...because saving is easier when you have a dollars-and-cents goal, here’s how to calculate yours. (Visit troweprice.com/ric for an online calculator.

1) List your current annual expenses
And cross off those that will disappear when you retire. Maybe the mortgage will be paid, for example, and the kids out of college. Still, many expenses will be the same. Government data shows that people over 65 spend roughly the same percentage of their yearly income on housing, transportation, food and entertainment as do all Americans.

2) Estimate your new expenses
One big change: higher health costs. People over 65 spend more than twice as much on medical care as the average American, even though they are insured by Medicare. Why? Well, Medicare beneficiaries still have annual deductibles and co-insurance payments. Also, there are costs that Medicare may not cover - such as nursing home care. Plus, health-care inflation is huge! In 1985, retirees 65 or older spent on average $880 on medical care, including premiums and out-of pocket costs says Roland MCDevitt, director of health research at Watson Wyatt Worldwide. In 2005, they spent $5,150 -- a 48% increase.

You may spend more on fun too. Make a wish list as specific as possible. If you want to travel, for example, where do you want to go and for how long? Find out what that trip costs. (It helps to have a personal computer, but all you really need is a good public library.) Consider alternatives in different price ranges. If staying fit is one of your goals, for example, you could join a gym or take yoga classes at a

2) community senior center - or buy new sneakers and walk daily with a friend.

3) Add up your estimated future expenses
Let’s say you’ll need $30,500 a year.

4) Find your estimated Social Security benefit
The government mails this to you each year (Go to www.ssa.gov for more information) Let’s say you can expect $11,500 a year.

5) Add your pension if you’re lucky enough to have one. Let’s say it’s $5,000 a year. Your total Social Security and pension income is thus $16,500. The shortfall: $14,000 a year. To generate $14,000 a year and maintain its purchasing power over 30 years, T. Rowe Price estimates you need to have saved at least $280,000 in today’s dollars.

Impossible? Then go back and play with the numbers. What if you lower your target income and/or plan to work part-time after you retire? Delaying retirement also can make a big difference: It increases your Social Security benefits, gives your nest egg more time to grow and lowers the risk that you’ll run out of money.

--Lynn Brenner,   T. Rowe Price

    Contributed to the newsletter
 by Dan Kibe

How Big a Nest Egg?

Universal Health Care

By Frank Olbris

                                     EYE ON ROMNEY, JANUARY – MAY 2006

Property values have soared while incomes have not, so Governor Mitt Romney proposed his plan on changing how to determine the amount of state school aid a community receives. He’s proposing changing Chapter 70 education aid, (1) from relying mainly on property values, to property values and residential incomes together, (2) increasing school funding by 5%, twice the amount he proposed last year, and (3) inflation adjustments and other details he revealed when he submitted his budget to the Legislature on January 25. He first spoke about this plan in Malden, MA to the State Board of Education on January 24th, saying also that 23 school systems with low MCAS scores (Southbridge) or falling enrollment (Springfield, Whately, Sunderland) would lose funding. The last change of this magnitude happened in 1993, when for the first time the state mandated, as part of the Education Reform Act, that school systems spend a fixed minimum amount of money per student per year, using property value adjusted by income. In 2001 the state suspended these formulae because of the troubles of property-rich, lower-income towns, like many on Cape Cod. Romney said that this bill had a “very good chance of passing because it is similar to key aspects of some Democrats' proposals”.

Romney’s budget for $25.19 billion is 5.3% more than fiscal year 2006. This includes an increase of $164 million for general educational aid to towns and cities, and an increase of $20.4 million for the UMass system, of which the Amherst campus would receive half. UMass President Jack Wilson had requested a 6.5% increase. Democratic Representative Benjamin Swan of Springfield said, "I'm not generally impressed with the governor's budget, it's a starting point." The Governor’s budget plan has no increases for need-based scholarships for private or public colleges. Also in this budget he is again trying to lower the state income tax to 5% and increase the health insurance rates of state employees. A combined Senate-House plan will be sent to Romney in June.

Seven of the 19 voting seats on the UMass Board of Trustees expire this September, five of them can be reappointed. Currently only two represent western Massachusetts (neither is expiring this September), John Armstrong of Amherst, and student trustee Valerie Louis who attends the Amherst campus, with a permanent address in Boston. Democratic Senator Stan Rosenberg of Amherst has co-sponsored a bill that would require vacant seats to be advertised publicly, and said that the entire process should be done in an “open and transparent manner”. Romney spokeswoman Corbie Kiernan said, “We do have a strong candidate from Western Massachusetts. The governor takes geographic diversity very

seriously.” She added that anyone can directly apply to the Governor and his staff for a position as a trustee.

Governor Romney and Lieutenant Governor Kerry Healey have opposite opinions on a bill that would eliminate the state gasoline tax of 21 cents per gallon, from Memorial Day until Labor Day. This bill was filed on May 10 by Bradley Jones, the House minority leader. Jones filed a similar bill after Hurricane Katrina in the autumn of 2005, it did not pass. Kerry, Jones, Cape Cod Chamber of Commerce CEO Wendy Northcross, and supporting legislators from both parties said they “hope it will sustain tourism businesses in popular vacation spots like the Berkshires and Cape Cod”. They also gave reasons of supporting summer travel, and some monetary relief from the high heating bills this past winter. Some people in opposition to this bill are Mitt Romney, Joseph Wagner (House chairman of the Joint Committee on Transportation, D-Rep), and AAA Southern New England spokesman Arthur Kinsman. They claim that this bill will lead to increases in gasoline consumption, treating a symptom instead of the disease, and the loss of $187 million in tax revenues for bridge and road repairs. The critics admit that this $187 million could come out of the state’s budget reserves of $1.7 billion.

