Planning Your Golden Years:

A Retirement Guide

While most Americans think they are on the track to a long and comfortable retirement, many will learn at retirement that they’re not as close as they’d like to be:

• Only about 15% of working-age Americans have an IRA, and only 22% contribute to a 401(k) plan.
• The median benefit for women with income from private pension plans or annuities is just $4164, compared to $7768 for men. Only one in five women receives private pension income.
• Sixty-nine percent of American adults aged 25 to 44 expect to retire in the "traditional" sense of spending retirement in leisure. But reality hits home as they near retirement—63% of 45- to 54-year-olds expect a retirement of leisure, and only 49% of those 55 or older say the same.
• Twenty-six percent of workers say they are "just making ends meet," but only 16% think they will live this way in retirement. Of retirees, 20% are "just making ends meet," while 16% describe their pre-retirement lifestyle this way.

If you’re like most people, taking some time now to plan for your retirement – no matter how close or how far away it may be – can help you get closer to what you really want.

Consolidated Credit Counseling Services Inc., a provider of credit counseling, educational assistance and budget planning services to consumers nationwide, offers the following financial tips when planning for retirement:

Know What You Want

While most people envision retirement as no work and lots of play, that’s not always realistic. Even if you don’t want to work (and don’t have to bring in extra money), you’ll want to find activities that keep you wanting to get out of bed in the morning.

So before you even start thinking about money, your first step is to think about what you really want at retirement. Do you really want a thirty or forty year vacation? Or do you want to pick up a hobby you always wanted to learn? Work part-time? Move to a condo on a golf course or a beach in South America? Use the Retirement Lifestyle worksheet at the end of this brochure to help you start thinking about some of your options.