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    America Saves Week 2011: Financial To-Dos for the Decades

    February 20th marks the beginning of America Saves Week—a great opportunity to examine your finances and see where you can pinch a couple more pennies to really make it count. But savings is not a “one size fits all” activity. Your savings and financial plans are different depending on your what stage you are at in life.

    This week WISER will break down how to save for the different decades of your life, so that you can track what you should be doing now and in the future. Follow our blog this week to see how you can save throughout the decades!

    Saving in your 60’s, 70’s and beyond:

    Retirement planning isn’t just about saving for the future, it’s also about how you will eventually spend your money once you are in retirement. Many American use their retirement assets too quickly and later find out they have to cut back on necessities because they cannot afford a decent standard of living. But even if you have stayed the course and feel confident in the amount of money you have put towards your retirement over the years, it is still important to plot out what your retirement financing strategy will be. How much money will you need every month? Will you have additional income in the form of Social Security or pensions in addition to your savings? Even in retirement, it is still important to maintain a savings mentality so that you maintain your finances well into the future.

    At this point in life, you should continue to invest your retirement assets, living off a small percentage each year, and consider annuitizing all or a portion of your retirement assets, or a little bit of both. Selecting an annuity can be an overwhelming process for some, but there are a lot of great resources to help you figure it out.  And it’s worth taking the time to learn more, because keep in mind, by buying an annuity, you will be providing yourself with guaranteed income payments for the rest of your life.

    We’ve pulled together some helpful information to explain annuities and how to select the right one for you:

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    WISER

    About Us

    WISER is a nonprofit organization that works to help women, educators and policymakers understand the important issues surrounding women's retirement income. WISER creates a variety of consumer publications including fact sheets, booklets and a quarterly newsletter that explain in easy-to-understand language the complex issues surrounding Social Security, divorce, pay equity, pensions, savings and investments, banking, home-ownership, long-term care and disability insurance.

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