October 31, 2012 Vol. 91 No. 44
Missourians Ask: “Retirement? What Retirement?”
Ready to Retire? By Mary Anne Meyers
IN this Issue
With the bad economy eating away at investments and housing values, many older people in Missouri and around the country are nervous about whether they can actually afford to retire. The first wave of baby boomers is now turning 66, the official age for receiving full Social Security benefits - although many say they can’t retire now, even if they wanted to. A recent AARP survey finds most older Americans believe they have to keep working. But Craig Eichelman, AARP Missouri state director, is urging them to figure it out ahead of time. “Of course, there’s a lot of anxiety out there,” Eichelman said. “Seventy-two percent believe that they’d have to delay retirement. So I think having a claiming strategy, claiming later, can mean the difference of thousands of dollars a year.” He acknowledged that some people have no choice but to take Social Security early. However, AARP points out that for every year a person waits, average annual benefits increase by more than $1000. Eichelman said AARP’s Ready for Retirement website includes a benefits calculator that can help people figure out whether and when they can afford to retire. He said it’s more complicated than what appears on those statements Social Security used to send out, and that now can be accessed online. “If I get $1200 a month from Social Security, OK, great - but you know, 20 years from now, what does that mean to me?” Eichelman asked. He added the AARP Social SecuAround Town . . . . . . . . . . . . . . . . 2-4 Business. . . . . . . . . . . . . . . . . . . . . . . 5 School . . . . . . . . . . . . . . . . . . . . . . 6-7
rity benefits calculator allows people to punch in specific ages and situations, such as divorce, and crunch the numbers in a variety of ways to see which would be best for them. “What this ready-for-retirement tool will do is look at what your cost of living will be at your projected retirement date, and tell you what would reasonably be covered by Social Security in terms of covering those expenses,” Eichelman said. According to AARP, 93 percent of Missourians age 65 or over received Social Security last year. The benefit amounted to an average of just under $14,000 for the year. The Ready for Retirement website includes a five-step process to help seniors prepare for retirement. The guide includes quizzes, interactive seminars, articles, tips and hints to help seniors get there. The five steps are: Set Your Goals, Factor in Your Benefits, Assess Your Finances, Create a Budget and Making the Most of AARP’s Resources. The benefits calculator and the Ready for Retirement websites are at www. aarp.org. Learn & Play . . . . . . . . . . . . . . . . . . . . . . 8 Pet Apdoption . . . . . . . . . . . . . . . . . . 8 Movie / Historic Streets . . . . . . . . . . . 9
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