Boomer Income - Another Retirement Option

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When the topic of retirement comes up concerns, about whether or not enough money has been put aside is at the top of every baby boomer preparing for retirement.

For retirees the thought of not having a steady paycheck coming in each week to meet and pay future bills is frighting. Even if you have saved some money, is it enough to provide the future retiree the ability to enjoy fun activities like vacations, hobbies etc.

As you approach retirement age you should ask yourself 6 key questions:

1. Do you have a pension or retirement plan at your place of employment and are you eligible?

Some companies do not offer retirement or pension plans and some jobs within companies are not eligible for these plans even if they are offered.

2.How much will your pension or retirement plan be worth when you retire?

This information is necessary so you can decide if you need additional savings such as an IRA to supplement your retirement benefits when you decide to retire.

3.If your employer provides a retirement plan, what happens to it if you change jobs?

Your employer can tell you if your retirement plan can be rolled over into an IRA, cashed in, or left with the company if you should leave the company. You will need to decide which is best for you to do.

4. If you retire early, what happens to your retirement plan with your employer?

Your employer can tell you when you are vested with the company and what you can expect to receive in the way of retirement benefits when you decide to retire.

5. Will pension benefits be reduced by Social Security?

In some instances, your benefits could be reduced by the amount of Social Security you draw. Discuss this with your employer to see if this happens with your pension.

6. Look at where your finances are right now. Gather all your financial information into one place and go over it to see what you have and what you need. Look at your benefit plans, social security, veteran's benefits, and so on. Make a detailed list of your assets, such as real estate and investments. Next list all your liabilities, such as debts, loans, child support, and alimony.

Taking a look at your financial position now will help you determin e how to best prepare for your retirement in the future to live a comfortable and satisfying life.