A Cincinnati Council member said he had a plan to put the city's retirement system on a path of solvency. Christopher Smitherman introduced his motion Tuesday during a council committee meeting.
One of his proposals is to end the three percent compound cost-of-living adjustments given to most retirees each year. Smitherman would change that to a simple COLA tied to the consumer price index and not exceeding two percent per year. Those adjustments would also be suspended for three years if his plan is approved.
Financial experts recommend you start saving for retirement as soon as you can afford it, ideally with your first paycheck. But few do, and many of us are into our fifties before we realize we need to get serious about saving and investing for what we hope will be our golden years. Foster and Motley Financial Planner David Foster and local Financial Advisor Christ DeSimio shed some light on investing for your retirement.