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In a recent survey by JumpStart Coalition for Financial Literacy, only 26 percent of those between the ages of 13-21 said that they had been taught how to manage money. Yet, when they turn 18, kids are signing contracts for student loans, opening credit card accounts, and in many instances, living away from home with little financial guidance available.
We all have our own unique way of handling our finances. While some of us are natural born savers, others may have a hard time making it to the next paycheck. Fortunately, most of us fall somewhere in-between, putting away money at times, while making frivolous purchases at other times.
Defined benefit pension plans, which supply retirees with regular payments from their employer when they retire, are a critical piece of many petrochemical employees’ retirement plans. Although the number of companies that offer pension plans has declined in the past several decades, many employers in the petrochemical industry continue to offer pension plans for all full-time employees.
How to Avoid Retirement Woes
If you have anxiety about outliving your retirement savings, you have company. Roughly 37 percent of current retirees say outliving their money is a big worry.
Remember way back to your first paycheck. The moment you open the envelope anticipating the windfall when all your hard work pays off. Then, like a swift kick to your gut, realty hits. Your takeaway earnings are almost always way lower than what you expected.
Pat and Kelly, new parents, made a couple monthly budget adjustments upon the arrival of their first child. First, due to the added cost of day care and dependent health insurance, they decreased the amount they were saving for a house. And second, they agreed to review their life insurance needs.