LibGuides: Money Management: Retirement

Books from our Catalog

To learn about the different types of investment accounts that talk about saving for retirement. FINRA explains the Retirement Accounts, which shows the importance of initiating, planning, and consistent saving and creating a cache over your retirement.

Thinking of Retiring? Planning is Key

These slides from the "Social Security - Planning Your Retirement" presentation provides a wealth of information, courtesy of the Social Security Administration.

Social Security - Planning Your Retirement
Retirement planning, courtesy of the Social Security Administration

Government Information

With retirement, disability, and survivors benefits, Social Security is one of the most successful anti-poverty programs in U.S. history.

The New York State Employees’ Retirement System (NYSERS) provides benefits for state civil service officers, police, firefighters and employees.

The mission of the NYC Department for the Aging (DFTA) is "to work for the empowerment, independence, dignity and quality of life of New York City's diverse older adults and for the support of their families through advocacy, education and the coordination and delivery of services."

Preparing for Retirement

There's much to consider when planning your retirement: Have you saved enough? When can you stop working? How long will your money last? The video below will address some of these questions and explain how the AARP Retirement Calculator can help you plan your financial future.

Is age just a number?

When it comes to retirement, your age (and financial planning) can determine how well, or whether you’re able to retire when you want! (Please note that the following is prepared for general information only.)

The most common way to invest money for retirement is to place funds in a 401k Plan, or an Individual Retirement Account (IRA).

In your 20s you may think you’re too young to think about retiring. (Maybe you have so much student loan debt that you can't think about saving money for anything, let alone retirement!) Still, you may want to consider contributing to your company’s 401(k), 403(b) or 457 plan. FINRA, the Financial Industry Regulatory Authority, provides an excellent retirement calculator (see the video in the left margin) to help you decide how much to set aside based on age and type of investment account.

A 30-year-old who saves 6 percent of a $50,000 salary, or $3,000 a year, can have nearly $840,000 put away by the time he/she has to begin withdrawing funds from a 401(k) at age 70½!

By age 50 you may think it's too late to plan for retirement. Actually, you may have an advantage: the IRS lets you to save more money in your retirement plans. Since your 50s can be your strongest earning years, increased contributions can help make up for the years you may have lost.

At 62 you could be eligible for full pension benefits from your employer, depending on their plan, and you might also begin to receive reduced Social Security benefits. The Social Security Administration (SSA) has helpful information on when to start receiving retirement benefits.

Once you’re 65, you can receive full pension benefits from most employers, and you normally qualify for Medicare benefits. Please note that if you were born after 1937, your eligibility depends on the year of your birth. The age widows or widowers become eligible to claim full survivor benefits also depends on year of birth.

If you haven't already, you should start collecting your Social Security benefits by age 70. Even if you delay this, there's no increased benefit.

According to the IRS, you must take your first Required Minimum Distribution or RMD, by April 1^st of the year following the calendar year you reach age 70 ½.

Even after you’ve retired, you may want to factor in other considerations while planning for the future, for example, in relation to the financial security of loved ones. Life insurance may be one such factor. The National Association of Insurance Commissioners has designed questions for you to answer to help you decide on the best options.

Consumer Review Sites

AARP Retirement Essentials

AARP is a nonprofit, nonpartisan, social welfare organization with a membership of nearly 38 million that helps people turn their goals and dreams into real possibilities, strengthens communities and fights for the issues that matter most to families — such as health care, employment and income security, and protection from financial abuse.

The contents of all material available on www.aarp.org are copyrighted by AARP.

360 Degrees of Financial Literacy

360 Degrees of Financial Literacy is a free resource of the American Institute of CPAs, and offers helpful financial information to retirees.