On Sunday, May 14 Governor Romney declared a state of emergency with flooding problems and several more inches of rain coming. Jim Van Dongen, the Emergency Management spokesman, said that there was minor to moderate flooding all through the state except for the extreme north and southwest parts, and that this was not as severe as the floods last October. (Before I got my sump pump, that flood ruined my dryer, and the service plan did not cover flood damage.) Over 14,000 homes were damaged, 8,000 people lost electricity, and at least 2 people have died. Romney and federal disaster officials toured 24 cities and towns over the May 19th weekend, and the Governor lobbied FEMA, President Bush, and Homeland Security Secretary Michael Chertoff for speedier help. If Congress and FEMA approve the declaration of disaster, property owners could receive up to $27,000 towards essential home repairs.

                             Eye on Romney -

By Andy Steinberg

Editorial

On May 12th, several of our State Representatives showed up for a multi-union meeting to discuss the flaws and problems of the current collective bargaining system in Massachusetts.  First of all I’d like to thank those reps who showed up. We had a great opportunity to voice our concerns. But...the proverbial but…  only seven of our elected officials showed up out of 28 who were invited. Now they are busy people, we know that but out of those 28 only 8 even RESPONDED!! That is NOT ok. In fact, that’s downright disrespectful. They seem to forget that they serve at our leisure.

Donna Johnson chairs the ESP Committee which is responsible for planning the ESP Conference, held this year in Plymouth on May 12 and 13.  Sylvia Snape is an appointed member of the ESP Committee along with 5 other members from across the state. Numerous were spent throughout the year preparing for the Conference, which was an enormous success.  We were filled to capacity with 274 attendees.  MTA Vice President, President Elect Anne Wass was the keynote luncheon speaker.  Anne’s message was designed to reinforce the important role ESPs can have in the political arena.  Anne shared some statistics that included the fact that ESPs are most likely to be residents of the community in which they work.  ESPs should be encouraged to be more politically active.  A gift of Massachusetts Child note cards was given to each participant. 

Workshops were offered on What Is So Special About Special Ed (Introductory & Advanced Sessions); What Would You Do? What Should You Do?; Collective Bargaining; Digital Editing Basics; The Bumpy Road That Leads To Healing and Succeeding; Mobilizing and Organizing Your Local; and Bells and Whistles for Websites.  While many of the workshops are geared toward paraprofessionals in K- 12, there is much to be gained by others.  Donna and Sylvia were joined by only one other U.S.A. member this year, Linda Fish.  The meals were wonderful, the workshops very informative and helpful, and the company was grand.

In 2007 the conference will be held on May 18 & 19, again at the Radisson Plymouth.  It is hoped that more of our members will attend.

To slideshow of the conference click here.

I find it especially interesting to note that the same district that is currently being gutted by Governor Romney’s Finance Control Committee (Hamden County)  had only ONE representative even respond to our invitation and NONE  showed up. Out of 12 representatives, not one elected official  showed up.  Out of the three Senators of Hamden County only one responded and only one sent a representative but did not come himself. It’s even more  interesting that the one Senator that did at least respond was a Democrat and the two that did not were Republicans.

One of the messages that came across loud and clear from those interested officials who took their jobs of representing their constituency seriously... of representing us as Higher Education employees seriously, was that we need to get a Democratic Governor in the corner office and the Democratic nominee must be one that is not planning on cutting taxes.  They were very blunt about the fact that Higher Education is at the front of the line for cuts if taxes are allowed to be cut.

So they pleaded with us to become politically active and support a Democratic candidate that is committed to strengthening public education in the state...support them like our lives depended on it….for they do. I would add that for those of you who live in the Hampden County, a letter/email to your elected officials to let them know that showing such disrespect for their constituency will surely land them out of a job in the next election might encourage them to accept our next invitation.   --Aggie Mitchkoski

Linda Fish

Donna Johnson

Janet Keegan                                             Fran York

Margaret Ludlam

How does MTA determine what candidates to endorse?

At the end of May, the Secretary of State will certify which candidates are eligible to run for election for state representative and state senate.  After this the MTA Candidate Recommendation Committee (CRC) will begin meeting, some time in June, to begin their review process of the candidates. The committee is composed of 26 members from across the state and from K-12, community colleges and higher education.

For candidates that are incumbents, their voting record is the primary criterion for a recommendation. Candidates who have an 80% or higher voting record are generally recommended to MTA members for support.

For open seats, a candidate questionnaire is sent out to all announced candidates. A Candidate Evaluation Team is also sent out to interview prospective candidates. Based on these two pieces of information, a recommendation is made.

Local Association Presidents are encouraged to make any concerns or any strong advocacy about a representative/senator known as this feedback is also taken into account.

If you have any concerns/thoughts about a candidate feel free to contact Donna Johnson.

Recommendations for Governor are handled a bit differently. MTA will not come out and endorse a Gubernatorial candidate until after the primary.

Info courtesy of Bob Whalen