Page 52 - JULY 2016 Newsletter

LANDSMAN CONTINUED FROM PAGE 50
(find estimated amounts at the Social Security Admin- istration website). Be sure to subtract any pension pay- ments you know will be coming your way, as well. Multi- ply the remaining amount by 200. The result is what you will need to have in savings, investments and retirement accounts before you can retire comfortably. Expressed in a formula it is: (monthly spending – expected monthly SS/pension) X 200 = target retirement amount.
So can you retire comfortably?
You can use a similar variation of this formula to see how you are progressing toward your goals. Just as before, start with your typical monthly expense amount. The fol- lowing figures give you an idea of where you should be:
• In your 20s: current monthly spending multiplied by 10
• In your 30s: current monthly spending multiplied by 25
• In your 40s: current monthly spending multiplied by 50
• In your 50s: current monthly spending multiplied by 100
Once you have assessed what you need, be sure to pay yourself first, and don’t wait any longer to take advantage of the deferred compensation programs offered to you. Make sure your investments are in line with your risk tol- erance and your goals. Review them periodically to en-
sure that you are always on track and, if not, make the necessary changes.
No matter where you are in life, being more financially educated can help you decide where to place your mon- ey, which tools to utilize and how to achieve your goals. Research has shown that large portions of the American public do not understand basic concepts of financial lit- eracy. Defined as the ability to use knowledge and skills to manage financial resources effectively, financial ed- ucation is a fundamental skill that, even today, rarely is covered in schools. For many, it’s something you learn as you go through life. Sadly, many never get the education they deserve.
If it feels like you’re living paycheck to paycheck, you can’t seem to get ahead with your loan payments or you are not making headway reaching your goals, it’s a good idea to invest some time in learning the basics of finan- cial education.
In the next part of the series, we are going to discuss the value of money and what it means to you over your lifetime. d
Randy Landsman, CEO, founded Beacon Financial in 1966. Beacon Financial helps law enforcement employees plan for retirement with a main emphasis on financial guidance and education seminars.
MCCARTNEY CONTINUED FROM PAGE 51
provided, a system that allows students to attend class according to their availability – either in the morning or evening. Students can complete the entire program in ap- proximately two years, and are provided books as part of the program. This structure provides support and a very high completion and graduation rate.
CCSJ is proud to be the first university to offer a gradu- ate tuition scholarship for FOP members. Officers in the Public Safety Administration program are eligible for The Chicago/FOP Scholarship, which covers the 25-percent gap in tuition reimbursement, effectively rendering re- imbursement 100-percent for FOP members. In addition, a new scholarship will completely cover the cost of all books required in the program; CCSJ is still 100-percent affordable.
I believe earning an education is the best gift you can give yourself. As a former law enforcement officer who earned my degrees while working full-time, I assure you the staff behind Calumet College of St. Joseph’s Public Safety Programs have empathy for the adult returning to school. I am happy to answer any questions or con- cerns you may have. Please do not hesitate to contact me by phone 219-473-4298 or email at mmccartney@ ccsj.edu. d
Department Chair and Director of PSM & PSA programs Dr. Michelle McCartney, EdD, MAPP, BCC is a retired Lieu- tenant and a 28-year veteran of the Chicago Police De- partment.
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52 CHICAGO LODGE 7 ■ JULY 2016