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The Twilight Zone Love Your Money

The Twilight Zone Love Your Money. Jayne McBurney, MS Family & Consumer Sciences Agent. http:// johnston.ces.ncsu.edu / 2736 NC Highway 210 Smithfield 989-5380. ABC’s of my retirement. A - Alaska B - bake C - Carmen Ghia .... X - eXercise Y - YAWN...take naps Z - Zurich.

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The Twilight Zone Love Your Money

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  1. The Twilight ZoneLove Your Money Jayne McBurney, MS Family & Consumer Sciences Agent http://johnston.ces.ncsu.edu/ 2736 NC Highway 210 Smithfield 989-5380

  2. ABC’s of my retirement • A - Alaska • B - bake • C - Carmen Ghia • .... • X - eXercise • Y - YAWN...take naps • Z - Zurich

  3. Are you ready? • Over HALF of middle class Americans are not! • 70% of Americans say they will work in retirement • 34% say their retirement income will be HALF of what they currently make • (fyi...US HH median income is $50K... half of that amount is close to poverty level) Harris Interactive Inc. (2012)

  4. How Much Will You Need? • 80% of current income, to live as you are living right before retirement 80% of income • Social Security estimate = what you need to save What about the Bucket List?

  5. Federal Benefits: Social Security • Will it be there? • Can start collecting at 62 • Medicare...starts at 65 (unless disabled) • Full Retirement age is greater than 66. • Considerations: time paid in, divorce, health

  6. Employer Benefits • State/Federal Retirement Programs • Roth IRA • 401K – take advantage of match!!! • 457

  7. Penny Wise (about $38.50/wk)

  8. Ruby Highlife

  9. At age 65 • Penny has $545,344 from the $20,000 she invested • Ruby has $352,427 from the $62,000 she invested • Penny has $192,917 more for retirement.

  10. NOT too late • If you start investing later in life, it is not too late, you just need to put more in. • STOP spending your future money by indebting yourself in current lifestyle • DO NOT borrow against your house, your car, your 401K

  11. Protect your AssetsThings you own that have value… • Car, vehicles • bank accounts, CDs , stocks • Retirement plans, 401K, IRAs • Life Insurance cash values, Trust funds • Manage Risk – diversify • Insure • Umbrella Liability Insurance • policy that adds additional protection to that provided by your homeowner and automotive policies • Get your protection in place!

  12. Long Term Health Needs • Medicare doesn’t cover everything • Long Term Care policies now meshing with Life Insurance policies • Living Will • Medical Directives

  13. Fun & Helpful websites • www.bankrate.com • www.AARP.org • www.SSA.gov • Ready.Save.Grow (www.treasurydirect.gov) • www.choosetosave.org • www.mint.com

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