"I've got all the money I'll ever need, if I die by four o'clock," said comedian Henny Youngman. It may be a great quote for a laugh, but most of us need a financial plan that reaches beyond "four o'clock."
For retirees or those closing in on retirement, a free, two-hour class could prove to be valuable first step. "Making Your Nest Egg Last a Lifetime" will take place from 7-9 p.m., Wednesday, March 20, in the Adult Classroom of the Schaumburg Township District Library, 130 S. Roselle Road, Schaumburg.
Presented by Financial Educator Karen Chan, the "Nest Egg" program will target the strategies and products available for managing your hard-earned retirement money. Karen will discuss the advantages and disadvantages of annuities, and briefly explore newer ideas such as longevity insurance and reverse mortgages. In addition, she will discuss the newest studies behind the 4 percent rule, which is used to determine the amount of funds to withdraw from a retirement account each year. This rule is designed to provide a steady stream of funds while keeping your account balanced.
"There are many different ideas and approaches about how to spend down your money," Karen said. "It is an area where much research is being done. For a high stakes decision like this, it's critical to understand the assumptions, risks and trade-offs. My goal is that, after this workshop, participants will be able to compare different approaches for their own retirement, evaluate what they read, and ask questions of their financial advisers."
Additional money management resources can be found in the Personal Finance Center on the library's second floor. There you will find a plethora of financial planning books, many of which are specifically related to retirement topics. Titles include "The 10 Commandments of Money," "Managing Retirement Wealth," "Smart is the New Rich," "Financial Fitness Millionaire," and of course, "Personal Finance Workbook for Dummies."
You will also find information from the Financial Industry Regulatory Authority. Some of the materials are available for checkout, while others may be viewed within the library. If you find some that speak to you, take them home. Computer workstations in the center provide access to helpful databases, websites and the library's online personal finance portal.
Books and reference materials are not the only benefits of visiting the Personal Finance Center, where you can also learn about money-related workshops on a wide range of topics, including creating a budget, managing debt and saving for the future. As always, if you need help finding information, a reference librarian will be happy to help.
Another easy way to improve your financial retirement is to attend some of the free classes offered during Money Smart Week in April. Details on these classes are listed in the library's April-May Program Guide, which will be mailed to Schaumburg Township residents and available within the library and online at www.schaumburglibrary.org.
How secure is your financial future? Make the most of the nest egg you worked hard to create by using the resources available at your library.