It’s Never Too Late To Begin Investing For Retirement

There’s still time to add investing for retirement to your New Year’s list of resolutions before January comes to a close.

Especially for millions of baby boomers, there will never be a better opportunity.

Scudder, Stevens & Clark Inc., investment manager for the American Association of Retired Persons, has designed a diversified family of mutual funds expressly for the 50-and-over set. And starting this year, millions of boomers qualify.

More on the AARP Investment Program for those over 50 in a moment, but first a few words of encouragement from the Institute of Certified Financial Planners. “Confess,” coaxes the institute, “you are one of those guilty baby boomers you have been reading about who hasn’t been saving enough - or at all - for retirement. The rocking chair is only 15 years away, and you’ve missed out on the magic of compounding investments for the past 25 years.

“Well, it’s never too late to start,” say the institute’s certified counselors. Indeed, financial planners universally agree, it is never too late at any age, and following are a few suggestions on how to begin.

Cut expenses and invest the savings.

Consider taking a second job.

Starting a new year, many companies open up retirement plans to new enrollees. Participate in a 401(k) plan or other employee-funded plan and contribute as much as you can afford to, and as much as the law allows.

Review the mix of your investment plan. In times of volatility, older Americans in particular may opt for greater diversify and thus security.

Fund an IRA. Even if contributions don’t quality for a tax deduction, the fund will grow tax deferred.

Rethink retirement. Some experts advocate working until age 70 or beyond, at least part time. Operating your own business can be profitable. Healthy, too.

Now, back to the millions zeroing in on the half-century mark. The news is full of boomer angst. Will Social Security run out? What about my job? My pension? Is it already too late to invest?

Don’t think of age as a reason not to invest, counsels Karen Igler, assistant vice president for Scudder. Any age is the perfect time to help your money grow and make retirement more secure.

“For the past 10 years, research into the saving and investing needs of people aged 50 and over has been an important mandate of the AARP Investment Program,” the program’s spokeswoman told me.

Hence, counselors and managers feel justified in claiming that the AARP Investment Program is unique in its focus on service and education for persons 50 and older.

A number of program’s publications offer informed insights on such subjects as:

Investing - “Why people 50 and over need to invest vs. save, and how they can started.”

Asset allocation - “Why the 50th birthday is a good time to rethink asset allocation choices.”

Retirement - “Why it is evolving and how to plan.”

The educational guides are available free by calling 1-800-322-2282, extension 4580.

I make no recommendations about the AARP/ Scudder program, pro or con, as an investment vehicle. But if you’re over 50 and you can’t trust the AARP then who?

Last Sunday’s column on the Senior Health Insurance Benefits Advisors (SHIBA) program neglected to give the toll-free number in Idaho for the name of the nearest free adviser. For the 10 northern counties of Idaho, the number is 1-800-488-5725.

AARP/Vote, a non-partisan voter education organization, will stage a “Presidential Issues Forum” on Feb. 9, at 1 p.m. in the Spokane Main Library.

The election workshop for seniors, the first in Washington state, is sponsored and organized by the national office of AARP, which will send three main speakers to lead discussion on these specific issues: Social Security, Medicare and Tax reform.

“We want our members to be able to vote intelligently in our state’s presidential primary, March 26,” said Frank Yuse, Fifth Congressional District coordinator for AARP/Vote.

, DataTimes MEMO: Associate Editor Frank Bartel writes on retirement issues each Sunday. He can be reached with ideas for future columns at 459-5467 or fax 459-5482.

The following fields overflowed: CREDIT = Frank Bartel The Spokesman-Review