Northwest Iowa — October offers more than cooler weather, changing leaves and Halloween. It’s also National Retirement Security Month. Retirement planning is always an important topic, and according to a recent survey by the Iowa Insurance Division, approximately 49 percent of Iowans feel they are neither adequately planning nor financially prepared for their retirement.
The results from this survey reflect recent data from the Federal Reserve. In its report on the “Economic Well-Being of U.S. Households in 2022,” the Federal Reserve highlights a mixed-bag of results when it comes to retirement security in the U.S., according to Carol Ehlers, local human sciences specialist with Iowa State University Extension and Outreach.
The report describes higher levels of financial well-being for retirees overall; however, this isn’t always the case for everyone.
“There are disparities when it comes to age, race, ethnicity, and income – in addition to the impact from significant life events. The report states that 30 percent of individuals retired due to a health problem, 17 percent retired due to a caregiving situation, and 10 percent were forced to retire or could not find work. This is consistent with some of the issues I typically hear from the public,” Ehlers said. “On a positive note, the news from these reports isn’t all bad, and fall is a great time to review your retirement finances.”
Many employers hold open enrollment for benefits around this time, and a variety of government agencies release tax inflation and cost-of-living adjustments for the upcoming calendar year.
Additionally, Ehlers noted that plenty of free retirement education tools and resources are available at the federal and state levels to help you with your retirement planning decisions, including the following:
The Federal Reserve
Social Security Administration
Financial Industry Regulatory Authority
Consumer Financial Protection Bureau
Iowa Public Employees’ Retirement System
Iowa State University Extension and Outreach
For more information, contact Carol at 712-732-5056 or xehlers@iastate.edu.
