The growing emphasis on personal savings in retirement creates greater uncertainty for pre-retirees. Hawaii residents live, on average, three years longer than other Americans, and for many people longevity comes with greater anxiety about outliving their assets. Add to that questions about the best time to collect Social Security benefits, and preparing for a secure retirement can be daunting.
As pre-retirees look for information to help make smart financial decisions, AARP Hawaii is offering a free Financial Resiliency Workshop at the West Hawaii Civic Center Community Meeting Hale in Kailua-Kona on Saturday, September 12 (9 a.m. – noon).
The following sessions will be offered:
- 10 Steps to Get Ready for Retirement – Many pre-retirees overlook the rising cost of medical care. According to estimates, the savings needed to cover most health care expenses in retirement, including premiums, is $116,000 for men and $131,000 for women.
- How to Maximize Your Social Security – Begin claiming your benefits at age 62, and your monthly check will be 76 percent less than if you wait until 70. Conversely, some people need the money or fear they won’t live long enough to collect what they paid into the system.
- Introduction to Medicare – You generally have a seven-month window to sign up, starting three months prior to turning 65. Not doing so could trigger late penalties and delay coverage – unless you’re covered beyond 65 by insurance from your or your spouse’s employer.