As parents, my wife and I are constantly doing the best we can to make sure our kids are polite, courteous, grateful, and all those other qualities that will hopefully nurture our children into positive contributing citizens once they reach adulthood. Many times, we are so focused on making sure they behave that it is hard to teach them other life lessons they will need to know to be successful, like how to handle their money. Our kids are still quite young, so we still have quite a bit of time. But, it is never too early to teach them some life lessons about how and why to save money, how to earn money, how much things cost and other money topics.
We’ve all heard it. “You need to save this much of your salary, you need to have a million dollars saved before you can retire”, so on and so on. I’m here to tell you there is NO exact science to financial planning because most of our financial plans depend on how long we are going to live. Unless someone has invented a time machine and I am unaware of it, no one can accurately predict how long we are going to live.
Did you recently find out you are going to receive a tax refund? Did you immediately think about what you could spend the money on? Maybe the things you are planning on spending your tax refund on are constructive, like car repairs, home repairs, pay off some credit card debt or others. However, it’s hard not to be tempted to spend that refund money on something fun, right?
Are you reaching a point in your career where you can see the light at the end of the tunnel? If you’re within striking distance of retirement, that means you’re ready to start attending LAGERS’ Pre-Retirement Seminars! Anyone who is interested is invited to come, however, we strongly encourage anyone within 5 years to attend at least one Pre-Retirement Seminar before they begin drawing their LAGERS benefit.
As you may already know, your Member Annual Statement is now available!
If someone were to tell me we could only have one printed publication for members going forward, I would choose the Member Annual Statement. Your statement is packed with information about your LAGERS benefit and about how your benefit is going to help you achieve financial independence in the future. Let me break down a couple of key sections for you.
When we think about financial planning, we usually think about money, right? Of course money plays a big part in your financial planning, but we also need to consider what lifestyle we are going to live and how long are we going to need income. In other words, are you going to live an expensive lifestyle; and how long are you going to live?
As you may know, LAGERS provides financial security to a wide variety of public servants across Missouri. We cover librarians, health care workers, pothole crews, police officers, zoo keepers, fire fighters, paramedics and many more. But, since tomorrow is National Law Enforcement Appreciation Day, I would like to focus on just police officers for today.