such as your mailing address, phone number, BRIDGING THE GAP TO and email address, to keep you informed of RETIREMENT INCOME SECURITY changes to the benefits or services we make available. If you do not participate in an annual open enrollment period, setting a reminder to check your retirement health and readiness at Between 2016 and 2020, Americans age 65 and ing more for retirement, especially as you get the same time you schedule your annual well- older spent an average of $4,066 per month on closer to retirement age, the IRS allows partici- ness exams, or every quarter when you receive household expenses. With increasing cost of liv- pants age 50 or over to defer thousands of dol- other financial statements, could help you ing expenses, many retirees and their families lars more than the annual IRS elective deferral establish and maintain a retirement readiness experience an income gap after transitioning limits in place for that year. These types of con- routine maintenance plan. Pull out your calen- out of the workforce and into retirement. For tributions are commonly referred to as “Age 50 dar, pick a date, and set a reminder to complete decades, Americans have referred to the “three- Catch-Up” contributions. retirement readiness checkups on a recurring legged stool” — Social Security, employer-spon- schedule that fits your needs. sored pension plans, and personal savings — as the model for financial security in retirement. Your retirement readiness routine mainte- With fewer employers offering pension plans For additional nance plan, like your retirement journey, is and uncertainty around the long-term avail- information on unique to you! Document how you want your the catch-up ability of Social Security, today, there is a greater contributions and retirement savings managed when you are emphasis on personal savings to sustain retirees the limits the IRS no longer able to make decisions for yourself; places on the dollar through their retirement years. Articles on the amounts contributed save copies of your elections in a safe place for tax advantages of using a defined contribution to retirement plans like future reference and keep your account infor- plan, like the IAM National 401(k) Fund, to save the IAM National mation up to date, especially with the Benefit 401(k) Fund, scan here. more the closer you get to retirement are avail- Funds Office, so that you worry less and enjoy able from reliable industry sources, including retirement more! the Internal Revenue Service. To encourage sav- 09