New York Times Special Section

The October 15, 2009  issue of the New York Times featured a special  section (F) of eight articles on retirement issues.

Can you make the transition to living on reduced retirement savings?   In The Magic Word is ‘Focus’ , a 4 step holistic approach is recommended:  1)  ENVISION  – before making the transition, people should envision their lives in retirement.  2) TRACK SPENDING -  improve flexibility through meticulous record-keeping of all incoming and outgoing monies. 3)  CUTTING BACK -  evaluate whether your resources can accommodate your retirement goals.  4) DIVIDE YOUR MONEY – separate your savings  into ”buckets” that are designated for different tasks.

In Target-Date Funds, Hidden Homework  challenges the assumptions and benefits underlying target-date funds in light of the 2008 market collapse.    Ways to Ease the Pressure of a Cash Crunch  takes on liquidity issues during retirement.

Retirement savings accounts are the topic in  Deciding whether a Roth is right and Rethinking the 401 (k) if there is no company match. 

Use the links above to access the online version of the above articles, or visit the library and ask for assistance in locating the print issue.

Managing Your Finances in Uncertain Times

Discovering What’s Next® is presenting a forum on November 9th in the Druker Auditorium at the Newton Free Library:  “Managing Your Finances in Uncertain Times.”  For more information go to:
http://www.discoveringwhatsnext.com/whatwedo_forums.html

“Discovering What’s Next® is a network of people and community organizations that connects individuals 50+ with information, inspires them and supports development of their ideas, and fosters involvement leading to action that benefits both individuals and the community.”

SSA Promises Prompt Service

Francine Kollias, Metropolitan Public Affairs Specialist from the  Social Security Administration’s regional office,  returned last night to introduce us to the many time-saving features available on Social Security’s updated website, www.socialsecurity.gov.  In case you missed the meeting, her powerpoint presentation can be found here.

Need to change your address or request a  benefit statement?  You can do that online. Want to know your full retirement age or  how to calculate your retirement benefits?  You can do that online.  Are you dreading having to endure the long lines at the Social Security office or listening to muzak while you wait on hold?  Go to the website instead.

Ms. Kollias showed us how most of our social security questions and requests for forms and information can be taken care of through the website.  Some features will require that you set up a password, a simple process, but many do not.  Ten years in the making, Kollias reassured us the new website is entirely secure.

For a video preview of the many services available on the website, view these PSAs (public service announcements) with celebrity spokesperson Patty Duke.  Patty reprises her dual role as a pair of twin cousins, Patty and her more sophisticated cousin, Cathy.  Great fun!

Winning the Lottery

After celebrating your good luck,  what do the experts advise you do with an unanticipated financial windfall?  Save it, spend it, give it away?

Would you quit your job and retire early?  According to a recent study conducted by two finance professors at the University of Illinois at Urbana, financial windfalls cause just that, a hastening to early retirement.

A more systematic approach to handling sudden wealth is presented by Marcia Passos Duffy in Bankrate.com’s  Smart Spending column. Her  4 Steps to Protect a Windfall are:   1)  Money Moratorium    2) Emotional Inventory 3)   Set aside play money 4)  Review after one year.

Additional advice on the subject is offered in the September issue of Money magazine.  The  Ask the Expert column titled  What to do with a million bucks cautions windfall recipients to avoid costly investing schemes and the “big-spender syndrome”.

For a personal perspective , check out these selections from our print collection:  Ann Perry’s The Wise Inheritor: protecting, preserving and enjoying your legacy and Money changes everything: twenty-two writers tackle the last taboo with tales of sudden windfalls, staggering debts, and other surprising turns of fortune.

Photo of Patriots Instant Ticket (cc) by Massachusetts State Treasury and republished here under a creative commons license.  Some rights reserved.

Money Magazine Special Report

 

The October  issue of Money magazine focuses on retirement issues with its special report 4 Steps to a Great Retirement.  Read the feature on What you need to know about  Social Security in anticipation of our October 21st  meeting with Francine Kollias, the regional Social Security Administration’s Metropolitan Public Affairs Specialist, who will return for a presentation on Social Security’s online services .  

Three additional articles on retirement readiness, stock investments and income security complete the special report.  View the table of contents on the website or borrow the print edition available here at the library.

ETF (Exchange Traded Funds) Resources

Thinking about investing in Exchange-Traded Funds, but don’t know where to start?

The Personal Finance page of  The Wall Street Journal website recently published an article on ETFs that contains  a helpful list of  web resources for the individual  investor.   WSJ calls  it  “a guide to sites that can help fund shoppers research portfolios and find those that fit their needs”.   Yahoo Finance and Morningstar are among the sites recommended as well as some lesser known online resources.

Have a look at the resources and tell us what you think!

Get Rich Slowly

Recommended by Money Magazine last year as one of the best money websites, Get Rich Slowly is a blog that takes a common sense approach to issues of  personal finance.

Reviews of personal finance books and sites are offered as well as  timely tips on saving money and creative ways to make  extra cash.

The author is not a financial professional, but rather, a self-proclaimed, self-educated  “average guy”.   This is a popular blog where you will find lots of personal finance stories,  tips and reader comments.

Photo of turtle (cc) by ilse Gerritsen and republished here under a Creative Commons license. Some rights reserved.

Recent Addition to Newton Collection

Have you visited our Newton Collection recently?  Marian Knapp, Newton resident,  is the author of a new addition to our local history collection, Aging in Place in Suburbia:  a qualitative study of older women.

On your next visit to the library, ask a librarian for help in accessing Knapp’s doctoral dissertation.  It may prompt some thought in preparation for Retirement Planning Club upcoming meetings.  In November,  we will be discussing  Multigenerational Communities and in January our topic will be the planned at home village in Newton.