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Media Release |
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Celebrate Financial Independence Day By Elaine L. Chao |
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(NU) - America's passionate celebration on July 4 was a reminder of how much we value our freedom and independence. Ironically, only about half of all Americans are taking steps to ensure that they will have financial freedom and independence during their retirement years. |
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Independence Day is a time we celebrate the good things about being American, including the fact that every American has the opportunity for a bright future. Part of that bright future is a secure retirement. And when people's futures are more secure, our nation is more secure. |
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So let's make Independence Day our yearly marker for an annual check-up on our progress toward achieving financial independence in retirement. |
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Here are just a few simple tips that will help to ensure your financial security in retirement: |
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Know Your Retirement Needs |
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Retirement is expensive! Experts estimate that you'll need about 70 percent to 90 percent of your pre-retirement income to maintain your standard of living when you stop working. |
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Find Out About Your Social Security Benefits |
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Social Security pays the average retiree about 40 percent of pre-retirement earnings. Call the Social Security Administration at 1.800.772.1213 for more information about your specific benefits. |
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Contribute To a Tax-Sheltered Savings Plan and Take Advantage of Expanded Incentives |
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Your employer's 401(k) plan and Individual Retirement Accounts (IRAs) shelter you from taxes while you save. |
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Learn About Your Employer's Retirement Plan |
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Familiarize yourself with your plan. Find out what type of plan it is - 401(k) or traditional pension; how your benefit is determined and what it is now; and check your investment strategy. |
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Don't Touch Your Savings |
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Resist the urge to spend what you've saved when you change jobs. Roll over your retirement savings directly into an IRA or your new employer's retirement plan. |
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Start Now, Set Goals, and Stick To Them |
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For a free savings fitness guide to financial independence, call the U.S. Department of Labor at 1.866.275.7922 or visit the PWBA Web site. |
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Let's celebrate the freedom and opportunity we have as Americans by taking steps now to secure our financial independence in retirement. |
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