Retirement Resources
Prepared for the AFL-CIO / ALA Library Service to Labor Groups Joint Committee by Rita Moss and Laura Leavitt
I. Introduction
Regardless of one's age, saving for the future can be a daunting task. Research indicates that despite the availability of a great deal of information, few people are able to find the time or the motivation to make truly informed decisions about such things as personal investments, insurance coverage, savings and retirement. As the charts below demonstrate, many Americans and even more librarians, will soon be faced with some of these very important decisions. This guide was created to help all librarians identify timely and authoritative information as they plan for their financial futures.
US Population Pyramid (2000)
Percentage of Librarians by Age Group (1999) Age Group 20-29 30-39 40-49 50-59 60 and over Results 7% 19% 35% 32% 7%
Source: http://www.census.gov/population/www/projections/natchart.htm
Source: Age of Librarians (1999), Mary Jo Lynch, Director, ALA Office for Research & Statistics http://www.ala.org/ala/hrdr/libraryempresources/agelibrarians.htm
II. Basic Retirement Terminology
Investopedia.com's Retirement Planning Dictionary http://www.investopedia.com/categories/retirementplanning.asp InvestorWords.com Retirement Glossary http://www.investorwords.com/cgibin/bysubject.cgi?19
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III. General Resources
There are a number of non-profit organizations and professional associations that provide information on retirement planning for the individual consumer. Many banks and insurance companies also have financial planning services. You may wish to contact your bank, insurance agent or credit union to see if they offer any free services, classes, or publications. Additionally, if you have a retirement plan with an organization like TIAA-CREF, representatives will often be able to answer questions about investment and financial planning options. The following list is a small collection of the resources available. 360 Degrees of Financial Literacy – Retirement section Part of a larger website sponsored by the American Institute of Certified Public Accountants to assist people in making personal finance decisions. Features a large collection of articles, FAQs and other tools. http://www.360financialliteracy.org/Life+Stages/Retirement/ AARP Information portal with a section on specific questions and problems associated with retirement http://www.aarp.org/money/financial_planning/ Online videos are also available to help explain the process http://www.aarp.org/money/financial_planning/sessionseven/mission_retirement.html About.com Section on the topic of retirement planning. http://retireplan.about.com/ Forbes
Features on different aspects of investment and retirement. http://www.forbes.com/finance/retirementcollege/
Investopedia.com As an investor education site, this resource contains a number of different tools for those planning their retirements, including an introductory tour of retirement plans, a collection of articles and a retirement planning dictionary. http://www.investopedia.com/retirement.asp There is also a free mini-tutorial on retirement planning available. http://www.investopedia.com/university/retirement/default.asp MetLife Series of webpages devoted to Enjoying Retirement
http://www.metlife.com/Applications/Corporate/WPS/CDA/PageGenerator/0,1674,P1199,00.html
Online quiz designed to help consumers make their retirement savings last. http://198.65.242.50/metlife/
The Motley Fool A division of Yahoo! Finance, this site has a comprehensive guide to retirement which clearly answers important questions about preparing for retirement. http://www.fool.com/retirement.htm?ref=G02A0 Prudential Online portal for retirement planning which contains useful articles, calculators and guides as well as a unique collection of research reports. http://www.prudential.com/view/page/11684.
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There are also a number of calculators and questionnaires available online designed to assess one's current financial situation and plot out a course of action for retirement savings. Some examples include: ASTEC’s Retirement Personality Profile available on the Choose to Save site http://www.choosetosave.org/brochures/index.cfm?fa=profiler , and the retirement calculator on the NASD site http://apps.nasd.com/Investor_Information/Calculators/1/RetirementCalc.aspx .
