We are working towards completing our Comprehensive and Popular Annual Financial Reports to give you a complete picture of the current financial status of your LAGERS retirement system. In the mean time, here are some quick updates.
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.
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.