Planning for Retirement

Retirement is defined as the status of an employee who has stopped working. Several individuals semi-retire at a certain age but keep a part-time job, which usually is their own choice.

The first steps in retirement planning are learning how to begin saving and how to get realistic advice. Several options are available, such as contributing to a 401k, belonging to a retirement fund from an employer, opening an Individual Retirement Account (IRA), and investment plans.

One of the most important aspects of planning for retirement is to begin as early as possible, no matter what your age, and stick with it.

According to Jenny and Patrick McKinney from Your Guide to Retirement Planning, "getting the answers to these questions can eliminate future surprises."

• Do you have a pension or retirement plan at your place of employment and are you eligible?
• How much will your pension or retirement plan be worth when you retire?
• If your employer provides a retirement plan, what happens to it if you change jobs?
• If you retire early, what happens to your retirement plan with your employer?
• Will pension benefits be reduced by Social Security?

It pays to learn about your options. Below are several resources that can help:

Local Bank Websites

• Charter One Bank: Retirement
• Federal Reserve Bank of Cleveland
• Dollar Bank: Saving for Retirement
• First Merit Bank: First Merit Investment Services Retirement Planning
• Fifth Third Bank: Planning for Retirement
• Huntington Bank: Retirement Planning
• Key Bank: Individual 401 (K) Plans
• National City Bank: Retirement Planning

State and National Resources

• 360 Financial Literacy
• My Money
• CNN Money: Maximizing Retirement Savings

Support for MoneyWatch is made possible by Charter One Foundation. Research assistance for MoneyWatch is from Cleveland State University Nance College of Business Administration