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Five Retirement Questions Consumers should Ask Themselves; Make Plans to Attend Upcoming IRA Seminars
Friday, August 2, 2013 5:20 AM

There's little doubt Americans are struggling to save for retirement. About 49 percent of U.S. adults express serious reservations about saving enough for their post-career years, according to a study by the Employee Benefits Research Institute.

What's more, 46 percent of Americans are so disenchanted about their lack of long-term savings that they haven't bothered to calculate how much they'll need to live on in retirement.

John Bucsek, CFP and managing director at MetLifeSolutions Group, tells TheStreet Contributing Writer Brian O’Connell, that consumers should ask themselves the following five questions:

  1. Do my accumulated savings and other sources of income replace about 80 percent of my pre-retirement income? When determining sources of income, O’Connell tells TheStreet readers, you want to look at Social Security and pension funds in addition to 401(k) and IA funds you may have in place.
  2. Will I be in a high Social Security bracket? Consumers should keep in that Social Security may replace a lower proportion of your pre-retirement income if you had high earnings over your career.
  3. What is the degree of risk in my portfolio? Market fluctuations, interest rate changes and inflation can have a significant impact on retirement, especially if there are substantial losses before and at retirement.
  4. What age did I begin saving? The longer your money has to work and grow for you, the easier it is to reach the desired level of retirement income.
  5. What age do I want to retire? An earlier study conducted by CareerBuilder found that 27 percent of U.S. workers over the age of 60 planned to delay retirement one to two years; 20 percent planned to delay retirement three to four years, and 27 percent, five to six years.

Well-known trainer Deborah Crawford says proper planning, saving and investing can help consumer avoid falling short of their retirement dreams. One powerful savings tool available to consumers is Individual Retirement Accounts (IRAs). Oct. 10-11, Crawford will present the Cornerstone Credit Union League’s (League) IRA Basics and IRA Advanced seminar in Dallas.

The IRA Basics seminar covers the basic elements of IRAs.  Attendees will receive a review of the Traditional IRA, Roth IRA and Roth Conversions, Education Savings Accounts, Simplified Employee Pension Plan, SIMPLE IRA, moving and changing IRAs.  The Advanced IRA seminar covers everything you need to know about IRAs, including compliance, auditing and reporting.

The educational investment is $349 per attendee, per day, and Certified Public Accounts (CPAs) may earn up to 6.5 continuing professional educational credits (CPE) for each seminar. If you have any questions, please contact Training & Events, at (469) 385-6630 or (800) 442-5762, ext. 6630

Educational grants are available through the Cornerstone Credit Union Foundation. To learn more, please visit www.cscuf.coop.