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Retirement: How to Achieve Your Financial Goals

Discuss retirement options, prepare personal data record, obtain advice, invest wisely, reduce expenses, understand retirement plans, learn about variable annuities, decide on living arrangements, consider long-term care insurance & Medicare, plan for healthcare, handle estate disposition to minimize taxes. 8 Relevant

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Retirement: How to Achieve Your Financial Goals

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  1. Retirement: How to Achieve Your Financial Goals

  2. Preparing for Retirement • Discuss your options • Prepare personal data record • Obtain support and advice

  3. How to Live on Less • Invest wisely • Equities • Reinvest • First tap taxable accounts

  4. How to Live on Less • Reduce housing costs • Downsize • Seek a lower cost of living • Trim expenses now • Be creative • Reverse your mortgage

  5. How to Live on Less • Lower leisure expenses • Get a job • Reduce healthcare costs • Medicare • Generic drugs

  6. Know Retirement Plan Options • Defined benefit plan • Specified monthly benefit • Federally protected • Defined contribution plan • No specified benefit • Value fluctuates

  7. Identify Retirement Plan Options • Simplified Employee Pension Plan • Profit-Sharing plan • 401(k) Plan • Employee Stock Ownership Plan • Money Purchase Pension Plan • Cash Balance Plan

  8. How Do Variable Annuities Work? • Issued by insurance company • Carefully review prospectus • Compare benefits/costs • Check investments

  9. How Do Variable Annuities Work? • Characteristics of variable annuities • Periodic payments • Death benefit • Tax-deferred • Tax-free 1035 exchanges

  10. Where Will You Live? • Will you move? • Consider lifestyle questions • Consider privacy issues

  11. Where Will You Live? • Assisted-living facilities • Primarily social • Licensed or unlicensed • Wide cost range • Nursing homes • Primarily medical care • Expensive

  12. Long-Term Care Insurance • Purchase before 60-years-old • Consider benefit/elimination periods • Consider costs and • Check benefit payout rate

  13. Understanding Medicare • Most people eligible at 65 • Two parts • Hospital insurance • Medical insurance • Medicare Advantage • Prescription drug benefit

  14. Understanding Medicare • Medicare Part A • Covers hospitalization • Requires no premium at age 65 • Eligibility • Receiving Social Security • Or worked for government

  15. Understanding Medicare • Medicare Part B • Covers other medical costs • Requires premium • Medicare Part C

  16. Understanding Medicare • Medicare Part D • Requires premium • Pays 75% of initial drug costs • Has a gap • Pays 95% over $5,100

  17. Understanding Medicare • Some expenses not covered • Physical exams • Dental care • Hearing aids • Eye care • Custodial care

  18. Understanding Medicare • Medicare HMOs • Other considerations • Benefits and costs • Doctors and hospitals • Quality of care

  19. Plan Ahead for Health Care • Living will • Durable power of attorney • Do Not Resuscitate order

  20. Handling Disposition of Estate • Estate planning • Minimizes tax consequences • Needed if worth $1.5 million or more • Ensures how assets are disposed

  21. Reducing Taxes on Your Estate • Make annual gifts • Shield property • Use trusts • Make charitable gifts • Fund a life insurance trust

  22. Thank You!

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