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  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association

Transcript

  • 1. Real World Retirement Planning
  • 2. Real World Retirement Planning
    • I. The personal issues of retirement
    • II. The financial issues of retirement
    • III. You’re retired – now what?
  • 3. Real World Retirement Planning
    • "Before everything else, getting ready is the secret of success.“
    • -- Henry Ford
    • American Automobile Manufacturer
  • 4. Real World Retirement Planning
    • What do you want to do?
  • 5. This is not your parent’s retirement
    • More dependence on personal savings
    • Fewer pensions
    • Uncertain Social Security
    • Longer life expectancy
    • More options about what to do with your time
  • 6. Real World Retirement Planning
    • Rehearse Your Retirement
  • 7. Practice makes perfect
    • Tend your garden
    • Volunteer
    • Start painting or writing
    • Get a part-time job in a new field
    • Travel to places you think you might want to live (be sure to go in all seasons )
  • 8. Changes in Life Expectancy
    • In 2002, men who retire at 65 can expect to live another 15.9 years
    • In 2002, women who retire at 65 can expect to live another 19.5 years
  • 9. Rehearse Your Retirement
    • The earlier you start, the better off you’ll be
  • 10. Working on it
    • 30s and 40s
    • Be aggressive
    • At least 10% of income
    • Weigh priorities, but save for retirement
    • 50s and 60s
    • Be a little more cautious
    • 20% of income
    • Invest any inheritance
    • Keep some stocks for long haul.
  • 11. Savings Options
    • Employer-sponsored 401(k) plans
    • Individual Retirement Accounts
    • Simplified Employee Pension (SEP Accounts)
    • Variable annuities, stocks, mutual funds and other investments
  • 12. The 7 Most Common 401(k) Mistakes
    • Failure to participate
    • Failure to maximize contribution
    • Poor diversification within plan
    • Not enough assets invested outside of the plan
    • Constant changes within plan
    • Borrowing from the plan
    • Cashing out early
  • 13. Annual IRA Review
    • Review your investments
    • Consider converting to a Roth IRA
    • Review your beneficiaries
    • Consider all options before rolling over 401(k)s into your IRA
    • Don’t forget to begin withdrawals by 70-1/2
    • Make sure you withdraw enough to avoid penalties
  • 14. Other Issues
    • Long-term health care
    • Part-time work
    • Wills and Living wills
    • Estate planning
    • Inheritance taxes
  • 15. Getting close?
    • Reduce expenses and invest your savings
    • Increase income with a second job
    • Maximize retirement contributions
    • Invest aggressively, but not recklessly
    • Postpone retirement or retire “part-time”
    • Be careful with withdrawals after your retire
  • 16. Getting Help
    • Summit Financial Services Group, Inc.
    • 845-427-7017