Tips for Pre-Retirement Financial Planning

As developer of the Money Mastery program, Peter Jeppson teaches the skills necessary to control one's personal finances and eliminate debt. Peter Jeppson stands out as a retirement planning specialist and has helped numerous individuals save for their later years.

Saving for retirement must be a multi-faceted endeavor. It begins with the creation of a flexible long-term spending plan, which the saver can structure to account for inflation. Savers can estimate inflation using the Consumer Price Index (CPI) inflation calendar, issued by the Bureau of Labor Statistics, though personal records of expenses over the years may provide a more accurate and useful assessment.

By determining the total cost of necessary and desired expenses, one can set appropriate priorities. This may include the selling of one's house in favor of a smaller residence, or the purchase of a long-term care policy that would keep savings safe. A saver's priorities should also include the payment of debts before retirement, as well as the creation of a personal savings fund. If properly structured, this fund can cover emergencies as well as enough indulgences to support emotional well-being before and during retirement.

Benjamin Franklin and Compounding Interest

A distinguished speaker on a variety of financial topics, Peter Jeppson co-authored Money: What Financial Experts Will Never Tell You, as well as numerous other articles. Dedicated to assisting young people, Peter Jeppson follows in the footsteps of another money-savvy figure, Benjamin Franklin, who features in one of the articles Jeppson published online through moneymastery.com.

Benjamin Franklin, known particularly for his contributions as one of the Founding Fathers of the United States and for his kite experiment with electricity, also held much wisdom in the financial field. When he died, he left behind him a financial experiment that underlines the effectiveness of compounding interest. It also benefited apprentices trying to make their way in the world.

A French mathematician, Charles-Joseph Mathon de la Cour, gave Benjamin Franklin this idea. Franklin took de la Cour's suggestion of willing a small amount of money to collect interest over hundreds of years. Upon Franklin's death, the cities of Boston and Philadelphia each received 1000 pounds, worth approximately $4,400, with the condition that they could access part of the money at 100 years and the rest 100 years later. After a total of 200 years of compounding interest, Franklin's gift had reached $6.5 million.

For more details on Franklin's experiment and other financial matters, visit moneymastery.com.

For Many, Social Security Key to Financial Survival

Peter Jeppson, owner and operator of Time & Money, LLC, in Bountiful, UT, makes his living giving people financial advice. Peter Jeppson provides that information through seminars, webinars and continuing education courses, as well as through blog posts on MoneyMastery.com, a website that provides financial literacy guidance to people seeking to eliminate debt, reduce tax liability, and build wealth. Mr. Jeppson works to help his clients survive and thrive financially.

When resources are limited or lacking, Social Security is especially important to financial survival. Social Security provides monthly income benefits to US citizens including retirees, disabled persons, and the families of retired, disabled, or deceased workers, according to the National Academy of Social Insurance (NASI). NASI reports that about 59 million Americans and one in four U.S. families receive income from Social Security.


Rules for collecting benefits vary with age and circumstance. People retiring from work receive full benefits if they retire at the full retirement age for their age group as defined by the Social Security Administration. People born in the years 1943 through 1954 receive full retirement benefits at age 66, for example, and reduced benefits if they retire before age 66.

Survivor benefits are based on the earnings of the person who died. The amount that survivors may receive varies with the survivor’s age and circumstance. Widows and widowers who are at full retirement age receive 100 percent of the deceased worker’s benefit. Widows and widowers who are not at full retirement age receive a reduced monthly benefit, but about the same total benefit overall. The monthly benefit is reduced to continue benefits over a longer period of time.