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How to Afford a Long, Happy Retirement

How to Afford a Long, Happy Retirement. There’s only one side to waiting and that’s the downside. Procrastination…. Making the Case. Advocate for your future financial security Understand why you have to start NOW Plan to save It is NEVER too early It is NEVER too late

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How to Afford a Long, Happy Retirement

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  1. How to Afford a Long, Happy Retirement

  2. There’s only one side to waiting and that’s the downside Procrastination…

  3. Making the Case Advocate for your future financial security Understand why you have to start NOW Plan to save • It is NEVER too early • It is NEVER too late Get an advisor to pinpoint strategies Make the retirement of your hopes the retirement of your reality

  4. Hard to ignore reasons to start saving for your retirement now You will need 2/3 to 3/4 of current income for financial stability during retirement years If you start saving in your 20’s or 30’s you can possibly be a millionaire by retirement age Why You Have to Take Charge

  5. A Successful Retirement

  6. Inventory all of your anticipated sources of retirement income Consider which ones you have, which ones you don’t, and which ones you should consider adding Step 1: Pinpoint Your Major Sources of Retirement Income

  7. Social Security Provides retirement income and basic financial support Employer Pension Plan Retirement income - must be fully vested with a company to make this worthwhile Employee Contribution Plans (401K) Highly effective approach to putting money away for retirement (403B) Sources of Retirement Income

  8. IRAs Tax-advantage retirement option that can be set up through your banker Traditional IRAs Roth IRAs Consult a CPA to learn more about which IRA is best for your retirement planning Sources of Retirement Income (Continued)

  9. Other Sources of Retirement Income

  10. The operative word here is REALISTIC. You need to be honest with yourself NOW so you are protected from unpleasant surprises when entering retirement. Step 2: Take a Realistic Look at Retirement Costs and Goals

  11. Will you keep or sell your current home? Do you have a mortgage? Do you want to duplicate your current lifestyle? Will you be paying to educate children? Which of your medical expenses will be covered? Do you plan to travel? Questions to Consider….

  12. Be sure to take inflation into account when calculating your retirement expenses Most pension plans and Social Security factor in a cost of living increase to account for inflation Being on a fixed income as a retiree can be devastating if you don’t plan for inflation Factor in Inflation

  13. Turn plans of actions and ideas into reality There is a gap between your retirement goals and the money you’ll need to support them Close the gap and see the results Step 3: Close the Gap Between Projected Income and Retirement Goals

  14. Common Excuses for Avoiding Saving

  15. Start NOW One point to attack all arguments – The Power of 100 There is amazing power in putting away $100 a month towards your retirement There Are No Excuses…

  16. After 5 years earning 6% you’ll have $6,977 After 20 years $46,204 After 30 years $100,452 It’s NEVER too early and NEVER too late How Powerful is the Power of 100?

  17. Remember to Consider… Individual investments • Investments are proven pivotal in closing the retirement income gap Your current age Your desired retirement age Your tolerance for risk Tax implications now and at retirement

  18. Tax-Advantaged Retirement Investments

  19. Certificates of Deposit (CDs) Corporate bonds and stocks Taxable Retirement Investments

  20. Get rich quick schemes Over-caution Not enough diversification Tapping into your retirement investments Beware of Common Pitfalls

  21. Put aside $100 extra a month Diversify Take advantage of anything and everything your company offers Use tax advantaged vehicles Start right NOW Protect Yourself in Retirement

  22. Thank You!

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