|Paper||Ogden Valley News|
|Rights||In Copyright (InC)|
|Rights Holder||SR Communications DBA, Eden, Utah|
|Publisher||Digitized by J. Willard Marriott Library, University of Utah|
|Paper||Ogden Valley News|
June 1 03.qxd 12/7/2021 Page 8 4:05 PM Page 8 THE OGDEN VALLEY NEWS Volume VIII Issue IV June 1, 2003 How to Harvest the Rewards of Retirement Note: This is article three in a four-part series. Retirement involves making changes—to schedules, priorities, activities, and finances. One of the major transitions many people experience at retirement is going from the predictability of receiving a paycheck to the relative unknown of relying on pension checks, Social Security, and personal savings and investments. Information in this and the next issue will help minimize the stress of entering that unknown by outlining the decisions you’ll be making at retirement and offering some general advice about retirement planning. Step 3 Compare Your Needs and Resources—Will You Have Enough? The next step in retirement planning, as with any budget, is to compare your expenses and your income. Do this by completing the brief worksheet below: Expected monthly retirement expenses $_____ (Include items such as housing, food, utilities, insurance, taxes, health care and so on.) Expected monthly retirement income $_____ (Include Social Security benefits, employer’s retirement plan, post-retirement work and any assets that may provide income such as retirement accounts like IRAs and Keoghs, savings or investments in stocks, bonds and mutual funds.) Subtract from income $_____ If your anticipated retirement income exceeds your expenses, congratulations! You’re well on your way to achieving your retirement goals. Many people, however, may find that they have a short-fall, or gap, between the expenses they project for retirement (which represents the lifestyle they anticipate having) and the amount of income they can expect. Tips for Closing the Gap Maximize tax-deferred investing. In the time left before you retire, make full use of the taxadvantaged retirement plans available to you— those offered through your employer and personal plans, such as IRAs. Money grows fastest unhindered by taxes. Consider deferring retirement. Continue working a year or two past your Social Security retirement age, saving as much of your earnings as possible. Not only will you have the benefit of extra savings, but you may increase your Social Security benefits (depending on your date of birth) and your retirement payout, too. Reduce debts and spending. You’d be surprised how easy it becomes to rein in your expenses once you become more aware of what you’re actually spending. Vigorously track all your expenses for a month or two, then reduce accordingly. Consider your home as an asset. Some people who need to supplement their retirement income use “reverse mortgages” (home equity conversions). These allow people to tap into their equity without selling their home. Plan to work in retirement. A few years of postretirement work (if you save your wages) can help you fund your later retirement years. Wages earned in retirement may help you keep pace with inflation, plus your employment may qualify you for valuable group benefits, such as health insurance. Remember, however, that work during retirement may affect your Social Security benefits. How Work Affects Social Security Earnings Age Maximum Earnings Reduction in Benefits Under 65: $670/month, $1 for every $2 earned above limit 65 – 69: $930/month, $1 for every $3 earned above limit 70 +: No maximum None Next time... Step 4 . . . Take Action on Your Program Note: This information has been provided to you courtesy of Chris Wright, Registered Representative, Securian Financial Services, Inc., member NASD/SIPC.98-0227-85002R NRCS Announces Signup for Environmental Quality Incentives Program The Natural Resources Conservation Service (NRCS) is accepting applications May 13 through the close of business May 30, 2003 for its Environmental Quality Incentives Program (EQIP). The Environmental Quality Incentives Program provides cost share and incentive payments to implement conservation practices on eligible agricultural lands. It is a voluntary program that promotes environmental quality in agricultural production. Any producer engaged in livestock or crop production on eligible land may apply for EQIP. Eligible land includes cropland, rangeland, pasture land, private non-industrial forestland, and other farm or ranch lands as determined by the Secretary of Agriculture. The program is being administered to encompass Salt Lake, Tooele, Weber, Davis, and Morgan counties. Based on input from local landowners and resource professionals in these five counties, the resource concerns to be addressed are: On-farm Irrigation Nutrient Management for Water Quality Grazing Lands For more information, contact Clarke Garn at the Weber NRCS office, 2871 S. Commerce Way, Ogden, at 801-629-0580, extension 26. Note: The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, sex, religion, age, disability, political beliefs, sexual orientation, and marital or family status. (Not all prohibited bases apply to all programs.) Persons with disabilities who require alternative means for communication of program information (Braille, large print, audiotape, etc.) should contact USDA’s TARGET Center at (202) 720-2600 (voice and TDD). To file a complaint of discrimination write USDA, Director, Office of Civil Rights, Room 326-W, Whitten Building, 14th and Independence Avenue, SW, Washington, DC 20250-9410 or call (202) 720-5964 (voice or TDD). USDA is an equal opportunity provider and employer.) TENNIS LESSONS Call for details 745-3545 or pick up registration forms at your local post office. See ya on the court!