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Early retirement requires early financial planning
Many people find themselves
retiring sooner than they expect
as a result of corporate restruc
turing. Others are considering
early retirement to get more
“quality time” with family and
friends. Whatever the reason, the
Georgia Society of CPAs says
that, before you make a final
decision about when to retire,
you must assess your personal
financial situation and deter
mine your life-style needs.
How much money will you
need?
While circumstances vary,
CPAs say that most retirees will
need 70 to 80 percent of their
pre-retirement salary to main
tain their standard of living. The
exact amount depends on a num
ber of factors, including where
and how you plan to live during
your retirement. To determine
whether you can afford to retire
early, you’ll need to take a long,
hard look at your anticipated
expenses and income during your
post retirement years. Retirees
typically have fewer expenses
than working individuals. For
example, once youretire, some of
your expenses will decrease, such
as clothing, commuting, lunches
and other work-related needs. If
both you and your spouse have
cars, you also may decide that
you need only one when you re
tire.
On the other hand, costs for
entertainment and vacations
From page eight
office and the full democratiza
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recall, the elimination of PACs,
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It is now growing clear to both
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areno governmental solutionsto
poverty, to the budget deficit, to
skyrocketing taxes and to vio
lence in our streets as long as the
government remains status quo.
But there are political solutions
to the crisis of government. Gov
ernment must be completely and
democratically overhauled as a
pre-condition for curing our so
cial ills. '
Ifthose who are overtaxed and
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together — as they did in a mod
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er to change American politics
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Jazz Quiz
Answers
1. Henry Mancini
2. Writers of background
music for films and TV
3. Europe
4. Big band leaders
5. Piano, guitar, drums,
bass, sax, trombone, and
trumpet
6. hum and blow their in
struments at the same
time
7. Bassoon
8. Dave Koz
9. A guitar
10. Axe
11. Red Hot Pepper
12. James P. Johnson
13. Jazz Band
14. “Fatha“
15. Bobby Hackett
16. J.C.Higginbotham
17. Contra bass saxo
phone
18. Herbie Hancock
19. Latice Washington
20. Charlie Shavers,
Roy Eldridge
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may increase. You also should
be prepared to cover more of your
own medical costs. Medicare, for
instance, generally covers only
about half of your medical bills.
You'll need to provide for some
kind of supplemental health cov
erage to avoid dipping into your
savings to pay your bills.
How much money do you
have?
Most people find their retire
ment through three primary
sources: Social Security retire
ment benefits, pensions and per
sonal savings, including individ
ual retirement accounts. To de
termine if early retirement is
financially feasible, you’ll need
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to estimate just how much in
come will be available to you.
Ask the Social Security Admin
istration to send you a statement
of earnings sothatyoucangetan
idea of your expected benefit.
You can get Form SSA 7004 (Re
quest for Statement of Earnings)
from your local Social Security
office, or by calling 1-800-772-
1213. No matter what your ex
pected benefits, there’s one thing
you can count on: Social Securi
ty benefits will provide only a
small portion of the income you
need to retire comfortably.
Pension funds are one way to
supplement your Social Security
benefits. Again, it’s wise to find
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out in advance how much pen
sion money you can count on
during your retirement years.
You can do this by contacting
your former employers.
When considering early retire
ment, it’s also important to con
sider when you can tap into your
pension. Some plans are designed
to begin payment on retirement
at age 65; others begin payment
when you reach age 62. Today,
it’s not uncommon for employers
looking to downsize or stream
line their operations to offer
“sweetened” pension plans to
encourage early retirement. In
such instances, companies will
enhance your future pension by
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“adding” years to your age and/
or crediting you with extra years
of employment so you benefit
from a larger payout. However,
keep in mind that if you cash out
pension plans before you reach
age 59 1/2, you may face some tax
penalties.
Your personal savings will be
the biggest factor in determining
your ability to retire early. Since
it’s unlikely that Social Security
benefits and pensions combined
will replace 70 to 80 percent of
the average individual’s pre-re
tirement income, you’ll need to
provide for the difference with
your personal savings. Consider
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ual Retirement Accounts, stocks,
bonds, 401(k) and other invest
ment vehicles.
If you don’t have enough in the
way of personal savings and in
vestments, an early retirement
may not be in your future. If you
still have a few years before you
want toretire, CPAs recommend
that youreduce your expenses as
much as possible, boost your sav
ings in short-term growth vehi
cles, and consider making some
life-style changes — such as
moving to an area of the country
where the cost of living is lower.
Doing so might help to make
your dream of an early retire
ment a reality.
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