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Retirement Planning - Retire in Comfort
 

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This module from the Financial Freedom Seminar, covers retirement planning, and includes an overview of what you need to do to have a comfortable retirement. You can now view the presentation here, ...

This module from the Financial Freedom Seminar, covers retirement planning, and includes an overview of what you need to do to have a comfortable retirement. You can now view the presentation here, order the Family Financial Freedom book from any of the ebook sites for iPhone, iPad, Kindle, Nook, Kobo reader etc. contact me at floyd.saunders@yahoo.com for a copy of the presentation or more information on how to get seminar materials.

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  • None of can plan for every event that might happen in our lives, but we can take charge of owning our financial future and developing a common sense plan to more financially secure.

Retirement Planning - Retire in Comfort Presentation Transcript

  • 1. Family Financial FreedomSeminars Retire in Comfort Saunders Learning Group, LLC
  • 2. Training from Saunders Learning Group Saunders Learning Group provides a variety of training programs, workshops and seminars targeted to the financial services industry. Programs are available in a wide range of topics, and we are specialists in developing custom programs that are targeted to your needs. Contact the founder, Floyd Saunders at 316-680-6482 or at floyd@floydsaunders.com for more information. Saunders Learning Group, LLC, Andover, KS Retire In Comfort2
  • 3. Agenda The Cost of Retirement Generating Tax-Deferred Income The Reality of Social Security What You Need to Know About Pensions IRAs and 401k Accounts The Truth About AnnuitiesSaunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 4. “In this world nothing can be said to be certain, except death and taxes.” Benjamin FranklinSaunders Learning Group, LLC, Andover, KS Retire In Comfort 4
  • 5. The Cost of Retirement Saunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 6. Are You Saving Enough?Source: kiplinger.com Saunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 7. Dreams PostponedSaunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 8. Generating Tax-Deferred IncomeSaunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 9. Tax Deferred Growth with a 529 PlanCan you save$100/month?For your child’scollege expenses?With a 529 plan thetax deferred growthresults in a betterreturn on yourmoney! Saunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 10. What Happens to a lump Sum Investment Growing with Tax Deferral?Saunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 11. Saving Just a Bit More Each MonthRegardless of your age, time is on the side of the retirement investor.For example, would increasing your contribution by $23 a week—about $100 per month—really make a difference over 25 years?See what an extra few dollars a month could do for your retirement savings! Saunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 12. Retirement Planning 40% of near-retirees said they would wait to plan their retirement-income strategies until they are five years away from retiring. 42% said they would start planning those strategies when they are more than 10 years out 15% said five to 10 years before retirement is an appropriate time frame to start planning. Most Americans expect Social Security to be their main source of retirement income. 30%t expect part-time work in retirement to provide an additional source of income Saunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 13. Expected to replace only 1/3 of your income for about six yearsSaunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 14. The Reality of Social SecuritySaunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 15. Social Security SpendingSaunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 16. Cost of MedicareSaunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 17. Cost of Health CareSaunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 18. Saunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 19. Public Pension Plans  The Veterans Administration provides pension for many survivors of men and women who died while in the armed forces, and disability pensions for eligible veterans  The Railroad Retirement System Saunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 20. Employer Pension Plans – Defined ContributionIndividual accounts for eachemployee — Money-purchase pension plans - A percent of your earnings are set aside, along with any employer contributions — Stock bonus plans - Employer’s contribution is used to buy stock in your company for you — Profit-sharing plans - Employer’s contribution depends on the company’s profits Saunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 21. Defined Contribution Plans—Salary reduction or 401(k), 403(b) or 457 plans  Employer makes non-taxable contributions and reduces your salary by the same amount  Employee contributions are tax-deferred  Some employers match a portion of the funds you contributeSaunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 22. Defined Benefit Plans Employer will pay you a certain amount per month when you retire based on your