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Maggie Jover: Small steps to enhance your retirement security

In recent years there have been a lot of reports about the ability of the baby boomer (and younger generations) to maintain their standard of living in retirement. If you are worried about your future financial security here are some suggestions to help you prepare:

■ Participate in a qualified retirement savings plan such as a defined-benefit pension or 401 (k) or 403 (b) plans for workers in the education or non-profit sector.

■ Consider moonlighting part time to earn “Schedule C” income in addition to “W-2” income from an employer. Many people are able to turn their “day job” skills or hobbies into a secondary income source.

■ Take advantage of available catch-up retirement savings contributions if you are age 50 and over. Save as much as you can when you can.

■ Remain in the workforce longer if possible. This allows extra time to save for retirement and accumulate assets and a higher Social Security benefit.

■ Don’t procrastinate. Start saving something today! Start living “below your means” instead of spending 10 percent of your salary, spend 90 percent and save 10 percent.

■ Calculate the savings needed for retirement. This will help you develop a savings plan. One easy online retirement calculator is “The Ballpark Estimate.”

There is a lot we can do to prepare for retirement and every small step can make a difference. To help start retirement planning, register for the “Money Talks” Money Management Series being offered Thursday evenings in October at the Denton County Extension Office. To receive more information on this educational series, call the Extension Office at 940-349-2882.


MAGGIE JOVER is the family and consumer sciences extension agent with Texas AgriLife Extension. She can be reached at 940-349-2882.