Retirement Resources

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.

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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