Increase Your Financial Literacy During Money Smart Week

While most Americans probably wouldn’t try to manage their own medical or legal affairs, many are shouldering growing responsibilities for making personal financial decisions. They face a vast array of savings options for retirement, college and other goals (Roth vs. traditional IRAs, 529 plans and more) as well as a dizzying choice of credit vehicles (credit cards, home equity loans, reverse mortgages, etc.). At the same time, the proportion of private workers covered by a defined benefit retirement plan (traditional pension) has fallen sharply over the last few decades. In fact, the Social Security Administration’s Office of Retirement and Disability Policy has called it the "disappearing" pension plan! One result is that workers are increasingly being covered by defined contribution plans such as 401(k)s, which usually require participants to select their own investment choices from those offered by the plan and to decide when and how to modify those choices over time.

All these factors make financial literacy a critical goal for Americans of all ages and incomes. The Global Finance Literacy Excellence Center, whose mission is to inform policy and develop and promote financial literacy programs around the world, has emphasized that "…financial literacy levels around the world have reached a crisis point. People are increasingly expected to take responsibility for their own financial security, yet they are unequipped to do so. The consequences of their decisions have far-reaching implications not only for the individuals involved but also for society."

If you are interested in boosting your financial literacy, we invite you to join us during Money Smart Week. Programs are free and do not require registration or a library card.

4/23/2018 Mistakes to Avoid When Saving for Retirement

6:30 PM - 8:30 PM
Nichols Library – Community Room

Investors often make several mistakes that could hinder proper retirement planning. This seminar will identify those mistakes and offer suggestions on how to avoid making them. The presentation will also provide ideas on how to make the most of retirement savings.

 

4/25/2018 Making the Most of Social Security

6:30 PM - 8:30 PM
Nichols Library – Community Room

Social Security is the sole means of support for many retirees and offers a high level of flexibility to optimize retirement income needs. This presentation will discuss the different filing options available to married couples, divorced individuals and widows. These alternate filing options can often provide monthly lifetime social security payments higher than the standard filing options that are typically selected. Attendees will be provided with a client workbook that they will be able to keep for future reference.

 

4/26/2018 Morningstar Investment Research Center

6:30 PM - 8:30 PM
Nichols Library – NaperLaunch

Fani Koutsovitis of Morningstar will demonstrate how to use the Morningstar Investment Research Center to manage investments in bonds, stocks, mutual funds and ETFs. This is one of the free online resources available from Naperville Public Library.

Posted: 
Monday, April 9, 2018 - 09:15