A recent article in Forbes, Workplace Retirement Coverage Drops And The System Continues To Fail, by Teresa Ghilarducci, provides some sobering statistics about retirement preparedness for Americans. It is no surprise Americans who have access to a retirement plan at work will be better prepared for retirement than those without a plan. However, according to Ghilarducci, only 40% of workers in the U.S. are covered by a retirement offered by their employer. This is a 4% decrease since 2014 and this number has declined in 14 of the 17 years since 2000.
Boss's Day was October 16th, and I must confess, in the past I looked forward to this day as much as I looked forward to going to the dentist. Not necessarily a day I celebrate. However, that has changed. I am excited and happy to say even though Boss's Day was officially the 16th, we are celebrating today, the 18th at LAGERS. We had our annual office chili cook-off and celebration of our bosses today. I've definitely canceled my dentist appointment; I want to celebrate now.
One of the best parts of my job is getting to work with members at Pre-Retirement Seminars. It is an exciting time in members’ lives as they begin to think about transitioning from their careers into a long-awaited, hard-earned retirement. But such a transition is not without a few major decisions, one of which is selecting a LAGERS payout option. Like many decisions you will have to make as you begin your retirement journey, choosing a payout options is an extremely important one, especially since it cannot be changed down the road. It’s only natural then, that many of our members’ top question as they file into the seminar room is ‘how do I know which is the best payout option for me.’
People don't always know the answer to the question,"Who can participate in LAGERS?" Since LAGERS is a defined benefit pension plan and not based on an account balance, certain criteria have to be met in order for you to be able to participate in the plan.
There are so many reasons not to care about retirement. It's so far away. We have student loans to pay off. We are building a house. We just had a(nother) baby. We want to take a vacation. We want to buy a truck/boat/camper/iPhone, etc. It is so easy for the financial pressures of today to overshadow the financial necessities of tomorrow.