Retired, now what?

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Jackie Simon sorts papers behind children's artwork at the Head Start program in Shepherd of the Hills Church at 404 Green St. in McHenry. Simon was laid off in July and has been volunteering at Head Start while she looks for work. "I've got six grandkids, so it was a good fit working here while I look for more work," she said. (Nick Dentamaro – ndentamaro@nwherald.com)

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Jackie Simon had a plan for retirement.

She was going to work for a few years. A widow, she would be able to collect her husband’s Social Security when she turned 60. She also put some money away in a retirement fund.

However, at 58, the McCullom Lake resident found herself facing retirement in large part because of the economy.

“I didn’t have much of a choice,” said Simon, who was laid off from Pioneer Center in April 2008 after 23 years of work.

“I’d like to go back to work, but I can’t find any.”

Simon has kept busy. She volunteers at Head Start in McHenry. But her financial situation is challenging.

“The money is tight without my husband, and I’m lonely here,” Simon said.

For many, retirement is not what they expect or planned. A recent recession that eliminated millions of jobs, greatly reduced home values and deflated 401(k)s only has added to the uncertainty.

“Before somebody retires, they should think about what their retirement will look like, what their vision is for retirement,” said Paula Dorion-Gray, a financial planner who specializes in retirement planning.

Dorion-Gray said that it never was too early for someone to begin planning for retirement and that people should be up to date on what their own plans and benefits were. Do they have a pension? What are they entitled to when they retire? When are certain benefits available?

“The cost of living is another consideration. Most people really don’t understand what they spend, and they don’t take into account inflation,” Dorion-Gray said.

One big issue for people who find themselves unemployed and semi-retired in their late 50s or early 60s is health insurance.

“Even if someone takes Social Security at 62, they can’t get Medicare until they are 65,” Dorion-Gray said. “It’s a huge cost; it’s something people have to think about.”

In Simon’s case, health insurance has not been as big an issue, in part because she has been aware of the benefits that are available to her. Simon’s husband, William, was retired military having served at Great Lakes Naval Base for 22 years, and she is able to use his insurance, TRICARE, paying quarterly premiums.

For seniors and older adults, there are various programs and opportunities they should explore that can help lessen some of the challenges of retirement.

Rita Boulder, office coordinator for Senior Services’ McHenry office said that Senior Services could help people take advantage of things such as the state’s Circuit Breaker program, which provides grants to senior citizens who qualify for the program to help mitigate the impact of taxes and prescription medications.

“They need to be aware of all the programs that are out there and call to see if they qualify for any,” Boulder said.

Senior Services also can help retirees find a new calling in life by hooking them up with volunteer opportunities. Senior Services has agreements with nonprofit agencies that let them know about their volunteer needs.

“People want to make a difference, not just fill their time,” said Debbie Danitz, who handles the Retired Senior Volunteer Program for Senior Services.

Simon, for example, was put in touch with Head Start through the program. Simon said that she hoped to find part-time work. In the meantime, she enjoys volunteering for Head Start.

“It [volunteering] helps keep your spirits up,” Simon said.

Some resources for seniors facing retirement

• The Illinois Department of Aging’s senior help line is 1-800-252-8966 and its Web site is www.cbrx.il.gov/

• Senior Services’ McHenry office number is 815-344-3555; the Crystal Lake office number is 815-356-7457. Senior Services Web site is www.seniorservicesassoc.org.

• Various information also is available at www.mchenrycountyretirement.com.

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