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Your Money Monday: Ready for Retirement

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SPRINGFIELD, Mass. (WGGB) — Retirement isn’t guaranteed. It takes planning and a strategy to plan for your golden years.

Are your prepared for what’s to come?

In this country, planning for retirement begins, on average, at the age of 28.

Still, only 49% of workers in this country are regular savers.

That’s why tonight on ABC40 News starting at 5, we had experts here to answer your questions and offer tips on how to save for later even during these tough economic times.

A piece of advice they had is to remember that when saving for retirement, it’s not just day-to-day expenses you have to consider, but things like health care as well.

One expert on the show tonight was Nicholas Stern who told us, “It really depends on the individual or family situation I would say a good number to count on is that any individual or family to need 70 to 100 percent of their current income to survive.  So I think the first place to start would be to figure out what their current expenses are, what they foresee, and what the family or individual really needs to live on and take it from there.”

Your Money Monday: Ready for Retirement on ABC40.

Thanks to our experts for joining us Monday and taking your calls:
Nicholas Stern & Robert Stern
Robert L. Stern Financial Service
433 West Street, Suite 7, Amherst, MA 01002
413-253-8989

Michael Matty, CFA, President
St. Germain Investment Management
1500 Main Street, Tower Square, 25th Floor, Springfield
413-733-5111

Cindy Bigras, CFP
1866 Northampton Street, Holyoke
413-532-9120

HELPFUL LINKS:
Finding a Certified Financial Planner
CNN Money: 10 steps to making a budget
Click here to help calculate your federal estate tax liability
IRS: Questions on IRA/ROTH distributions, contributions, etc
U.S. Health and Human Services: Planning for long-term care needs
U.S. Health and Human Services: Information on Medicare
Social Security Administration
CNN Money: How much money will I need to retire?


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