Newspapers / The New Bern Mirror … / April 25, 1958, edition 1 / Page 7
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*riday, April 25, 1958 THE NEW BERN MIRROR, NEW BERN, N. C. bal- j Ime i«et o| ris rnt* rve rns. ute *-i'l ■sal tM i| si i* ■-aiE ‘^1 .V ow Little Can You Live On \ Ilf Retiring? Here's Formula Pag6'7 The prospect of long-term infla tion is playing havoc with incomes |o£ those couples who are planning Itheir retirement, say the editors of Ichanging Times. Anyone saving Imoney for the day" he reaches 65, Iwill have to up that figure con- Jsiderably for every year before he (attains that age. Today, the minimunf figure of I $2,000 to $2,500 a year to live in l“ipodest but adequate” cir'cum- [stances is needed by a retired cou- jple. But they can easily use more. They shouldn’t expect to get by on much less without real sacrifice or without “invisible income” to draw upon—such things as a home owned outright or furnished free, [home grown foods, etc. This minimum is based on the I requirements of a retired couple about 65, living in rented quarters of two or three rooms, city dwellers with no car. It represents a level of living which provides the goods ' and services necessary to maintain I health and allow normal participa tion in community life, in accord ance with current American stand ards. Social and conventional needs are taken into account. Naturally the level of living is not luxurious, but it provides for more than the basic essentials. Most couples living on today’s average income of $4,000 or $5,000 a year, just before retirement, would have little difficulty in ad justing to that minimum. Couples now living on $20,000 would have, the devil’s owif time of it, according to the editors. An apprwdmate yardstick for any couple figuring on what they will need to live on when they retire, can be applied. One third to one half of pre-retirement inemne is the most widely used measure. But the closer they are to the day of retirement, say the editors, the harder and more precise their fig- liHng should be. In order to plan your retirement needs, visualize yourself in the I'e- tirement years and estimate yeur various exi>eBses. Eliminate from today’s "budget such items as the cost of feeding, clothing and rais ing chiidren, transportation to and from work, savings programs, etc. Unfortunately, warn the editors figuring what you’ll need by to day’s cost of living is not realistic. You’ve got to take into account how inflation will eat into your in come. STARTS SUNDAY KEHOE In !ov9. .. in war... they were lifOJlS OnbmaScopE Based on the novel by IRWIN .SHAW i MARION MONTGOMERY BRANDO-CLIFT »»»MARTIN BtsM on tM nova by IDWIN SHAW HOPE LANGE-BARBArTrUSH-MAY BRITT AL iCHTMAN • EOWAR'd OMYTRYK • EDWARrAllHALT Ttday and Saturday "Gun Fever" with MARK STEVENS And there is no guidance that it won’t. In fact, expert opinion agrees almost unanimously that living costs will continue to rise over the long haul. There may be short term interruptions, when prices might deciine. But the long-term outlook is for continued infiation. How much should you adjust this income you’ve decided upon for the probabiiity of higher prices? There is no way to say exactly and with certainty, the editors continue. Nobody is that good a prophet. You can, however, protect yourself with a reasonable assumption—one that could prove wrong, but that has an odds-on chance of being right. Taking into account the long term inflation of the past, and the best opinions on future prospects, the editors suggest that you up your income estimate by about 2 per cent each year from now until the time you retire. Suppose, for instance, that you have decided that, were you 65 to day, you could retire happiiy on MIDWAY DRIVE-IN THEATRE KIRMA MENTAL SCIENTIST April 27-May 3 Sun. ■ Mon. Jerry Lewis in SAD SACK Fri. Night GHOST PARTY Tues. - Wed. DECISION AGAINST TIME KIRMA AT MIDWAY Thurs. Only WAY TO THE GOLD Fri. Only ALL Sat. Only 3 FEATURES and WEEK COPPER SKY KIRMA ON ON ’ STAGE LUCKY STAGE $3,000 a year. However, you’re actu ally 45 and have 20 years to go. Add 40 per cent (20 times 2 per cent) and say that you wiil need an in come of $4,2()0. Or, if you retire in 10 years, add 20 per cent to what you figure in terms of to day’s living costs. Add another 30 per cent if you plan to retire in 15 years, and 50 per cent in 25 This margin for inflation,- al though roughly calculated, will cer tainly yield a safe estimate of your future needs. ODORLESS (NOT ORDINARY)* Dry Cleoning 59‘ 2-Pc. Suits Plain Dresses 3-Day Service Cash n' Carry *We employ New Bern's finest end most modern odorless dry clean- Pickup-Delivery ing equipment and cleaning proc ess. 40c-75c Why Pay More When You Can't Buy Better? CITY Laundry Dry Cleaners, Inc. 243 Fleet St. “New Bern's Largest and Finest" Dial ME 7-2991 Yes, he has found it easy and economical to fill all of his building needs at one time and one place. WHOLESALE BUILDING ... SUPPLY CO. — bVROLINA'S URGEST AND MOST COMPLETE BUILDING SUPPLY HOUSE’ HIGHWAY TO I’iMILES FROM NEW BERN CITY UMITS
The New Bern Mirror (New Bern, N.C.)
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April 25, 1958, edition 1
7
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