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Workshops Can Help MI Residents Secure Retirement Nest Egg

The average retirement income for Americans age 65 and older is about $31,000 a year. (Tax Credits/Flickr)
The average retirement income for Americans age 65 and older is about $31,000 a year. (Tax Credits/Flickr)
September 28, 2016

LANSING, Mich. - More than half of Michiganders are retired by age 62, but experts say it's never too early to begin plotting a path for retirement.

Help is available through a series of Securing MI Financial Future workshops in October.

AARP Michigan is among the sponsors, and associate state director Jennifer Munoz said topics will include credit scores, long-term care, debt and other matters that can impact one's ability to build a financial nest egg for the future. She said a sound retirement can be viewed like the legs of a chair.

"We talk about Social Security, we talk about work, we talk about pensions and 401(k)s, and if you take any one of those legs of that stool away, that stool becomes more wobbly," she said. "So people really have to look at the reality of what their financial situation is and make sure they are planning properly."

Financial counselors also will be on hand to provide free one-on-one financial checkups. The workshops are free, but registration is required. The first event is Oct. 5 in Burton.

While people are rebounding from the recession and able to save, Munoz said, many are holding off retirement because they want to have more financial security. She said the future of Social Security is a concern.

"If Social Security doesn't have any changes to it, people aren't going to get their full benefits," she said. "In about 18 years, it's going to be reduced by up to 25 percent. So if people don't have the full benefits of Social Security to depend on, then they will have to continue working."

The average retirement income for Americans age 65 and older is about $31,000 a year.

More information is online at michigan.gov.

Mary Kuhlman, Public News Service - MI