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PLANNING FOR A SUCCESSFUL LIFE

PLANNING FOR A SUCCESSFUL LIFE. Presented by Floretta E.Reed. What is your greatest fear in retirement? ▪ Running Out of Money ▪ Inability to Maintain Standard of Living ▪ Health Care. Set Goals Maximize Earnings to Maximize Retirement Benefits Eliminate Credit Card Debt

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PLANNING FOR A SUCCESSFUL LIFE

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  1. PLANNING FOR A SUCCESSFUL LIFE Presented by FlorettaE.Reed 245H NATIONAL A-PLUS CONVENTION APRIL 2012

  2. What is your greatest fear in retirement? ▪ Running Out of Money ▪ Inability to Maintain Standard of Living ▪ Health Care

  3. Set Goals • Maximize Earnings to Maximize Retirement Benefits • Eliminate Credit Card Debt • Begin with highest interest rate • Go to next highest until all are paid off • 529 Plan for Children & Grandchildren’s College • Medicare • Taxes • DO NOT TOUCH YOUR MONEY UNTIL RETIREMENT!!! • Penalties

  4. While working, maximize contributions. • After retirement, watch your money. • Why? 2001 and 2008 • Invest in Guarantees: Variable Annuities Thrift Savings Plan

  5. 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

  6. FEGLI & Alternative Comparison$250,000 Coverage

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

  8. Life Insurance Plans • Term Insurance Plans • Universal Life Plans • Whole Life Plans

  9. 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

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

  11. 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

  12. 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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