Add a little green to your golden years

Source: Jennifer Hunter,

Extension Specialist for Family Resource Management

The recent economic recession has many people nervous about whether they have planned or are planning well enough for retirement. If you’re worried about not having enough money to last through your golden years, you’re not alone. With life expectancies longer than ever, six out of 10 baby boomers fear outliving their retirement funds more than they fear dying.

While Social Security is one source of retirement income, it shouldn’t be your only one. Currently, Social Security replaces about 40 percent of the average wage earner’s income, with higher income earners receiving less of a percentage of their income. Despite your income level, you should plan to replace 70 to 90 percent of your pre-retirement income to live comfortably during retirement.

This may seem like a monumental task, but you can do several things to help build your retirement savings.

Track your current expenses, and determine whether they are fixed or flexible. Fixed expenses are usually monthly, non-negotiable expenses and include items such as rent, mortgage payments, utility costs and car payments. Flexible expenses are those over which you have more control and can include groceries, travel, eating out and entertainment expenses. Plan to track them for at least a month. Identifying where your money goes will help you develop a realistic budget that can help you either save for or stretch your retirement dollars.

Whether you’re planning for retirement or are already retired, you should consider ways to maximize your money. Depending on the amount of your assets, personal risk tolerance, retirement goals and anticipated length of retirement, you may consider a balanced financial portfolio that includes certificates of deposits, money market accounts, stocks, bonds and mutual funds. Before you invest, be sure that you are comfortable with the risk and terms of the investment. Many of the options that have the potential for the biggest returns can also result in some of the largest losses in principal. Remember if you are close to retirement or retired, it will be harder to recover from a significant loss of principal.

More information on the different types of retirement investments is available in the Cooperative Extension Service publication FCS5-548 Maximizing Your Dollars in Retirement. It is available online at http://www2.ca.uky.edu/agc/pubs/FCS5/FCS5458/FCS5458.pdf or through the Clinton County office of the University of Kentucky Cooperative Extension Service.

Educational programs of the Cooperative Extension Service serve all people regardless of race, color, sex, religion, disability or national origin.

Affordable Care Act Community Forum

If you would like to learn more about what the new healthcare laws will mean for you and your family, you will want to attend a brief presentation on Monday, September 23rd at 6:00 p.m. at the Clinton County Learning Center Auditorium. kynect, Kentucky’s Healthcare Connection, will provide individuals, families and small businesses with easy, one-stop shopping to find the healthcare coverage you need. kynect representatives will present information on the Affordable Care Act and answer your questions. For more information, contact the Clinton County Extension Office at (606) 387-5404.

Homemakers Annual Meeting-Racing into a New Year

The Clinton County Homemakers will hold its County Annual Meeting on Tuesday, September 24th at the Community Center. Registration will begin at 5:30 p.m. with the meeting starting at 6:00 p.m. Join us in our Run for the Roses and dress in your best attire for a night at the races.

Wear your Derby hat and enter it into our Derby Hat Contest (tallest, biggest, ugliest, most creative, best representation of Homemakers). Learn more about upcoming Homemaker activities and enjoy a delicious catered meal complete with derby pie. For more information, contact the Extension Office at 387-5404.

Crazy About Couponing

The next “Crazy About Couponing” class will be held on Monday, September 30th at 6:00 p.m. at the Extension Office. Bring your scissors, coupons, and tips to share! For more information, contact the Extension Office at 387-5404.

Weight Loss Wars:

Clinton vs. Cumberland

It’s battle time-let’s Pound the Panthers! Registration, weigh-in, and kickoff event for both counties will be held on Tuesday, October 1st from 5:00-6:30 p.m. at the Clinton Center (KCTCS site on Hwy 90). Weekly weigh-in and educational lessons will be held at the Clinton County Extension Office each Tuesday through December 10th. Lesson times will vary this year (Breakfast Bites 7:30-8:00 a.m., Lunch and Learn 11:30-12:00 p.m. or 12:00-12:30 p.m., and Supper Strategies from 5:00-5:30 p.m.). Participants can weigh-in from 7:30 a.m.-5:00 p.m. weekly regardless of lesson time. One-time registration fees are due October 1st (Individual $10; Couple/Pair $15; Family/Team of up to six individuals $20). Winners will be announced at the Clinton vs. Cumberland Basketball Game in Burkesville on December 17th. For more information, contact the Extension Office at 387-5404.