pre-retirement salary and number of years of service Employer makes the investment decisions for your and their contribution, but your benefit amount stays the same regardless of how the investments perform Saunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 23. Comparing PlansSaunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 24. Features of Retirement Plans  PlanPortability: You can carry earned benefits from one employer’s pension plan to another’s when you change jobs  Vestingis your right to at least a portion of the benefits you have accrued under an employer pension plan, even if you leave before you retire Saunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 25. Personal Retirement PlansIndividual Retirement Accounts Regular (traditional) IRA —Lets you contribute up to $5,000 in 2010 ($6,000 if over 50 years of age) — Depending on your tax filing status and income, your contribution may be tax-deductible —The earnings accumulate tax free until you start taking it out —You pay taxes on the money as you withdraw it once you are retired but must begin to withdraw funds by age 70 1/2 Saunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 26. Roth IRAsContributions are not tax deductible, but earnings accumulate with distributions tax free if the money is in the account for at least five years and withdrawals take place after age 591/2In 2010 you can contribute up to $5,000 ($6,000 if age 50 or older) per year if you are single and have an AGI of $105,000 or less or an AGI of $167,000 or less if you are filing jointlyIn 2010 you can contribute reduced amounts if your AGI is between $105,000 and $120,000, after which you cannot contribute. If filing jointly, it is $167,000 and $177,000 respectively Saunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 27. Planning Your Retirement IncomeA Rollover IRA: Traditional IRA that accepts rollovers of your taxable distribution from a retirement plan or other IRA —You decide where your money is invested. —Can invest IRA money in a savings account, CD, or growth investments such as stocks, bonds, or mutual funds EducationIRA —Give $2,000 a year to each child —Accounts grow tax free and invested any way you choose SEP-IRA’s are funded by employers Saunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 28. Planning Your Retirement Income  IRA Withdrawals —Lump sum –Taxed as ordinary income —Installments based on life expectancy —Withdrawals prior to age 59 ½ are subject to a 10% tax in addition to the ordinary income tax  Keogh Plans -for self-employed people Saunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 29. The Truth About Annuities  An annuity provides guaranteed income for life  If you have fully funded all other retirement plan options, including your 401(k), 403(b), Keogh, and profit-sharing plans but still want more money for retirement you may want to buy an annuity  You can buy an annuity with the proceeds of an IRA, company pension, or as supplemental retirement income  You can buy one with a single payment or with periodic payments Saunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 30. More on Annuities  You can also buy an annuity by converting the cash value of your life insurance policy into an annuity  Interest accumulates tax free until payments begin  Immediate annuities: payments begin right away  Deferred annuities: income payments begin at some future date Contributions, and the interest they earn, are tax-deferred until you begin drawing the money outSaunders Learning Group, LLC, Andover, KS Retire In Comfort 18-30
  • 31. Annuity Options Options in annuities allow you to decide which is best for your situation A straight-life annuity provides more income than any other type, but payments stop when you die The life-with-period-certain option guarantees the number of payments A joint-and -survivor annuity pays until the last survivor you designate dies Do you want a guaranteed fixed return or a variable annuity with a minimum guaranteed and the rest depending on how your investment choices for you annuity dollar are performing? Saunders Learning Group, LLC, Andover, KS Retire In Comfort 18-31
  • 32. QuestionsSaunders Learning Group, LLC, Andover, KS Retire In Comfort
  • 33. Post Workshop Action Plan  Complete the Post Workshop Action Plan Saunders Learning Group, LLC, Andover, KS Retire In Comfort33
  • 34. Reference Material Family Financial Freedom 140 pages ISBN 978-1-60-746269-9 Available Formats: 6"x9" paperback PDF download eBook download Link to order: http://www.fastpencil.com/publications/4498-Family-Financial- Freedom?tid=bookbuy#read_book Also available on Kindle, Nook, iPad and other popular e-readers can be ordered from Amazon or Barnes and Noble in paperback (available soon). Book summary: You might be struggling to make ends meet, but achieving true financial freedom is still possible. The good news is virtually anyone with a desire to learn and the willingness to plan can achieve a considerable degree of financial security. This book is a road map to the personal financial freedom you want and deserve. There are no quick-rich schemes here, just common sense advice on how to manage your money, protect your family from risks and start making the moves to being more financial secure.Saunders Learning Group, LLC, Andover, KS Retire In Comfort