1 / 8

Building Bucks

Building Bucks. Retirement Planning and Savings. Sources of Income. Social Security Eligible for benefits (age 65-67) Waiting for retirement age gives 100% of benefit Company Pension Retirement plan: funded or unfunded Contrasted with severance packages Personal Savings

max
Download Presentation

Building Bucks

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Building Bucks Retirement Planning and Savings

  2. Sources of Income • Social Security • Eligible for benefits (age 65-67) • Waiting for retirement age gives 100% of benefit • Company Pension • Retirement plan: funded or unfunded • Contrasted with severance packages • Personal Savings • Stocks, bonds, investments, savings accounts

  3. More on Personal Savings Start young Determine your retirement needs 401K or 403b and IRAs

  4. Starting Early Source: www.Fool.com

  5. Working After Retirement • Many retirees return to work part or full time after retirement to make ends meet • May help complete daily routine • A second chance to make money off of a hobby or passion can be hugely satisfying • May be necessary • Can work and receive social security benefits at the same time

  6. Living Expenses in Retirement • 70-80% of current income is generally sufficient in retirement • Consider your desired lifestyle: • Location of home • Hobbies/travel/recreation • Transportation needs • Entertainment • Clothing/personal care needs • Medical risks • Interest in starting a new career

  7. Balancing Income and Expenses • Debts • Make a list of current debts • Debts with highest interest rates should be paid off first • Regular Monthly Expenses • Fixed • Stay the same from month to month (ex: rent, utilities, car payments) • Variable • Vary from month to month (ex: groceries, gas)

  8. Balancing Income and Expenses • Occasional and Seasonal Expenses • Expenses that don’t occur every month • Important to figure out a monthly average to set aside • Comparing Income and Expenses • Use a spending plan worksheet • If expenses exceed your income, you can: • Increase your income • Reduce your expenses • Or both

More Related