Taking the Puzzle out of Retirement Arranging.

Uploaded on:
Category: Sports / Games
for individuals who are 10 years from retirement, yet at the same time superb for anybody to work through. ... on the off chance that you have enough spared and begin wanting to get to what you require. ...
Slide 1

´╗┐Removing the Mystery from Retirement Planning Financial Planning for Women September 2006 Presented by Jean Lown, Tiffany Smith, & Karissa Berndt

Slide 2

September is College of Education & Human Services month Who is subsidiary with the College? Give away individual account books Who is here for first time? Welcome bundle Who carried another person with them? PF book

Slide 3

Personal Finance Action Plan freebee Make a promise to yourself to make a move as a consequence of today\'s system Anyone need to share around an individual money move they made as of late?

Slide 5

Workbook for individuals who are 10 years from retirement, yet at the same time fabulous for anybody to work through. With this exercise manual you can quit stressing on the off chance that you have enough spared and begin wanting to get to what you require. On the off chance that you don\'t have enough spared now, despite everything you have time and choices to make it up.

Slide 6

Planning for a Lifetime Start NOW Pensions are a relic of times gone by. Get ready now for retirement. You would prefer not to out live your funds.

Slide 7

Chapter 1: Tracking Down Today\'s Money Did any of your past occupations have a 401(k) or benefits that stayed with the organization? You may have retirement ventures you overlooked.

Slide 8

Tracking Down Today\'s Money Get proclamations from: Your monetary establishment Any spot that you have cash contributed.

Slide 9

Tracking Down Today\'s Money Figure out your Home Equity (biggest resource) Current Market Value Current Mortgage Balance Home value obligation Consult an Appraiser for current business sector esteem or take a gander at deal costs of equivalent homes in your neighborhood.

Slide 11

Ch. 2: Tracking Down Future Money at Retirement and After Use the data from Ch. 1 to round out worksheets to figure how much your present ventures will develop in 10 years. The 10 year data will help you make sense of a 30 year gauge. Will you live over 30 years? Utahns live long lives!

Slide 12

Tracking Down Future Money at Retirement and After Look at where your cash is currently. It is safe to say that you are gaining low enthusiasm for ensured security? Would you passage better over the long haul with a higher danger venture for higher return? These rely on upon your objectives and how close or far away your retirement is. Would you improve an alternate resource designation? (see FPW site for PPT)

Slide 13

Tracking Down Future Money at Retirement and After Investing a lot of your benefits in one venture can be extremely unsafe. In case you\'re put resources into your boss\' stock what happens if the organization goes under? Keep in mind Enron, WorldCom & Adelphia

Slide 14

Long-term Average Annual Returns Stocks = 10% Bonds = 6% Cash (CDs, Treasury bills) = 3% Inflation = 3.1%

Slide 16

Chapter 3: Tracking Down Future Expenses What are your everyday costs and how they will change after some time? Figure out whether the cash you have spared will be sufficient to last through retirement. Swelling is one of the greatest elements. Generally the normal expansion has been 3.1% Use a higher number, 3.5% - 4% to be traditionalist

Slide 17

Tracking Down Future Expenses Medical expenses are an exemption. Therapeutic costs have risen quicker than expansion for over 20 years. Medicare won\'t cover everything. At present extra Medicare part B protection keeps running about $79 a month and will keep on rising. Consider long haul care protection ONLY in the event that you have sufficient advantages for spread assessed costs. 40% of 65 and more established invest some energy in a nursing home (for the most part ladies)

Slide 18

Chapter 4: Comparing Income and Expenses Now it\'s an ideal opportunity to look at! Will your evaluated salary meet your assessed costs? A great many people don\'t have enough contributed. On the off chance that your costs exceed your pay then it\'s a great opportunity to roll out a few improvements.

Slide 19

Comparing Income and Expenses Max out your commitments to your IRA. See FPW site Cut costs. Contribute as much to your 401(k) as your organization will coordinate; increasingly in the event that you can bear the cost of it. You may need to work longer than expected Figure out when to start Social Security. Contribute to stay in front of swelling!

Slide 20

Comparing Income and Expenses Set up a financial plan for before & after you resign 3 periods of retirement (Prosperous Retirement) Go-go (costs > wage) Slow-go No-go (everyday costs low UNLESS long haul consideration is required) Medical & LTC costs are the BIG obscure

Slide 24

Chapter 5: Making Your Money Last The general purpose is to find any crevices in your funds now, while despite everything you have room schedule-wise to take care of them. Try not to Take spontaneous guidance on where to put your cash. In the event that you need counsel a budgetary expert that you pick. Try not to be an objective for tricks! Bear in mind about assessments.

Slide 25

Making Your Money Last Choose what you need to pull back from which reserve funds vehicle. Roth IRAs: you\'ve officially paid duties so it is a decent place to leave your cash to develop. Reverse Mortgage to extend your cash basically a bank advance in light of the measure of home value. It can give a month to month check, however at an expense. You are spending down the estimation of your home. The advance has to be reimbursed if your beneficiaries need to keep the house.

Slide 26

Chapter 6: Tracking Down Help for Retirement Resources In the past there weren\'t a great deal of decisions in retirement, yet that has changed drastically. It is dependent upon you to pick how you need to live in retirement & progress in the direction of your objectives. Re-try these worksheets in any event once per year to ensure that you\'re still on track.

Slide 31

Tracking Down Help for Retirement Resources The exercise manual has an extensive rundown of assets to help you plan and put something aside for retirement. Late Savers Guide to Retirement www.nefe.org/latesaver

Slide 32

Questions? October 11 FPW: Who gets grandmother\'s yellow pie plate? A manual for going on individual belonging. Displayed by Dr. Barbara Rowe, USU Extension Specialist 12:30-1:30 Family Life 318 7-8:30 p.m. at the Family Life Center, 500N 700E

View more...