Some of the keys to a positive retirement have nothing to do with money: good health, people in your life, and having a reason to get up each morning will all make for a richer retirement than all the money you can save. It may come with different phases: go-go years when you have health and energy to do what you set out to do slow-go years when may be less ambitious in what you want to do and what you can do and no-go years when you are no longer able or willing to do as much.

It can be a time of excitement, a time of relaxation, a time for connecting with family and friends, a time of loneliness, a time for working or volunteering, a time for leisure, a time for travel, a time to stay at home, a time of joy, a time of difficulty. It may be long, it may be short, for most it will be somewhere in the middle. I think retirement is really about life goes on, a new chapter after the working life you have lived for most of your years. Kraus kindly agree to be interviewed and give information on best practices to start saving for retirement.ĭisclaimer: The following should not be construed as financial advice or recommendations but only as sharing of experiences and suggestions for your consideration. In addition to investing in 'blue' chips, he enjoyed baking and sharing cookies featuring 'chocolate' chips. Richard Kraus, is a librarian working in the Business & Economics Department at Central Library, and while he has no formal financial degrees, licenses or certificates, he has been fortunate enough to become a “millionaire next door”, helped to create Money Matter$, and enjoys sharing with and learning from others about financial topics.

Los Angeles Public Library is very fortunate to have a “financial guru” as part of our staff. This is why it is important to start retirement planning. Others think that they are too young to start planning for retirement or are intimidated by the process of setting a 401(k) account. Many are relying on Social Security benefits, with some experts predicting Social Security might disappear in the near future.

A high number of Americans do not have enough savings for retirement.

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