Focus on retirement planning — It’s your future

Published 9:36 am Wednesday, October 5, 2016

When most people begin their career, retirement is the farthest thing from their mind. Instead, they focus on trying to purchase a home, start a family or perhaps save money for travel. Retirement seems so far away for many younger people that they delay putting aside money. However, it’s very important to save for the future — if you want to enjoy it.

An employer-sponsored retirement plan or 401(k) can be a useful way to set aside funds for retirement, especially if your employer offers matching funds on what you invest. If you don’t work for an employer that offers this type of plan, there are many other plans designed to help you save for retirement.

From solo 401(k)s to traditional and Roth IRAs, there are programs designed to fit a multitude of budgets.

The earlier you start to save, the more funds you’ll have ready for retirement.

In addition to traditional programs, the U.S. Department of the Treasury now offers a retirement savings option called myRA. There’s no minimum to open the account, you can contribute what you can afford and you can withdraw funds with ease. To learn more about myRA, visit www.myra.gov.

And, as always, there is Social Security, which is funded by taxes you pay while you work. One of our most powerful tools to help you understand your future benefits is our website.

And one of the most powerful tools in that toolbox is the my Social Security account. Create your online account at www.socialsecurity.gov/myaccount and then you’ll always have quick and easy access to see and update your information.

You can use my Social Security to get estimates of your retirement, disability and survivors benefits; view your earnings record; and get estimates of the Social Security and Medicare taxes you’ve paid. Prepare for your future and start saving — and planning — today!

Benfits outside our borders

More than half a million people who live outside the United States receive some kind of Social Security benefit, including retired and disabled workers, as well as spouses, widows, widowers and children. If you’re a U.S. citizen, you may receive your Social Security payments outside the United States as long as you are eligible.

If you are traveling outside the U.S. for an extended amount of time, it’s important that you tell Social Security the date you plan to leave and the date you plan to come back, no matter how long you expect your travel to last. Then we can let you know whether your Supplemental Security Income will be affected.

Use this online tool to find out if you can continue to receive your Social Security benefits if you are outside the United States or are planning to go outside the United States at www.socialsecurity.gov/international/payments_outsideUS.html.