Retirement Resources
Prepared for the AFL-CIO/ ALA Library Service to Labor Groups Joint Committee
by Rita Moss and Laura Leavitt
I. Introduction
Regardless of one's age, saving for the future can be a daunting task. Research indicates that despite the availability of a great deal of information, few people are able to find the time or the motivation to make truly informed decisions about such things as personal investments, insurance coverage, savings and retirement. As the charts below demonstrate, many Americans and even more librarians, will soon be faced with some of these very important decisions. This guide was created to help all librarians identify timely and authoritative information as they plan for their financial futures.
US Population Pyramid (2000) / Percentage of Librarians by Age Group (1999)/ Age Group / Results
20-29 / 7%
30-39 / 19%
40-49 / 35%
50-59 / 32%
60 and over / 7%
Source: / Source: Age of Librarians (1999), Mary Jo Lynch, Director, ALA Office for Research & Statistics
II. Basic Retirement Terminology
- Investopedia.com's Retirement Planning Dictionary
- InvestorWords.com Retirement Glossary
III. General Resources
There are a number of non-profit organizations and professional associations that provide information on retirement planning for the individual consumer. Many banks and insurance companies also have financial planning services. You may wish to contact your bank, insurance agent or credit union to see if they offer any free services, classes, or publications. Additionally, if you have a retirement plan with an organization like TIAA-CREF, representatives will often be able to answer questions about investment and financial planning options. The following list is a small collection of the resources available.
360 Degrees of Financial Literacy – Retirement section
- Part of a larger website sponsored by the American Institute of Certified Public Accountants to assist people in making personal finance decisions. Features a large collection of articles, FAQs and other tools.
AARP
- Information portal with a section on specific questions and problems associated with retirement
- Online videos are also available to help explain the process
About.com
- Section on the topic of retirement planning.
Forbes
- Features on different aspects of investment and retirement.
Investopedia.com
- As an investor education site, this resource contains a number of different tools for those planning their retirements, includingan introductory tour of retirement plans, a collection of articles and a retirement planning dictionary.
- There is also a free mini-tutorial on retirement planning available.
MetLife
- Series of webpages devoted to Enjoying Retirement
- Online quiz designed to help consumers make their retirement savings last.
The Motley Fool
- A division of Yahoo! Finance, this site has a comprehensive guide to retirement which clearly answers important questions about preparing for retirement.
Prudential
- Online portal for retirement planning which contains useful articles, calculators and guides as well as a unique collection of research reports.
There are also a number of calculators and questionnaires available online designed to assess one's current financial situation and plot out a course of action for retirement savings. Some examples include: ASTEC’s Retirement Personality Profile available on the Choose to Save site and the retirement calculator on the NASD site
IV. Government Resources
As of April 2007, there were 49 537 000 Social Security beneficiaries receiving monthly benefits totaling $47 497 000 000, or an average monthly benefit of $958.80. (
Social Security Online
The primary website for Social Security includes a wide variety of informational materials.
One section of the page provides basic retirement information including a guide to retirement ages, how to apply, and information on making an appointment with a local Social Security office.
There is also a retirement planner with benefit calculators and a guide to retirement
Help is available for understanding the Social Security statement and for understanding the system in place for those receiving government pensions
For those who have questions about the future of the Social Security program, there are annual Trustees Reports available from the Office of the Chief Actuary This department also provides statistical tables
Benefit Eligibility Screening Tool (BEST)
If you are not sure which Social Security programs you qualify for, this online tool will help you determine whether you may qualify for Medicare, Social Security Disability, Social Security Retirement, Social Security Survivors, Special Veterans, and Supplemental Security Income (SSI).
Medicare Online
The primary Medicare website explains the Medicare health plans for those who are unfamiliar with the options available in the system.
There is also an eligibility tool and a searchable coverage page to explain specific benefits.
For those already enrolled, Medicare’s home page links directly to a number of search tools
The official website is the place to learn about prescription drug coverage
check or change current enrollment and compare options
Another access point to individual information is available at MyMedicare.gov
While Medicare does not generally pay for long-term care, there is information about long-term care options Information about Medicare’s preventative services can also be useful.
V. Other government resources
An excellent guide to retirement geared toward women but with helpful information for all future retirees is the Department of Labor’s Women and Retirement Savings
The following booklets are also available for free:
Top 10 Ways to Prepare for Retirement
Savings Fitness: A Guide to Your Money and Your Financial Future
Taking the Mystery out of Retirement Planning
What You Should Know about Your Retirement Plan
QDROs – The Division of Pensions through Qualified Domestic Relations Orders
The Department of Labor also points to free publications on financial planning available from other government agencies. In particular, the U.S. Financial Literacy and Education Commission is a good resource for understanding financial planning.
There are other government websites that can help you understand Medicare and other government benefits.
BenefitsCheckUp includes an easy-to-use Benefits Finder and a comprehensive database of forms.
GovBenefits.gov includes a quick search for specific benefits, to help direct you to programs and determine eligibility.
The Securities and Exchange Commission (SEC) has a
Roadmap to Savings and Investing to help you create a savings plan.
Also, the Internal Revenue Service (IRS) has a Guide for Retirees
The Department of Labor has a guide to retirement plans which could be useful for the self-employed.
For small business owners, the Small Business Administration (SBA) has a guide to developing a retirement plan and the
IRS also has a useful guide to available retirement plans
VI. General Reading
The Complete Guide to a Creative Retirement
Written by Robert Kelley
Publisher: Turnkey Press
Pub Date: 2003
Price: $17.05
ISBN: 0-9740030-9-3
How to Retire Happy, Wild, and Free: Retirement Wisdom That You Won’t Get from Your Financial Advisor
Written byErnie J. Zelinski
Publisher: Ten Speed Press
Pub Date: March 2004
Price: $16.95
ISBN: 978-1-580-08578-6 (1-580-08578-4)
The New Retirement: The Ultimate Guide to the Rest of Your Life
Written by Jan Cullinane, Cathy Fitzgerald
Publisher: Rodale Books
Pub Date: July 2005
Price: $19.95
ISBN: 978-1-579-54796-7 (1-579-54796-6)
Retire on Less Than You Think: The New York Times Guide to Planning Your Financial Future
Written by Fred Brock
Publisher: Times Books
Pub Date: 2004
Price: $15.00
ISBN: 0805073744
Your Complete Retirement Planning Road Map
Written by Ed Slott
Publisher: Ballantine Books
Pub Date: December 2006
Price: $25.95
ISBN: 978-0-345-49455-9 (0-345-49455-5)
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Additional comments or questions? Contact us!
Rita MossLaura Leavitt
Business & Economics Librarian Human Resources & Labor Relations Librarian
University of North Carolina – Chapel HillMichiganStateUniversity
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