September 30, 2020 Breaking News, Latest News, and Videos

The Perfect Recipe For Retirement:

By Essie Landry

Succulent turkey. Savory stuffing. Green bean casserole. Sweet potato and pumpkin pie. Every family has its Thanksgiving dinner traditions. With a carefully followed recipe, everyone around the table can enjoy their favorite dishes.

If you plan poorly and wait to throw the bird in the oven at the last minute, you will end up with a turkey of a dish. The same can be said for financial planning and preparing for retirement. Follow the perfect recipe and you’ll be rewarded with a juicy retirement.

Ingredients: one part Social Security earnings, one part savings, a pinch of planning.

First, start your retirement casserole with a visit to the Retirement Estimator. As useful as a food processor, the Estimator gives you an instant projection of what you can expect to receive in retirement benefits. Just plug in some simple information and the Estimator uses your past earnings and estimated future earnings to project about how much you’ll get when you retire. Like an experienced cook, you can experiment with the recipe and plug in different future earnings and retirement dates until it’s just the way you want it.

Next, fold in the savings. The earlier you begin, the better off you will be. Social Security replaces about 40 percent of the average worker’s pre-retirement earnings. Most financial advisors say you will need 70 percent or more of pre-retirement earnings to live comfortably. To supplement Social Security you also will need savings, investments, pensions, or retirement accounts to make sure you have enough money to enjoy retirement. Visit the Ballpark Estimator for tips to help you save at www.choosetosave.org/ballpark.

If you have a pension from your employer or a 401k, IRA or similar retirement fund, be sure to add that into the mix.

Like to taste as you cook? Then you’ll want to set up a My Social Security account so you can log in anytime to check your reported earnings and projected benefit estimates. If something doesn’t taste just right – if your earnings are reported incorrectly or you find you need to save more to meet your retirement goals – there’s still time to make corrections before your retirement casserole is done.

Once you’ve added the ingredients of Social Security earnings, personal savings, and any pensions you may have, it’s time to let the retirement casserole bake.

If you pull the retirement casserole out to find it a little underdone, just put it back in for a bit longer. Delaying retirement can increase your benefits and give you more time to build up your savings. To learn more, read our publication entitled “When To Start Receiving Retirement Benefits.” It provides helpful information regarding the things you should consider when making a decision on when to collect retirement benefits. You will find it, along with our other useful publications, at www.socialsecurity.gov/pubs.

When the retirement casserole is ready, enjoy it! You deserve a comfortable retirement. Following a traditional Thanksgiving recipe carefully can ensure a satisfying meal. In the same way, following our financial planning recipe will help you achieve a more fulfilling retirement. Learn more at www.socialsecurity.gov.

in News
Related Posts

Santa Monica Walk to End Alzheimer’s

September 29, 2020

September 29, 2020

Alzheimer’s Association encouraging residents to walk in small groups amid COVID-19 The Alzheimer’s Association is inviting Santa Monica residents to...

Lawsuit Filed Against Plaza Development

September 28, 2020

September 28, 2020

Slow-growth group says City is violating Surplus Land Act By Sam Catanzaro A slow-growth group has filed a lawsuit to...

City Of Santa Monica Being Sued Over Proposed Plaza Project: Santa Monica Beat – September, 28, 2020

September 28, 2020

September 28, 2020

Local news and culture in under 5 minutes. * Santa Monica Being Sued Over Proposed Plaza Project. * LA Street...

Santa Monica Police Make Additional Arrests in Looting of REI

September 28, 2020

September 28, 2020

Marques Miles and Misty Jones arrested by Santa Monica Police Department Santa Monica police recently made additional arrests of two...

OpEd: The Miramar Project Will Be a New Architectural Jewel

September 27, 2020

September 27, 2020

The Miramar Hotel has been a central part of Santa Monica’s history and an integral part of the community for...

Edify TV: Trident Center Redevelopment

September 25, 2020

September 25, 2020

The Westside’s Trident Center is getting a major overhaul and new name as part of a flurry of development in...

Miramar Project to go Before City Council Tuesday

September 24, 2020

September 24, 2020

Councilmember Gleam Davis asks City Attorney whether she should rescue self from vote  By Sam Catanzaro  Santa Monica lawmakers will...

SMa.r.t. Column: Needed, A Heart Transplant

September 24, 2020

September 24, 2020

We have written about adaptive reuse in previous columns and have postulated that with proper incentives, the existing one, two...

Edify TV: Boulders Blocking Westside Encampment

September 24, 2020

September 24, 2020

City officials recently removed boulders placed on sidewalks by some Westside residents to prevent the formation of a homeless encampment....

Should Council Member Davis Recuse Herself From Voting? Santa Monica Beat – September, 24, 2020

September 24, 2020

September 24, 2020

Local news and culture in under 5 minutes. * Should Council Member Davis Recuse Herself From Voting? * Increases In...

SMC to Be Online for Winter and Spring 2021

September 24, 2020

September 24, 2020

College cites lack of available vaccine  By Sam Catanzaro Santa Monica College (SMC) has announced it will be delivering classes...

Edify TV: Al Fresco Program Ending?

September 24, 2020

September 24, 2020

During a COVID-19 pandemic many restaurants have found aid through the City of Los Angeles’ Al Fresco dining program, but...

Local Breweries Say They Have Been Unfairly Shuttered as County Passes Grant Program

September 24, 2020

September 24, 2020

$10 million grant program approved by Board of Supervisors  By Sam Catanzaro Will a $10 million grant program be enough...

Santa Monica Loses Vegan Restaurant

September 23, 2020

September 23, 2020

Space housing Santa Monica vegan restaurant Viva Vegan up for lease By Sam Catanzaro A vegan restaurant in Santa Monica...

Risks Posed by Wildfire Smoke

September 22, 2020

September 22, 2020

UCLA pulmonologist on how people can tell if the wildfires are making them sick By Toi Creel Even if you...