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Planning for Retirement - Don't Just Wish for It, Plan for It!

Take control of your retirement by planning for potential obstacles such as disappearing pension plans, Social Security's future, health care costs, inflation, and taxes. Learn how to pay yourself first, watch your spending, minimize debt, and keep long-term goals in mind. Start saving for retirement today!

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Planning for Retirement - Don't Just Wish for It, Plan for It!

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  1. Planning for Retirement Don’t just wish for it. Plan for it.

  2. Potential obstacles • Disappearing pension plans. • Social Security’s future. • Health care costs. • Inflation. • Taxes. • Sources: Bankrate.com; Forbes.com; U.S. News Money; ssa.gov.

  3. Could you outlive your savings? Source: JPMorgan Chase & Co.

  4. The road to retirement • Pay yourself first. • Watch your spending. • Minimize debt. • Keep long-termgoals in mind.

  5. Start saving for retirement today! Assumptions: (1) $100 contribution monthly; (2) 5 percent annualized rate of return. This hypothetical example is not intended to illustrate the performance of any Modern Woodmen annuity.

  6. The time value of money Assumptions: (1) $3,000 contribution at the start of each year; (2) 5 percent annualized rate of return. This hypothetical example is not intended to illustrate the performance of any Modern Woodmen annuity.

  7. Tax-deferred vs. taxable accounts Assumptions: (1) $3,000 annual contribution for 30 years; (2) 5 percent annualized rate of return for 30 years; (3) 25 percent effective income tax rate. This hypothetical example is not intended to illustrate the performance of any Modern Woodmen annuity.

  8. Tax-deferred options

  9. You can play catch-up Catch-up contributions are allowed for those turning age 50 or older by year’s-end. *Employees with 15+ years of service may have higher basic contribution limits.

  10. Stay the course! Assumptions: (1) $50,000 rollover from a 401(k) to a traditional IRA, earning a 5 percent annualized rate of return for 20 years; (2) cash out is subject to a 40 percent effective income tax rate (25 percent federal income tax, plus 10 percent federal penalty and 5 percent state income tax). This hypothetical example is not intended to illustrate the performance of any Modern Woodmen annuity or the income tax rate of a particular individual. Income taxes must be paid on any withdrawal. Some states may impose additional penalties.

  11. Living on your retirement savings • Don’t outlive your money! • Keep inflation in mind. • Have an emergency fund. • Consider your goals andrisk tolerance. • Protect your money. • Sources: Vanguard.com; U.S. News.com; Fidelity.com.

  12. Retirement savings options • Occasional withdrawals. • Automatic withdrawals. • Withdrawal of interest. • Fixed period annuity. • Life annuity. • Source: U.S. News.com.; Fidelity.com.

  13. Have a retirement plan • Pay yourself first. • Protect your savings. • Know your options. • Work with an expert.

  14. Count on Modern Woodmen! • Serving members since 1883. • Financially strong. • Understands needs at different life stages.

  15. Thank you for coming!

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