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SPONSORED LINKS: Revolutionary Trading Platform Top Currency Trading Platform Members of Congress and other federal employees were instead covered by a separate pension plan called the Civil Service Retirement System (CSRS). http://www.congressproject.org/retirement2002.pdfMembers of Congress receive retirement and health benefits under the same plans available to other federal employees. They become vested after five years of full participation. http://usgovinfo.about.com/od/uscongress/a/congresspay.htmAmid all the hubbub, keep this in mind: Congress has a pension plan ... and it's not at risk. ... isn't allowed to get more than 80 percent of their salary upon retirement. http://money.cnn.com/2006/01/20/commentary/wastler/wastler/index.htm... pension reform was enacted in 1983 (see "Under siege," Plan Sponsor, February 1995). Members of Congress elected before 1984 are part of the Civil Service Retirement ... http://www.fa-ir.org/alabama/corrupt/Congressional%20Retirement%20Benefits.htmNews: Joined by the Labor Department, Rep. George Miller will spearhead a move toward broader disclosure. http://www.workforce.com/section/00/article/24/62/76.htmlCongress Considers Major Retirement Plan Reforms Rep. George Miller (D-CA), 1 Chairman of the House Committee on Education and Labor (Committee), is considering alternatives to 401(k ... http://www.financialservices.org/uploadedFiles/401k%20Proposal%20Summary.pdfA retirement plan that works so well, that Railroad employees, Postal Workers, and ... Members of Congress in the FERS plan must pay 6.2% of their salaries (up to the Social Security ... http://www.snopes.com/politics/socialsecurity/pensions.aspWASHINGTON ? Unlike most American workers, who lost big money in their 401(k) retirement accounts last year, members of Congress can't lose in their gold-plated retirement plans. http://www.wnd.com/news/article.asp?ARTICLE_ID=23577Members elected before 1983 participate in the older Civil Service Retirement Program. In both cases, members of Congress contribute to the plans at a slightly higher rate than ... http://urbanlegends.about.com/library/blcongress.htmFor planners who provide advice to their business-owning clients on qualified and other retirement savings plans?everything from 401(k)s, SEPs, and Simples, to defined benefit ... http://www.investmentadvisor.com/Issues/2003/November%202003/Pages/Congress-Focuses-on-Retirement-Plans.aspx?utm_source=8930&utm_medium=redirect&cmpid=redirectDon't Second Guess Your Retirement Years - You Must Set Goals for Your Retirement!
When you start planning for your retirement, the first thing
you'll need to do is think about how you will be spending your time once you
are retired. Will you spend most of your time golfing, quilting or driving
around the country in your RV? Will you take a lot of trips? Where will you
go? How much will you need to save to pay for all of the things you want to
do?
When you are retired, you will have time to travel wherever you want to go. You will be able to take up hobbies that you never had time for. Think about what you would enjoy doing when you are beginning to save so that you will have an idea of how much you will need. It costs a lot more to travel all over the world than to sit at the side of a pond fishing all day. Another aspect of retirement planning that many people neglect is planning for a healthy retirement. If you are healthy, you will get a lot more enjoyment out of your retirement years. By eating well and exercising regularly, you can keep your body in good shape so that you won't have to limit your activities for health reasons once you reach retirement age. You should also think about who you will spend time with once you retire. If all of your friends are at work, retirement can be pretty lonely. Try to make friends with people who will still be around when you are no longer working, such as neighbors, club members and people from your church. Then, of course, there is the financial planning. Start by checking to see where you are. Check your social security statement (they send one every year) to see how much you can expect to receive once you retire. Do you have any retirement savings already? How much more will you need to save? How many years do you have left to save? Once you have determined how much you need to save, you'll have to figure out how to do it. Talk to a financial planner to get an idea of the kind of return you can expect to get for your investments and to find out how much you will have to set aside each month to reach your goals. Then find a way to fit that amount into your budget and do it.
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