ways to save for retirement.
intended to address individual financial issues, nor
should it be taken as legal, financial, or other advice. 8 An IRA also can boost your savings and give you a tax break.

8 Stocks are the best investment for long-term growth.