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TOBACCO OUTLET BUSINESS
MAY/JUNE 2013
Step Four: evaluate and adjuSt
Once you have a sense of how much you will be saving, you can plug those
figures into a retirement calculator at sites like AARP.org and CNNMoney.com,
and see how they stack up against what you’ll need. If your assessment suggests
that you’ll fall short of your retirement goals, consider ways to change your
retirement picture, such as:
Delaying Retirement:
Working for even a few extra years will help on two
fronts—you’ll build savings and be able to delay collecting Social Security, which
will increase your monthly benefit. (See “Social Security Secret,” below.)
Bust Your Budget:
Look for ways to cut daily expenses and funnel those savings
into your retirement plan.
Rethink Your Retirement:
Take a hard look at where you might be able to scale
back expenses in retirement. For example, moving to a smaller home or to an area
with lower property taxes can significantly change your saving needs.
Consider a Second Career:
Rather than quitting work altogether, retirement can
be a great time to explore a career that might be more personally fulfilling but
not as lucrative. You’ll be able to offset some of your living expenses and curb
retirement plan withdrawals.
TOB
Can Your BuSineSS Fund Your retirement?
Many business owners hope that someday the sale of their business will fill
the retirement fund coffers. But while some businesses are sold successfully, it’s
dangerous to rely on the eventual sale of your company to fund your retirement.
As recent years have shown, even businesses that have enjoyed a strong track
record in the past can be derailed by an economic downturn or, in the case of
tobacco-oriented businesses, a legislative development.
in FoCuS: retirement
SoCial SeCuritY SeCretS
Did you know that delaying Social Security collection
by just a few years can substantially increase retirement
benefits?
In fact, a 62-year-old can increase his or her
monthly benefit by 76 percent by waiting until age 70 to
retire (adjusted for inflation). For more information on
maximizing Social Security payment in retirement, visit
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