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One place to begin retirement planning is government site

Online financial calculators, work sheets are good tools, Social Security official says

Remember the old saying that ''time is money?'' It has gained a new meaning in the Internet Age, where just a few hours on your computer could help put you on the path to a more financially comfortable retirement.

Reports show that among Americans who are beginning to plan for their retirement years, people who rely on financial planning tools, such as retirement calculators, usually end up better off financially than those who do not.

Of course, the best place to begin any retirement calculation is by knowing what you might expect to receive from Social Security and how much more you will need to enjoy a long and comfortable retirement.

Each year, every worker age 25 and older is mailed a Social Security statement. It is a road map to your personal financial future, showing how much you and your family can expect to receive from Social Security when you retire, or if you become disabled or die.

You should also visit Social security's financial planning Web site at http://www.socialsecurity.gov/planners. You can use the calculators there to test different retirement ages or different scenarios for future earnings amounts. And you can link to a non-Social Security work sheet that will help you decide how much you need to save and invest.

Most financial advisers say you will need about 70 percent of your pre-retirement earnings to maintain your pre-retirement standard of living comfortably. Under current law, if you have average earnings, your Social Security retirement benefits will replace only about 40 percent, so you will need to supplement your benefits with a pension, savings or investments.


Send questions to Robert Fenn, Social Security Administration, Second Floor, Federal Building, 2 S. Main St., Akron, OH 44308. Fax: 330-375-5616 or e-mail: Robert.Fenn@ssa.gov.

Remember the old saying that ''time is money?'' It has gained a new meaning in the Internet Age, where just a few hours on your computer could help put you on the path to a more financially comfortable retirement.

Get the full article here.


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