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PowerPay Power Save

PowerPay Power Save. July 2009. 1. Marsha A. Goetting Ph.D., CFP ® , CFCS. Keri D. Hayes. Professor & Extension Family Economics Specialist Department of Agricultural Economics & Economics. Publications Assistant Department of Agricultural Economics & Economics. 2.

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PowerPay Power Save

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  1. PowerPay Power Save July 2009 1

  2. Marsha A. Goetting Ph.D., CFP®, CFCS Keri D. Hayes Professor & Extension Family Economics Specialist Department of Agricultural Economics & Economics Publications Assistant Department of Agricultural Economics & Economics 2

  3. PowerSave Web site(Utah State University-Extension) https://powerpay.org 3

  4. Choose Montana 4

  5. User Login • If new member, click [New? Sign up now] 5

  6. Enter New User Information,Click Submit Screen that Appears 6

  7. PowerSave Project future value of savings Compare different PowerSave options 7

  8. PowerSave Options Fixed savings payments Invest a lump sum Reach a savings goal Withdraw for a specified time Withdraw a specified amount 8

  9. Click PowerSave Tab Screen Example 9

  10. 10

  11. Fixed Savings Payment 11

  12. Fixed Savings Payment Save regular amount at fixed interest rate & period: How much will be earned? 12

  13. Click on Fixed Savings Payment 13

  14. Saving Frequency Annually Semi-annually Quarterly Monthly Two weeks Weekly 14

  15. Example: Save $100 monthly, 10 years Calculate 15

  16. Results: Save $100 monthly, 10 years 16

  17. Screen Example 17

  18. Fixed Savings Payment Summary • Use when want to determine how much I’ll have if I save a fixed amount at fixed interest rate for fixed time period. 18

  19. Invest a Lump Sum 19

  20. Invest a Lump Sum For a given time Months/years Interest Rate How much will be earned? 20

  21. Click Invest a Lump Sum 21

  22. Example: Invest $2,000, 10 yrs Calculate 22

  23. Results: Invest $2,000, 10 yrs 3% 3.5 Inflation 23

  24. Screen Example 24

  25. Invest a Lump SumSummary • How much will I have if I invest a lump sum for fixed period of time 25

  26. Reach a Savings Goal 26

  27. Reach a Goal How much must be saved regularly at a fixed rate to reach savings goal? 27

  28. Click Reach a Savings Goal 28

  29. Example: Goal $20,000 in 5 yrs 29 Calculate

  30. Results: Goal $20,000 in 5 yrs 30

  31. Screen Example 31

  32. Reach a Savings GoalSummary • How much must I save regularly at fixed rate to reach my savings goal? 32

  33. Withdraw for a specified time 33

  34. Withdraw for a specified time How much can I withdraw from a lump sum if I want it to last a specific amount of time? 34

  35. Click Withdraw for a Specified Time 35

  36. Example: Withdraw for a Specified Time 36 Calculate

  37. Results: Withdraw for a Specified Time 37

  38. Screen Example 38

  39. Withdraw for a Specified Time Summary • How much can I withdraw from a lump sum if I want it to last a specific amount of time? 39

  40. Withdraw a specified amount 40

  41. Withdraw a Specified Amount How long would a lump sum of money drawn down at regular intervals and amounts last? 41

  42. Click Withdraw a Specified Amount 42

  43. Retirement Monthly Income Age Monthly Yearly 55 – 64 $4,232 $50,789 65 – 74 $3,413 $40,960 75 + $2,409 $28,904 43

  44. Example: Withdraw a Specified Amount Calculate 44

  45. Withdraw a Specified Amount Results 45

  46. Screen Example 46

  47. Withdraw a Specified AmountSummary • If I withdraw a certain amount from a lump sum, how long will it last? 47

  48. PowerSave Project future value of savings Compare different PowerSave options 48

  49. PowerSave Options Fixed savings payments Invest a lump sum Reach a savings goal Withdraw for a specified time Withdraw a specified amount 49

  50. PowerPay Power Save July 2009 50

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