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EBSA News Release: [02/15/2006]
Contact Name: Gloria Della or Peter Hong
Phone Number: (202) 693-8664 or x4676
Release Number: 06-274-NAT

Labor Department Unveils Resource to Help Americans Plan for Retirement

WASHINGTON — The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) today released a new resource to help Americans calculate the financial resources they will need to ensure a secure retirement.

The publication, “Taking the Mystery Out of Retirement Planning,” is designed to assist individuals who are within 10 years of retirement calculate their income, savings and likely expenses in retirement. Using these figures, Americans will have a better idea of how much they need to save to ensure they do not outspend their retirement assets.

“Americans are living longer, healthier lives and will need more income to see them through their retirement. Making the right choices is critical to living a lifestyle of financial independence, and this booklet will help individuals realistically plan for their financial future,” said Ann L. Combs, assistant secretary for employee benefits security.

Although targeted to individuals approaching retirement, the booklet is also useful for recent retirees. The publication includes worksheets that allow the user to evaluate current assets and expenses; project future assets and expenses, and determine what additional resources are needed to meet their retirement lifestyle. There also are discussions on methods of saving, investment options, expense considerations and how to make your assets last throughout retirement. An extensive resource section provides other sources of information on retirement, savings and investment issues.

The primary focus of the booklet, preparing financially for retirement, will be a key topic at the March 1-2, 2006 National Summit on Retirement Savings in Washington, D.C. The summit agenda will include discussions of strategies workers can use to ensure they have sufficient assets to cover the years spent in retirement.

Free copies of the booklet are available by calling EBSA’s toll-free number at 1-866-444-EBSA (3272) and visiting the agency’s Web site at www.dol.gov/ebsa (under publications). The public can also get the booklet from the Federal Citizens Information Center at 1-888-878-3256.