As we begin a new decade, it might be a good time to think about your financial goals for the next 10 years or more. When saving for retirement, our approach must be a long term approach so we can properly invest the money and generate additional funds through investment in the market. For some of us, retirement may be coming in the next decade and others retirement may be more than a decade away. Either way saving for retirement is important no matter where you are in your savings journey.
Are you uneasy about how your LAGERS benefit works, how much you will get from LAGERS or whether or not your spouse will receive any income after you pass away? Maybe you don’t know anything about your LAGERS benefit and want to learn as much as you can in a short amount of time. Or, you want to learn more about your options for working after drawing a benefit, the cost of living adjustments, the Value of Your benefit or the taxation of your benefit. Each of these topics and more are discussed in-depth at a LAGERS Pre-Retirement Seminar.
Traditionally, Black Friday is the beginning of the holiday shopping season. There are a number of steep discounts retail stores offer you and any savvy shopper would tell you are too good to pass up. Of course, it makes sense that you should try to spend less money on the same product you would have bought anyway. The same way it makes sense if you wanted to save the same amount of money in total by the time you retire, you want to pay less for it to accomplish your goal. Well, it’s possible if you begin saving at the right times.
Many people my age (mid 30s) can’t fathom what it’s going to be like in 30 years when we reach retirement. It’s a hard concept for us to understand because it is so far away from now. For some, you’re on the doorstep of retirement and others may be like me. Either way, we all need to understand the financial value LAGERS brings to our ability to achieve financial security in the future.
As former active members, many of you worked in positions that made our communities safer, cleaner and stronger. These roles were vital to ensure we have vibrant communities. Spike Huff was no different than many of you. He began his career as a road deputy sheriff for Franklin County and eventually transitioned into being a civil deputy and a bailiff in the county court house.
However, Steve’s second (or possible first) passion in life is music. Here’s what he had to say about his passion for music:
I recently read an article from the Washington Post which stated, “If you don’t want to run out of money in retirement, follow this rule of thumb.” So, of course I clicked into the article to see what kind of advice they had to give.
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.