IV. Government Resources
As of April 2007, there were 49 537 000 Social Security beneficiaries receiving monthly benefits totaling $47 497 000 000, or an average monthly benefit of $958.80. (http://www.socialsecurity.gov/policy/docs/quickfacts/stat_snapshot/) Social Security Online http://www.ssa.gov/ The primary website for Social Security includes a wide variety of informational materials. One section of the page provides basic retirement information http://www.ssa.gov/retirement/, including a guide to retirement ages, how to apply, and information on making an appointment with a local Social Security office. There is also a retirement planner http://www.ssa.gov/retire2/ with benefit calculators http://www.ssa.gov/planners/calculators.htm and a guide to retirement http://www.ssa.gov/r&m6.htm. Help is available for understanding the Social Security statement http://www.ssa.gov/mystatement/ and for understanding the system in place for those receiving government pensions http://www.ssa.gov/gpo-wep/. For those who have questions about the future of the Social Security program, there are annual Trustees Reports http://www.ssa.gov/OACT/TR/index.html available from the Office of the Chief Actuary http://www.ssa.gov/OACT/pubs.html. This department also provides statistical tables http://www.ssa.gov/OACT/STATS/index.html. Benefit Eligibility Screening Tool (BEST) https://s044a90.ssa.gov/apps7/best/benefits/ If you are not sure which Social Security programs you qualify for, this online tool will help you determine whether you may qualify for Medicare, Social Security Disability, Social Security Retirement, Social Security Survivors, Special Veterans, and Supplemental Security Income (SSI). Medicare Online http://www.medicare.gov/ The primary Medicare website explains the Medicare health plans http://www.medicare.gov/Choices/Overview.asp for those who are unfamiliar with the options available in the system. There is also an eligibility tool http://www.medicare.gov/MedicareEligibility/Home.asp, and a searchable coverage http://www.medicare.gov/Coverage/Home.asp page to explain specific benefits. For those already enrolled, Medicare’s home page links directly to a number of search tools http://www.medicare.gov/default.asp#stool. The official website is the place to learn about prescription drug coverage http://www.medicare.gov/pdphome.asp, check or change current enrollment http://www.medicare.gov/MPDPF/home.asp, and compare options
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http://www.medicare.gov/MPPF/home.asp. Another access point to individual information is available at MyMedicare.gov http://www.mymedicare.gov/. While Medicare does not generally pay for long-term care, there is information about long-term care options http://www.medicare.gov/LongTermCare/Static/Home.asp. Information about Medicare’s preventative services http://www.medicare.gov/Health/Overview.asp can also be useful.
V. Other government resources
An excellent guide to retirement geared toward women but with helpful information for all future retirees is the Department of Labor’s Women and Retirement Savings http://www.dol.gov/ebsa/publications/women.html. The following booklets are also available for free: Top 10 Ways to Prepare for Retirement http://www.dol.gov/ebsa/publications/10_ways_to_prepare.html Savings Fitness: A Guide to Your Money and Your Financial Future http://www.dol.gov/ebsa/pdf/savingsfitness.pdf Taking the Mystery out of Retirement Planning http://www.dol.gov/ebsa/publications/NRTOC.html What You Should Know about Your Retirement Plan http://www.dol.gov/ebsa/publications/wyskapr.html QDROs – The Division of Pensions through Qualified Domestic Relations Orders http://www.dol.gov/ebsa/publications/qdros.html The Department of Labor also points to free publications on financial planning available from other government agencies. In particular, the U.S. Financial Literacy and Education Commission http://www.mymoney.gov/ is a good resource for understanding financial planning. There are other government websites that can help you understand Medicare and other government benefits. BenefitsCheckUp http://www.benefitscheckup.org/ includes an easy-to-use Benefits Finder and a comprehensive database of forms. GovBenefits.gov http://www.govbenefits.gov/govbenefits_en.portal includes a quick search for specific benefits, to help direct you to programs and determine eligibility. The Securities and Exchange Commission (SEC) has a Roadmap to Savings and Investing http://www.sec.gov/investor/pubs/roadmap.htm to help you create a savings plan. Also, the Internal Revenue Service (IRS) has a Guide for Retirees http://www.irs.gov/individuals/retirees/index.html. The Department of Labor has a guide to retirement plans http://www.dol.gov/dol/topic/retirement/index.htm which could be useful for the self-employed. For small business owners, the Small Business Administration (SBA) has a guide to developing a retirement plan http://www.sba.gov/services/training/nationwide/basics.htm, and the IRS also has a useful guide to available retirement plans http://www.irs.gov/retirement/content/0,,id=97203,00.html.
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VI. General Reading
The Complete Guide to a Creative Retirement Written by Robert Kelley Publisher: Turnkey Press Pub Date: 2003 Price: $17.05 ISBN: 0-9740030-9-3 How to Retire Happy, Wild, and Free: Retirement Wisdom That You Won’t Get from Your Financial Advisor Written by Ernie J. Zelinski Publisher: Ten Speed Press Pub Date: March 2004 Price: $16.95 ISBN: 978-1-580-08578-6 (1-580-08578-4) The New Retirement: The Ultimate Guide to the Rest of Your Life Written by Jan Cullinane, Cathy Fitzgerald Publisher: Rodale Books Pub Date: July 2005 Price: $19.95 ISBN: 978-1-579-54796-7 (1-579-54796-6) Retire on Less Than You Think: The New York Times Guide to Planning Your Financial Future Written by Fred Brock Publisher: Times Books Pub Date: 2004 Price: $15.00 ISBN: 0805073744 Your Complete Retirement Planning Road Map Written by Ed Slott Publisher: Ballantine Books Pub Date: December 2006 Price: $25.95 ISBN: 978-0-345-49455-9 (0-345-49455-5) _______________________________________________________________________________________ Additional comments or questions? Contact us! Rita Moss Business & Economics Librarian University of North Carolina – Chapel Hill moss@unc.edu Laura Leavitt Human Resources & Labor Relations Librarian Michigan State University leavitt9@msu.edu
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