Let’s get serious

Wow. Here we are in my last month of writing this blog, and I realize that there are several helpful retirement-related references I’ve run across that I haven’t told you about yet. So, I’ll make this issue all business – a list of what I think are some of the most helpful references for the two most common retirement questions.

1. How do I go about getting financially prepared for retirement; where do I start? Whether you want to do-it-yourself or work with a financial advisor, you will be more comfortable with the process, and are likely to be more successful, if you understand how to approach it and what it’s all about. You can piecemeal this learning process by spending a lifetime reading articles (like mine) and listening to those who are living the process (like me), or you can dedicate several evenings over a few weeks learning about the process front to back, fully, and correctly. If you want to consider the latter, UC-Irvine offers an excellent overview course online. And, it’s free. Go to http://ocw.uci.edu/courses/AR0102092/. It will go fast (some evenings, you won’t want to quit), and you will always be glad you did it.

2. How can I figure out how and when to take my (our) Social Security and other retirement benefits? Here, you may want to check a few different sources. Start at ssa.gov to estimate your benefit under various assumptions using any of three calculators – Quick, Online, and Detailed (click “Calculate your benefits”). Also check out the other calculators like “Retirement Age” and “Breakeven” to compare benefits starting at different ages. There is a wealth of information here (that’s part of the challenge, of course), so plan to visit it a few times taking little bites of information each visit. Also look at analyzenow.com; it may be easier to navigate and has a couple of great calculators. After at least scanning these two, check out a paper at pensionresearchcouncil.org, “Working Papers,” “2007,” “Rethinking Social Security Claiming in a 401(k) World.”

Ideally, of course, you would do this well before your retirement so you have time to formulate and execute your ideal game plan. But, if that option is no longer available, don’t give up. Spend every other evening for one full month doing this kind of self-education, and you’ll have a good, basic understanding of the issues and options, and a much better shot at living a financially secure retirement.

I wish you well!