Honorary Chairperson Ben Stein, noted economist,
author and actor, is participating by offering his own insights by
stressing that retirees need to focus on both the savings and spending
aspects of retirement. Too
often, he notes, retirees come up short because they think more in terms
of saving now without accounting for inflation and other factors that
could influence spending later.
“This is an excellent opportunity for InFRE
designees to remind their own clients and employees of the need to not
only regularly reassess how much they need to save for retirement, but
plan for what they want to do and how they will live, how they plan to
maintain their health and relationships, and how best to manage their
income and expenses in retirement,” says Betty Meredith, CFA®,
CFP®, CRC®, InFRE Director of Education
and Research.
“Our designees can teach and counsel their
clients and employees on what to do,” adds Kevin Seibert, CFP®,
CEBS, CRC®, and Managing Director of InFRE.
“But ultimately it is an individual’s personal responsibility
to save for retirement and manage their spending.”
Steps that can be taken immediately, according the
Stein, include setting retirement goals; being sure to account for
inflation when projecting retirement expenses; developing a savings
plan; maximizing tax-advantaged savings vehicles; and getting help from
a qualified retirement specialist such as an InFRE®
designee.
For the 2006 awareness
campaign, Stein is also suggesting several retirement
spending guidelines, including: determining basic retirement expenses;
expect spending fluctuations; developing a spending plan; prioritizing
expenses; and regularly re-evaluating one’s retirement plan.
For more information, including a list of helpful
tips from last year's NRPC
campaign and Ben Stein, please
click here.
