Maui Business

Free “Think of Your Future” Workshop in Pāʻia

August 20, 2016, 12:08 PM HST
* Updated August 20, 12:10 PM
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Wondering what steps should be taken towards retirement and to ensure the future is secure?

AARP Hawai’i and Kaunoa Senior Center will host a free workshop at the Kaunoa Senior Center in Pāʻia on Saturday, Aug. 27 from 9 a.m. until noon for residents looking for information to help make smart financial decisions.

The growing emphasis on personal responsibility for retirement savings creates greater uncertainty for people looking to retire comfortably in the years ahead.

AARP states that Hawai’i 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 the mix questions about the best time to collect Social Security benefits, and preparing for a secure retirement can be daunting.

The following sessions are included in the workshops:

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– 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 $116,00 for men and $131,000 for women.

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– Understanding Your Social Security Retiree Benefits: Begin claiming your benefits at age 62 and your monthly check will be 76% less than if you wait until the age of 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 spouce’s employer.

Residents can register online here or call 877-926-8300. Snacks and event materials will be provided.

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