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Real World Retirement
Real World Retirement
Real World Retirement
Real World Retirement
Real World Retirement
Real World Retirement
Real World Retirement
Real World Retirement
Real World Retirement
Real World Retirement
Real World Retirement
Real World Retirement
Real World Retirement
Real World Retirement
Real World Retirement
Real World Retirement
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Real World Retirement

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

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