Supplementing retirement benefits

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Updated: 3/27/2003 1:09 pm
Social security and other government retirement benefits should not be relied upon exclusively for retirement support. It is a good idea to begin early in planning for your retirement with a sound investment program. This can include any retirement programs offered by your employer, or personal plans such as an Individual Retirement Account, or I.R.A. As you begin retirement planning, it is important to have a clear understanding of your budget and needs. This will help you anticipate how you may be impacted during retirement. You should expect certain expenses to increase while others may decrease or disappear. For instance, costs such as commuting and dry cleaning will lessen while the costs of insurance and medical care may become greater. While planning for the future, you may also want to find out what additional government benefits you may be entitled to. To request a copy of your earnings record and projected retirement benefits, call the Social Security Administration at 1-800-772-1213. Ask for a copy of your earnings and benefits estimate statement. For more information on retirement planning, contact a personal finance expert.

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