Insurance Matters Retirement Planning Requires Basic Education, Assistance

By Ken Selzer, CPA, Kansas Commissioner Of Insurance

TOPEKA, KS - Changes in employee benefits, health care, longer life spans, and uncertainty with Social Security and Medicare are challenges for today's older Kansans. Those in their 40s,  50s and 60s should look to develop financial preparedness for their retirement years.

Preparing yourself and your family through implementing financial and insurance priorities as you approach retirement may yield substantial benefits as you become older.

Consider the following points as part of your retirement plans.

. Develop a plan and save - Developing a plan and starting to save early are the first steps toward a financially secure future. Waiting until later requires much more aggressive saving and may even require working longer.  In general, experts recommend saving 10 to 20 percent of your income each year, depending on your age and the number of years until retirement.

. Learn the basics of financial planning - Retirement planning and preparedness are at critically inadequate levels, with studies showing the majority of Americans lacking any kind of retirement savings strategy. Learning the basics of investment and insurance needs are important.

. Consider seeking out a financial professional - Many Kansans who are unsure about where to begin may benefit from developing a retirement income plan with the help of a trusted, qualified adviser. A knowledgeable adviser will help you define life goals, identify risks you may face, and establish the right financial picture for you. More