“Department of Labor Provides Retirement Planning Resources and Tips for Older Americans”

The Department of Labor is providing valuable resources to help Americans plan for retirement, offering tips and tools to maximize workplace benefits, Social Security, and Medicare. In a recent blog post titled “A golden opportunity: retirement planning for older Americans,” Assistant Secretary Lisa Gomez shared specific suggestions for different age groups to aid in the transition to retirement.

For workers who are 10 to 15 years away from retirement, the DOL recommends using their publications and worksheets to determine the necessary savings for a comfortable retirement. These interactive tools can also help individuals track their savings progress over time.

“We are committed to ensuring that every American can transition into retirement with dignity and financial security,” wrote Gomez. The DOL also provides resources like “The Retirement Toolkit” to help workers decide when to retire and make informed decisions about their financial future.

As part of Older Americans Month, Gomez encourages individuals to start planning now for a financially secure retirement. The DOL has outlined an age-based timeline for retirement preparation, including milestones like making catch-up contributions at age 50, enrolling in Medicare at age 65, and claiming Social Security benefits between ages 62 and 70.

By taking advantage of these resources and planning ahead, workers can ensure a smooth transition into retirement and enjoy the benefits of their hard-earned savings. To stay updated on retirement planning news and tips, sign up for the PLANSPONSOR NEWSDash daily newsletter.