(Washington, DC) — How do I assess my risk of outliving my assets? What is the best way to factor in life expectancy, inflation, income, expenses, investment returns and type of investments when planning for a long retirement? These are some of the questions that will be addressed at the next “How Can I Afford Retirement? Investor Education in Your Community event on June 4, 2009, at 6 pm at the Howard University Law School, Moot Court Room at Houston Hall, 2900 Van Ness Street, NW. Philip Simonides, CFP®, will be the featured speaker on the topic of “Investing Wisely to Avoid the Financial Risk of Longer Life Expectancy.”
“If you wanted to keep pace with just a 3 percent inflation rate to maintain your purchasing power in retirement, $20,000 today would have to be worth $36,122 in 20 years, or $48,545 in 30 years,” Simonides said. “Just imagine, we have to save enough money in 40 years of working to last for a minimum of 20 years in retirement. That means for every two years of work, we have to save for one year of retirement. That’s why it is so important for people to come up with a plan for how to make this happen.”
The “How Can I Afford Retirement?” program is a series of free investor education events designed for individuals who are thinking about retirement or are recently retired. The purpose is to provide access to objective non-commercial information about investing for retirement so individuals can make informed choices, recognize and avoid misleading investment advice and scams, and learn ways to better manage their retirement investments.
Each event has several components including a topical presentation by a financial expert, a briefing on library resources, small group facilitated discussions and a question and answer session with financial experts. Each participant will receive a workbook recently published by the Department of Labor titled “Taking the Mystery Out of Retirement Planning,” as well as other investment education materials. The events covered four topics this spring, and participants are encouraged to attend as many as they can.
The program is a collaboration of the DC Department of Insurance, Securities and Banking, DC Public Library, the Investor Protection Trust and the Financial Planning Association of the National Capital Area.
The program is funded by a grant from the Investor Protection Trust (IPT), a nonprofit organization devoted to investor education. Since 1993, the IPT has worked with states to provide the independent, objective investor education needed by all Americans to make informed investment decisions. Its website is at investorprotection.org.
The series is free and open to the public. For more information and to register, visit affordretirement-dc.org or call (202) 290-2184.