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RETIREMENT PLANNING

RETIREMENT PLANNING. LOOKING TOWARD THE FUTURE. Developed by L. Dawn Barnes, CFCS, Extension Agent Virginia Cooperative Extension. Retirement Considerations. Financial Family & Social Relations Nutrition/Health/Exercise Employment Living Location/Arrangement Use of Time

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RETIREMENT PLANNING

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  1. RETIREMENT PLANNING LOOKING TOWARD THE FUTURE. Developed by L. Dawn Barnes, CFCS, Extension Agent Virginia Cooperative Extension

  2. Retirement Considerations • Financial • Family & Social Relations • Nutrition/Health/Exercise • Employment • Living Location/Arrangement • Use of Time • Travel

  3. Continued Employment Employer Sponsored Retirement Plans Defined Benefits Defined Contributions Profit Sharing Deferred Compensation Personal Retirement Plans Annuities Individual Retirement Accounts Keogh Accounts Social Security Other Personal Investments SOURCES OF RETIREMENT INCOME

  4. Continued Employment • Full Time • Part Time • Income from a hobby

  5. Employer Sponsored Retirement Plans • Pensions • Defined Benefit • Defined Combination • Profit Sharing • Deferred Compensation

  6. Defined Benefit Plans • Funded - full payment made by employer to a trustee and set aside for future • Unfunded - paid from current earnings not moneys set aside

  7. Defined Contribution • Noncontributory vs. Contributory • Portability • Salary reduction plans

  8. Salary Reduction Plans 401(k) 403(b) 457 --------------------------

  9. Profit Sharing • A plan into which the employer makes substantial and recurring contributions • Contributions reflect employee’s income and level of employer’s profits • Contributions could be fixed amount or discretionary

  10. Deferred Compensation • Large payments for services rendered are paid at a later date

  11. Annuities Individual Retirement Accounts Keogh Accounts Simplified Employee Pension Plans Other Personal Investments Personal Retirement Plans

  12. Annuities • Earnings grow tax free • Immediate • Deferred

  13. Individual Retirement Arrangements (Accounts) • Traditional • Deductible • Non-deductible • Roth • Non-deductible

  14. Individual Retirement Arrangements

  15. Keogh Accounts • More expensive to set up • Allows contribution of self-employment income

  16. Social Security • FICA taxes • Unfunded Pension Plan • Currently full benefits at 65

  17. Considerations in Planning Comfortable Retirement 1. Determine Probable Retirement Expenses

  18. Considerations in Planning Comfortable Retirement 2.Determine Probable Retirement Income

  19. Considerations in Planning Comfortable Retirement 3. Evaluate Your Assets

  20. Considerations in Planning Comfortable Retirement 4. Compare Expenses, Income, Assets

  21. Considerations in Planning Comfortable Retirement 5. Make the Necessary Changes

  22. Summary of RetirementPlanning • Start early while time is still on your side • Consider all the options • Consult professionals if you have questions

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