On The Record, Vol. 3, No. 2, Ed. 1 Friday, July 15, 2011 Page: 16 of 39
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Saving for the Future
As baby boomers begin to retire and
Social Security becomes strained, the prob-
lems of current retirees have forced the
next generation to begin financial plan-
ning early
Many Americans hoping to retire find
their savings are not enough to retire on
and have begun to rely solely on Social
Security said Randall Guttery the associate
dean for the College of Business.
"Over 50 percent of all Americans who
retire, if they didn't have Social Security,
would be below the poverty line," Guttery
said. "What started in the 1930s as an addi-
tional retirement plan to supplement your
employer's plan has become the sole plan
for many Americans."
Retirement Woes
Guttery said many retirees experience
problems because they didn't give them-
selves time to save for retirement.
"If you don't start a retirement plan until
you're in your 50s, you just don't have the
benefit of time," Guttery said.
He said companies have switched from
fully providing for employee pension plans
to defined contribution plans, where the
company provides about half the employ-
ee's contribution.
Over 50 percent
of all Americans
who retire, if they
didn't have Social
Security, would be
below the poverty
line, n
- Randall Guttery,
Associate Dean for the College of
Business
Preparing for Retirement
The first step for any college graduate
entering the workplace is to get out of debt
created by student loans, Guttery said. At
the same time, he said students must begin
saving as soon as possible.
"You know you have money in your
budget for your student loans, for food, for
housing, for gasoline," he said. "Even if it's
just $25 a week, you treat that $25 like an
electric bill"
The next step, Guttery said, is to build
an emergency fund of three to six months
of a person's annual salary.
Finally, if employers provide a
defined contribution retirement plan,
they need to max out their own contri-
bution because the amount they put
aside for retirement, and the percent
the employer matches, are not taxed as
part of a person's total income.
Thomas Mote, a finance senior, said
he is going to start saving for retirement
as soon as he begins his career.
"It's not so much that people think
about retirement and think it's too far
down the road, I think it just doesn't
occur to people," Mote said. "Once you
get to the point when you're not living
paycheck to paycheck, it's important to
start saving."
-Isaac Wright, Senior Staff Writer
Dissecting Divorce
1 in 12
couples head for divorce
after 24 months.
30%
less marriages since 1970
years is the median
duration of a marriage.
40%
more divorces since 1970
lobs that require extensive traveling, physical contact
with others, long/odd hours and high stress own
the high divorce rates. Some that remain fairly low
are secretaries, mathematicians, journalists, urban
planners, librarians, dietitians and fitness nstruc-
tors.
Source: usattorneylegalservices.com.
Check outgj m see our full story on divorce.
Percent of jobs that cause divorces
1 f'er:ent
Lancers,
choreographer; and
bartenders
Nurtes and home
"ea th aides
Travel agents, writers
and policemen
Optometrists, dentists,
clerymen and
pod atrists
Graphic bv Ashley-Crystal Firstley/Senior Staff Writer
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Zucker, Shaina. On The Record, Vol. 3, No. 2, Ed. 1 Friday, July 15, 2011, periodical, July 15, 2011; Denton, Texas. (https://texashistory.unt.edu/ark:/67531/metapth209155/m1/16/: accessed April 19, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .