Boomer Times May-June 2017 - Page 11

May is Better Hearing & Speech Month !
May 17 , 2017 www . coshoctonbeacontoday . com THE BEACON 11B
The virtues of saving for retirement are extolled from the moment young men and women begin their professional careers . Such advice is sound , and though retirement is a long way off from the start of one ’ s career , those professionals who heed these words of wisdom and start saving early are bound to benefit down the road .
But even the best advice can fall on deaf ears from time to time , and many people simply don ’ t save enough for retirement . A recent survey asked more than 2,000 participants a range of questions on topics , including their health , retirement and saving habits , and found that the average baby boomer , which includes those born between 1946 and 1964 , was on track to reach just 81 percent of their retirement income needs . Those needs include food , shelter and medical care . The study also found that 40 percent of participants across all generations were saving less than six percent of their salaries for retirement . That ’ s especially troubling when considering financial planners often advise men and women to save 10 to 15 percent of their salaries for retirement .
Some simple arithmetic and an examination of assets , including retirement

How to catch up on retirement savings

accounts and savings , can shed light on how rosy or bleak a person ’ s retirement looks . Young professionals have time to make up for their indiscretions , but men and women over 50 who haven ’ t saved enough for retirement must get to work immediately to ensure their retirement years are comfortable . The following are a handful of ways men and women can catch up on retirement savings .
Start spending less . The easiest way to catch up on retirement savings is to start spending less . Men and women over 50 know that the sand in their earnings hourglass is running out , and those behind on retirement savings need to make the most of their earnings in the years ahead . That means cutting out any unnecessary expenses so that money can be used to save for retirement . Examine all of your monthly and annual expenses to find ways to trim some fat . You may want to downsize your vehicle to a less expensive and more fuel-efficient make and model . Golfers can cancel their country club memberships in favor of golfing on more affordable public courses that don ’ t charge hefty annual membership fees . Slashing spending won ’ t be easy , but doing so is the first step toward catching up on your retirement savings .

Creamy Pea Salad

COSHOCTON - I have rendered this Creamy Pea Salad recipe from the original to add a little extra crunch by adding cauliflower . If you are not a fan of cauliflower then you can omit it . I use shredded cheese instead of small cubes because I think shredded is better for a salad but again , make it to your taste . Please remember my advice , if there is an ingredient you don ’ t favor feel free to omit or substitute . I usually make it according to the directions the first time and then make adjustments . This recipe is always great for cookouts but I recommend you keep it chilled due to the mayonnaise . Stay safe and enjoy your summer . Many Blessings !
Creamy Pea Salad
By Jamie @ Love Bakes Good Cakes . com
Yield 8-10 servings
Ingredients :
2 pkgs ( 16oz ) frozen peas , thawed and drained 1 / 2-1 cup shredded cheddar cheese 1 / 2-1 cup shredded Mozzarella cheese 1 medium red onion , chopped 1 cup mayonnaise or Miracle Whip 1 / 2 lb bacon , cooked crisp and broken into bits 1-2 cups fresh cauliflower , chopped into bite-size pieces Salt & Pepper to taste
Directions :
In a large bowl , combine all ingredients and mix well . Refrigerate until serving .
Jenny Wilson is a private cooking consultant with Full Spoon Cooking & More .
Contributed | Beacon
Contribute more to your employer-sponsored retirement plan . If you have not been contributing the maximum amount to your employer-sponsored retirement plan , start doing so . This is especially beneficial if your employer matches your contributions . Contributing more to such plans should not drastically affect your take-home pay now if the plan is a pre-tax plan like a 401 ( k ).
Make IRA catch-up contributions . The Internal Revenue service allows men and women over the age of 50 to make annual catch-up contributions up to $ 5,500 . These contributions must be made to a retirement plan via elective deferrals , and there are additional requirements as well . Men and women over 50 interested in making catch-up contributions to their retirement accounts can learn more at www . irs . gov .
Put more in traditional savings accounts . Though it ’ s best to put as much money into tax-advantaged accounts , if you are already maxing out your contributions to such accounts it ’ s still good to sock away money into a traditional taxable savings account . It ’ s unwise to expect your retirement accounts to fully fund your lifestyle in retirement , so you will need , or at least want , a substantial
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amount of money in savings . The benefit here is the money you put into traditional savings accounts has already been taxed so you won ’ t incur any bills from the tax man once you begin to use that money down the road .
Postpone retirement . Though it ’ s not ideal for men and women with a target retirement date in mind , postponing the day you call it quits is another way to catch up on retirement savings . Postponing retirement allows you to build a more substantial retirement portfolio while also decreasing the amount of time you will need to rely on that money . This gives you more flexibility in retirement . In addition , Americans who work longer can increase their Social Security benefit because working longer should allow them to delay the day they start taking Social Security payments . Men and women who can wait until age 70 to accept such payments will receive larger monthly payments as a result .
Studies have shown that men and women are simply not saving enough to finance their retirements . But there are myriad ways for those over 50 to start catching up .
Contributed | metrocreativeconnection . com

