Autumn in America marks our transition from summer to winter. Leaves change colors, temperatures drop, crops are harvested and nights get longer.
For many baby boomers, this autumn season also signals a personal transition. In a few shorts months, they can move from the workforce into retirement.
Those who may be nearing this milestone need to be sure that they are prepared to make this important life-choice. The unfortunate truth is that, according to a study by Boston College, about one-third of all people now within 10 years of retirement eligibility will not be able to meet their retirement financial goals unless they save more or work longer. To find out how prepared you are, visit the Social Security Administration's financial planning page at www.socialsecurity.gov/planners.
The calculators featured on this site test different retirement ages and calculate future potential earnings amounts. A link to a worksheet will also help you decide how much you need to save and invest for a comfortable retirement.
In addition, www. mymoney.gov is a financial website supported by a variety of Federal Agencies. This site provides information on how to save, invest and manage your money during all stages of life.
By Patricia A. Sullivan
Social Security Manager in Downtown Pittsburgh