FOX 11 hosting town hall meeting on retirement preparedness tonight
(WLUK -- All during the month of May, FOX 11 has been asking the question: Are you going to be ready financially to retire?
Financial experts indicate the key to a happy retirement is planning ahead.
Thursday night, May 25, FOX 11 is hosting a Your Voice Your Future Town Hall: Retirement Reality Check at 7 p.m. at St. Norbert College in the Dudley Birder Hall. FOX 11 anchors Tom Milbourn and Mark Leland will moderate the event. The public is invited to attend and for those who can't make it the event will be streamed live on fox11online.com.
Three experts on retirement, money issues and financial planning will be part of panel answering questions and offering their views on the subject.
The panelists are:
- Lisa Lamkins from AARP Wisconsin, an expert on the ins and out of social security and Medicare and the importance of people savings for retirement;
- Bob Atwell, CEO of Nicolet National Bank. If it's a money issue he certainly has you covered;
- And Kevin Klug, an agent with Secure Retirement Solutions here in Northeast Wisconsin. They will all offer tips and advice on investing in your future.
One important lesson is the added value to your savings dollar by starting at an early age.
Let's say at age 25 you start investing just $1,000 a year earning 7 percent a year for 10 years. Then you stop. If that $10,000 investment on your part continues to earn that same interest at age 65 you would have $113,000.
Now, let's say you started to invest $1,000 a year earning 7 percent at age 35, and instead of stopping after 10 years you kept investing until you were 65. So you invested for 30 year. That $30,000 would give you just $101,000.
So that early investing of money really pays off. In this case you put in three times as much later, but make $12,000 more with the early investment.
Area politicians will also be a part of the program offering insight on legislation to help individuals save, and the tax implications related to savings.
Saving for retirement can be very complex--and can put a lot of people off, but it's something you need to think about -- the sooner the better.