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a pair of Advanced or Premium Technology Hearing Aids !
Trade in discounts available ! Call for details !
All purchases in the month of May will be entered into a drawing to watch the Cleveland Indians vs . the Detroit Tigers on Friday , July 7th at 7:10PM !
Hearing Aid Sales & Service
Locally Owned & Operated ! Aaron Garabrandt , BC-HIS * Like Us on Facebook !
www . hearagainllc . com • aaron @ hearagainllc . com 1766 Ostego Avenue , Coshocton , OH • 2809 Bell Street , Suite C , Zanesville , OH
May 17, 2017 www.coshoctonbeacontoday.com THE BEACON 11B How to catch up on retirement savings The virtues of saving for retirement are extolled from the moment young men and women begin their professional ca- reers. Such advice is sound, and though retirement is a long way off from the start of one’s career, those professionals who heed these words of wisdom and start saving early are bound to benefit down the road. But even the best advice can fall on deaf ears from time to time, and many people simply don’t save enough for retirement. A recent survey asked more than 2,000 participants a range of ques- tions on topics, including their health, retirement and saving habits, and found that the average baby boomer, which includes those born between 1946 and 1964, was on track to reach just 81 percent of their retirement income needs. Those needs include food, shelter and medical care. The study also found that 40 percent of participants across all generations were saving less than six percent of their salaries for retirement. That’s especially troubling when considering financial planners often advise men and women to save 10 to 15 percent of their salaries for retirement. Some simple arithmetic and an exam- ination of assets, including retirement accounts and savings, can shed light on how rosy or bleak a person’s retirement looks. Young professionals have time to make up for their indiscretions, but men and women over 50 who haven’t saved enough for retirement must get to work immediately to ensure their retirement years are comfortable. The following are a handful of ways men and women can catch up on retirement savings. Start spending less. The easiest way to catch up on retirement savings is to start spending less. Men and women over 50 know that the sand in their earnings hourglass is running out, and those be- hind on retirement savings need to make the most of their earnings in the years ahead. That means cutting out any un- necessary expenses so that money can be used to save for retirement. Examine all of your monthly and annual expenses to find ways to trim some fat. You may want to downsize your vehicle to a less expen- sive and more fuel-efficient make and model. Golfers can cancel their country club memberships in favor of golfing on more affordable public courses that don’t charge hefty annual membership fees. Slashing spending won’t be easy, but doing so is the first step toward catching up on your retirement savings. Contribute more to your employ- er-sponsored retirement plan. If you have not been contributing the maximum amount to your employer-sponsored re- tirement plan, start doing so. This is espe- cially beneficial if your employer matches your contributions. Contributing more to such plans should not drastically affect your take-home pay now if the plan is a pre-tax plan like a 401(k). Make IRA catch-up contributions. The Internal Revenue service allows men and women over the age of 50 to make annual catch-up contributions up to $5,500. These contributions must be made to a retirement plan via elective deferrals, and there are additional requirements as well. Men and women over 50 interested in making catch-up contributions to their retirement accounts can learn more at www.irs.gov. Put more in traditional savings ac- counts. Though it’s best to put as much money into tax-advantaged accounts, if you are already maxing out your contri- butions to such accounts it’s still good to sock away money into a traditional taxable savings account. It’s unwise to expect your retirement accounts to fully fund your lifestyle in retirement, so you will need, or at least want, a substantial Creamy Pea Salad Creamy Pea Salad By Jamie@ Love Bakes Good Cakes.com Yield 8-10 servings Ingredients: 2 pkgs (16oz) frozen peas, thawed and drained 1/2-1 cup shredded cheddar cheese 1/2-1 cup shredded Mozzarella cheese 1 medium red onion, chopped 1 cup mayonnaise or Miracle Whip 1/2 lb bacon, cooked crisp and broken into bits 1-2 cups fresh cauliflower, chopped into bite-size pieces Salt & Pepper to taste Directions: In a large bowl, combine all ingredients and mix well. Refrigerate until serving. Jenny Wilson is a private cooking consultant with Full Spoon Cooking & More. Contributed | Beacon COSHOCTON - I have rendered this Creamy Pea Salad recipe from the original to add a little extra crunch by adding cauliflower. If you are not a fan of cauliflower then you can omit it. I use shredded cheese instead of small cubes because I think shredded is better for a salad but again, make it to your taste. Please remember my advice, if there is an ingredient you don’t favor feel free to omit or substitute. I usually make it according to the directions the first time and then make adjustments. This recipe is always great for cookouts but I recommend you keep it chilled due to the mayonnaise. Stay safe and enjoy your summer. Many Blessings! May is Better Hearing & Speech Month! amount of money in savings. The benefit here is the money you put into traditional savings accounts has already been taxed so you won’t incur any bills from the tax man once you begin to use that money down the road. Postpone retirement. Though it’s not ideal for men and women with a target retirement date in mind, postponing the day you call it quits is another way to catch up on retirement savings. Post- poning retirement allows you to build a more substantial retirement portfolio while also decreasing the amount of time you will need to rely on that money. This gives you more flexibility in retire- ment. In addition, Americans who work longer can increase their Social Security benefit because working longer should allow them to delay the day they start taking Social Security payments. Men and women who can wait until age 70 to accept such payments will receive larger monthly payments as a result. Studies have shown that men and women are simply not saving enough to finance their retirements. But there are myriad ways for those over 50 to 7F'@6F6rW6G&'WFVBWG&7&VFfV6V7F6Уcd`@"bGf6VB"&V֗VХFV6wV&rG2G&FRF66VG2f&R6f"FWF2W&66W2FRFbv&RVFW&VBFG&vrFvF6FR6WfVBF2g2FRFWG&@FvW'2g&FVǒwFBst^( $RdrvF6f"FWF26֖r6V&r@6W2b6W'f6P6ǒvVBbW&FVB&v&'&GB$2Ԅ2ƖRW2f6V&sCSS"SwwrV&v26( "&V&v26Уscb7FVvfVVR667F( "#&V7G&VWB7VFR2W7fR