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Prepare to ride the financial wave the rest of your life

Prepare to ride the financial wave the rest of your life . Presented by Floretta E.Reed. How do you get started? Determine the amount needed (short & long term goal) Deduct a certain amount from your payroll or checking account monthly to your savings or money market account.

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Prepare to ride the financial wave the rest of your life

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  1. Prepare to ride the financial wave the rest of your life Presented by FlorettaE.Reed 265H NATIONAL A-PLUS CONVENTION APRIL 2013

  2. How do you get started? • Determine the amount needed (short & long term goal) • Deduct a certain amount from your payroll or checking account monthly to your savings or money market account. • When you receive raise, save it. • When you receive money, save it. 23rd NATIONAL APLUS CONVENTION

  3. Develop a Budget • Write down all of your expenses for the month, then write down all the money you spend in the month ( you’ll be surprise at how much money you spend unnecessarily). • Develop a budget based on your needs, not your wants. • Pay your self first • Stick to the budget 23rd NATIONAL APLUS CONVENTION

  4. What is your greatest fear regarding your finances? ▪ Running Out of Money ▪ Inability to Maintain Standard of Living ▪ Health Care The unexpected

  5. Set Goals • Maximize Earnings • Eliminate Credit Card Debt • Begin with highest interest rate • Go to next highest until all are paid off • Put that money into your savings • 529 Plan for Children & Grandchildren’s College • Taxes • Maximize your Thrift Savings (Do not touch until retirement • Penalties

  6. When your reach your savings goals • Invest Variable Annuities/Mutual funds • Learn about the financial system • Invest in the stock market. Savings and Investment Plan

  7. Surrender Value$94,034.04 Death Benefit$100,706.29 Total Activity$72,332.25 Percentage Increase Over 2 Yrs. = 43.1% Average Annual Return for 2 Yrs = 21.6% Estimated Protected Withdrawal Value$103,578.66

  8. Life Insurance Plans • Term Insurance Plans • Universal Life Plans • Whole Life Plans 23rd NATIONAL APLUS CONVENTION

  9. FEGLI & Alternative Comparison$250,000 Coverage

  10. Post-Retirement Savings Basic Coverage - assuming a basic salary of $50,000.00 at age 55

  11. Learn more about FERS and CSRS • Educate yourself • Get summary of plans and benefits • Review your Social Security Statements • Visit www.ssa.gov • Married couples need to know about each other’s retirement plan • Get understanding of waivers and consent forms for spousal disperses and incomes

  12. Consider health coverage prior to retirement • Stay informed about changes to health coverage and benefits • Be honest with yourself and spouse/partner

  13. Consider future home site and cost of living • Capital gains are excluded • Save annual leave • Consider retirement date- 3rd of month • Mentally adjust to receiving one payday a month

  14. Start adjusting to retirement • Develop hobbies • Take long trips • Volunteer • Home projects • Get involved with local government • Attend town hall meetings • Spend time with family and APLUS

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