"Age 85 is a bad time to go broke," says expert retirement planner Jeff Gorton.  Personal savings, various investments and, yes, Social Security may prove to be short of what you'd expected.

"Budgeting how you spend money before retirement can often be a misleading measurement of how you'll actually spend it during retirement," says Gorton, a veteran Certified Public Accountant and Certified Financial Planner®, and head of Gorton Financial Group (www.gortonfinancialgroup.com).

"Spending 40 hours a week at work not only earns you a paycheck, it also keeps you from spending money on more vacations, matinee screenings at the movie theater, extra trips to the mall or shopping online. You need to be exceedingly realistic in your planning, and the five years before retirement are actually the most crucial in solidifying post-employment stability."

To prevent a rude awakening during retirement, Gorton makes certain his clients start with a written income plan (WIP). He reviews the benefits and importance of this "living document":

· A comprehensive list of life expenses paints a clearer picture. For a 65-year-old married couple today, there is a 72 percent chance that at least one spouse will live to age 85; a 45 percent chance that one will live to age 90, and an 18 percent chance that one will reach age 95, according a recent study from the CDC National Center for Health Statistics. You may not think of listing things like pet care, yard maintenance, and regular visits to salons or spas. But if you enjoy those services now, you may want them during retirement, and you might find that you underestimated the real cost of maintaining your desired lifestyle. And, that's not including gifts to children and grandchildren!

· The forecast of a two-legged stool. A WIP helps you appreciate the reliability of retirement income. What sources of income do you anticipate having? Traditionally, retirement funding has been viewed as a "three-legged stool," implying a balance between Social Security, retirement plans and savings/investments. As the baby boom generation ages, Social Security benefits may decrease ? and the age at which an individual can collect benefits may increase. Changes in employment may affect retirement plans. As a result, the third leg of the stool, savings/investments, may become even more important.

· Who is authoring your WIP? As with all written documents, you must always consider the source. What you may not realize is that a financial planner is liable to have a stake in selling you a financial product. Just like a retailer may have an incentive to move certain brands of products, many planners are incentivized to have you invest in specific financial vehicles from major institutions. What plan works best for you? Seek advice from an expert who isn't trying to sell you something, such as an independent firm.

"If you don't have a written income plan, then you're just hoping things will work out," Gorton says.

About Jeff Gorton, CPA, CFP®

Jeff Gorton is a Certified Public Accountant and a Certified Financial Planner® specializing in individual tax and retirement planning. He is also an Investment Advisor Representative under Alphastar Capital Management, an SEC Registered Investment Advisor, and has a life and health insurance license. Gorton works with individuals and their families to create and protect their financial legacies. He specializes in working with retirees in the areas of tax planning, benefits, retirement planning, estate planning and safe money techniques. He received his BBA in Accounting from the University of Oklahoma. Gorton previously worked for 10 years as the Chief Financial Officer for a large retail organization, overseeing their accounting, benefits and 401(k) retirement plans.

• Program includes 80th season preview performances, surprise guests and special announcements.
• Entertainment includes prohibition era music before & after the program.
• Food and moonshine provided (with a cash bar available)
• Cocktail attire (If you prefer, dress for the era or add a hat for fun!)
• To get your ticket and password, contact the TCR Box Office or go to www.theatrecr.org/curtainraiser.
• Ticket and password required for entry.
• Make sure you are not being followed by anyone as to tip off the whereabouts of the soiree.

New Law Ensures Renters in Foreclosed Properties Are Provided Adequate Time to Make a Safe Move

CHICAGO - Governor Pat Quinn today signed a new law protecting Illinois renters in foreclosed multifamily properties. The new law requires those acquiring foreclosed residential property to honor existing leases or give tenants adequate time to make a safe move. This legislation is part of Governor Quinn's commitment to protecting Illinois families and helping them fight foreclosure.

"The foreclosure crisis has been devastating to homeowners as well as many families living in rental homes who are at risk of losing their home due to no fault of their own," Governor Quinn said. "As families in our communities continue to recover from the worst recession since the Great Depression, this law will ensure renters are protected from sudden forced moves that can be costly and disruptive to their lives."

Sponsored by State Senator Jacqueline Collins (D-Chicago) and State Representative Kelly Cassidy (D-Chicago), Senate Bill 56 requires anyone who is acquiring residential property through a foreclosure to honor their tenants' existing leases or provide a minimum of 90 days for renters to secure new housing. Approximately 40 percent of families impacted by foreclosure are renters who may not be aware their landlord has failed to make mortgage payments.

"A consistent commitment to housing rights protects tenants as well as homeowners," Senator Collins said. "No one should be evicted on short notice and lose access to a safe place to live because of the financial circumstances of the landlord."

"As we strive to reduce poverty and crime in our communities, the foreclosure crisis threatens our efforts by unfairly uprooting families," Representative Cassidy said. "This new law will help strengthen the rights of tenants by allowing them to maintain a stable living condition, even though their rental property is in foreclosure."

The law extends, clarifies and strengthens key provisions of the federal Protecting Tenants in Foreclosure Act that is set to expire in 2014. The bill was strongly supported by the Heartland Alliance, Sargent Shriver National Center on Poverty Law and other advocacy groups.

The new law takes effect in 90 days.

"Illinois remains one of the states hardest hit by foreclosure. This bill provides protections that will keep renters impacted by foreclosure in their homes and afford them enough time to make safe moves for themselves and their families," Jeremy Bergstrom of the Sargent Shriver National Center on Poverty Law said.

"This bill is a major step forward.  It will help ensure that renters living in foreclosed properties are not pushed into homelessness and that communities are not devastated by vacant properties," Samantha Tuttle, Director of Policy and Advocacy at Heartland Alliance said.

Since taking office in the midst of the worst recession since the Great Depression, Governor Quinn has worked to keep Illinois families in their homes. To help families fight foreclosure, Governor Quinn launched the Illinois Hardest Hit Program in September 2011, an initiative which provides monthly mortgage payment assistance and reinstatement assistance to households that are struggling with income loss due to unemployment or underemployment. So far $201 million has been committed to more than 8,400 homeowners in 95 of the 102 counties in Illinois. Each month, the state approves 400 to 500 new families who can keep their homes.

In 2012, Governor Quinn launched the Illinois Foreclosure Prevention Network (IFPN), a one-stop comprehensive, free resource to connect struggling homeowners with assistance to keep them in their homes and help them from being victims of mortgage fraud. Approximately 846,000 families have accessed this free assistance through the IFPN.

Homeowners seeking assistance should visit the IFPN website at www.keepyourhomeillinois.org or call the hotline at 855-KEEP-411.